| Scrip Code | 507442 |
|---|---|
| NSE Symbol | DHARSUGAR |
| MSEI Symbol | NOTLISTED |
| ISIN | INE988C01014 |
| Name of company | Dharani Sugars & Chemicals 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 | 16-05-2026 |
| Date on which prior intimation of the meeting for considering financial results was informed to the exchange | 07-05-2026 |
| Description of presentation currency | INR |
| Level of rounding used in financial results | Lakhs |
| Reporting Type | Quarterly |
| Reporting Quarter | Fourth quarter |
| Nature of report standalone or consolidated | Standalone |
| Whether results are audited or unaudited for the quarter ended | Audited |
| Whether results are audited or unaudited for the Year to date for current period ended/year ended | Audited |
| Segment Reporting | Multi segment |
| Description of single segment | |
| Start date and time of board meeting | 16-05-2026 15:30:00 |
| End date and time of board meeting | 16-05-2026 17:00:00 |
| Whether cash flow statement is applicable on company | Yes |
| Type of cash flow statement | Cash Flow Indirect |
| Declaration of unmodified opinion or statement on impact of audit qualification | Statement on impact of audit qualification |
| Whether the company has any related party? | Yes |
| Whether the company has entered into any Related Party transaction during the selected half year for which it wants to submit disclosure? | Yes |
| (I) We declare that the acceptance of fixed deposits by the bans/Non-Banking Finance Company are at the terms uniformly applicable/offered to all shareholders/public | NA |
| (II) We declare that the scheduled commercial bank, as per RBI circular RBI/DBR/2015-16/19 dated March 03, 2016, has allowed additional interest of one per cent per annum, over and above the rate of interest mentioned in the schedule of interest rates on savings or a term deposits of banks staff and their exclusive associations as well as on deposits of Chairman, Chairman & Managing Director, Executive Director or such other Executives appointed for a fixed tenure. | NA |
| Whether the company is a high value debt listed entity according to regulation 15 (1A)? | No |
| (a) If answer to above question is Yes, whether complying with proviso to regulation 23 (9), i.e., submitting RPT disclosures on the day of results publication? | |
| (b) If answer to above question is No, please explain the reason for not complying. | |
| Whether the updated Related Party Transactions (RPT) Policy (in compliance with Reg. 23 of SEBI LODR) has been uploaded on the website of the Company? | No |
| Latest Date on which RPT policy is updated | |
| Indicate Company website link for updated RPT policy of the Company | |
| 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? | Yes |
| 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 | 01-01-2026 | 01-04-2025 |
| B | Date of end of reporting period | 31-03-2026 | 31-03-2026 |
| C | Whether results are audited or unaudited | Audited | Audited |
| D | Nature of report standalone or consolidated | Standalone | Standalone |
| 1 | Income | ||
| Revenue from operations | (25.21) | 0.00 | |
| Other income | 49.50 | 241.33 | |
| Total income | 24.29 | 241.33 | |
| 2 | Expenses | ||
| (a) | Cost of materials consumed | 0.00 | 0.00 |
| (b) | Purchases of stock-in-trade | 0.00 | 0.00 |
| (c) | Changes in inventories of finished goods, work-in-progress and stock-in-trade | 0.00 | 0.00 |
| (d) | Employee benefit expense | 600.69 | 1,732.02 |
| (e) | Finance costs | 997.85 | 3,908.68 |
| (f) | Depreciation, depletion and amortisation expense | 549.76 | 2,199.05 |
| (f) | Other Expenses | ||
| 1 | Other Expenses | 90.69 | 678.09 |
| Total other expenses | 90.69 | 678.09 | |
| Total expenses | 2,238.99 | 8,517.84 | |
| 3 | Total profit before exceptional items and tax | (2,214.70) | (8,276.51) |
| 4 | Exceptional items | (2,195.56) | (2,195.56) |
| 5 | Total profit before tax | (4,410.26) | (10,472.07) |
| 6 | Tax expense | ||
| 7 | Current tax | 0.00 | 0.00 |
| 8 | Deferred tax | 0.00 | 0.00 |
| 9 | Total tax expenses | 0.00 | 0.00 |
| 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 | (4,410.26) | (10,472.07) |
| 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 | (4,410.26) | (10,472.07) |
| 17 | Other comprehensive income net of taxes | 516.54 | 516.54 |
| 18 | Total Comprehensive Income for the period | (3,893.72) | (9,955.53) |
| 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 | 4,151.43 | 4,151.43 | |
| Face value of equity share capital | 10 | 10 | |
| 27 | Details of debt securities | ||
| 22 | Reserves excluding revaluation reserve | (20,479.57) | |
| 23 | Earnings per share | ||
| i | Earnings per equity share for continuing operations | ||
| Basic earnings (loss) per share from continuing operations | -5.33 | -19.94 | |
| Diluted earnings (loss) per share from continuing operations | -5.33 | -25.23 | |
| 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 | -5.33 | -19.94 | |
| Diluted earnings (loss) per share from continuing and discontinued operations | -5.33 | -25.23 | |
| 24 | Debt equity ratio | 0 | 0 |
| 25 | Debt service coverage ratio | 0 | 0 |
| 26 | Interest service coverage ratio | 0 | 0 |
| 27 | Disclosure of notes on financial results | Textual Information(1) | |
