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Magadh Sugar & Energy Q2 FY27 results: net profit ₹0.70 crore vs ₹10.35 crore loss, revenue down 10.7%
Magadh Sugar & Energy Limited reported standalone revenue of ₹289.67 crore in Q2 FY27, down 10.7% from the year-ago quarter, but returned to profit with net profit of ₹0.70 crore and basic EPS of ₹0.50. EBITDA rose to ₹14.48 crore and the margin expanded to 5.0%, while H1 FY27 remained loss-making with revenue of ₹600.2 crore and a net loss of ₹11.52 crore.
Key points
- Standalone Q2 FY27 revenue was ₹289.67 crore, down 10.7% from Q2 FY26 and 6.7% from Q1 FY27.
- EBITDA was ₹14.48 crore in Q2 FY27, up from ₹1.80 crore in Q2 FY26 and ₹0.72 crore in Q1 FY27; margin was 5.0%.
- Net profit was ₹0.70 crore in Q2 FY27, compared with a net loss of ₹10.35 crore in Q2 FY26 and ₹12.22 crore in Q1 FY27.
- H1 FY27 revenue was ₹600.2 crore, down 8.7% from H1 FY26, while net loss widened to ₹11.52 crore from ₹10.13 crore.
- The company reported total assets of ₹1,295.28 crore and total equity of ₹851.06 crore as on 30 September 2026.
How did Magadh Sugar & Energy perform in Q2 FY27?
Magadh Sugar & Energy reported standalone revenue of ₹289.67 crore for Q2 FY27, down 10.7% from ₹324.41 crore in Q2 FY26 and 6.7% from ₹310.54 crore in Q1 FY27. Total income was ₹290.27 crore, down 10.6% from the year-ago quarter and 6.7% from the previous quarter. The result was reported on a standalone basis.
EBITDA rose to ₹14.48 crore in Q2 FY27 from ₹1.80 crore in Q2 FY26 and ₹0.72 crore in Q1 FY27. The EBITDA margin increased to 5.0% from 0.6% a year earlier and 0.2% in the previous quarter. Profit before tax was ₹1.13 crore, compared with a loss of ₹13.68 crore in Q2 FY26 and ₹16.30 crore in Q1 FY27.
Net profit was ₹0.70 crore in Q2 FY27, against a net loss of ₹10.35 crore in Q2 FY26 and ₹12.22 crore in Q1 FY27. Basic EPS was ₹0.50, compared with a loss of ₹7.35 in Q2 FY26 and ₹8.67 in Q1 FY27. The reported result was standalone; no consolidated figure was provided in the stated facts.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 289.67 | 310.54 | 324.41 | −10.7% | −6.7% |
| Other income | 0.60 | 0.74 | 0.44 | +36.4% | −18.9% |
| Total expenses | 289.14 | 327.58 | 338.53 | −14.6% | −11.7% |
| EBITDA | 14.48 | 0.72 | 1.80 | +704.4% | +1911.1% |
| EBITDA margin | 5.0% | 0.2% | 0.6% | +4.4 pp | +4.8 pp |
| Profit before tax | 1.13 | −16.30 | −13.68 | turned to profit | turned to profit |
| Tax | 0.42 | −4.08 | −3.33 | ||
| Net profit | 0.70 | −12.22 | −10.35 | turned to profit | turned to profit |
| EPS (₹) | 0.50 | −8.67 | −7.35 | turned to profit | turned to profit |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Magadh Sugar & Energy's costs and profit?
The main change in operating costs was the cost of raw materials consumed, which fell to ₹15.88 crore in Q2 FY27 from ₹33.89 crore in Q2 FY26, a decline of ₹18.01 crore, or 53.1%. Total expenses were ₹289.14 crore, down ₹49.39 crore, or 14.6%, while revenue fell ₹34.74 crore.
Employee benefits expense rose to ₹16.69 crore from ₹15.81 crore, an increase of ₹0.88 crore or 5.6%. Finance costs fell to ₹7.17 crore from ₹8.23 crore, down ₹1.06 crore or 12.9%, and depreciation fell to ₹6.79 crore from ₹7.69 crore, down ₹0.90 crore or 11.7%. Other expenses were ₹25.61 crore against ₹25.54 crore, an increase of ₹0.07 crore or 0.3%.
