The Ravalgaon Sugar Farm Q2 FY27 results: net loss narrows to ₹0.58 crore

How did The Ravalgaon Sugar Farm perform in Q2 FY27?

The Ravalgaon Sugar Farm reported standalone results for the July–September 2026 quarter. Revenue was ₹0 crore, unchanged from ₹0 crore in Q1 FY27 and ₹0 crore in Q2 FY26, and no EBITDA margin was reported. The company said it had been inactive during the quarter and half year ended 30 September 2026, and no segment information was disclosed.

EBITDA was a loss of ₹0.43 crore, compared with a loss of ₹0.49 crore in Q1 FY27 and ₹0.55 crore in Q2 FY26. The company reported a net loss of ₹0.58 crore before tax and after tax, against a net loss of ₹0.63 crore in the previous quarter and ₹0.65 crore in the year-ago quarter. Basic EPS was ₹17.20, compared with ₹18.62 and ₹19.05 respectively.

The results were prepared under the Indian Accounting Standards and were reviewed by the audit committee before the board took them on record on 29 October 2026. They were also subject to limited review by the statutory auditors. The figures are standalone, and the company did not present consolidated results for the quarter in the filing.

What changed in The Ravalgaon Sugar Farm's costs and profit?

Total expenses were ₹0.58 crore in Q2 FY27, down ₹0.07 crore, or 10.8%, from ₹0.65 crore in Q2 FY26. Employee cost fell by ₹0.04 crore, or 17.4%, to ₹0.19 crore, and other expenses fell by ₹0.08 crore, or 25.0%, to ₹0.24 crore. Depreciation was unchanged at ₹0.07 crore, while cost of materials remained ₹0 crore.

Finance costs rose by ₹0.06 crore, or 200.0%, to ₹0.09 crore from ₹0.03 crore in the year-ago quarter. Against the previous quarter, total expenses were lower by ₹0.05 crore, or 7.9%, with other expenses down ₹0.05 crore, or 17.2%, and employee cost down ₹0.01 crore, or 5.0%, while finance costs rose ₹0.01 crore, or 12.5%.

Other income was ₹0 crore and there was no exceptional item in Q2 FY27, in both the year-ago quarter and the previous quarter. Tax was ₹0 crore, also unchanged. As a result of the lower expenses, the net loss narrowed by ₹0.07 crore against Q2 FY26 and by ₹0.05 crore against Q1 FY27.

How did the first half of FY27 go?

For the first half of FY27, the company reported revenue of ₹0 crore and total income of ₹0 crore, both unchanged from H1 FY26. Total expenses were ₹1.22 crore, compared with ₹1.16 crore in the year-ago half.

The pre-tax loss widened by ₹0.06 crore to ₹1.22 crore from ₹1.16 crore in H1 FY26, and the net loss was also ₹1.22 crore. Basic EPS was ₹35.82 for H1 FY27, against ₹33.98 for H1 FY26. The company reported no operating segments for either period.

What do the balance sheet and cash flow show?

On the standalone balance sheet, total assets stood at ₹14.68 crore as on 30 September 2026, against ₹14.53 crore on 31 March 2026. Total equity was ₹8.96 crore, compared with ₹10.18 crore at the previous balance sheet date. Borrowings were ₹3.47 crore against ₹2.52 crore, and cash was ₹0.08 crore against ₹0.20 crore.

Inventories were ₹0.15 crore at 30 September 2026, the same as at 31 March 2026. Trade receivables were ₹0.13 crore against ₹0.03 crore, while trade payables were ₹0.84 crore against ₹0.63 crore at the previous balance sheet date.

For the first half of FY27, net cash used in operating activities was ₹0.90 crore, against ₹1.42 crore in H1 FY26. Net cash from financing activities was ₹0.78 crore, compared with ₹1.36 crore a year earlier. Cash used in investing activities and capital expenditure was ₹0 crore in both halves.

How has The Ravalgaon Sugar Farm done over the last 8 quarters?

The quarterly profit trend shows losses in each of the last eight quarters, with revenue at ₹0 crore throughout. The smallest loss was in Q3 FY26, when the net loss was ₹0.20 crore, while the largest was in Q4 FY26, when the net loss reached ₹3.51 crore.

After the Q4 FY26 loss, the net loss narrowed to ₹0.63 crore in Q1 FY27 and then to ₹0.58 crore in Q2 FY27. Earlier in the series, the net loss had been ₹0.65 crore in Q2 FY26 and ₹0.27 crore in Q3 FY25. No EBITDA margin was reported for any quarter in the series.

What else did the company announce?

The board approved the unaudited financial results for the quarter and half year ended 30 September 2026, along with the statement of assets and liabilities, the cash flow statement and the limited review report from the statutory auditors. It also approved the appointment of Ms. Maahi Amit Ahuja (ACS 59770) as Company Secretary and Compliance Officer with effect from 1 December 2026.

The board re-appointed M/s. S. R. Padhye & Co., Practicing Company Secretary, as Secretarial Auditor for Financial Year 2026-27, and M/s. Sandesh Kadam & Associates, Chartered Accountants, as Internal Auditors for the same year. It also revised the list of Key Managerial Personnel authorised to determine materiality of events or information, effective 1 December 2026.

What did the auditors point out?

The auditors' report includes an Emphasis of Matter drawing attention to matters disclosed in Notes 4, 5 and 6 to the financial statements. The first relates to a legal claim on gratuity payments to 21 former seasonal workers under a Second Labour Court, Nashik ruling from May 2025; the company has disputed the ruling, filed an appeal before the Industrial Court, Nashik, and deposited ₹63.14 lakhs with the court as security or deposit.

Based on management's assessment, no provision has been recognised, as management does not consider a significant outflow of economic benefits to be probable. The auditors stated that their conclusion is not modified in respect of this matter. No going-concern qualification or qualified opinion is stated in the excerpt provided.

How did The Ravalgaon Sugar Farm shares react?

The filing was made after market hours. From the pre-results close of ₹849.95, the stock closed the reaction day up 4.5%. By the next day's close, the cumulative move was up 1.7% from the same pre-results close.

On the reaction day, the median move across other Sugar industry stocks was down 3.7%, so the stock's performance exceeded the industry median by 8.2 percentage points. By the next day's close, the industry median was down 1.9% and the market index was down 1.1%, leaving the stock ahead of the industry median by 3.5 percentage points.

Earlier reaction-day moves were mixed: up 0.6% on 11 August 2026, down 2.1% on 22 May 2026, down 0.1% on 11 February 2026, up 1.0% on 13 November 2025, down 1.7% on 13 August 2025, down 0.9% on 29 May 2025, up 2.0% on 13 August 2024 and up 5.0% on 30 May 2024.

How did other Sugar companies do?

Six other Sugar companies were compared for this quarter. Their median revenue growth was 3.0%. The count of peers whose revenue grew faster than The Ravalgaon Sugar Farm was not given, and the count of those whose revenue grew more slowly was also not given.

All six peers reported higher profit, and profit was compared for six peers. The company itself reported revenue of ₹0 crore for Q2 FY27, while its net loss was ₹0.58 crore. The peer comparison was as on 4 November 2026.