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Shree Renuka Sugars Q2 FY27 results: net loss narrows to ₹193.90 crore, revenue down 21.4%
Shree Renuka Sugars Limited reported consolidated revenue of ₹1,905 crore for Q2 FY27, down 21.4% from the year-ago quarter. EBITDA turned positive at ₹29.60 crore from a loss of ₹182.20 crore, but the company still reported a net loss of ₹193.90 crore and basic EPS of ₹0.91.
Key points
- Consolidated revenue was ₹1,905 crore in Q2 FY27, down 21.4% from ₹2,423 crore in Q2 FY26.
- EBITDA was ₹29.60 crore with a 1.6% margin, compared with a loss of ₹182.20 crore and a negative 7.5% margin a year earlier.
- The company reported a net loss of ₹193.90 crore and basic EPS of ₹0.91 for Q2 FY27.
- In H1 FY27, revenue was ₹4,025 crore and the net loss was ₹445.4 crore, compared with revenue of ₹4,433 crore and a net loss of ₹632.9 crore in H1 FY26.
- Total assets fell to ₹6,548.3 crore and total equity remained negative at ₹3,133.5 crore as of 30 September 2026.
How did Shree Renuka Sugars perform in Q2 FY27?
Shree Renuka Sugars reported consolidated revenue of ₹1,905 crore in Q2 FY27, down 21.4% from ₹2,423 crore in Q2 FY26 and 10.1% from ₹2,120 crore in Q1 FY27. EBITDA was ₹29.60 crore, compared with a loss of ₹182.20 crore in the year-ago quarter and a loss of ₹76.30 crore in the previous quarter. The EBITDA margin was 1.6%, against negative 7.5% and negative 3.6%, respectively.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,905 | 2,120 | 2,423 | −21.4% | −10.1% |
| Other income | 16.30 | 11.10 | 37.50 | −56.5% | +46.8% |
| Total expenses | 2,123 | 2,447 | 2,862 | −25.8% | −13.2% |
| EBITDA | 29.60 | −76.30 | −182.20 | turned to profit | turned to profit |
| EBITDA margin | 1.6% | -3.6% | -7.5% | +9.1 pp | +5.2 pp |
| Profit before tax | −201.90 | −315.90 | −401.30 | ||
| Tax | −8 | −64.40 | −32 | ||
| Net profit | −193.90 | −251.50 | −369.30 | ||
| EPS (₹) | −0.91 | −1.18 | −1.73 |
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 Shree Renuka Sugars' costs and profit?
Total expenses fell to ₹2,123 crore in Q2 FY27 from ₹2,862 crore in Q2 FY26, while other income declined to ₹16.30 crore from ₹37.50 crore. Cost of materials was ₹1,187 crore, up from ₹1,182 crore, employee cost was ₹50.70 crore, finance costs were ₹178.50 crore and depreciation was ₹69.30 crore. Other expenses increased to ₹338 crore from ₹318.70 crore.
Against Q2 FY26, finance costs fell by ₹5.10 crore, depreciation fell by ₹3.70 crore and the tax line improved by ₹24 crore. Cost of materials rose by ₹5.10 crore, employee cost rose by ₹1.90 crore and other expenses rose by ₹19.30 crore. There was no exceptional item in either quarter.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 1,187 | 1,182 | +5.10 | +0.4% |
| Employee cost | 50.70 | 48.80 | +1.90 | +3.9% |
| Finance costs | 178.50 | 183.60 | −5.10 | −2.8% |
| Depreciation | 69.30 | 73 | −3.70 | −5.1% |
| Other expenses | 338 | 318.70 | +19.30 | +6.1% |
| Total expenses | 2,123 | 2,862 | −738.40 | −25.8% |
| Other income | 16.30 | 37.50 | −21.20 | −56.5% |
| Tax | −8 | −32 | +24 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, revenue was ₹4,025 crore, down from ₹4,433 crore in H1 FY26, while total income was ₹4,052.6 crore, down from ₹4,480.4 crore. Profit before tax was a loss of ₹517.8 crore, compared with a loss of ₹742.7 crore, and the net loss was ₹445.4 crore against a loss of ₹632.9 crore.
