| Scrip Code | 500032 |
|---|---|
| NSE Symbol | BAJAJHIND |
| MSEI Symbol | NOTLISTED |
| ISIN | INE306A01021 |
| Name of company | Bajaj Hindusthan Sugar Limited |
| Type of company | Main Board |
| Class of security | Equity |
| Date of start of financial year | 01-04-2025 |
| Date of end of financial year | 31-03-2026 |
| Date of board meeting when results were approved | 12-02-2026 |
| Date on which prior intimation of the meeting for considering financial results was informed to the exchange | 03-02-2026 |
| Description of presentation currency | INR |
| Level of rounding used in financial results | Lakhs |
| Reporting Type | Quarterly |
| Reporting Quarter | Third quarter |
| Nature of report standalone or consolidated | Standalone |
| Whether results are audited or unaudited for the quarter ended | Unaudited |
| Whether results are audited or unaudited for the Year to date for current period ended/year ended | Unaudited |
| Segment Reporting | Multi segment |
| Description of single segment | |
| Start date and time of board meeting | 12-02-2026 11:45:00 |
| End date and time of board meeting | 12-02-2026 13:20:00 |
| Whether cash flow statement is applicable on company | |
| Type of cash flow statement | |
| Declaration of unmodified opinion or statement on impact of audit qualification | Not applicable |
| Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter? | No |
| No. of times funds raised during the quarter | |
| Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity? | No |
| No default as on December 31, 2025 | |
| Particulars | 3 months/ 6 months ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
|---|---|---|---|
| A | Date of start of reporting period | 01-10-2025 | 01-04-2025 |
| B | Date of end of reporting period | 31-12-2025 | 31-12-2025 |
| C | Whether results are audited or unaudited | Unaudited | Unaudited |
| D | Nature of report standalone or consolidated | Standalone | Standalone |
| 1 | Income | ||
| Revenue from operations | 1,36,820.00 | 3,76,341.00 | |
| Other income | 267.00 | 1,105.00 | |
| Total income | 1,37,087.00 | 3,77,446.00 | |
| 2 | Expenses | ||
| (a) | Cost of materials consumed | 1,98,427.00 | 2,08,762.00 |
| (b) | Purchases of stock-in-trade | 0.00 | 0.00 |
| (c) | Changes in inventories of finished goods, work-in-progress and stock-in-trade | (92,883.00) | 1,12,458.00 |
| (d) | Employee benefit expense | 11,350.00 | 28,903.00 |
| (e) | Finance costs | 534.00 | 928.00 |
| (f) | Depreciation, depletion and amortisation expense | 5,307.00 | 15,850.00 |
| (f) | Other Expenses | ||
| 1 | Other Expenses | 12,846.00 | 26,699.00 |
| Total other expenses | 12,846.00 | 26,699.00 | |
| Total expenses | 1,35,581.00 | 3,93,600.00 | |
| 3 | Total profit before exceptional items and tax | 1,506.00 | (16,154.00) |
| 4 | Exceptional items | 0.00 | 0.00 |
| 5 | Total profit before tax | 1,506.00 | (16,154.00) |
| 6 | Tax expense | ||
| 7 | Current tax | 0.00 | 0.00 |
| 8 | Deferred tax | 0.00 | 9,156.00 |
| 9 | Total tax expenses | 0.00 | 9,156.00 |
| 10 | Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement | 0.00 | 0.00 |
| 11 | Net Profit Loss for the period from continuing operations | 1,506.00 | (25,310.00) |
| 12 | Profit (loss) from discontinued operations before tax | 0.00 | 0.00 |
| 13 | Tax expense of discontinued operations | 0.00 | 0.00 |
| 14 | Net profit (loss) from discontinued operation after tax | 0.00 | 0.00 |
| 15 | Share of profit (loss) of associates and joint ventures accounted for using equity method | 0.00 | 0.00 |
| 16 | Total profit (loss) for period | 1,506.00 | (25,310.00) |
| 17 | Other comprehensive income net of taxes | 1,055.00 | (18,495.00) |
| 18 | Total Comprehensive Income for the period | 2,561.00 | (43,805.00) |
| 19 | Total profit or loss, attributable to | ||
| Profit or loss, attributable to owners of parent | |||
| Total profit or loss, attributable to non-controlling interests | |||
| 20 | Total Comprehensive income for the period attributable to | ||
| Comprehensive income for the period attributable to owners of parent | |||
