5000322025-07-012025-09-305000322025-09-305000322025-03-315000322025-04-012025-09-305000322025-07-012025-09-30in-capmkt:OtherExpenses1Member5000322025-04-012025-09-30in-capmkt:OtherExpenses1Member5000322025-07-012025-09-30in-capmkt:ReportableSegments1Member5000322025-07-012025-09-30in-capmkt:ReportableSegments2Member5000322025-07-012025-09-30in-capmkt:ReportableSegments3Member5000322025-07-012025-09-30in-capmkt:ReportableSegments4Member5000322025-04-012025-09-30in-capmkt:ReportableSegments1Member5000322025-04-012025-09-30in-capmkt:ReportableSegments2Member5000322025-04-012025-09-30in-capmkt:ReportableSegments3Member5000322025-04-012025-09-30in-capmkt:ReportableSegments4Member5000322025-07-012025-09-30in-capmkt:ReportableSegments1Member5000322025-07-012025-09-30in-capmkt:ReportableSegments2Member5000322025-07-012025-09-30in-capmkt:ReportableSegments3Member5000322025-07-012025-09-30in-capmkt:ReportableSegments4Member5000322025-04-012025-09-30in-capmkt:ReportableSegments1Member5000322025-04-012025-09-30in-capmkt:ReportableSegments2Member5000322025-04-012025-09-30in-capmkt:ReportableSegments3Member5000322025-04-012025-09-30in-capmkt:ReportableSegments4Member5000322025-07-012025-09-30in-capmkt:ReportableSegments1Member5000322025-09-30in-capmkt:ReportableSegments1Member5000322025-07-012025-09-30in-capmkt:ReportableSegments2Member5000322025-09-30in-capmkt:ReportableSegments2Member5000322025-07-012025-09-30in-capmkt:ReportableSegments3Member5000322025-09-30in-capmkt:ReportableSegments3Member5000322025-07-012025-09-30in-capmkt:ReportableSegments4Member5000322025-09-30in-capmkt:ReportableSegments4Member5000322025-07-012025-09-30in-capmkt:ReportableSegments1Member5000322025-09-30in-capmkt:ReportableSegments1Member5000322025-07-012025-09-30in-capmkt:ReportableSegments2Member5000322025-09-30in-capmkt:ReportableSegments2Member5000322025-07-012025-09-30in-capmkt:ReportableSegments3Member5000322025-09-30in-capmkt:ReportableSegments3Member5000322025-07-012025-09-30in-capmkt:ReportableSegments4Member5000322025-09-30in-capmkt:ReportableSegments4Member5000322025-07-012025-09-30ItemsThatWillNotBeReclassifiedToProfitAndLoss15000322025-04-012025-09-30ItemsThatWillNotBeReclassifiedToProfitAndLoss15000322025-07-012025-09-30ItemsThatWillBeReclassifiedToProfitAndLoss15000322025-04-012025-09-30ItemsThatWillBeReclassifiedToProfitAndLoss1iso4217:INRxbrli:pureiso4217:INRxbrli:shares500032BAJAJHINDNOTLISTEDINE306A01021Bajaj Hindusthan Sugar LimitedMain BoardEquity2025-04-012026-03-312025-11-122025-11-03INRCroresQuarterlySecond quarterMulti segment2025-11-1211:45:002025-11-1213:10:00trueCash Flow IndirectNot applicable2025-07-012025-09-30UnauditedConsolidated115719000005130000011623200000173000000105743000008842000002540000054240000063510000012678700000-10555000000-10555000000-3200000-32000000-1052300000-2000000-2000000-1052500000400000-1052100000-1050900000-1600000-1050390000-171000012774000001-0.83-0.8300-0.83-0.830001. 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 Group. <BR> <BR> 2. The Uttar Pradesh Electricity Regulatory Commission (Captive and Renewable Energy Generating Plants) Regulations, 2024 (hereinafter referred to as CRE Regulations, 2024), vide notification dated October 17, 2025, has revised the tariff of power supplies from the Parent Company’s captive and renewable energy plants to UPPCL, with effect from April 1, 2024, for a period of five years. Accordingly, the differential revenue arising from such revision has been recognized in the financial results for the current quarter. Consequently, revenue from operations for the current quarter includes an increase of Rs 14.33 crore, comprising Rs 13.82 crore pertaining to the financial year 2024-25 and Rs 0.51 crore pertaining to the quarter ended June 30, 2025. <BR> <BR> 3. The Parent 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 Parent Company at a price determined in accordance with applicable laws, including the SEBI (Issue of Capital and Disclosure Requirements) Regulations 2018. <BR> <BR> 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 Parent Company has discharged its OCD-related financial obligations falling due on March 31, 2025, during the preceding quarter ended June 30, 2025. <BR> <BR> 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. <BR> <BR> In view of the above, the YTM amounts of Rs 182.87 crore and Rs 363.69 crore for the quarter and six months ended September 30, 2025 (Previous Year: Rs 176.34 crore and Rs 350.76 crore respectively) have not been recognized in the books of accounts. Additionally, coupon interest amounting to Rs 20.26 crore and Rs 40.30 crore for the quarter and six months ended September 30, 2025, has also not been provided in the books. The cumulative unrecognised YTM liability and coupon interest liability as at September 30, 2025, stands at Rs 3,948.70 crore and Rs 40.30 crore respectively. <BR> <BR> The payment already made by the Parent Company towards the OCDs due up to March 2025 will be adjusted in accordance with the as terms finalized under the resolution plan. Recognition of any YTM-related liability, if arises, will be undertaken once the resolution plan is formally approved by the lenders. <BR> <BR> Further, the OCDs maturing in March 2026 have been classified under non-current borrowings, as in the opinion of the management, the redemption terms are expected to be revised pursuant to the debt resolution plan submitted to the lenders which is presently under consideration. <BR> <BR> The Statutory Auditors, in their Limited Review Report for the quarter ended September 30, 2025, have issued a qualification regarding the non-recognition of accrued YTM liability and coupon interest, and the accounting treatment of the paid YTM as advance as well as the classification of OCD maturing during FY 