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Uttam Sugar Mills Q2 FY27 results: net profit ₹4.54 crore vs ₹0.98 crore, revenue down 15.1%
Uttam Sugar Mills Limited reported consolidated Q2 FY27 revenue of ₹494 crore, down 15.1% from Q2 FY26, while net profit rose to ₹4.54 crore from ₹0.98 crore. EBITDA was ₹22.63 crore and the margin was 4.6%, compared with ₹22.93 crore and 3.9% in the year-ago quarter; on a standalone basis, revenue was ₹453.49 crore and profit after tax was ₹4.21 crore.
Key points
- Consolidated Q2 FY27 revenue was ₹494 crore, down 15.1% from ₹581.54 crore in Q2 FY26, and down 18.5% from ₹606.37 crore in Q1 FY27.
- Consolidated EBITDA was ₹22.63 crore, with a margin of 4.6%; net profit was ₹4.54 crore and basic EPS was ₹1.18.
- Against Q2 FY26, consolidated profit before tax rose 275.9% to ₹6.24 crore and net profit rose 363.3% to ₹4.54 crore.
- For H1 FY27, consolidated revenue was ₹1,100.37 crore, total income was ₹1,103.24 crore, profit after tax was ₹5.84 crore and EPS was ₹1.50.
- At 30 September 2026, total assets were ₹1,178 crore, total equity was ₹886.71 crore, borrowings were ₹71.79 crore and cash was ₹37.40 crore.
How did Uttam Sugar Mills perform in Q2 FY27?
Uttam Sugar Mills’ consolidated revenue for Q2 FY27 was ₹494 crore, down 15.1% from ₹581.54 crore in Q2 FY26 and 18.5% from ₹606.37 crore in Q1 FY27. EBITDA was ₹22.63 crore, compared with ₹22.93 crore and ₹26.19 crore in the two earlier quarters, while the margin was 4.6%, against 3.9% and 4.3%.
Consolidated profit before tax was ₹6.24 crore, up 275.9% from ₹1.66 crore a year earlier and 273.7% from ₹1.67 crore in the previous quarter. Net profit was ₹4.54 crore, up 363.3% from ₹0.98 crore in Q2 FY26 and 249.2% from ₹1.30 crore in Q1 FY27. Basic EPS was ₹1.18, against ₹0.26 and ₹0.32. On a standalone basis, revenue was ₹453.49 crore and profit after tax was ₹4.21 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 494 | 606.37 | 581.54 | −15.1% | −18.5% |
| Other income | 1.59 | 1.28 | 3.28 | −51.5% | +24.2% |
| Total expenses | 489.35 | 605.98 | 583.16 | −16.1% | −19.2% |
| EBITDA | 22.63 | 26.19 | 22.93 | −1.3% | −13.6% |
| EBITDA margin | 4.6% | 4.3% | 3.9% | +0.7 pp | +0.3 pp |
| Profit before tax | 6.24 | 1.67 | 1.66 | +275.9% | +273.7% |
| Tax | 1.70 | 0.37 | 0.68 | +150.0% | +359.5% |
| Net profit | 4.54 | 1.30 | 0.98 | +363.3% | +249.2% |
| EPS (₹) | 1.18 | 0.32 | 0.26 | +353.8% | +268.7% |
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 Uttam Sugar Mills' costs and profit?
Total expenses were ₹489.35 crore in Q2 FY27, down ₹93.81 crore from ₹583.16 crore in Q2 FY26. Cost of materials rose ₹37.93 crore to ₹54.98 crore and employee cost rose ₹6.47 crore to ₹31.03 crore, while finance costs fell ₹6.92 crore to ₹5.48 crore, other expenses fell ₹6.99 crore to ₹36.46 crore and depreciation rose ₹0.35 crore to ₹12.50 crore.