| Textual Information(1) | 1. The Company was admitted into Corporate Insolvency Resolution Process (“CIRP”) on July 29, 2021. As no viable resolution plan emerged, the Hon’ble National Company Law Tribunal (“NCLT”), Chennai Bench, ordered liquidation of the Company on June 27, 2023. Subsequently, the consortium of lenders assigned their debts to National Asset Reconstruction Company Limited (“NARCL”) through a Joint Assignment Agreement dated September 30, 2023. Following an appeal preferred by the promoters, the Hon’ble Supreme Court set aside the liquidation order and remitted the matter back to the Hon’ble NCLT vide its order dated March 18, 2024. Thereafter, the Committee of Creditors (“CoC”), in its 17th meeting held on April 22, 2024, approved the settlement proposal submitted by the promoters and the Hon’ble NCLT permitted withdrawal of CIRP proceedings under Section 12A of the Insolvency and Bankruptcy Code, 2016 vide order dated May 09, 2024. The Company has accumulated losses resulting in negative net worth as at March 31, 2026. Further, the manufacturing facilities and operations of the Company have remained non-operational for a prolonged period and the Company has defaulted in repayment of certain borrowings and settlement obligations during the year. However, the standalone financial statements for the quarter and year ended March 31, 2026 have been prepared on a going concern basis considering the revival and recommencement plans initiated by the management for restoration of production capabilities, improvement of operational and financial performance and ensuring the Company’s ability to meet its obligations and sustain its business activities in the foreseeable future. 2. Pursuant to withdrawal of CIRP proceedings, the Company entered into a Master Restructuring Agreement (“MRA”) dated May 24, 2024 with India Debt Resolution Company Limited (“IDRCL”), acting as trustee on behalf of National Asset Reconstruction Company Limited (“NARCL”), for restructuring of the outstanding borrowings of the Company. Under the terms of the MRA, unsustainable debt amounting to INR 33,465 Lakhs was disclosed as contingent liability. During the current year, the Company committed breaches of repayment obligations and financial covenants stipulated under the MRA, including non-payment of instalments falling due under the agreed repayment schedule. Consequently, IDRCL, through its legal counsel, issued a Default Notice dated February 07, 2026 granting time for one month to cure the subsisting Events of Default. However, the Company could not remedy the defaults within the stipulated timeline. Accordingly, in terms of the MRA, the restructuring arrangement may stands cancelled and the concessions, waivers and reliefs granted thereunder may stand withdrawn. Consequently, the original outstanding dues including unsustainable debt amounting to INR 33,465 Lakhs have become payable by the Company. However, the aforesaid unsustainable debt continues to be disclosed as contingent liability in the financial statements based on ongoing discussions and negotiations with the lenders and management’s assessment regarding the proposed restructuring and funding arrangements. Further, the Sugar Development Fund (“SDF”) Loan secured by the fixed assets of Unit-III (excluding refinery assets and harvester machines) was covered under a One Time Settlement (“OTS”) sanctioned by the Government of India for an amount of INR 6,111 Lakhs. Vide letter dated October 13, 2025, the authority had granted extension for repayment of the aforesaid OTS amount up to April 06, 2026. However, the Company has defaulted in repayment within the extended timeline. Consequently, the SDF Authority has issued a letter dated April 22,2026 stating the cancellation of OTS arrangement entered into with the company, the concessions and reliefs granted under the OTS arrangement stand withdrawn and the original liability together with applicable interest has become payable by the Company. The consequential financial impact arising on account of reinstatement of the original liability, including applicable interest and other related charges, is being evaluated by the management and necessary adjustments, wherever required, will be accounted for upon final determination. 3. The management is actively undertaking various revival and recommencement measures for restoration of the Company’s operations, including arrangements for working capital and operational funding and discussions with lenders and other stakeholders. Management is also evaluating various options for external funding and infusion of financial support for recommencement of operations and meeting working capital requirements. Management is positive about the revival and recommencement of the Company’s operations and expects improvement in the operational and financial position of the Company in the foreseeable future. 4. The Company has obtained unsecured loans in the said quarter from Corporate to the tune of INR 200 Lakhs as per Loan agreements. The Total Outstanding loans from Directors & Loans from related parties stands at INR 21410.18 Lakhs as on 31st March 2026. 5. The Company availed a loan from I heart Properties Private Limited in August 2024 amounting to INR 2,470 lakhs for a tenure of four months. As at March 31st, 2026, the entire loan amount of INR 2,863.19 Lakhs including interest of INR 393.19 Lakhs, remains unpaid beyond its due date. 6. The Appu Hotels Limited which was in corporate insolvency resolution process (CIRP) had exited the CIRP Process as per the approval of the Hon’ble NCLT Chennai Bench-I vide its order dated 20/12/2023 approving the settlement proposal submitted by the Promoter u/s 12A of the IBC 2016. The Carrying amount of the investments as at March 31, 2026 is INR 1455.39 Lakhs. The Management is making all efforts to comply with the disclosure requirements of the IND AS 113- Fair Value Measurements”. 