5000322026-01-012026-03-315000322026-03-315000322025-03-315000322025-04-012026-03-315000322026-01-012026-03-31in-capmkt:OtherExpenses1Member5000322025-04-012026-03-31in-capmkt:OtherExpenses1Member5000322026-03-31OtherNoncurrentFinancialAssetsDomain15000322026-03-31OtherNoncurrentFinancialAssetsDomain25000322026-03-31OtherCurrentFinancialAssetsDomain15000322026-03-31OtherCurrentFinancialAssetsDomain25000322026-03-31OtherCurrentFinancialLiabilitiesDomain15000322026-03-31OtherCurrentFinancialLiabilitiesDomain25000322026-01-012026-03-31in-capmkt:ReportableSegments1Member5000322026-01-012026-03-31in-capmkt:ReportableSegments2Member5000322026-01-012026-03-31in-capmkt:ReportableSegments3Member5000322026-01-012026-03-31in-capmkt:ReportableSegments4Member5000322025-04-012026-03-31in-capmkt:ReportableSegments1Member5000322025-04-012026-03-31in-capmkt:ReportableSegments2Member5000322025-04-012026-03-31in-capmkt:ReportableSegments3Member5000322025-04-012026-03-31in-capmkt:ReportableSegments4Member5000322026-01-012026-03-31in-capmkt:ReportableSegments1Member5000322026-01-012026-03-31in-capmkt:ReportableSegments2Member5000322026-01-012026-03-31in-capmkt:ReportableSegments3Member5000322026-01-012026-03-31in-capmkt:ReportableSegments4Member5000322025-04-012026-03-31in-capmkt:ReportableSegments1Member5000322025-04-012026-03-31in-capmkt:ReportableSegments2Member5000322025-04-012026-03-31in-capmkt:ReportableSegments3Member5000322025-04-012026-03-31in-capmkt:ReportableSegments4Member5000322026-01-012026-03-31in-capmkt:ReportableSegments1Member5000322026-03-31in-capmkt:ReportableSegments1Member5000322026-01-012026-03-31in-capmkt:ReportableSegments2Member5000322026-03-31in-capmkt:ReportableSegments2Member5000322026-01-012026-03-31in-capmkt:ReportableSegments3Member5000322026-03-31in-capmkt:ReportableSegments3Member5000322026-01-012026-03-31in-capmkt:ReportableSegments4Member5000322026-03-31in-capmkt:ReportableSegments4Member5000322026-01-012026-03-31in-capmkt:ReportableSegments1Member5000322026-03-31in-capmkt:ReportableSegments1Member5000322026-01-012026-03-31in-capmkt:ReportableSegments2Member5000322026-03-31in-capmkt:ReportableSegments2Member5000322026-01-012026-03-31in-capmkt:ReportableSegments3Member5000322026-03-31in-capmkt:ReportableSegments3Member5000322026-01-012026-03-31in-capmkt:ReportableSegments4Member5000322026-03-31in-capmkt:ReportableSegments4Member5000322026-01-012026-03-31ItemsThatWillNotBeReclassifiedToProfitAndLoss15000322025-04-012026-03-31ItemsThatWillNotBeReclassifiedToProfitAndLoss15000322026-01-012026-03-31ItemsThatWillBeReclassifiedToProfitAndLoss15000322025-04-012026-03-31ItemsThatWillBeReclassifiedToProfitAndLoss1iso4217:INRiso4217:INRxbrli:shares500032BAJAJHINDNOTLISTEDINE306A01021Bajaj Hindusthan Sugar LimitedMain BoardEquity2025-04-012026-03-312026-05-292026-05-20INRCroresQuarterlyFourth quarterMulti segment2026-05-2917:00:002026-05-2918:25:00trueCash Flow IndirectNot applicable2026-01-012026-03-31AuditedConsolidated1668710000011000000016797100000205047000000-8992600000976600000181000000534400000464900000136690000003128100000-13860000029895000000-917200000-91720000003906700000100000010000003906800000232570000062325000003907200000-4000006232900000-4000003048270000012.32.17002.32.171. 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. During the quarter the Parent Company sold 2,75,000 equity shares of Lalitpur Power Generation Company Limited (LPGCL), a group company, held as investment, to Bajaj Power Venture Private Limited (BPVPL), another group company, at a price of Rs. 1,022 per share, aggregating to Rs. 28.11 crore. <BR> <BR> 3. The Government of India has implemented the New Labour Codes with effect from November 21, 2025, and has subsequently issued rules and FAQs to facilitate assessment of the related financial impact. Based on its assessment, the Group has recognised an additional provision of Rs. 13.86 crore during the quarter and year ended March 31, 2026. Considering the materiality of the amount and its regulatory-driven, non-recurring nature, the incremental provision has been disclosed as an exceptional item in the consolidated financial results. <BR> <BR> 4. Refer note below on restructuring of the outstanding Optionally Convertible Debentures (OCDs) and related financial obligations pursuant