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The Ugar Sugar Works Q2 FY27 results: net loss widens to ₹33.37 crore, revenue down 17.7%
The Ugar Sugar Works Limited reported standalone revenue of ₹350 crore in Q2 FY27, down 17.7% from ₹425.26 crore a year earlier. The company reported a net loss of ₹33.37 crore and basic EPS of -₹2.97, while EBITDA was a loss of ₹10.13 crore and the margin was -2.9%.
Key points
- Revenue was ₹350 crore in Q2 FY27, down 17.7% from ₹425.26 crore in Q2 FY26 and 27.2% from ₹480.94 crore in Q1 FY27.
- The company reported a net loss of ₹33.37 crore in Q2 FY27, against a net loss of ₹32.17 crore in Q2 FY26 and a net profit of ₹1.49 crore in Q1 FY27.
- EBITDA was a loss of ₹10.13 crore, with a margin of -2.9%, compared with a loss of ₹9.07 crore and a margin of -2.1% in Q2 FY26.
- H1 FY27 revenue was ₹830.93 crore, up 5.3% from ₹789.14 crore in H1 FY26, while the net loss narrowed to ₹31.88 crore from ₹45.91 crore.
- At 30 September 2026, borrowings were ₹447.34 crore, down from ₹667.95 crore at 31 March 2026, while cash was ₹2.04 crore.
How did The Ugar Sugar Works perform in Q2 FY27?
The Ugar Sugar Works reported standalone revenue of ₹350 crore for Q2 FY27, compared with ₹425.26 crore in Q2 FY26 and ₹480.94 crore in Q1 FY27. Total income was ₹353.18 crore, down from ₹427.56 crore a year earlier and ₹482.94 crore in the previous quarter. The filing states that the results were standalone unaudited financial results for the quarter ended 30 September 2026.
EBITDA was a loss of ₹10.13 crore and the EBITDA margin was -2.9%, against a loss of ₹9.07 crore and a margin of -2.1% in Q2 FY26. Compared with Q1 FY27, EBITDA moved from a profit of ₹26.72 crore to a loss of ₹10.13 crore, while the margin moved from 5.6% to -2.9%.
Profit before tax was a loss of ₹32.50 crore in Q2 FY27, compared with a loss of ₹31.69 crore in Q2 FY26 and a profit of ₹1.04 crore in Q1 FY27. The company reported a net loss of ₹33.37 crore and basic EPS of -₹2.97, versus a net loss of ₹32.17 crore and EPS of -₹2.86 a year earlier, and a net profit of ₹1.49 crore and EPS of ₹0.13 in the previous quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 350 | 480.94 | 425.26 | −17.7% | −27.2% |
| Other income | 3.18 | 2 | 2.29 | +38.9% | +59.0% |
| Total expenses | 385.68 | 481.90 | 459.25 | −16.0% | −20.0% |
| EBITDA | −10.13 | 26.72 | −9.07 | turned to loss | |
| EBITDA margin | -2.9% | 5.6% | -2.1% | −0.8 pp | −8.5 pp |
| Profit before tax | −32.50 | 1.04 | −31.69 | turned to loss | |
| Tax | 0.87 | −0.45 | 0.48 | +81.3% | |
| Net profit | −33.37 | 1.49 | −32.17 | turned to loss | |
| EPS (₹) | −2.97 | 0.13 | −2.86 | turned to loss |
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 The Ugar Sugar Works' costs and profit?
Against Q2 FY26, total expenses fell by ₹73.57 crore, or 16.0%, to ₹385.68 crore. Cost of materials consumed was lower by ₹76.42 crore, or 51.5%, at ₹71.95 crore; employee benefit expenses fell by ₹1.42 crore, or 7.6%, to ₹17.20 crore; finance costs fell by ₹1.41 crore, or 8.0%, to ₹16.31 crore; and other expenses fell by ₹12.19 crore, or 25.2%, to ₹36.09 crore.
Depreciation and amortisation increased by ₹2.04 crore, or 28.3%, to ₹9.24 crore. Other income increased by ₹0.89 crore, or 38.9%, to ₹3.18 crore, while total tax expense increased by ₹0.39 crore, or 81.3%, to ₹0.87 crore. There was no exceptional item. The filing does not state reasons for the changes in these cost lines.