7. During the previous financial year 2024-25, 83,14,328 equity shares of INR 10 each were issued for consideration other than cash pursuant to a debt resolution agreement with National Asset Reconstruction Company Limited (NARCL). But as on 31st March 2026, the same has not been issued in dematerialised form as stipulated by the said agreement and also pending for in principle approval from stock exchanges. Consequently, the share capital issued against debt is not dematerialised or listed as on 31st March 2026. 8. As of the review date, Statutory dues aggregating in respect of TDS, Employees Provident Fund, Employees State Insurance, Professional Tax, and Power Generation Tax remain unpaid. The delays are primarily due to liquidity issues. The Company is working on a priority payment schedule to clear all outstanding statutory dues. 9. Interest on the Inter-Corporate Loan from Dharani Developers Limited and loans from directors has not been accrued in the books for the quarter in line with the terms agreed in the Master Restructuring Agreement (MRA) dated 24th May 2024. 10. Vendor classification between MSME and non-MSME is under review. Updated MSME registration certificates are being obtained from suppliers. Management acknowledges that some MSME dues have remained unpaid beyond statutory timelines and is working to settle these and prevent delays in future. 11. The Company does not have any subsidiary/associate/joint venture company as on 31st March 2026. 12. Previous period figures have been regrouped/reclassified, wherever necessary. During the year ended March 31, 2026, the Company reassessed the nature and presentation of certain scrap sale income considering the non-operational status of the manufacturing activities during the year. Accordingly, scrap sale income earlier presented under “Revenue from Operations” in the unaudited quarterly financial results has been reclassified and presented under “Other Income” in the financial statements for the year ended March 31, 2026. |
|---|
| Debt equity ratio | |
|---|---|
| Debt service coverage ratio | |
| Interest service coverage ratio |
| Particulars | Year ended (dd-mm-yyyy) | |
|---|---|---|
| Date of start of reporting period | 01-04-2025 | |
| Date of end of reporting period | 31-03-2026 | |
| Whether results are audited or unaudited | Audited | |
| Nature of report standalone or consolidated | Standalone | |
| Assets | ||
| 1 | Non-current assets | |
| Property, plant and equipment | 42,488.54 | |
| Capital work-in-progress | 0.00 | |
| Investment property | 1,467.63 | |
| Goodwill | 0.00 | |
| Other intangible assets | 0.00 | |
| Intangible assets under development | 0.00 | |
| Biological assets other than bearer plants | 0.00 | |
| Investments accounted for using equity method | 0.00 | |
| Non-current financial assets | ||
| Non-current investments | 0.00 | |
| Trade receivables, non-current | 0.00 | |
| Loans, non-current | 0.00 | |
| Other non-current financial assets | ||
| 1 | Other non-current financial assets | 41.95 |
| Total of other non-current financial assets | 41.95 | |
| Total non-current financial assets | 41.95 | |
| Deferred tax assets (net) | 0.00 | |
| Other non-current assets | ||
| 1 | Other non-current assets | 55.92 |
| 2 | Non current tax assets | 23.16 |
| Total of other non-current assets | 79.08 | |
| Total non-current assets | 44,077.20 | |
| 2 | Current assets | |
| Inventories | 37.82 | |
| Current financial asset | ||
| Current investments | 0.00 | |
| Trade receivables, current | 457.74 | |
| Cash and cash equivalents | 13.50 | |
| Bank balance other than cash and cash equivalents | 0.00 | |
| Loans, current | 0.00 | |
| Other current financial assets | ||
| Total of other current financial assets | 10.55 | |
| Total current financial assets | 481.79 | |
| Current tax assets (net) | 0.00 | |
| Other current assets | ||
| 1 | Other current assets | 269.55 |
| Total of other current assets | 269.55 | |
| Total current assets | 789.16 | |
| 3 | Non-current assets classified as held for sale | 0.00 |
| 4 | Regulatory deferral account debit balances and related deferred tax Assets | 0.00 |
| Total assets | 44,866.36 | |
| Equity and liabilities | ||
| 1 | Equity | |
| Equity attributable to owners of parent | ||
| Equity share capital | 4,151.43 | |
| Other equity | (30,435.10) | |
| Total equity attributable to owners of parent | (26,283.67) | |
| Non controlling interest | ||
| Total equity | (26,283.67) | |
| 2 | Liabilities | |
| Non-current liabilities | ||
| Non-current financial liabilities | ||
| Borrowings, non-current | 37,474.64 | |
| Trade payables, non-current | ||
| (A) Total outstanding dues of micro enterprises and small enterprises | 0.00 | |
| (B) Total outstanding dues of creditors other than micro enterprises and small enterprises | 0.00 | |
| Total Trade payable | 0.00 | |
| Other non-current financial liabilities | ||
| 1 | Other non-current financial liabilities | 4,093.91 |
| Total of other non-current financial liabilities | 4,093.91 | |