to the approved Resolution Plan. To implement the Resolution Plan, the Parent Company increased its authorised share capital from Rs. 500 crores comprising 500 crore equity shares of Re. 1 each to Rs. 13,000 crores comprising (i) 3,000 crore equity shares of Re. 1 each aggregating to Rs. 3,000 crore and (ii) 10,000 crore Compulsorily Convertible Preference Shares (CCPS) of Re. 1 each aggregating to Rs. 10,000 crores. <BR> <BR> During the quarter and year ended March 31, 2026, the subscribed and paid-up equity share capital of the Parent Company increased from Rs. 127.74 crore to Rs. 237.39 crore pursuant to the allotment of 109,65,82,534 equity shares of Re. 1 each to lenders towards conversion of a portion of the accrued Yield to Maturity (YTM) obligations. The equity shares were allotted at an issue price of Rs. 5.12 per share, including securities premium of Rs. 4.12 per share. <BR> <BR> Further, the Parent Company allotted 2,810,88,20,184 Compulsorily Convertible Preference Shares (CCPS) of face value Re. 1 each, aggregating to Rs. 2,810.88 crore, to lenders towards settlement of the balance accrued YTM and Right of Recompense (‘RoR’) obligations in accordance with the approved restructuring framework. <BR> <BR> The equity shares and CCPS allotted on a preferential basis shall remain subject to the applicable lock-in requirements prescribed under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, as amended. <BR> <BR> 5. The consortium of lenders approved the Resolution Plan submitted by the Parent Company for restructuring its outstanding Optionally Convertible Debentures (OCDs) and related financial obligations under the Reserve Bank of India Prudential Framework for Resolution of Stressed Assets dated June 7, 2019. <BR> <BR> Pursuant to the Inter-Creditor Agreement (ICA) entered by the lenders on April 28, 2025, the Resolution Plan was approved by all lenders and the necessary restructuring documents were executed on March 26, 2026. The plan became effective upon fulfilment of the stipulated conditions precedent, with effect from April 1, 2025. <BR> <BR> The salient features of the Resolution Plan are set out below: <BR> <BR> a) The outstanding OCD amount of Rs. 3,215.31 crore (after repayment of the first instalment of Rs. 267.94 crore) continues as the same instrument with revised terms and conditions. <BR> <BR> b) The coupon rate on the OCDs has been revised from 2.50% per annum to 0.20% per annum. <BR> <BR> c) No further YTM and RoR shall accrue on the outstanding restructured OCDs. <BR> <BR> d) The OCDs are repayable in 10 annual instalments commencing from March 31, 2031, and ending on March 31, 2040, after a moratorium period of five years. <BR> <BR> e) YTM accrued on the OCDs up to March 31, 2025, amounted to Rs. 3,584.95 crore, out of which <BR> (i) Rs. 645.09 crore has been paid during FY 2025-26, including tax deducted at source, <BR> (ii) Rs. 570.01 crore has been converted into equity through issuance of 1,11,33,06,099 equity shares of face value Re. 1 each at an issue price of Rs. 5.12 per share, including securities premium of Rs. 4.12 per share, and <BR> (iii) the balance YTM liability of Rs. 2,369.85 crore has been settled through issuance of 23,69,85,06,606 CCPS of face value Re. 1 each carrying a coupon dividend of 0.01% per annum. <BR> <BR> f) The accrued Right of Recompense (‘RoR’) payable to lenders, amounting to Rs. 485.60 crore as of March 31, 2025, in accordance with the terms of the Master Restructuring Agreement executed in December 2014 under the Joint Lenders’ Forum restructuring framework, was settled through conversion into 485,59,80,947 CCPS of face value Re. 1 each. <BR> <BR> g) In respect of one lender, the Resolution Plan had been accepted prior to March 31, 2026, through its sanction letter; however, 1,67,23,565 equity shares aggregating to Rs. 8.57 crore and 44,56,67,369 CCPS aggregating to Rs. 44.57 crore were allotted on April 1, 2026, towards conversion of YTM and RoR. Accordingly, the aforesaid YTM and RoR aggregating to Rs. 53.14 crore have been disclosed as share application money pending allotment in the consolidated financial results. <BR> <BR> 6. During the current financial year, YTM obligations aggregating to Rs. 3,584.95 crore and RoR obligations aggregating