| Total comprehensive income for the period attributable to owners of parent non-controlling interests | |||
| 21 | Details of equity share capital | ||
| Paid-up equity share capital | 12,774.00 | 12,774.00 | |
| Face value of equity share capital | 1 | 1 | |
| 27 | Details of debt securities | ||
| 22 | Reserves excluding revaluation reserve | ||
| 23 | Earnings per share | ||
| i | Earnings per equity share for continuing operations | ||
| Basic earnings (loss) per share from continuing operations | 0.12 | -2.01 | |
| Diluted earnings (loss) per share from continuing operations | 0.12 | -2.01 | |
| ii | Earnings per equity share for discontinued operations | ||
| Basic earnings (loss) per share from discontinued operations | 0 | 0 | |
| Diluted earnings (loss) per share from discontinued operations | 0 | 0 | |
| ii | Earnings per equity share | ||
| Basic earnings (loss) per share from continuing and discontinued operations | 0.12 | -2.01 | |
| Diluted earnings (loss) per share from continuing and discontinued operations | 0.12 | -2.01 | |
| 24 | Debt equity ratio | ||
| 25 | Debt service coverage ratio | ||
| 26 | Interest service coverage ratio | ||
| 27 | Disclosure of notes on financial results | Textual Information(1) | |
| Textual Information(1) | 1. Considering the seasonal nature of industry, the results of any quarter may not be a true and/or proportionate reflection of the annual performance of the Company. 2. The Government of India has notified the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020 (collectively, the “Labour Codes”). The Ministry of Labour and Employment has issued draft Central Rules and FAQs in this regard. After the Central and State Rules relating to all aspects of the Codes are notified by the Government, the Company will evaluate their impact, if any, on the measurement of employee benefits and account for the same appropriately as per applicable Accounting Standards. 3. The Company had issued Optionally Convertible Debentures (OCDs) aggregating Rs 3,483.25 crore to the Joint Lenders’ Forum (JLF) under the Scheme for Sustainable Structuring of Stressed Assets (S4A) as part of the conversion of unsustainable debt. These OCDs provide the holders with an option to convert the outstanding debentures into equity shares of the Company at a price determined in accordance with applicable laws, including the SEBI (Issue of Capital and Disclosure Requirements) Regulations 2018. As per the terms of issue, there exists a contractual obligation to pay a redemption premium at the time of OCD redemption. This premium represents the Yield to Maturity (YTM), which is defined as the differential between the weighted average interest rate and the coupon rate. The OCDs are redeemable in 13 equal instalments commencing from the financial year 2024–25. The Company has paid its Optionally Convertible Debentures (OCDs)–related financial obligations falling due on March 31, 2025, during the quarter ended June 30, 2025. The Company has submitted a resolution plan which is under discussion with the lenders, and the YTM liability remains contingent till confirmation and finalization of resolution plan by the lenders. Accordingly, the Company continues to treat the YTM obligation as contingent until the conclusion of the resolution process. In view of the above, the YTM amounts of Rs 182.87 crore and Rs 546.56 crore for the quarter and nine months ended December 31, 2025 (Previous Year: Rs 176.34 crore and Rs 527.10 crore respectively) have not been recognized in the books of accounts. Additionally, coupon interest amounting to Rs 20.26 crore and Rs 60.56 crore for the quarter and nine months ended December 31, 2025 respectively, has also not been provided in the books. The cumulative unrecognized YTM liability and coupon interest liability as at December 31, 2025, stands at Rs 4,131.57 crore and Rs 60.56 crore respectively. The payment already made by the Company towards the OCDs due up to March 2025 will be adjusted in accordance with the terms finalized as under the approved resolution plan. Recognition of any YTM-related liability, if arises, will be undertaken once resolution plan is formally approved by all the lenders and necessary agreements and documents executed accordingly in compliance of the approved resolution plan The Statutory Auditors, in their Limited Review Report for the quarter ended December 31, 2025, have issued a qualification regarding the non-recognition of accrued YTM liability, coupon interest, and the accounting of the paid YTM as advance, in the absence of a formally concluded restructuring agreement. 