| Total non-current financial liabilities | 41,568.55 | |
| Provisions, non-current | 816.90 | |
| Deferred tax liabilities (net) | 1,338.46 | |
| Deferred government grants, Non-current | 0.00 | |
| Other non-current liabilities | ||
| Total of other non-current liabilities | ||
| Total non-current liabilities | 43,723.91 | |
| Current liabilities | ||
| Current financial liabilities | ||
| Borrowings, current | 1,693.62 | |
| Trade payables, current | ||
| (A) Total outstanding dues of micro enterprises and small enterprises | 74.81 | |
| (B) Total outstanding dues of creditors other than micro enterprises and small enterprises | 5,112.99 | |
| Total Trade payable | 5,187.80 | |
| Other current financial liabilities | ||
| 1 | Other current financial liabilities | 17,186.40 |
| Total of other current financial liabilities | 17,186.40 | |
| Total current financial liabilities | 24,067.82 | |
| Other current liabilities | 3,269.47 | |
| 1 | Other current liabilities | 3,269.47 |
| Total of other current liabilities | 3,269.47 | |
| Provisions, current | 88.83 | |
| Current tax liabilities (Net) | 0.00 | |
| Deferred government grants, Current | 0.00 | |
| Total current liabilities | 27,426.12 | |
| 3 | Liabilities directly associated with assets in disposal group classified as held for sale | 0.00 |
| 4 | Regulatory deferral account credit balances and related deferred tax liability | 0.00 |
| Total liabilities | 71,150.03 | |
| Total equity and liabilites | 44,866.36 | |
| Disclosure of notes on assets and liabilities | ||
| 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 | 01-01-2026 | 01-04-2025 | |||||
| Date of end of reporting period | 31-03-2026 | 31-03-2026 | |||||
| Whether results are audited or unaudited | Audited | Audited | |||||
| Nature of report standalone or consolidated | Standalone | Standalone | |||||
| 1 | Segment Revenue (Income) | ||||||
| (net sale/income from each segment should be disclosed) | |||||||
| 1 | Sugar | 0.00 | 0.00 | ||||
| 2 | Distillery | 0.00 | 0.00 | ||||
| 3 | Power | 0.00 | 0.00 | ||||
| 4 | Uallocated | 0.0002429 | 0.00241 | ||||
| Total Segment Revenue | 24.29 | 241.00 | |||||
| Less: Inter segment revenue | 0.00 | 0.00 | |||||
| Revenue from operations | 24.29 | 241.00 | |||||
| 2 | Segment Result | ||||||
| Profit (+) / Loss (-) before tax and interest from each segment | |||||||
| 1 | Sugar | (911.01) | (3,247.03) | ||||
| 2 | Distillery | (225.91) | (862.80) | ||||
| 3 | Power | (104.22) | (499.33) | ||||
| 4 | Uallocated | 24.29 | 241.33 | ||||
| Total Profit before tax | (1,216.85) | (4,367.83) | |||||
| i. Finance cost | 997.85 | 3,908.68 | |||||
| ii. Other Unallocable Expenditure net off Unallocable income | 0.00 | 0.00 | |||||
| Profit before tax | (2,214.70) | (8,276.51) | |||||
| 3 | (Segment Asset - Segment Liabilities) | ||||||
| Segment Asset | |||||||
| 1 | Sugar | 28,346.51 | 28,346.51 | ||||
| 2 | Distillery | 7,960.91 | 7,960.91 | ||||
| 3 | Power | 8,461.23 | 8,461.23 | ||||
| 4 | Uallocated | 97.71 | 97.71 | ||||
| Total Segment Asset | 44,866.36 | 44,866.36 | |||||
| Un-allocable Assets | 0.00 | 0.00 | |||||
| Net Segment Asset | 44,866.36 | 44,866.36 | |||||
| 4 | Segment Liabilities | ||||||
| Segment Liabilities | |||||||
| 1 | Sugar | 58,248.07 | 58,248.07 | ||||
| 2 | Distillery | 2,872.80 | 2,872.80 | ||||
| 3 | Power | 10,029.15 | 10,029.15 | ||||
| 4 | Uallocated | 0.00 | 0.00 | ||||
| Total Segment Liabilities | 71,150.02 | 71,150.02 | |||||
| Un-allocable Liabilities | 0.00 | 0.00 | |||||
| Net Segment Liabilities | 71,150.02 | 71,150.02 | |||||
| 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 | 01-01-2026 | 01-04-2025 |
| B | Date of end of reporting period | 31-03-2026 | 31-03-2026 |
| C | Whether results are audited or unaudited | Audited | Audited |
| 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 | ||
| Total Amount of items that will not be reclassified to profit and loss | |||
| 2 | Income tax relating to items that will not be reclassified to profit or loss | (516.54) | (516.54) |
| 3 | Amount of items that will be reclassified to profit and loss | ||
| Total Amount of items that will be reclassified to profit and loss | |||
| 4 | Income tax relating to items that will be reclassified to profit or loss | ||
| 5 | Total Other comprehensive income | 516.54 | 516.54 |
| Particulars | Year ended (dd-mm-yyyy) | |||||
|---|---|---|---|---|---|---|
| A | Date of start of reporting period | 01-04-2025 | ||||
| B | Date of end of reporting period | 31-03-2026 | ||||
| C | Whether results are audited or unaudited | Audited | ||||
| D | Nature of report standalone or consolidated | Standalone | ||||
| Statement of cash flows | ||||||
| Cash flows from used in operating activities | ||||||
| Profit before tax | (10,472.07) | |||||
| Adjustments for reconcile profit (loss) | ||||||
| Adjustments for finance costs | 3,908.67 | |||||
| Adjustments for decrease (increase) in inventories | (0.05) | |||||
| Adjustments for decrease (increase) in trade receivables, current | (6.15) | |||||
| Adjustments for decrease (increase) in trade receivables, non-current | 0.00 | |||||
| Adjustments for decrease (increase) in other current assets | 0.00 | |||||
| Adjustments for decrease (increase) in other non-current assets | 0.00 | |||||
| Adjustments for other financial assets, non-current | 0.00 | |||||
| Adjustments for other financial assets, current | 0.00 | |||||
