Magadh Sugar & Energy LimitedQ1 FY27 Results & Financial Update
Magadh Sugar & Energy Limited: Q1 FY27 standalone results and company financials – revenue ₹310.54 Cr, PAT ₹-12.22 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Magadh Sugar & Energy Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Profitability faced severe pressure during the quarter, with EBITDA tumbling by 93% to Rs. 1.46 crore from Rs. 19.92 crore in Q1 FY26. The earnings compression reflected lower product off-take, reduced quota allocations, and ongoing margin squeeze stemming from elevated costs of production relative to product realisations.
Sugar sales volume dropped 7% year-on-year to 5.92 lakh quintals from 6.34 lakh quintals, weighed down by lower overall sugar production and tighter government monthly quota allocations. Total quota allocated during Q1 FY27 stood at 61,765 tons, compared to 63,387 tons in Q1 FY26.
In the distillery segment, total ethanol sales volume decreased by 5% year-on-year to 104.70 lakh litres from 110.25 lakh litres, largely impacted by lower offtake by Oil Marketing Companies (OMCs). While ethanol production rose 6% to 121.22 lakh litres, feedstock shifts toward C-molasses altered segment economics.
Segment-wise performance reflected widespread red ink: the sugar segment generated revenue of Rs. 276 crore and posted an EBIT loss of Rs. 10 crore. The distillery segment recorded revenue of Rs. 62 crore and EBIT of Rs. 7 crore, while the co-gen segment registered nominal revenue of Rs. 0.31 crore and an EBIT loss of Rs. 2 crore.
Profit after tax was ₹-12.22 Cr for the reported quarter. EPS was ₹-8.67 for the reported quarter.
01 · Business model
What does Magadh Sugar & Energy do?
Magadh Sugar & Energy Limited operates within the Indian sugar, ethanol, and power sectors with roots extending back through the K.K. Birla Group's decades-long history in the sugar business. The company was incorporated in 2015 pursuant to a scheme of merger and demerger, bringing together manufacturing facilities geared toward sugar production, distillery products, and co-generation power.
The company operates three sugar manufacturing units located in the state of Bihar: New Swadeshi Sugar Mills in Narkatiaganj (District West Champaran), Bharat Sugar Mills in Sidhwalia (District Gopalganj), and Hasanpur Sugar Mills in Hasanpur (District Samastipur). These three plants feature a combined crushing capacity of 21,500 tonnes of cane per day (TCD).
Beyond raw sugar production, the company runs two multi-feed distilleries for ethanol production situated at Narkatiaganj and Sidhwalia, boasting a combined total capacity of 155 kilolitres per day (KLPD). It also maintains co-generation facilities across its locations capable of generating 38 MW of power, allowing for integrated operations that convert cane by-products into valuable energy and industrial alcohols.
02 · Historical context
What shaped the business before this quarter
The company was incorporated on March 19, 2015, following a scheme of merger and demerger, inheriting a lineage within the K.K. Birla Group's sugar business spanning over nine decades.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹310.54 Cr |
| Total income | ₹311.27 Cr |
| Profit before tax | ₹-16.30 Cr |
| Profit after tax | ₹-12.22 Cr |
| EPS | ₹-8.67 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Sugar sales volume declined by 7% year-on-year to 5.92 lakh quintals in Q1 FY27 from 6.34 lakh quintals in Q1 FY26, driven by lower production and correspondingly restricted monthly sugar quota allocations.
Ethanol sales volume decreased by 5% year-on-year to 104.70 lakh litres, constrained by lower offtake by Oil Marketing Companies (OMCs) across tender allocations.
Average sugar realisation improved marginally by 1% to Rs. 4,149 per quintal in Q1 FY27 from Rs. 4,083 per quintal in Q1 FY26, supported by firm conditions in the domestic sugar market.
What drove margins
Mill margins experienced sharp downward pressure due to elevated sugarcane procurement costs and input cost inflation, restricting EBITDA to Rs. 1.46 crore.
Raw material costs stood at Rs. 272.52 crore for the quarter, while finance costs (interest) moderated by 19% year-on-year to Rs. 9.94 crore from Rs. 12.24 crore.
05 · Demand, customers & order book
Where demand is coming from
Sugar sales are governed by statutory monthly quota allocations, with Q1 FY27 total allocation standing at 61,765 tons compared to 63,387 tons in Q1 FY26.
Ethanol dispatches are tied to OMC tenders for ESY 2025-26, where total allocations across feedstocks reached 1.048 crore litres with cumulative supplies lagging behind tender orders.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Sugar segment revenue (including inter-segment) reached Rs. 276 crore in Q1 FY27 compared to Rs. 301 crore in Q1 FY26, resulting in an EBIT loss of Rs. 10 crore versus an EBIT of Rs. 5 crore previously.
Distillery segment revenue came in at Rs. 62 crore down from Rs. 71 crore, yielding an EBIT of Rs. 7 crore compared to Rs. 12 crore in Q1 FY26.
