BSE: 507300
The Ravalgaon Sugar Farm Limit
Functions as a dormant BSE-listed entity with no revenue from operations, having divested both of its historical businesses. The sugar factory was sold in 2018 and the confectionery trademarks were sold to Reliance Consumer Products in FY24. In FY26, total income was Rs. 61.13 lakhs, down about 75% from Rs. 241.31 lakhs in FY25, all derived from 'other income' rather than any operating activity. The company posted a net loss of Rs. 486.54 lakhs for FY26 versus a Rs. 202.70 lakh loss in FY25, translating to negative EPS of Rs. 143.10 per share. Total equity has fallen to Rs. 1,017.87 lakhs from Rs. 1,509.09 lakhs. The company carries several ongoing disputes including a Rs. 62 lakh gratuity claim from former workers, water-use charges of about Rs. 23 lakhs, and a Gram Panchayat tax demand of Rs. 231.91 lakhs. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Other income. Dormant shell company with no active operations
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 7 | 10 | 9 | 1 | 0 |
| EBITDA (ex other income) | 4 | (1) | 23 | (3) | (3) |
| margin % | 49.2 | (9.1) | 271.4 | (242.8) | — |
| Owners' profit | 2 | (2) | 17 | (2) | (5) |
| EPS, as reported (₹) | 286.69 | (338.07) | 509.06 | (59.62) | (143.10) |
| ROE % · ROCE % | 39.5 · 70.2 | (87.1) · (35.0) | 101.2 · 135.5 | (13.4) · (12.0) | (47.8) · (22.8) |
| Debt / equity (x) | 2.25 | 4.54 | 0.12 | 0.00 | 0.25 |
| Cash from operations | (4) | (1) | (6) | (4) | (2) |
| Capex | 0 | 0 | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | (1) | (1) | (0) | (0) | (1) | (1) | (0) | (1) |
| Net profit | (1) | (1) | (0) | (0) | (1) | (1) | (0) | (4) |
| EPS (₹) | (15.48) | (33.61) | (7.84) | (2.70) | (14.94) | (19.05) | (5.74) | (103.37) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BALRAMPUR CHINI MILLS LTD | 13,331 | 34.4 | 3.22 | 21.2 | 9.1 | 9.7 | 5.4 | 7.9 |
| TRIVENI ENGG. & INDS. LTD | 4,955 | 17.6 | 1.48 | 11.6 | 8.0 | 9.4 | 10.1 | 3.3 |
| BAJAJ HINDUSTHAN SUGAR LT | 4,237 | 13.1 | 1.11 | 20.6 | 3.3 | 1.5 | (3.9) | (10.4) |
| BANNARI AMMAN SUGARS LTD | 3,944 | 32.4 | 2.06 | — | 7.7 | 8.7 | — | 0.5 |
| SHREE RENUKA SUGARS LTD | 3,894 | — | — | 70.7 | 29.6 | (108.2) | 10.2 | (3.1) |
| DALMIA BHARAT SUG IN LTD | 3,284 | 13.7 | 1.02 | 9.1 | 7.3 | 8.0 | 6.1 | 8.3 |
| UTTAM SUGAR MILLS LTD. | 1,202 | 13.8 | 1.35 | 8.1 | 11.3 | 12.7 | — | 4.5 |
| DHAMPUR SUGAR MILLS LTD. | 1,064 | 15.2 | 0.89 | 9.8 | 5.5 | 5.8 | (7.9) | 4.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 2.7 | 0.9 | 23 of 26 | 12% |
| ROCE | (24.3) | 3.0 | 25 of 27 | 8% |
| ROE | (47.8) | 3.5 | 25 of 26 | 4% |
| Debt / Equity | 0.3 | 0.6 | 7 of 26 | 76% |
| Profit growth | (3732.7) | (14.4) | 26 of 27 | 4% |
| Market cap | 28 | 282 | 27 of 28 | 4% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 10 Oct 2026 · Company Secretary resigns | management changes | high | — | — |
| 6 Oct 2026 · Company Secretary resigns effective Oct 10, 2026 | management changes | medium | — | — |
| 5 Oct 2026 · Routine SEBI Reg 74(5) dematerialisation certificate for Q2 FY27 | compliance | minimal | — | — |
| 17 Sept 2026 · Voting results of 91st AGM held on September 16, 2026 | board shareholder meetings | low | — | — |
| 16 Sept 2026 · 91st AGM held via video conferencing; 5 resolutions discussed | board shareholder meetings | low | — | — |
| 26 Aug 2026 · 91st AGM notice and FY26 annual report dispatched; meeting on September 16, 2026 | compliance | minimal | — | — |
| 25 Aug 2026 · 91st AGM scheduled for Sept 16, 2026; annual report web link shared with shareholders | compliance | minimal | — | — |
| 25 Aug 2026 · Annual Report FY26 filed; turnover nil, losses widen | compliance | low | — | — |
| 25 Aug 2026 · 91st AGM on September 16, 2026 - Director Reappointments | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.