| Adjustments for other bank balances | 0.00 | |||||
| Adjustments for increase (decrease) in trade payables, current | (21.12) | |||||
| Adjustments for increase (decrease) in trade payables, non-current | 12,642.20 | |||||
| Adjustments for increase (decrease) in other current liabilities | 0.00 | |||||
| Adjustments for increase (decrease) in other non-current liabilities | (58.99) | |||||
| Adjustments for depreciation and amortisation expense | 2,073.28 | |||||
| Adjustments for impairment loss reversal of impairment loss recognised in profit or loss | 0.00 | |||||
| Adjustments for provisions, current | 0.00 | |||||
| Adjustments for provisions, non-current | 0.00 | |||||
| Adjustments for other financial liabilities, current | 0.00 | |||||
| Adjustments for other financial liabilities, non-current | 0.00 | |||||
| Adjustments for unrealised foreign exchange losses gains | 0.00 | |||||
| Adjustments for dividend income | 0.00 | |||||
| Adjustments for interest income | 0.00 | |||||
| Adjustments for share-based payments | 0.00 | |||||
| Adjustments for fair value losses (gains) | 0.00 | |||||
| Adjustments for undistributed profits of associates | 0.00 | |||||
| Other adjustments for which cash effects are investing or financing cash flow | 3.58 | |||||
| Other adjustments to reconcile profit (loss) | 0.00 | |||||
| Other adjustments for non-cash items | (7.53) | |||||
| Share of profit and loss from partnership firm or association of persons or limited liability partnerships | 0.00 | |||||
| Total adjustments for reconcile profit (loss) | 18,533.89 | |||||
| Net cash flows from (used in) operations | 8,061.82 | |||||
| Dividends received | 0.00 | |||||
| Interest paid | 0.00 | |||||
| Interest received | (0.90) | |||||
| Income taxes paid (refund) | 5.80 | |||||
| Other inflows (outflows) of cash | 0.00 | |||||
| Net cash flows from (used in) operating activities | 8,055.12 | |||||
| Cash flows from used in investing activities | ||||||
| Cash flows from losing control of subsidiaries or other businesses | 0.00 | |||||
| Cash flows used in obtaining control of subsidiaries or other businesses | 0.00 | |||||
| Other cash receipts from sales of equity or debt instruments of other entities | 0.00 | |||||
| Other cash payments to acquire equity or debt instruments of other entities | 0.00 | |||||
| Other cash receipts from sales of interests in joint ventures | 0.00 | |||||
| Other cash payments to acquire interests in joint ventures | 0.00 | |||||
| Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships | 0.00 | |||||
| Cash payment for investment in partnership firm or association of persons or limited liability partnerships | 0.00 | |||||
| Proceeds from sales of property, plant and equipment | 238.75 | |||||
| Purchase of property, plant and equipment | 0.00 | |||||
| Proceeds from sales of investment property | 0.00 | |||||
| Purchase of investment property | 0.00 | |||||
| Proceeds from sales of intangible assets | 0.00 | |||||
| Purchase of intangible assets | 0.00 | |||||
| Proceeds from sales of intangible assets under development | 0.00 | |||||
| Purchase of intangible assets under development | 0.00 | |||||
| Proceeds from sales of goodwill | 0.00 | |||||
| Purchase of goodwill | 0.00 | |||||
| Proceeds from biological assets other than bearer plants | 0.00 | |||||
| Purchase of biological assets other than bearer plants | 0.00 | |||||
| Proceeds from government grants | 0.00 | |||||
| Proceeds from sales of other long-term assets | 0.00 | |||||
| Purchase of other long-term assets | 0.00 | |||||
| Cash advances and loans made to other parties | 0.00 | |||||
| Cash receipts from repayment of advances and loans made to other parties | 0.00 | |||||
| Cash payments for future contracts, forward contracts, option contracts and swap contracts | 0.00 | |||||
| Cash receipts from future contracts, forward contracts, option contracts and swap contracts | 0.00 | |||||
| Dividends received | 0.90 | |||||
| Interest received | 0.00 | |||||
| Income taxes paid (refund) | 0.00 | |||||
| Other inflows (outflows) of cash | 0.00 | |||||
| Net cash flows from (used in) investing activities | 239.65 | |||||
| Cash flows from used in financing activities | ||||||
| Proceeds from changes in ownership interests in subsidiaries | 0.00 | |||||
| Payments from changes in ownership interests in subsidiaries | 0.00 | |||||
| Proceeds from issuing shares | 0.00 | |||||
| Proceeds from issuing other equity instruments | 0.00 | |||||
| Payments to acquire or redeem entity's shares | 0.00 | |||||
| Payments of other equity instruments | 0.00 | |||||
| Proceeds from exercise of stock options | 0.00 | |||||
| Proceeds from issuing debentures notes bonds etc | 0.00 | |||||
| Proceeds from borrowings | (4,393.23) | |||||
| Repayments of borrowings | 0.00 | |||||
| Payments of lease liabilities | 0.00 | |||||
| Dividends paid | 0.00 | |||||
| Interest paid | 3,908.66 | |||||
| Income taxes paid (refund) | 0.00 | |||||
| Other inflows (outflows) of cash | 0.00 | |||||
| Net cash flows from (used in) financing activities | (8,301.89) | |||||
| Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes | (7.12) | |||||
| Effect of exchange rate changes on cash and cash equivalents | ||||||
| Effect of exchange rate changes on cash and cash equivalents | 20.62 | |||||
| Net increase (decrease) in cash and cash equivalents | 13.50 | |||||
| Cash and cash equivalents cash flow statement at beginning of period | 0.00 | |||||
