The Ugar Sugar Works LimitedQ2 FY27 Results & Financial Update
The Ugar Sugar Works Limited: Q2 FY27 standalone results and company financials – revenue ₹350.00 Cr, PAT ₹-33.37 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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Chart · Market context
The Ugar Sugar Works price & chart
Quarter overview
Quarterly earnings analysis
The Ugar Sugar Works Limited reported revenue from operations of INR 349.9984 crore for the quarter ended September 30, 2026, representing a decrease of 27.23% compared to INR 480.9355 crore in the preceding quarter (Q1 FY27).
Total income for Q2 FY27 stood at INR 353.1773 crore, incorporating other income of INR 3.1789 crore.
The company incurred a net loss after tax (PAT) of INR 33.3731 crore for the quarter, reflecting a sharp reversal from the net profit of INR 1.4903 crore reported in Q1 FY27.
Loss before tax (PBT) widened to INR 32.4985 crore in Q2 FY27 compared to a PBT of INR 1.0356 crore in the previous quarter.
Basic and diluted earnings per share (EPS) for the quarter stood at INR -2.97, compared to INR 0.13 in the preceding quarter.
The financial performance of the quarter reflects the inherent seasonality of the sugar business, where interim quarterly results are not necessarily indicative of annual performance.
Total expenses for the quarter were INR 385.6758 crore, led by a large inventory adjustment of INR 229.0764 crore for finished goods, work-in-progress, and stock-in-trade, alongside material consumption costs of INR 71.9539 crore.
01 · Business model
What does The Ugar Sugar Works do?
The Ugar Sugar Works Limited operates as an integrated agro-industrial enterprise primarily engaged in sugar manufacturing, co-generation of power, and the production of industrial and potable alcohol.
The company operates manufacturing facilities located at Ugar Khurd in the Belagavi district of Karnataka and at Nagarhalli-Malli Village in the Kalaburagi district of Karnataka.
Revenue generation is highly seasonal, driven by the sugarcane crushing cycle and market realisations across its core segments of sugar, industrial alcohol (distillery), and co-generation.
Inter-segment transfers involving bagasse and molasses are recorded at net realisable value where exact costs are unascertainable, while other transfers are recorded at cost.
02 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹350.00 Cr | ₹480.94 Cr |
| Total income | ₹353.18 Cr | ₹482.94 Cr |
| Profit before tax | ₹-32.50 Cr | ₹1.04 Cr |
| Profit after tax | ₹-33.37 Cr | ₹1.49 Cr |
| EPS | ₹-2.97 | ₹0.13 |
Financial interpretation
What the reported numbers mean
Profit after tax represented -9.5% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to -9.3% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹3.18 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
During Q2 FY27, gross segment revenue was led by Sugar at INR 213.6816 crore and Industrial Alcohol at INR 134.7932 crore, followed by Co-generation at INR 17.6400 crore, Potable Alcohol at INR 2.1143 crore, and unallocated segments at INR 5.9591 crore, before inter-segment eliminations of INR 24.1898 crore.
What drove margins
Total expenses of INR 385.6758 crore were dominated by changes in inventories of finished goods, work-in-progress, and stock-in-trade amounting to INR 229.0764 crore, material consumption of INR 71.9539 crore, finance costs of INR 16.3142 crore, and depreciation of INR 9.2367 crore.
Segment results before interest and tax showed a profit of INR 6.4113 crore for Sugar, contrasted with operating losses in Industrial Alcohol (INR 7.4634 crore), Co-generation (INR 5.0594 crore), and Potable Alcohol (INR 0.5086 crore).
04 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Generated gross external revenue of INR 213.6816 crore with a segment profit before interest and tax of INR 6.4113 crore.
Contributed gross revenue of INR 134.7932 crore, registering a segment loss before interest and tax of INR 7.4634 crore.
Reported gross revenue of INR 17.6400 crore and a segment loss before interest and tax of INR 5.0594 crore.
Posted gross revenue of INR 2.1143 crore with a segment loss before interest and tax of INR 0.5086 crore.
05 · Pressure points & risks
What is not going smoothly
The company recorded a net loss after tax of INR 33.3731 crore for Q2 FY27, driven by negative segment contributions in industrial alcohol and co-generation.
06 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
For the half year ended September 30, 2026, net cash generated from operating activities stood at INR 294.0244 crore, driven by inventory adjustments. Net cash used in investing activities was INR 32.5104 crore, and net cash used in financing activities was INR 261.4275 crore, leaving a net increase in cash and cash equivalents of INR 0.0865 crore.
Capital allocation & funding
As of September 30, 2026, non-current borrowings stood at INR 42.3026 crore while current borrowings were INR 405.0421 crore.
07 · Beyond the numbers
What changed beyond the numbers
Subsidiary Status
The company confirmed that it does not have any subsidiary, associate company, or joint venture as of September 30, 2026.
08 · Previous-quarter changes
What changed since the previous quarter
Revenue decreased by 27.23% QoQ from INR 480.9355 crore in Q1 FY27 to INR 349.9984 crore in Q2 FY27, while net profit moved from INR 1.4903 crore to a net loss of INR 33.3731 crore.
09 · Key Q&A
The quarter, answered directly
What does The Ugar Sugar Works do?
The Ugar Sugar Works Limited operates as an integrated agro-industrial enterprise primarily engaged in sugar manufacturing, co-generation of power, and the production of industrial and potable alcohol.
What is the clearest takeaway from Q2 FY27?
The Ugar Sugar Works Limited reported revenue from operations of INR 349.9984 crore for the quarter ended September 30, 2026, representing a decrease of 27.23% compared to INR 480.9355 crore in the preceding quarter (Q1 FY27).
What drove revenue or demand?
During Q2 FY27, gross segment revenue was led by Sugar at INR 213.6816 crore and Industrial Alcohol at INR 134.7932 crore, followed by Co-generation at INR 17.6400 crore, Potable Alcohol at INR 2.1143 crore, and unallocated segments at INR 5.9591 crore, before inter-segment eliminations of INR 24.1898 crore.
What mattered most for margins or profitability?
Total expenses of INR 385.6758 crore were dominated by changes in inventories of finished goods, work-in-progress, and stock-in-trade amounting to INR 229.0764 crore, material consumption of INR 71.9539 crore, finance costs of INR 16.3142 crore, and depreciation of INR 9.2367 crore.
What changed operationally beyond the headline numbers?
The company confirmed that it does not have any subsidiary, associate company, or joint venture as of September 30, 2026.
What are the main pressure points disclosed for the quarter?
The company recorded a net loss after tax of INR 33.3731 crore for Q2 FY27, driven by negative segment contributions in industrial alcohol and co-generation.
10 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Build your own next-quarter scenario
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11 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Upcoming Sugar Crushing Season: Monitor the commencement and crushing volumes of the upcoming sugarcane season for recovery in operational revenues and segment profits.
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