Basic EPS for H1 FY27 was ₹2.09, compared with ₹2.97 in H1 FY26. The H1 figures remained loss-making, although the reported net loss was lower than in the year-ago period.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 4,025 | 4,433 | −9.2% |
| Profit before tax | −517.80 | −742.70 | |
| Net profit | −445.40 | −632.90 | |
| EPS (₹) | −2.09 | −2.97 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹6,548.3 crore, down from ₹7,412.4 crore at 31 March 2026. Total equity was negative ₹3,133.5 crore, compared with negative ₹2,676.6 crore, while borrowings were ₹6,853.6 crore against ₹7,151.1 crore. Cash and cash equivalents stood at ₹66.6 crore, compared with ₹45.8 crore. Inventories were ₹1,809.3 crore, trade receivables ₹163.6 crore and trade payables ₹2,246.5 crore.
H1 FY27 operating cash flow was ₹694.2 crore, compared with ₹175.7 crore in H1 FY26. Investing cash flow was negative ₹37.5 crore against negative ₹102.9 crore, and financing cash flow was negative ₹607.7 crore against negative ₹40.3 crore. Capital expenditure was ₹0.0 crore, compared with ₹94.8 crore in the year-ago period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 6,548 | 7,412 |
| Total equity | −3,134 | −2,677 |
| Borrowings | 6,854 | 7,151 |
| Cash and equivalents | 66.60 | 45.80 |
| Inventories | 1,809 | 2,603 |
| Trade receivables | 163.60 | 280.40 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 694.20 | 175.70 |
| Cash from investing | −37.50 | −102.90 |
| Cash from financing | −607.70 | −40.30 |
| Capital expenditure | 0 | 94.80 |
Source: Company's results filing (XBRL).
How has Shree Renuka Sugars done over the last 8 quarters?
Revenue reached its highest level in the reported series at ₹2,691.3 crore in Q4 FY25 and its lowest at ₹1,905 crore in Q2 FY27. Profit was highest at ₹93.1 crore in Q4 FY25 and lowest at a loss of ₹369.3 crore in Q2 FY26; the latest quarter reported a loss of ₹193.9 crore.
The EBITDA margin peaked at 10.9% in Q3 FY26 and bottomed at negative 7.5% in Q2 FY26. It stood at 1.6% in Q2 FY27, following negative 3.6% in Q1 FY27, so the latest reading was higher than the previous quarter but below the series peak.
Which businesses drove the quarter?
Sugar milling reported revenue of ₹392.2 crore in Q2 FY27, up 0.3% from ₹391.0 crore in the year-ago quarter. Segment EBIT was a loss of ₹25.0 crore, compared with a loss of ₹80.5 crore, with an EBIT margin of negative 6.4%. Sugar refinery revenue was ₹1,297.9 crore, down 22.2% from ₹1,667.2 crore, while EBIT was ₹63.5 crore against a loss of ₹35.8 crore; the EBIT margin was 4.9%.
Distillery revenue was ₹199.6 crore, down 30.2% from ₹285.8 crore, and segment EBIT was a loss of ₹8.0 crore against a profit of ₹2.5 crore. Co-generation revenue was ₹3.3 crore, down 59.3% from ₹8.1 crore, with EBIT of negative ₹25.0 crore compared with negative ₹30.6 crore.