| Cash and cash equivalents cash flow statement at end of period | 13.50 | |||||
| Whether results are audited or unaudited | Audited |
|---|---|
| Declaration of unmodified opinion or statement on impact of audit qualification | Statement on impact of audit qualification |
| Auditor's opinion | Qualified opinion |
| Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results |
| Sr No. | Audit firm's name | Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI | Certificate valid upto | ||
| 1 | Srivatsan & Associates | Yes | 31-05-2026 | ||
|---|---|---|---|---|---|
| Sr. | Particulars | Audited Figures (as reported before adjusting for qualifications) | Adjusted Figures (audited figures after adjusting for qualifications) |
|---|---|---|---|
| 1 | Turnover / Total income | 241.33 | 241.33 |
| 2 | Total Expenditure | 10,196.86 | 10,196.86 |
| 3 | Net Profit/(Loss) | (9,955.53) | (9,955.53) |
| 4 | Earnings Per Share | -25.23 | -25.23 |
| 5 | Total Assets | 44,866.36 | 44,866.36 |
| 6 | Total Liabilities | 44,866.36 | 44,866.36 |
| 7 | Net Worth | (26,283.67) | (26,283.67) |
| Sr. | Details of Audit Qualification | Type of Audit Qualification | Frequency of qualification | For Audit Qualification(s) where the impact is quantified by the auditor | For Audit Qualification(s) where the impact is not quantified by the auditor | ||
|---|---|---|---|---|---|---|---|
| Management's Views | (i) Management's estimation on the impact of audit qualification | (ii) If management is unable to estimate the impact, reasons for the same | Auditors' Comments on (i) or (ii) above | ||||
| 1 | Textual Information(1) | Qualified opinion | Since how long continuing | Textual Information(2) | Textual Information(3) | Textual Information(4) | Textual Information(5) |
| Textual Information(1) | 1.We draw your attention to Note 1 of the Financial Results. The Company has incurred substantial losses and has accumulated losses resulting in erosion of net worth as at March 31, 2026. Further, the manufacturing facilities and operations of the Company have remained non-operational for a prolonged period and the Company has defaulted in repayment of significant borrowings, settlement obligations and statutory dues. The manufacturing plants and major fixed assets of the Company have remained idle for a prolonged period. The Companys ability to recommence operations is also dependent upon mobilisation of substantial working capital, settlement of overdue farmer dues and availability of adequate sugarcane for the ensuing crushing seasons. Further, pursuant to withdrawal of CIRP proceedings, the Company had entered into a Master Restructuring Agreement (MRA) dated May 24, 2024 with India Debt Resolution Company Limited (IDRCL), acting as trustee on behalf of National Asset Reconstruction Company Limited (NARCL), for restructuring of the outstanding borrowings of the Company. During the year, the Company committed breaches of repayment obligations and financial covenants stipulated under the MRA, including non-payment of instalments falling due under the agreed repayment schedule, non-fulfilment of security related conditions precedent, non-creation of Debit Service Reserve Account (DSRA), delays in operationalisation of monitoring mechanisms, non-payment of farmer dues and availing of additional indebtedness without prior lender approval. Consequently, IDRCL, through its legal counsel, issued a Default Notice dated February 07, 2026 granting time for one month to cure the subsisting Events of Default and also reserved its rights to initiate recovery proceedings before the Honble Debt Recovery Tribunal (DRT). However, the Company could not remedy the defaults within the stipulated timeline and accordingly, the restructuring arrangement stands cancelled and the concessions and reliefs granted thereunder stand withdrawn. However, the lender has not recalled the loan till the date of our audit report. Further, the Sugar Development Fund (SDF) Loan secured by the fixed assets of Unit-III (excluding refinery assets and harvester machines) was covered under a One Time Settlement (OTS) sanctioned by the Government of India for an amount of INR 6,111 Lakhs and vide letter dated October 13, 2025, the repayment timeline under the OTS was extended up to April 06, 2026. However, the Company defaulted in repayment within the extended timeline. Consequently, the administrative approval for the OTS arrangement stands revoked and the original liabilities together wit applicable interest and other charges have become repayable by the Company. The aforesaid events and conditions indicate the existence of a material uncertainty that may cast significant doubt on the Companys ability to continue as a going concern. 2. We draw your attention to Note 2 & 3 of the Financial Results, The Company continues to face significant liquidity and cash flow constraints which adversely impact its ability to recommence operations, and meet its financial and operational obligations in a timely manner. The manufacturing plants and major fixed assets of the Company have remained idle and non-operational for a prolonged period. Further, the sugar manufacturing business is inherently dependent upon availability of sugarcane, which is a seasonal agricultural crop influenced by various factors including climatic conditions, cultivation patterns, recovery levels and cane availability in the command area. The ability of the Company to successfully recommence and sustain operations is dependent upon timely availability and procurement of adequate sugarcane supplies during the relevant crushing seasons, apart from availability of adequate working capital and operational funding. The Company is presently engaged in discussions and negotiations with existing lenders and other stakeholders in relation to restructuring, settlement and revival arrangements. 