Other income rose to ₹0.60 crore from ₹0.44 crore, an increase of ₹0.16 crore or 36.4%. There was no exceptional item in either quarter. Total tax expense was ₹0.42 crore, against a tax credit of ₹3.33 crore in Q2 FY26, a difference of ₹3.75 crore. Management attributed the Q2 EBITDA improvement to improved sugar realisations and a lower cost of inventory sold.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 15.88 | 33.89 | −18.01 | −53.1% |
| Employee cost | 16.69 | 15.81 | +0.88 | +5.6% |
| Finance costs | 7.17 | 8.23 | −1.06 | −12.9% |
| Depreciation | 6.79 | 7.69 | −0.90 | −11.7% |
| Other expenses | 25.61 | 25.54 | +0.07 | +0.3% |
| Total expenses | 289.14 | 338.53 | −49.39 | −14.6% |
| Other income | 0.60 | 0.44 | +0.16 | +36.4% |
| Tax | 0.42 | −3.33 | +3.75 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, Magadh Sugar & Energy reported revenue of ₹600.2 crore, down ₹57.25 crore or 8.7% from H1 FY26. Total income was ₹601.54 crore, down ₹57.18 crore or 8.7% from ₹658.72 crore in the previous first half.
Profit before tax was a loss of ₹15.18 crore, compared with a loss of ₹13.42 crore in H1 FY26. Net loss widened to ₹11.52 crore from ₹10.13 crore, while basic EPS was a loss of ₹8.17 against a loss of ₹7.19. The half-year result was on a standalone basis.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 600.20 | 657.45 | −8.7% |
| Profit before tax | −15.18 | −13.42 | |
| Net profit | −11.52 | −10.13 | |
| EPS (₹) | −8.17 | −7.19 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As on 30 September 2026, total assets were ₹1,295.28 crore, compared with ₹1,679.91 crore as on 31 March 2026. Total equity was ₹851.06 crore against ₹880.19 crore, while borrowings declined to ₹338.56 crore from ₹691.23 crore. Cash and cash equivalents were ₹0.31 crore against ₹0.30 crore.
Inventories fell to ₹175.93 crore from ₹640.50 crore, while trade receivables rose to ₹22.90 crore from ₹19.58 crore and trade payables fell to ₹19.03 crore from ₹21.25 crore. In H1 FY27, operating cash flow was ₹450.94 crore, compared with ₹458.91 crore in H1 FY26.
Investing cash flow was negative ₹63.47 crore in H1 FY27, compared with negative ₹40.44 crore a year earlier, while financing cash flow was negative ₹387.47 crore against negative ₹418.46 crore. Capital expenditure was ₹80.26 crore, compared with ₹41.16 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,295 | 1,680 |
| Total equity | 851.06 | 880.19 |
| Borrowings | 338.56 | 691.23 |
| Cash and equivalents | 0.31 | 0.30 |
| Inventories | 175.93 | 640.50 |
| Trade receivables | 22.90 | 19.58 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 450.94 | 458.91 |
| Cash from investing | −63.47 | −40.44 |
| Cash from financing | −387.47 | −418.46 |
| Capital expenditure | 80.26 | 41.16 |
Source: Company's results filing (XBRL).
How has Magadh Sugar & Energy done over the last 8 quarters?
Revenue reached its highest point in the reported series at ₹355.21 crore in Q4 FY25 and its lowest at ₹283.84 crore in Q3 FY25. It then moved to ₹324.41 crore in Q2 FY26, before falling to ₹289.67 crore in Q2 FY27.
Net profit was highest at ₹71.51 crore in Q4 FY25 and bottomed at negative ₹12.22 crore in Q1 FY27. It recovered to ₹0.70 crore in Q2 FY27, while the EBITDA margin moved from 0.2% in Q1 FY27 to 5.0% in the latest quarter. The peak margin in the series was 32.5% in Q4 FY25.
Which businesses drove the quarter?
Sugar reported revenue of ₹242.04 crore in Q2 FY27, down 0.7% from ₹243.65 crore in Q2 FY26. Segment EBIT was ₹13.91 crore, compared with a loss of ₹5.33 crore in the year-ago quarter. The reported sugar EBIT margin was 5.7%.
Distillery revenue fell to ₹51.73 crore from ₹92.36 crore in Q2 FY26, a decline of 44.0%. EBIT was a loss of ₹0.56 crore against a profit of ₹5.11 crore in the year-ago quarter, with a reported EBIT margin of negative 1.1%.