Other income fell ₹1.69 crore to ₹1.59 crore from ₹3.28 crore in Q2 FY26, and tax expense rose ₹1.02 crore to ₹1.70 crore from ₹0.68 crore. There was no exceptional item. Against Q1 FY27, finance costs fell ₹7.84 crore, while employee cost rose ₹7.58 crore, other expenses rose ₹1.48 crore and tax rose ₹1.33 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 54.98 | 17.05 | +37.93 | +222.5% |
| Employee cost | 31.03 | 24.56 | +6.47 | +26.3% |
| Finance costs | 5.48 | 12.40 | −6.92 | −55.8% |
| Depreciation | 12.50 | 12.15 | +0.35 | +2.9% |
| Other expenses | 36.46 | 43.45 | −6.99 | −16.1% |
| Total expenses | 489.35 | 583.16 | −93.81 | −16.1% |
| Other income | 1.59 | 3.28 | −1.69 | −51.5% |
| Tax | 1.70 | 0.68 | +1.02 | +150.0% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, consolidated revenue was ₹1,100.37 crore, down ₹109.94 crore or 9.1% from ₹1,210.31 crore in H1 FY26. Total income was ₹1,103.24 crore, down ₹111.54 crore or 9.2%, while profit before tax fell ₹13.14 crore to ₹7.91 crore and net profit fell ₹9.67 crore to ₹5.84 crore.
Basic EPS for the first half was ₹1.50, down from ₹4.08 in H1 FY26. The consolidated result therefore showed lower revenue and profit despite the higher Q2 profit reported against both Q2 FY26 and Q1 FY27.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,100 | 1,210 | −9.1% |
| Profit before tax | 7.91 | 21.05 | −62.4% |
| Net profit | 5.84 | 15.51 | −62.3% |
| EPS (₹) | 1.50 | 4.08 | −63.2% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹1,178 crore, compared with ₹1,937.29 crore at 31 March 2026. Total equity was ₹886.71 crore against ₹889.57 crore, while borrowings fell from ₹721.75 crore to ₹71.79 crore and cash rose from ₹9.22 crore to ₹37.40 crore.
Inventories fell from ₹952.20 crore to ₹143.26 crore, trade receivables fell from ₹46.70 crore to ₹34.46 crore and trade payables fell from ₹165.01 crore to ₹47.28 crore. In H1 FY27, operating cash flow was ₹756.92 crore, compared with ₹664.54 crore in H1 FY26; investing cash flow was negative ₹48.66 crore against negative ₹59.02 crore, and financing cash flow was negative ₹680.08 crore against negative ₹597.18 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,178 | 1,937 |
| Total equity | 886.71 | 889.57 |
| Borrowings | 71.79 | 721.75 |
| Cash and equivalents | 37.40 | 9.22 |
| Inventories | 143.26 | 952.20 |
| Trade receivables | 34.46 | 46.70 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 756.92 | 664.54 |
| Cash from investing | −48.66 | −59.02 |
| Cash from financing | −680.08 | −597.18 |
| Capital expenditure | 49.35 | 0 |
Source: Company's results filing (XBRL).
How has Uttam Sugar Mills done over the last 8 quarters?
Revenue peaked at ₹628.77 crore in Q1 FY26 and fell to ₹494 crore in Q2 FY27. Net profit reached its low point of ₹0.98 crore in Q2 FY26 before recovering to ₹4.54 crore in the latest quarter, while the EBITDA margin moved from 8.0% in Q1 FY26 to 4.6% in Q2 FY27.
Over the reported period, the highest EBITDA margin was 20.9% in Q4 FY26 and the lowest was 3.9% in Q2 FY26. Revenue and profit both moved lower in the latest quarter from Q1 FY27, although profit rose compared with the year-ago Q2 FY26.
Which businesses drove the quarter?
Sugar revenue was ₹421.61 crore in Q2 FY27, down 17.7% from ₹512.19 crore in Q2 FY26, while segment EBIT rose to ₹27.51 crore from ₹10.05 crore. The reported Sugar EBIT margin was 6.5%. Cogeneration revenue fell 97.8% to ₹0.17 crore from ₹7.72 crore, and segment EBIT was negative ₹2.87 crore against ₹4.58 crore in the year-ago quarter.
Distillery revenue was ₹120.88 crore, up 5.1% from ₹114.99 crore in Q2 FY26, but segment EBIT was negative ₹2.49 crore against ₹5.26 crore in the prior-year quarter. The reported Distillery EBIT margin was negative 2.1%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Sugar | 421.61 | −17.7% | 27.51 | 6.5% |
| Cogeneration | 0.17 | −97.8% | −2.87 | -1688.2% |
| Distillery | 120.88 | +5.1% | −2.49 | -2.1% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, and took on record the limited review report obtained from the statutory auditors. The company also filed an investor presentation covering the same results. The available same-day filings did not report a dividend, fund raise or appointment.
What did the auditors point out?