4. The Company has aggregate exposures amounting to Rs 2,568.69 crore in its subsidiaries, comprising investments, inter-corporate loans, accrued interest thereon and trade receivable. The management is exploring appropriate measures to ensure the recovery and settlement of these amounts. In accordance with the principle of prudence and conservatism, the Company has deferred the recognition of interest income of Rs 28.34 crore and Rs 84.71 crore respectively for the quarter and nine months ended on December 31, 2025 (Previous Year: Rs 28.34 crore and Rs 84.71 crore for quarter and nine months ended, respectively) on such inter-corporate loan. This income will be recognised upon actual realisation. The Auditors have included an emphasis of matter in their limited review report in respect of this matter. 5. The Company has reported positive EBITDA and maintained a positive net worth in earlier years and current quarter. In recent period, the financial performance of the Company had been under stress primarily due to constrained availability of sugarcane and lower sugar recovery, arising from delays in payment of cane dues and consequent reduction in cane yield. These factors adversely affected operational cash flows and restricted the Company’s ability to make speedy payments to farmers and invest adequately in cane development activities. The Company has taken measures to improve its financial and operational position, including the repayment of the entire sustainable portion of its term debt, which has resulted in a marked reduction in debt servicing obligations, lower finance costs, and improved liquidity. The improved liquidity position and cash generation now enable the Company to deploy internal accruals towards clearing cane arrears, strengthening operations, and undertaking necessary capital expenditure to enhance efficiency and capacity utilization. The sugar scenario has shown improvement in recent times, supported by stable domestic sugar prices, and marginal improvements in sugar recovery and other efficiencies may bring the desired results. The Company, being one of the largest integrated sugar producers in India with a crushing capacity of 1,36,000 TCD, distillery capacity of 800 KLD, and co-generation capacity of 449 MW, is well placed to benefit from the favourable market dynamics. The Company has submitted a comprehensive resolution plan for the unsustainable portion of its debt to the consortium of lenders, which is currently under active consideration. Upon implementation, the plan is expected to reduce financial stress, and enhance long-term viability. The Company has also discharged its OCD-related financial obligations due up to March 31, 2025, during the first quarter ended June 30, 2025, demonstrating its continued commitment and ability to meet debt servicing requirements. Further, the Company is entitled to receive accrued financial benefits aggregating to Rs 1,944 crore (including interest up to December 31 , 2025) under the Sugar Industry Promotion Policy, 2004. The matter is presently sub-judice, and a favourable adjudication would substantially augment the Company’s net worth and liquidity position. In view of these developments—improved strengthened liquidity position, debt reduction, favourable market dynamics, and continued support from lenders—the management is confident that the Company will be able to meet its financial and operational obligations in regular course of business. Accordingly, the financial results have been prepared on a Going Concern basis. The matter has been referred by the auditors in their Limited Review Report for the quarter ended December 31, 2025. 6. Previous periods figures have been regrouped/ rearranged/ reworked/ restated wherever necessary to conform to the current period classification. 7. The above unaudited standalone financial results for the quarter and nine months ended December 31, 2025 were reviewed by the Audit Committee and thereafter, approved by the Board of Directors and were taken on record at their respective meetings held on February 12, 2026. |