3. We draw attention to Note 4 of the financial statements, which discloses borrowings from directors & Intercorporate Loans from related parties. The Company has not provided for interest expense on these borrowings as per the agreed terms. In our view, the omission of such provision has resulted in an understatement of finance costs and current liabilities. The total outstanding from Directors and Related parties stands at INR 21410.18 Lakhs as on 31st March 2026. 4.We further draw attention to the settlement obligations payable to sugarcane farmers pursuant to the settlement arrangement approved under the restructuring framework. As per the terms of the arrangement, the second and final instalment aggregating to INR 36.08 Crores payable to the Ryots remained unpaid as at March 31, 2026. 5. We draw attention to Note No. 5 of the financial statements, wherein the Company has defaulted in repayment of a loan availed from I Heart Properties Private Limited amounting to INR 2,863.19 Lakhs, including accrued interest of INR 393.19 Lakhs, which remained overdue as at 31st March 2026. 6. We draw attention to Note No.6 to the financial statements which explains the Companys investment in the Appu Hotels Private Limited (investee Company). The carrying amount of investment as at 31st March 2026 is INR 1455.39 Lakhs. In the opinion of the management the carrying amount of investments is reflective of fair value of investments and is recoverable; thus no adjustment were made in the carrying value of investments in financial statements. In our opinion the carrying value of investments is not reflective of fair value of investments as per the IND AS 113 - Fair Value Measurements. 7. We were not provided with balance confirmations as at 31st March 2026 for trade receivables, trade payables, advances received/ paid and for deposits received/ paid. Based on the above we are unable to report the impact on standalone financial statements due to non-receipt of confirmations. 8. The equity shares of the Company were suspended from trading on the National Stock Exchange of India (NSE and Bombay Stock Exchange (BSE with effect from 3rd July 2023, pursuant to initiation of liquidation proceedings by the Honble National Company Law Tribunal, (NCLT) Chennai Bench, vide order IA(IBC)380/CHE/2023 in IBA/976/2019 dated June 27, 2023. Further, vide NSE Circular Ref.No.0815/2023 dated June 30,2023, the Exchange notified suspension of trading in the equity shares of the Company. |
|---|---|
| Textual Information(2) | Impact not presently quantifiable due to the various uncertainties involved. |
| Textual Information(3) | i. Managements estimation on the impact of audit qualification 1. Going Concern basis: Frequency of qualification. 3rd time, from the financial year 2023-24 Company has come out of the CIRP process during year of audit vide Honourable National Company Law Tribunal (NCLT) vide order dated 9th May 2024. Now, the Company is carrying out the maintenance works at all the Three units and it will be completed as per the schedule. Company is confident of starting the cane-crushing season by November 2026. The Company is having sufficient cane for crushing for the Sugar Season 2026-27. The Company is presently engaged in discussion with the existing Lenders and other stakeholders for restructuring and raising of required funds to meet the commitments and start the operations. Therefore, there is a significant possibility of the company to continue as going concern. 2. SDF OTS Order Not settled and NARCL default of Repayment: Frequency of qualification 1st time from the financial year 2025-26. The company has defaulted repayment of NARCL and SDF OTS settlement Order. Company has reinstated the original SDF liabilities in the books. The Company is presently engaged in discussion with the Lenders in relation to restructuring of the settlements and for revival of the operation. Also, in the process of raising sufficient funding for the operations. 3 Interest not provided on the borrowing from Director & Inter Corporate Loans. Frequency of qualification. 3rd time, from the financial year 2023-24 The Company has not provided for interest expense on these borrowings as specified in the terms of the Master Restructuring Agreement (MRA) with NARCL. Once we started our cane crushing operation, the Company will take efforts to get the approval from NARCL to account for the interest on the borrowing from the Directors and Inter Corporate Loans for the future years. 4.Sugar Cane payment Rs.36.08 crores not paid. Frequency of qualification. 1st time, from the financial year 2025-26 Company is arranging funds from external sources to settle the farmer dues within in a period of six months and start the Cane crushing operations in the Coming Sugar season 2026-27. 5.I heart Properties Private Limited - Unsecured loans defaulted repayment and Interest. Frequency of qualification. 