Co-generation revenue was reported at Rs. 0.31 crore with an EBIT loss of Rs. 2 crore, matching the Rs. 2 crore EBIT loss recorded in Q1 FY26.
Geography and market mix
Operations remain anchored across three regions in Bihar: Paschim Champaran (New Swadeshi units with 10,000 TCD sugar, 80 KLPD distillery, 10 MW co-gen), Gopalganj (Bharat Sugar units with 5,000 TCD sugar, 75 KLPD distillery, 18 MW co-gen), and Samastipur (Hasanpur units with 6,500 TCD sugar, 10 MW co-gen).
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Combined crushing capacity stands at 21,500 TCD across three mills, total distillery capacity at 155 KLPD across two units, and co-generation capacity at 38 MW.
Ethanol production in Q1 FY27 shifted heavily toward C-molasses feedstock (99.84 lakh litres) compared to B-molasses (21.36 lakh litres), reflecting seasonal crushing yields and feedstock availability.
Projects, capex and execution
Modification of the Narkatiaganj Sugar Plant from the traditional sulphitation process to a refinery is underway, expected to be completed before the 2026-27 sugar season to improve sugar quality and realisations.
Installation of an incineration boiler at the Narkatiaganj Distillery is targeted for completion by September 2026, designed to increase annual operating days from 270 to approximately 340 days and enhance capacity utilisation.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The company continues to align with Bihar's Sugarcane Industry Investment Promotion Policy 2026, focusing on modernization, energy efficiency, and integrated sugar-ethanol-power operations.
09 · Reported developments
What changed operationally
The Government of Bihar approved the Sugarcane Industry Investment Promotion Policy 2026 to attract investments, revive closed mills, and strengthen processing infrastructure.
Long-term credit rating stands at A+ following an upgrade by India Ratings and Research in May 2026.
10 · Pressure points & risks
What is not going smoothly
The company reported a net loss after tax of Rs. 12.22 crore for Q1 FY27 alongside a 93% drop in EBITDA due to higher cane procurement costs and lower volumes.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Total inventory value stood at Rs. 379 crore as of June 30, 2026 (comprising Rs. 293 crore in sugar stock and Rs. 86 crore in molasses, ethanol, and other stocks), down from Rs. 456 crore as of June 30, 2025.
Capital allocation & funding
Total debt stood at Rs. 482 crore as of June 30, 2026, down from Rs. 691 crore as of March 31, 2026, and Rs. 511 crore as of June 30, 2025. This comprised Rs. 248 crore in term loans and Rs. 234 crore in cash credit/WCDL.
Average cost of long-term borrowings for Q1 FY27 was 7.32% net of subvention, while the average cost of short-term borrowings was 6.82%.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Dividend Payment
The company paid a dividend of 125% (Rs. 12.50 per equity share of Rs. 10 each) for FY 2025-26 on August 1, 2026, following shareholder approval at the Annual General Meeting.
13 · Previous-quarter changes
What changed since the previous quarter
Total debt decreased significantly to Rs. 482 crore as of June 30, 2026, from Rs. 691 crore at the close of March 31, 2026.
14 · Key Q&A
The quarter, answered directly
What does Magadh Sugar & Energy do?
Magadh Sugar & Energy Limited operates within the Indian sugar, ethanol, and power sectors with roots extending back through the K.K. Birla Group's decades-long history in the sugar business. The company was incorporated in 2015 pursuant to a scheme of merger and demerger, bringing together manufacturing facilities geared toward sugar production, distillery products, and co-generation power.
What is the clearest takeaway from Q1 FY27?
Profitability faced severe pressure during the quarter, with EBITDA tumbling by 93% to Rs. 1.46 crore from Rs. 19.92 crore in Q1 FY26. The earnings compression reflected lower product off-take, reduced quota allocations, and ongoing margin squeeze stemming from elevated costs of production relative to product realisations.
What drove revenue or demand?
Sugar sales volume declined by 7% year-on-year to 5.92 lakh quintals in Q1 FY27 from 6.34 lakh quintals in Q1 FY26, driven by lower production and correspondingly restricted monthly sugar quota allocations.
What mattered most for margins or profitability?
Mill margins experienced sharp downward pressure due to elevated sugarcane procurement costs and input cost inflation, restricting EBITDA to Rs. 1.46 crore.
What changed operationally beyond the headline numbers?
Combined crushing capacity stands at 21,500 TCD across three mills, total distillery capacity at 155 KLPD across two units, and co-generation capacity at 38 MW.
What are the main pressure points disclosed for the quarter?
The company reported a net loss after tax of Rs. 12.22 crore for Q1 FY27 alongside a 93% drop in EBITDA due to higher cane procurement costs and lower volumes.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Incineration Boiler Installation: Track the scheduled September 2026 commissioning of the incineration boiler at the Narkatiaganj Distillery to verify operational day extensions.
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