Gayatri Sugars Q4 FY26 results: net profit up 19.7% to ₹46.50 crore, revenue up 24.9%

How did Gayatri Sugars perform in Q4 FY26?

Gayatri Sugars reported standalone revenue of ₹243.81 crore for Q4 FY26, against ₹195.26 crore in Q4 FY25 and ₹81.17 crore in Q3 FY26. Total income was ₹244.08 crore, while EBITDA rose to ₹39.94 crore from ₹31.06 crore a year earlier. The EBITDA margin increased by 0.5 percentage points to 16.4%.

Profit before tax and net profit were ₹46.50 crore, compared with ₹38.85 crore in Q4 FY25 and a net loss of ₹5.68 crore in Q3 FY26. Basic EPS was ₹6.26, against ₹5.29 in the year-ago quarter and a loss of ₹0.76 in the previous quarter. The reported figures are on a standalone basis.

What changed in Gayatri Sugars' costs and profit?

Total expenses increased by ₹35.79 crore to ₹197.58 crore from Q4 FY25. Cost of materials rose ₹18.47 crore to ₹137.21 crore, employee cost increased ₹0.96 crore to ₹7.12 crore, and other expenses rose ₹3.15 crore to ₹18.10 crore. Depreciation fell by ₹0.04 crore to ₹1.74 crore, while finance costs moved from negative ₹4.19 crore to negative ₹8.03 crore.

Other income fell by ₹5.11 crore to ₹0.28 crore from ₹5.39 crore in Q4 FY25. There was no exceptional item, and tax remained unchanged. The filings do not provide a further explanation for the changes in costs or other income.

Against Q3 FY26, total expenses were higher by ₹110.41 crore at ₹197.58 crore. Cost of materials fell by ₹3.50 crore, while employee cost rose ₹0.86 crore, other expenses increased ₹5.31 crore and finance costs moved from ₹7.24 crore to negative ₹8.03 crore. Other income declined by ₹0.04 crore and tax was unchanged.

How did Gayatri Sugars do in FY26 as a whole?

For FY26, Gayatri Sugars reported standalone revenue of ₹366.38 crore, up ₹30.27 crore or 9.0% from ₹336.11 crore in FY25. Total income was ₹367.02 crore, up 7.4% from ₹341.82 crore. Operating cash flow for the year was ₹52.08 crore, compared with ₹6.31 crore in FY25.

Profit before tax and net profit were ₹1.01 crore, compared with ₹1.07 crore in FY25, a decline of ₹0.06 crore or 5.6%. Basic EPS declined from ₹0.16 to ₹0.14. Investing cash flow was negative ₹4.22 crore and financing cash flow was negative ₹51.09 crore, against negative ₹6.32 crore and ₹2.30 crore, respectively, in FY25.

What do the balance sheet and cash flow show?

At 31 March 2026, total assets were ₹457.64 crore, compared with ₹179.67 crore at 30 September 2025. Total equity stood at ₹81.49 crore against negative ₹124.71 crore, while borrowings declined to ₹111.12 crore from ₹144.55 crore. Cash was ₹0.07 crore, compared with ₹0.05 crore.

Inventories increased to ₹66.16 crore from ₹23.12 crore, trade receivables rose to ₹6.18 crore from ₹0.03 crore, and trade payables increased to ₹73.98 crore from ₹7.18 crore. The comparisons are against the previous balance-sheet date, 30 September 2025.

How has Gayatri Sugars done over the last 8 quarters?

Revenue reached ₹243.81 crore in Q4 FY26, its highest level in the eight-quarter series and above ₹195.26 crore in Q4 FY25. The lowest revenue was ₹11.61 crore in Q2 FY25. After ₹81.17 crore in Q3 FY26, revenue rose in the latest quarter.

Net profit was ₹46.50 crore in Q4 FY26, the highest in the series, while the lowest was a net loss of ₹21.33 crore in Q2 FY25. EBITDA margin peaked at 16.4% in Q4 FY26 and bottomed at negative 101.8% in Q2 FY25, rising from 3.6% in Q3 FY26.

Which businesses drove the quarter?

Sugar revenue was ₹251.92 crore in Q4 FY26, up 25.9% from ₹200.11 crore in the year-ago quarter. Segment EBIT was ₹29.52 crore, against ₹27.41 crore, with an EBIT margin of 11.7%.

Distillery revenue fell 35.0% to ₹10.37 crore from ₹15.95 crore in Q4 FY25. EBIT increased to ₹8.68 crore from ₹1.87 crore, and the segment reported an EBIT margin of 83.8%.

What else did the company announce?

The board approved the audited financial results for the quarter and year ended 31 March 2026. It appointed Sarita Danda as an Additional Director in the independent category for a period of 5 years with effect from 21 May 2026 and recommended the appointment to shareholders.

The board also appointed Narasimha Murthy & Co. as Cost Auditors and PPKG and Co. as Internal Auditors for FY 2026-27. The same-day filings did not disclose a dividend or a fund raise.

What did the auditors point out?

MOS & Associates LLP issued a qualified opinion on the quarterly and year-to-date results. The auditors said they could not comment on the ultimate outcome of litigation concerning an estimated duty of about 283.99 lakhs and its consequential impact, if any, on the audited financial results.

The company treated the estimated duty as a contingent liability without making provision for it. Management estimated the impact of a potential liability at ₹170 lakhs if the outcome was unfavourable. The auditor’s report also stated that the company adopted the revaluation model for land under Ind AS 16, with a revaluation gain of Rs. 24,005.30 lakhs recognised.

How did Gayatri Sugars shares react?

The filing appeared after market hours. The stock moved up 5.9% after 5 minutes, 0.9% after 15 minutes and 1.4% after 30 minutes from the price when the filing appeared. On the reaction day, it closed 1.4% lower from the previous close, while the Sugar industry median fell 0.7%.

By the next day's close, the stock was up 3.6% from its pre-results close, compared with a 0.7% decline for the industry median. By the fifth session, the stock was down 0.8% from the pre-results close, versus a 0.6% decline for the industry. Past reaction-day moves included 11.2% on 29 May 2025 and negative 2.3% on 14 November 2025.

How did other Sugar companies do?

Twenty-four other Sugar companies were compared for revenue growth, with a median revenue growth of negative 5.0%. Of the peers, 20 grew more slowly than Gayatri Sugars, while 4 grew faster. Among 26 peers for profit, 13 reported higher profit.