2025-26 as non current borrowing instead of current maturities, citing the absence of a formally concluded restructuring agreement. <BR> <BR> 4. The Group has reported positive EBITDA and maintained a positive net worth in earlier years. In the recent preriod, the financial performance of the Group 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 cultivation. These factors adversely affected operational cash flows and restricted the Group's ability to make speedy payments to farmers and invest adequately in cane development activities. Over the recent periods, the Group has taken significant 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 Group to deploy internal accruals towards clearing cane arrears, strengthening operations, and undertaking necessary capital expenditure to enhance efficiency and capacity utilization. <BR> <BR> The sugar scenario has shown improvement in recent times, supported by stable domestic sugar prices (around Rs 4,000 per quintal) and the Government of India’s ethanol blending programme, which envisages blending of 20% and more ethanol with vehicular fuel. The policy initiatives allowing diversion of sugarcane juice and syrup towards ethanol production are expected to mitigate the risk of surplus sugar stocks and improve the long-term sustainability and profitability of the sector. The Parent 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 these structural reforms and favourable market dynamics. <BR> <BR> The Parent 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 Parent 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 Parent Company is entitled to receive accrued financial benefits aggregating to Rs 1,927 crore (including interest up to September 30, 2025) under the Sugar Industry Promotion Policy, 2004. The matter is presently sub-judice, and a favourable adjudication would substantially augment the Group's net worth and liquidity position. <BR> <BR> In view of these developments- strengthened liquidity position, debt reduction, favourable government policies, and continued support from lenders—the management is confident that the Group will be able to meet its financial and operational obligations in the regular course of business. Accordingly, the consolidated 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 September 30, 2025. <BR> <BR> 5. During the quarter, the Parent Company’s 3.11 crore treasury shares held through BHL Security Trust, classified as non-core assets by the consortium of lenders, have been sold through SBICAP Securities Limited, the transaction execution agent appointed by the lenders. The shares were sold at an average price of Rs 21.97 per share, resulting in a total realisation of Rs 68.31 crore. The face value of Rs 3.11 crore has been added to the Equity Share Capital, while the balance amount, net of brokerage and related transaction expenses aggregating to Rs 64.73 crore, has been credited to the Securities Premium Account of the Parent Company. <BR> <BR> 6. Previous periods figures have been regrouped/ rearranged/ reworked/ restated wherever necessary to conform to the current period classification. <BR> <BR> 7. The figures for the quarter and six month ended Sept 30, 2025 included in the statement of consolidated financial results have been approved by the Holding Company’s Board of Directors, pursuant to Regulation 33(8) of SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 as amended. The figures of the three foreign subsidiaries and two Indian subsidiaries for the quarter and six months ended Sept 30, 2025 are management certified. <BR> <BR> 8. The above unaudited consolidated financial results for the quarter and six months ended September 30, 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 November 12, 2025.2025-04-012025-09-30UnauditedConsolidated24056100000854000002414150000010335000000205341000001773700000806000001078400000152230000026022600000-18811000000-188110000009098000009098000000-2790900000-16000000-16000000-2792500000-2160300000-4952800000-2788400000-4100000-4948590000-421000012774000001000000000Other Expenses635100000Other Expenses1522300000722137000001539000000010000000003334010000000512000003339130000001269300000107029200000636280000003308000004548000002450000000810100000127300000105662000001786640000041600000012493720000012756000003673330000038008900000133000003802220000032976300000000032976300000120040000011928900000004610560000015090000080000001505740000015065400000135400000153517000002518370000027280000000408082000001200000086915000000124937200000Sugar10937300000Distillery510200000Power170800000Others48100000Sugar22149600000Distillery2594600000Power472300000Others11860000011666400000253351000009450000012790000001157190000024056100000Sugar-655100000Distillery-120600000Power-161500000Others-50700000Sugar-1265700000Distillery37400000Power-385300000Others-99000000-987900000-171260000025400000806000004240000089500000-1055700000-1882700000Sugar68277800000Distillery8023100000Power22944900000Others198210000010122790000023709300000124937200000Sugar18495300000Distillery496400000Power94500000Others2702000001935640000067558600000869150000000204333000007509000000-5029000000000-203866000000169400000665000001078400000-1600000-158000000004500000000000-28700000110000001568500000-3126000000-80600000-16800000357000000-284500000006308000000000006330000054800000000000000000-93000000000016300000019800000636190000000006300000000163000002679400000009038000000-2761200000-6334400000-2570000000-257000000711800000454800000Items that will not be reclassified to profit or loss00Items that will not be reclassified to profit or loss-3039300000-30393000000-874500000Items that will be reclassified to profit or loss400000400000Items that will be reclassified to profit or loss4500000450000000400000-2160300000