to Rs. 485.60 crore arising under earlier restructuring arrangements and that had earlier been disclosed as contingent liabilities, crystallised pursuant to the implementation of the approved Resolution Plan. <BR> <BR> The management has assessed that the aforesaid obligations, though finalised and determined in FY 2025-26, substantially relate to earlier reporting periods and that recognition of the entire amount in FY 2025-26 would not appropriately reflect the <BR> financial performance of the current year. Accordingly, the financial results for the previous periods have been retrospectively restated in accordance with Ind AS 8 – Accounting Policies, Changes in Accounting Estimates and Errors and the recognition <BR> principles prescribed under Ind AS 37 – Provisions, Contingent Liabilities and Contingent Assets, as applicable. <BR> <BR> Of the aforesaid amounts, on the above basis, YTM of Rs. 2,885.39 crore and RoR of Rs. 429.64 crore relating to periods up to March 31, 2024 have been adjusted against opening retained earnings, while YTM of Rs. 699.56 crore and RoR of Rs. 55.96 crore pertaining to FY 2024-25 have been recognised in the comparative Statement of Profit and Loss as finance cost with corresponding increase in other financial liabilities pursuant to retrospective restatement. Accordingly, comparative financial information including earnings per share for FY 2024-25 has been restated. <BR> <BR> Consequent to the aforesaid retrospective restatement, opening retained earnings as at April 1, 2024 stand reduced by Rs.3,315.03 crore on account of recognition of YTM and RoR obligations pertaining to periods up to March 31, 2024. <BR> <BR> 7. During the quarter, Lalitpur Power Generation Co. Ltd., a group entity and related party, extended a inter corporate deposit of Rs. 369.21 crore to the Parent Company. The funds were utilised towards payment of Yield to Maturity (YTM) on Optionally <BR> Convertible Debentures (OCDs), including applicable tax deducted at source, in accordance with the approved Resolution Plan. <BR> <BR> 8. As stipulated under the restructuring agreements, certain plant and machinery, furniture and fixtures, and other equipment pertaining to the erstwhile Board Division (Ecotec) of parent company have been identified by the consortium of lenders as noncore assets. The lenders have accordingly initiated a bid process for disposal of the identified assets of the Board Division. <BR> <BR> Consequently, such assets have been classified as assets held for sale in accordance with Ind AS 105. <BR> <BR> 9. Pursuant to Notification No. UPERC/Secretary/CRE Regulations/2024/014 dated October 17, 2025, issued by the Uttar Pradesh Electricity Regulatory Commission revising the tariff for power supplied from captive and renewable energy generating <BR> plants with retrospective effect from April 1, 2024, the Parent Company has recognised differential revenue of Rs. 13.82 crore during the year ended March 31, 2026, pertaining to the financial year ended March 31, 2025. <BR> <BR> 10. The Group reported positive EBITDA for the quarter and year ended March 31, 2026, and had a positive net worth as at that date. In earlier periods, the Parent Company’s operations and liquidity position were adversely affected by constrained availability of sugarcane and lower sugar recovery, primarily due to delays in payment of cane dues, which led to a reduction in cane area and, consequently, adversely impacted operational cash flows. <BR> <BR> During the year, the Parent Company undertook various measures to improve its operational and financial performance. Pursuant to implementation of the approved Resolution Plan (refer note above), the sustainable debt has been repaid, and the <BR> unsustainable debt has been restructured. The restructuring, inter alia, provides for a moratorium of five years on repayment of OCDs, reduction in the coupon rate to 0.20% per annum and cessation of further accrual of YTM and RoR. These measures are <BR> expected to reduce finance costs, improve liquidity and support operational improvements, including cane development, improved sugar recovery and strengthening of overall operating efficiencies. <BR> <BR> The lenders have also acknowledged the initiatives undertaken by the Parent Company to