The statutory auditors described the work as a limited review, stating that it is substantially less in scope than an audit and that they do not express an audit opinion. Their report included an emphasis of matter concerning an unsecured loan of Rs.656.68 Lakhs received as one-time assistance from the State Government of Uttarakhand in January 2008.
The auditors said that no demand had been raised by the State Government and that a waiver application was pending. They noted that interest had not been accounted for after 31 March 2024, amounting to Rs.6.56 lakhs for the quarter ended 30 September 2026, Rs.13.13 lakhs for the half year ended 30 September 2026 and Rs.65.65 lakhs up to 30 September 2026.
What did Uttam Sugar Mills' management say?
Management said in the investor presentation that H1 FY27 consolidated revenue and EBITDA contraction reflected lower sugar and distillery volumes and weaker power exports, while sugar and distillery realisations improved. It also said the business was diversifying across branded and speciality products in B2B, B2C and e-commerce channels, including BlinkIt, Zepto and Amazon.
Management identified lower H1 consolidated revenue, EBITDA and profit, lower sugar production and sales, weaker distillery volumes and lower power exports as operating risks or performance pressures. It also noted that standalone H1 interest expense of ₹17.13 crore exceeded standalone profit before tax of ₹6.84 crore. The presentation provided no forward guidance or capital expenditure plan, and the available materials contained no analyst questions.
How did Uttam Sugar Mills shares react?
After the filing, the stock was up 2.4% after 5 minutes, 8.4% after 15 minutes and 8.6% after 30 minutes. It closed the reaction day up 3.5% from the previous close, and by the next day's close it was up 3.2% from the pre-results close; no five-day move was available.
The Sugar industry's median stock move was 2.2% on the reaction day and 2.6% by the next day's close. Uttam Sugar Mills therefore exceeded the industry median by 1.4 percentage points on the reaction day and 0.6 percentage points by the next day's close. Earlier reaction-day moves were negative on 3 August 2026, 15 May 2026 and 12 February 2026.
| After the filing | Stock | Sugar median |
|---|---|---|
| 5 minutes | +2.4% | |
| 15 minutes | +8.4% | |
| 30 minutes | +8.6% | |
| Reaction day | +3.5% | +2.2% |
| Next day | +3.2% | +2.6% |
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 |
|---|---|
| 10 August 2026 | −3.0% |
| 15 May 2026 | −4.9% |
| 12 February 2026 | −3.4% |
| 13 November 2025 | +0.4% |
| 13 August 2025 | −0.6% |
| 23 May 2025 | −4.5% |
| 14 February 2025 | +0.8% |
| 14 November 2024 | −3.7% |
Source: MarketPing price-reaction measurement.
How did other Sugar companies do?
Five other Sugar companies were compared for the quarter, with a median revenue growth of 4.3%. Four peers grew revenue faster than Uttam Sugar Mills and one peer grew more slowly. Among the six peers used for the profit comparison, six reported higher profit.
| Uttam Sugar Mills revenue growth (YoY) | −15.1% |
|---|---|
| Median of 5 other Sugar companies | +4.3% |
| Companies with slower revenue growth than Uttam Sugar Mills | 1 of 5 |
| Companies with faster revenue growth than Uttam Sugar Mills | 4 of 5 |
| Companies whose net profit rose | 6 of 6 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Uttam Sugar Mills' revenue in Q2 FY27?
Revenue from operations was ₹494 crore, down 15.1% from ₹581.54 crore in Q2 FY26 (consolidated).
Did Uttam Sugar Mills make a profit in Q2 FY27?
Yes. Net profit was ₹4.54 crore, against a net profit of ₹0.98 crore in Q2 FY26.
What was Uttam Sugar Mills' EPS in Q2 FY27?
Basic earnings per share were ₹1.18, against ₹0.26 in Q2 FY26.
How did Uttam Sugar Mills shares react to the Q2 FY27 results?
On the reaction day the stock moved +3.5% from the previous close; the median Sugar stock moved +2.2%.
When did Uttam Sugar Mills announce its Q2 FY27 results?
On 31 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of Unaudited Financial Results For The Quarter/Half Year Ended On 30Th September, 2026 (BSE, 17 October 2026) · PDF
- Board Meeting Outcome for Outcome (BSE, 31 October 2026) · PDF
- Un-Audited Financial Results For The Quarter/Half Year Ended On 30.09.2026 (BSE, 31 October 2026) · PDF
- The investor presentation (31 October 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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