Trading revenue fell to ₹5.7 crore from ₹85.1 crore, a decline of 93.3%, while EBIT was ₹1.6 crore against ₹5.5 crore. Engineering revenue was ₹7.5 crore, down 83.4% from ₹45.2 crore, and EBIT was negative ₹0.9 crore against negative ₹13.7 crore. Other revenue was ₹3.7 crore, up 42.3% from ₹2.6 crore, with EBIT of ₹1.6 crore against ₹0.7 crore.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| (a) Sugar - milling | 392.20 | +0.3% | −25 | -6.4% |
| (b) Sugar - refinery | 1,298 | −22.2% | 63.50 | 4.9% |
| (c) Distillery | 199.60 | −30.2% | −8 | -4.0% |
| (d) Co-generation | 3.30 | −59.3% | −25 | -757.6% |
| (e) Trading | 5.70 | −93.3% | 1.60 | 28.1% |
| (f) Engineering | 7.50 | −83.4% | −0.90 | -12.0% |
| (g) Other | 3.70 | +42.3% | 1.60 | 43.2% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The company’s board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026 at its meeting on 30 October 2026. The results were filed with a limited review report from SR BC & CO LLP.
In a same-day filing, the board appointed Chief Financial Officer Sunil Ranka as Compliance Officer with effect from 30 October 2026. Company Secretary Deepak Manerikar ceased to be Compliance Officer but continued as Company Secretary and a key managerial personnel.
How did Shree Renuka Sugars shares react?
The filing appeared after market hours. From the price when the results appeared, the stock was up 0.5% after 5 minutes, 1.5% after 15 minutes and 1.2% after 30 minutes. It closed the reaction day up 2.2% from the previous close of ₹17.45, matching the Sugar industry median move of 2.2%.
By the next day's close, the stock was up 2.6% from its pre-results close, while the industry median was up 2.7%. The Nifty Microcap 250 was up 1.4% on the reaction day. Earlier results-day moves included declines of 0.9% on 5 August 2026, 5.5% on 8 May 2026, 0.4% on 5 February 2026 and 3.9% on 6 November 2025.
| After the filing | Stock | Sugar median |
|---|---|---|
| 5 minutes | +0.5% | |
| 15 minutes | +1.5% | |
| 30 minutes | +1.2% | |
| Reaction day | +2.2% | +2.2% |
| Next day | +2.6% | +2.7% |
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 |
|---|---|
| 5 August 2026 | −0.9% |
| 8 May 2026 | −5.5% |
| 5 February 2026 | −0.4% |
| 6 November 2025 | −3.9% |
| 7 August 2025 | −1.8% |
| 14 May 2025 | +4.4% |
| 11 February 2025 | −6.2% |
| 28 October 2024 | +1.0% |
Source: MarketPing price-reaction measurement.
How did other Sugar companies do?
Five other Sugar companies that had filed for the quarter were compared with Shree Renuka Sugars. Their median revenue growth was 4.3%, while all five peers grew faster than Shree Renuka Sugars and none grew slower.
Six peers were compared for profit, and six reported higher profit than Shree Renuka Sugars.
| Shree Renuka Sugars revenue growth (YoY) | −21.4% |
|---|---|
| Median of 5 other Sugar companies | +4.3% |
| Companies with slower revenue growth than Shree Renuka Sugars | 0 of 5 |
| Companies with faster revenue growth than Shree Renuka Sugars | 5 of 5 |
| Companies whose net profit rose | 6 of 6 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Shree Renuka Sugars' revenue in Q2 FY27?
Revenue from operations was ₹1,905 crore, down 21.4% from ₹2,423 crore in Q2 FY26 (consolidated).
Did Shree Renuka Sugars make a profit in Q2 FY27?
No. It reported a net loss of ₹193.90 crore, against a net loss of ₹369.30 crore in Q2 FY26.
What was Shree Renuka Sugars' EPS in Q2 FY27?
Basic loss per share was ₹0.91, against a loss of ₹1.73 in Q2 FY26.
How did Shree Renuka Sugars shares react to the Q2 FY27 results?
On the reaction day the stock moved +2.2% from the previous close; the median Sugar stock moved +2.2%.
When did Shree Renuka Sugars announce its Q2 FY27 results?
On 30 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of Unaudited Financial Results (Standalone And Consolidated) (BSE, 5 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting (BSE, 30 October 2026) · PDF
- Unaudited Financial Results (Standalone And Consolidated) For The Quarter And Half Year Ended 30Th September 2026 (BSE, 30 October 2026) · PDF
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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