Sh.Renuka Sugar Q1 FY27 Results (NSE: RENUKA)
Signal: Loss reversed
The read
The operating trajectory remains fragile: consolidated revenue of 2120.2 Cr recovered 5.5% YoY but fell 16.8% QoQ, EBITDA stayed negative at -65.2 million, finance cost was 1820 million, and the only clear segment inflection was distillery turning profitable at 827 million while core milling and refining remained loss-making.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹212.02 Cr | +5.5% | -16.8% |
| EBIT | ₹-13.39 Cr | N/A | |
| Net profit | ₹0 Cr | N/A | |
| EPS | ₹1.18 | N/A | |
| EBIT margin | -3.1% |
P&L walk
Revenue of 2120.2 Cr rose 5.5% YoY but fell 16.8% QoQ; the filing's segment table shows distillery profit of 827 million was outweighed by milling loss of 449 million, refinery loss of 985 million and finance cost of 1820 million.
Segments
Distillery was the clear positive inflection, with revenue of 4737 million up 238.0% YoY and segment profit of 827 million versus a 190 million loss, but refinery loss of 985 million and milling loss of 449 million dragged the group result.
Key positives
- Distillery revenue was 4737 million, up 238.0% YoY, and its segment result turned positive at 827 million from a 190 million loss, providing the clearest operating improvement.
- Consolidated revenue was 2120.2 Cr, up 5.5% YoY, while the disclosed gross-margin calculation expanded by approximately 1160bps YoY on lower material intensity.
- Finance cost declined 5.7% YoY to 1820 million, although the absolute burden remains too high relative to segment profit.
Key concerns
- EBITDA was -65.2 million and EBITDA margin was -3.1%, showing that gross-margin improvement did not flow through to operating profit.
- Sugar refinery reported a segment loss of 985 million versus a 145 million loss YoY, while sugar milling reported a 449 million loss and co-generation a 165 million loss.
- The Group's current liabilities exceeded current assets by 36907 million and negative net worth was 29537 million; continued Wilmar guarantees and letters of support are essential to the going-concern assessment.
- Consolidated segment assets fell to 64816 million from 73756 million YoY while depreciation remained broadly flat at 487 million.
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