Compared with Q1 FY27, other expenses increased by ₹13.25 crore, or 58.0%, to ₹36.09 crore, while cost of materials consumed fell by ₹52.55 crore, or 42.2%, to ₹71.95 crore. Finance costs fell by ₹2.16 crore, or 11.7%, to ₹16.31 crore, employee benefit expenses fell by ₹0.87 crore, or 4.8%, to ₹17.20 crore, and other income rose by ₹1.18 crore, or 59.0%, to ₹3.18 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 71.95 | 148.37 | −76.42 | −51.5% |
| Employee cost | 17.20 | 18.62 | −1.42 | −7.6% |
| Finance costs | 16.31 | 17.72 | −1.41 | −8.0% |
| Depreciation | 9.24 | 7.20 | +2.04 | +28.3% |
| Other expenses | 36.09 | 48.28 | −12.19 | −25.2% |
| Total expenses | 385.68 | 459.25 | −73.57 | −16.0% |
| Other income | 3.18 | 2.29 | +0.89 | +38.9% |
| Tax | 0.87 | 0.48 | +0.39 | +81.3% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, revenue was ₹830.93 crore, up ₹41.79 crore, or 5.3%, from ₹789.14 crore in H1 FY26. Total income was ₹836.11 crore, up ₹43.57 crore, or 5.5%, from ₹792.54 crore in the year-ago period. Basic EPS was -₹2.83, compared with -₹4.08 in H1 FY26.
The first-half loss before tax was ₹31.46 crore, compared with a loss of ₹45.8 crore in H1 FY26. The net loss was ₹31.88 crore, compared with a net loss of ₹45.91 crore, and basic EPS was -₹2.83 against -₹4.08. The filing presents the first-half results as standalone unaudited figures.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 830.93 | 789.14 | +5.3% |
| Profit before tax | −31.46 | −45.80 | |
| Net profit | −31.88 | −45.91 | |
| EPS (₹) | −2.83 | −4.08 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹821.52 crore, compared with ₹1,320.28 crore at 31 March 2026. Total equity was ₹201.25 crore, compared with ₹233.68 crore, while borrowings fell from ₹667.95 crore to ₹447.34 crore. Cash was ₹2.04 crore, against ₹1.95 crore at the previous balance-sheet date.
Inventories fell from ₹700.76 crore at 31 March 2026 to ₹196.43 crore at 30 September 2026. Trade receivables fell from ₹137.01 crore to ₹124.44 crore, and trade payables fell from ₹252.93 crore to ₹30.31 crore. H1 FY27 operating cash flow was ₹294.02 crore, compared with ₹217.1 crore in H1 FY26.
Investing cash flow was a net outflow of ₹32.51 crore in H1 FY27, compared with a net outflow of ₹15.9 crore in H1 FY26. Financing cash flow was a net outflow of ₹261.43 crore, compared with a net outflow of ₹201.86 crore. Capital expenditure was ₹35.23 crore in H1 FY27 and ₹0.0 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 821.52 | 1,320 |
| Total equity | 201.25 | 233.68 |
| Borrowings | 447.34 | 667.95 |
| Cash and equivalents | 2.04 | 1.95 |
| Inventories | 196.43 | 700.76 |
| Trade receivables | 124.44 | 137.01 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 294.02 | 217.10 |
| Cash from investing | −32.51 | −15.90 |
| Cash from financing | −261.43 | −201.86 |
| Capital expenditure | 35.23 | 0 |
Source: Company's results filing (XBRL).
How has The Ugar Sugar Works done over the last 8 quarters?
Revenue reached ₹524.21 crore in Q4 FY25 and ₹480.94 crore in Q1 FY27 before falling to ₹350 crore in Q2 FY27. The latest quarter was below the ₹425.26 crore reported in Q2 FY26. The company reported a net loss of ₹33.37 crore in Q2 FY27, after a net profit of ₹45.76 crore in Q4 FY26 and ₹1.49 crore in Q1 FY27.