1st time, from the financial year 2025-26. Company is arranging Funds to clear this unsecured loans within a period of 6 months. Opinion - Not Modified. 6. Appu Hotels Limited Value of Investment: - Frequency of qualification. 7th time, from financial year 2019-20. Based on the settlement proposal submitted by the Promoter under section 12A of the IBC 2016, the NCLT Chennai had approved the withdrawal of the CIRP process effective from 20th Dec. 2023 and the powers of the Board have been restored. As per the settlement proposal the entire secured and un secured financial creditors have been fully settled. The companys performance has substantially improved and the company has already reduced its debts substantially by selling the Non-Core Assets. Further, the Companys fixed asset values are very high as compared to the loans. As such, the management is confident of realising the value of investment in the books as on 31st Mar 2026. 7. Confirmation of Balance: Frequency of qualification. 7th time, from financial year 2019-20. As the company was in CIRP / Liquidation process till 8th May 2024 and there were no transactions during the year. Hence, the confirmation could not be received for the financial year 2025-26 Once the operation is started, we will get the Confirmation of balance for receivables and payables. There may not any impact on the financial statements for the year 2025-26. 8. Suspension of Trading of shares in the Stock Exchanges Viz., BSE and NSE. Frequency of qualification. 1st time, from the financial year 2025-26. The Company has applied to NSE and BSE to restore the trading of the shares. All the pending SOP fines have been paid. Following with NSE and BSE. |
| Textual Information(4) | Impact not presently quantifiable due to the various uncertainties involved. |
| Textual Information(5) | Refer Basis for Qualified Opinion in audit report read with relevant notes in the financial results the same is self-explanatory |
| Name of CEO / Managing director | Ramalingam M |
|---|---|
| Name of CFO | Kaliannan M P |
| Name of audit committee chairman | Mahalingam V |
| Name of statutory auditor | Srivatsan |
| Name of other signatory, if any, with designation | |
| Place | Chennai |
| Date | 16-05-2026 |
Format for Disclosure of Related Party Transactions (applicable only for half-yearly filings i.e., 2nd and 4th quarter) |
| Sr No. | Additional disclosure of related party transactions - applicable only in case the related party transaction relates to loans, inter-corporate deposits, advances or investments made or given by the listed entity/subsidiary. These details need to be disclosed only once, during the reporting period when such transaction was undertaken. | ||||||||||||||||||||||||
| Details of the party (listed entity/subsidiary) entering into the transaction | Details of the counterparty | Type of related party transaction | Details of other related party transaction | Value of the related party transaction as approved by the audit committee | Remarks on approval by audit committee | Value of the related party transaction ratified by the audit committee | Date of Audit Committee Meeting where the ratification was approved | Value of transaction during the reporting period | In case monies are due to either party as a result of the transaction | In case any financial indebtedness is incurred to make or give loans, inter-corporate deposits, advances or investments | Details of the loans, inter-corporate deposits, advances or investments | Notes | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Name | PAN | Name | PAN | Relationship of the counterparty with the listed entity or its subsidiary | Opening balance | Closing balance | Nature of indebtedness (loan/ issuance of debt/ any other etc.) | Details of other indebtedness | Cost | Tenure | Nature (loan/ advance/ intercorporate deposit/ investment ) | Interest Rate (%) | Tenure | Secured/ unsecured | Purpose for which the funds will be utilised by the ultimate recipient of funds (endusage) | ||||||||||
| 1 | Dharani Developers Private Limited | Dharani Sugars and Chemicals Limited | Associates | Loan | 1,519.89 | Approved | 1,519.89 | 16-05-2026 | 1,519.89 | 18,221.97 | 19,716.86 | Loan | 10.0 | 7 years from May 2025 | Unsecured | Business | |||||||||
| 2 | Dr Palani G Periasamy | Dharani Sugars and Chemicals Limited | Execurtive Chairman | Loan | 25.00 | Approved | 25.00 | 16-05-2026 | 25.00 | 1,643.62 | 1,668.62 | Loan | 10.0 | 7 years from May 2025 | Unsecured | Business | |||||||||
| 3 | Mr A Sennimalai | Dharani Sugars and Chemicals Limited | Non Executive Director | Loan | 25.00 | Approved | 25.00 | 16-05-2026 | 25.00 | 0.00 | 25.00 | Loan | 10.0 | 7 years from May 2026 | Unsecured | Business | |||||||||
| Total value of transaction during the reporting period | 1,569.89 | ||||||||||||||||||||||||
| Sr. No. | Particulars | Amount | Remarks |
| 1. | Loans / revolving facilities like cash credit from banks / financial institutions | ||
| A | Total amount outstanding as on date | 29,828.60 | |
|---|---|---|---|
| B | Of the total amount outstanding, amount of default as on date | 8,329.60 | |
| 2. | Unlisted debt securities i.e. NCDs and NCRPS | ||
| A | Total amount outstanding as on date | 0.00 | |
| B | Of the total amount outstanding, amount of default as on date | 0.00 | |
| 3. | Total financial indebtedness of the listed entity including short-term and long-term debt | 0.00 | |