improve plant efficiency, optimise energy usage and strengthen cane development activities. Further, the Parent Company is pursuing its claim aggregating approximately Rs. 1,961 crores (including interest up to March 31, 2026) under the Sugar Industry Promotion Policy, 2004, which is presently sub judice. Management expects a favourable outcome in this matter, which would further strengthen the Parent Company’s financial position and liquidity. <BR> <BR> Having regard to the above factors, including implementation of the debt restructuring plan, improvement in liquidity position, operational improvements and the industry outlook, management is of the view that the Group will be able to realise its assets <BR> and discharge its liabilities in the normal course of business. Accordingly, these consolidated financial results have been prepared on a going concern basis. <BR> <BR> The auditors have referred to the above matter in their audit report on the financial results for the quarter and year ended March 31, 2026. <BR> <BR> 11. Previous period figures have been regrouped, rearranged, reworked and/or restated, wherever considered necessary, to conform to the current period classification and presentation. <BR> <BR> 12. The figures for the quarter ended March 31, 2026, and March 31, 2025, are the balancing figures between the audited figures for the full financial year and the published year-to-date figures up to the third quarter of the respective financial years, which were subject to limited review by the auditors. The figures 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 two foreign subsidiaries for the quarter and the year ended March 31, 2026 are management certified. <BR> <BR> 13. The above audited consolidated financial results for the quarter and year ended March 31, 2026 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 May 29, 2026. <BR> <BR> For Bajaj Hindusthan Sugar Limited <BR> Sd/- <BR> AJAY KUMAR SHARMA <BR> Managing Director <BR> DIN 09607745 <BR> <BR> Place: Lucknow <BR> Dated: May 29, 2026 <BR> 2025-04-012026-03-31AuditedConsolidated54547600000222000000547696000004138090000002253200000389400000033050000021556000003363100000533773000001392300000-13860000012537000000-9200000-920000001262900000-15000000-15000000126140000016550000014269000001266300000-49000001431800000-490000030482700000176263000000.930.86000.930.86Other expenses464900000Other expenses336310000071361800000411300000008000000003569050000000142660000037117100000010889100000024247800000098630000087130000077000000725440000091197000001533000003352080000062610000001430379000003048090000076263000003810720000012800000381200000003157890000000031578900000109710000011406100000044082100000387120000014900000319584000003197330000024626100000604706000003550000000060825600000102000000104917900000143037900000Other non-current assets1358100000Other non-current financial assets68500000Other current financial assets678400000Other current assets6576000000Other current financial liabilities24206000000Other current liabilities420100000Sugar19383800000Distillery2156000000Power4235800000Others126800000Sugar58241200000Distillery5684100000Power8423300000Others37510000025902400000727237000009215300000181761000001668710000054547600000Sugar1930600000Distillery638800000Power667900000Others-2900000Sugar601400000Distillery729000000Power556900000Others-103200000323440000017841000001810000003305000006380000020140000029896000001252200000Sugar84755000000Distillery9585300000Power24879800000Others205970000012127980000021758100000143037900000Sugar34777300000Distillery426300000Power84300000Others3111000003559900000069318900000104917900000330500000254820000061200000000000-387450000000021556000000-32700000000-19000000285000000000-3620000000112170000023754000000007970000002295700000000000001039000001163900000658900000000000000000-8600000-168000000000281000000385000005621000000000000003903700000283910000000882180000000-77572000001595000000159500000711800000871300000Items that will not be reclassified to profit or loss26906000002690600000Items that will not be reclassified to profit or loss-348700000-348700000362200000-512300000Items that will be reclassified to profit or loss-2700000-2700000Items that will be reclassified to profit or loss19000001900000002325700000165500000