|---|
| Debt equity ratio | |
|---|---|
| Debt service coverage ratio | |
| Interest service coverage ratio |
| Particulars | 3 months/ 6 month ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |||||
|---|---|---|---|---|---|---|---|
| Date of start of reporting period | 01-10-2025 | 01-04-2025 | |||||
| Date of end of reporting period | 31-12-2025 | 31-12-2025 | |||||
| Whether results are audited or unaudited | Unaudited | Unaudited | |||||
| Nature of report standalone or consolidated | Standalone | Standalone | |||||
| 1 | Segment Revenue (Income) | ||||||
| (net sale/income from each segment should be disclosed) | |||||||
| 1 | Sugar | 1,67,078.00 | 3,88,574.00 | ||||
| 2 | Distillery | 9,335.00 | 35,281.00 | ||||
| 3 | Power | 37,152.00 | 41,875.00 | ||||
| 4 | Others | 0.00073 | 0.00219 | ||||
| Total Segment Revenue | 2,13,638.00 | 4,65,949.00 | |||||
| Less: Inter segment revenue | 76,818.00 | 89,608.00 | |||||
| Revenue from operations | 1,36,820.00 | 3,76,341.00 | |||||
| 2 | Segment Result | ||||||
| Profit (+) / Loss (-) before tax and interest from each segment | |||||||
| 1 | Sugar | (635.00) | (13,292.00) | ||||
| 2 | Distillery | 528.00 | 902.00 | ||||
| 3 | Power | 2,743.00 | (1,110.00) | ||||
| 4 | Others | (116.00) | (342.00) | ||||
| Total Profit before tax | 2,520.00 | (13,842.00) | |||||
| i. Finance cost | 534.00 | 928.00 | |||||
| ii. Other Unallocable Expenditure net off Unallocable income | 480.00 | 1,384.00 | |||||
| Profit before tax | 1,506.00 | (16,154.00) | |||||
| 3 | (Segment Asset - Segment Liabilities) | ||||||
| Segment Asset | |||||||
| 1 | Sugar | 6,47,976.00 | 6,47,976.00 | ||||
| 2 | Distillery | 89,793.00 | 89,793.00 | ||||
| 3 | Power | 77,910.00 | 77,910.00 | ||||
| 4 | Others | 18,265.00 | 18,265.00 | ||||
| Total Segment Asset | 8,33,944.00 | 8,33,944.00 | |||||
| Un-allocable Assets | 4,96,204.00 | 4,96,204.00 | |||||
| Net Segment Asset | 13,30,148.00 | 13,30,148.00 | |||||
| 4 | Segment Liabilities | ||||||
| Segment Liabilities | |||||||
| 1 | Sugar | 2,58,290.00 | 2,58,290.00 | ||||
| 2 | Distillery | 5,113.00 | 5,113.00 | ||||
| 3 | Power | 1,385.00 | 1,385.00 | ||||
| 4 | Others | 30.00 | 30.00 | ||||
| Total Segment Liabilities | 2,64,818.00 | 2,64,818.00 | |||||
| Un-allocable Liabilities | 6,65,674.00 | 6,65,674.00 | |||||
| Net Segment Liabilities | 9,30,492.00 | 9,30,492.00 | |||||
| Disclosure of notes on segments | |||||||
| Particulars | 3 months/ 6 months ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
|---|---|---|---|
| A | Date of start of reporting period | 01-10-2025 | 01-04-2025 |
| B | Date of end of reporting period | 31-12-2025 | 31-12-2025 |
| C | Whether results are audited or unaudited | Unaudited | Unaudited |
| D | Nature of report standalone or consolidated | Standalone | Standalone |
| Other comprehensive income [Abstract] | |||
| 1 | Amount of items that will not be reclassified to profit and loss | ||
| 1 | Items that will not be reclassified to profit or loss | 0.00 | (30,393.00) |
| Total Amount of items that will not be reclassified to profit and loss | 0.00 | (30,393.00) | |
| 2 | Income tax relating to items that will not be reclassified to profit or loss | 0.00 | (8,745.00) |
| 3 | Amount of items that will be reclassified to profit and loss | ||
| 1 | Items that will be reclassified to profit or loss | 1,235.00 | 3,691.00 |
| Total Amount of items that will be reclassified to profit and loss | 1,235.00 | 3,691.00 | |
| 4 | Income tax relating to items that will be reclassified to profit or loss | 180.00 | 538.00 |
| 5 | Total Other comprehensive income | 1,055.00 | (18,495.00) |