Co-generation revenue was ₹0.27 crore, compared with ₹0.01 crore in Q2 FY26, while EBIT was a loss of ₹3.18 crore against a loss of ₹2.83 crore. The reported co-generation EBIT margin was negative 1179.8%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| SUGAR | 242.04 | −0.7% | 13.91 | 5.7% |
| DISTILLERY | 51.73 | −44.0% | −0.56 | -1.1% |
| CO-GENERATION | 0.27 | +3810.1% | −3.18 | -1179.8% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The company filed the board-meeting intimation on 30 October 2026 and said the board would consider the unaudited financial results for the quarter and half year ended 30 September 2026. The board approved those results on 6 November 2026, along with the auditors’ limited review report.
The same-day filings did not announce a dividend, fund raise or appointment. The investor presentation stated that a dividend of 125%, or ₹12.50 per equity share of ₹10 each for 2025-26, had been recommended by the board and approved by shareholders, and paid during the current quarter.
What did Magadh Sugar & Energy's management say?
Management said the Q2 turnaround was led by higher sugar realisations and a lower cost of inventory sold. It also reported that sugar sales volume declined 9% in Q2 FY27 and 8% in H1 FY27, while ethanol sales volume fell 43% and 26%, respectively, in the corresponding periods.
Management said the Narkatiaganj sugar refinery conversion was targeted for completion ahead of SS 2026-27, with commercial operations in the upcoming sugar season. It said the incineration boiler was targeted for completion by November 2026, enabling annual operating days to rise from 270 to approximately 340 days.
Management said the company was moving faster towards a net debt-free position to reduce the interest burden. It also said monthly ethanol blending reached 20% in September 2026 and was on course to achieve the 20% target for ESY 2026-27.
Management identified lower sugar and ethanol volumes, ethanol-policy constraints, restricted sugar exports, duty-free imports through 31 December, and the absence of an announced Bihar SAP for 2026-27 as pressures. It said working-capital debt was expected to rebuild from November with the crushing season, while C-heavy molasses operations were expected to increase sugar inventory.
How did Magadh Sugar & Energy shares react?
The filing was released during market hours, with Magadh Sugar & Energy shares down 1.2% after 5 minutes, down 1.0% after 15 minutes and down 1.6% after 30 minutes from the price when the filing appeared. The industry median move for the Sugar group was down 1.9% on the reaction day; no longer-period stock or industry moves were provided.
| After the filing | Stock | Sugar median |
|---|---|---|
| 5 minutes | −1.2% | |
| 15 minutes | −1.0% | |
| 30 minutes | −1.6% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 4 August 2026 | +2.0% |
| 11 May 2026 | +0.0% |
| 6 February 2026 | +0.5% |
| 11 November 2025 | −3.2% |
| 5 August 2025 | −4.6% |
| 13 May 2025 | +12.6% |
| 11 February 2025 | −5.9% |
| 11 November 2024 | −3.1% |
Source: MarketPing price-reaction measurement.
How did other Sugar companies do?
Nine other Sugar companies were compared for the quarter. Their median revenue growth was 11.0%, while 7 peers grew faster than Magadh Sugar & Energy and 2 grew slower. Eleven of 12 peers reported higher profit.
| Magadh Sugar & Energy revenue growth (YoY) | −10.7% |
|---|---|
| Median of 9 other Sugar companies | +11.0% |
| Companies with slower revenue growth than Magadh Sugar & Energy | 2 of 9 |
| Companies with faster revenue growth than Magadh Sugar & Energy | 7 of 9 |
| Companies whose net profit rose | 11 of 12 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Magadh Sugar & Energy's revenue in Q2 FY27?
Revenue from operations was ₹289.67 crore, down 10.7% from ₹324.41 crore in Q2 FY26 (standalone).
Did Magadh Sugar & Energy make a profit in Q2 FY27?
Yes. Net profit was ₹0.70 crore, against a net loss of ₹10.35 crore in Q2 FY26.
What was Magadh Sugar & Energy's EPS in Q2 FY27?
Basic earnings per share were ₹0.50, against a loss of ₹7.35 in Q2 FY26.
When did Magadh Sugar & Energy announce its Q2 FY27 results?
On 6 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of Unaudited Financial Results For The Quarter And Half Year Ended 30Th September 2026 (BSE, 30 October 2026) · PDF
- Unaudited Financial Results For The Quarter And Six Months Ended 30Th September, 2026 (BSE, 6 November 2026) · PDF
- The investor presentation (6 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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