The EBITDA margin peaked at 17.8% in Q4 FY26 and was -2.9% in Q2 FY27. Revenue was highest in the reported period at ₹524.21 crore in Q4 FY25 and lowest at ₹274.98 crore in Q3 FY25. Net profit was highest at ₹51.02 crore in Q4 FY25 and the latest result moved back into loss.
Which businesses drove the quarter?
Sugar revenue was ₹213.68 crore in Q2 FY27, up 34.7% from ₹158.62 crore in Q2 FY26, and segment EBIT was ₹6.41 crore, compared with a loss of ₹11.49 crore. Co-generation revenue fell 36.9% to ₹17.64 crore from ₹27.96 crore, while EBIT was a loss of ₹5.06 crore against a profit of ₹2.75 crore.
Industrial Alcohol revenue fell 47.0% to ₹134.79 crore from ₹254.17 crore, with EBIT of a loss of ₹7.46 crore compared with a profit of ₹6.19 crore. Potable Alcohol revenue fell 76.5% to ₹2.11 crore from ₹8.98 crore, and EBIT was a loss of ₹0.51 crore against a loss of ₹0.92 crore. Unallocated revenue was ₹5.96 crore, down 4.0%, with EBIT of ₹0.06 crore.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Sugar | 213.68 | +34.7% | 6.41 | 3.0% |
| Co-generation | 17.64 | −36.9% | −5.06 | -28.7% |
| Industrial Alcohol | 134.79 | −47.0% | −7.46 | -5.5% |
| Potable Alcohol | 2.11 | −76.5% | −0.51 | -24.1% |
| Unallocated | 5.96 | −4.0% | 0.06 | 0.9% |
Source: Company's results filing (XBRL segment data).
How did The Ugar Sugar Works shares react?
The filing appeared after market hours. From the pre-results close of ₹43.50, the stock was up 3.4% after five minutes, 1.0% after 15 minutes and 1.4% after 30 minutes, but closed the reaction day down 5.1% at the corresponding session close.
| After the filing | Stock | Other Agricultural Products median |
|---|---|---|
| 5 minutes | +3.4% | |
| 15 minutes | +1.0% | |
| 30 minutes | +1.4% | |
| Reaction day | −5.1% | +0.0% |
| Next day | −0.5% | +0.3% |
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 | +6.2% |
| 12 May 2026 | +3.5% |
| 13 February 2026 | +0.4% |
| 12 November 2025 | −1.3% |
| 5 August 2025 | −1.2% |
| 12 May 2025 | +5.6% |
| 5 February 2025 | −1.9% |
| 13 November 2024 | −0.3% |
Source: MarketPing price-reaction measurement.
How did other Other Agricultural Products companies do?
Sixteen Other Agricultural Products companies were compared, with a median revenue growth of 15.2%. Three companies grew revenue more slowly than The Ugar Sugar Works, while 13 grew faster than the company. Nine of the 15 companies for which profit was compared reported higher profit, as of 4 November 2026.
| The Ugar Sugar Works revenue growth (YoY) | −17.7% |
|---|---|
| Median of 16 other Other Agricultural Products companies | +15.2% |
| Companies with slower revenue growth than The Ugar Sugar Works | 3 of 16 |
| Companies with faster revenue growth than The Ugar Sugar Works | 13 of 16 |
| Companies whose net profit rose | 9 of 15 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was The Ugar Sugar Works' revenue in Q2 FY27?
Revenue from operations was ₹350 crore, down 17.7% from ₹425.26 crore in Q2 FY26 (standalone).
Did The Ugar Sugar Works make a profit in Q2 FY27?
No. It reported a net loss of ₹33.37 crore, against a net loss of ₹32.17 crore in Q2 FY26.
What was The Ugar Sugar Works' EPS in Q2 FY27?
Basic loss per share was ₹2.97, against a loss of ₹2.86 in Q2 FY26.
How did The Ugar Sugar Works shares react to the Q2 FY27 results?
On the reaction day the stock moved −5.1% from the previous close; the median Other Agricultural Products stock moved +0.0%.
When did The Ugar Sugar Works announce its Q2 FY27 results?
On 27 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for To Consider The Unaudited Financial Result And Segment Wise Revenue Result For Quarter Ended On 30Th September 2026 (BSE, 19 October 2026) · PDF
- Outcome of Board Meeting (NSE, 27 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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