Ugar Sugar Works Q1 FY27 Results (NSE: UGARSUGAR)
Signal: Loss reversed
The read
The key inflection is a YoY turnaround supported by a 2,530bps gross-margin expansion as raw-material intensity fell to 25.9%, but the trajectory remains fragile: QoQ segment profit collapsed 59.1%, Co-generation lost ₹895.53 lakh, and ₹200.01 lakh of other income exceeded PBT of ₹103.56 lakh.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹480.94 Cr | +32.2% | +21.1% |
| EBIT | ₹0.2 Cr | N/A | |
| Net profit | ₹1.49 Cr | N/M (turned profitable from a loss) | |
| EPS | ₹0.13 | N/M (turned positive from a loss) | |
| EBIT margin | 6% |
P&L walk
Revenue increased to ₹48,093.55 lakh, +32.2% YoY and +21.1% QoQ, with raw-material intensity falling to 25.9% from 51.2% YoY; however, PBT was only ₹103.56 lakh and PAT of ₹149.03 lakh was materially influenced by ₹200.01 lakh of other income.
Segments
Industrial Alcohol drove the quarter with revenue of ₹20,204.80 lakh, -8.1% YoY but +46.4% QoQ, and result of ₹3,501.80 lakh versus a QoQ loss of ₹1,675.83 lakh; Co-generation dragged with a ₹895.53 lakh loss, while Sugar's result fell 95.1% QoQ to ₹390.94 lakh.
Key positives
- Revenue reached ₹48,093.55 lakh, +32.2% YoY and +21.1% QoQ.
- Raw-material cost fell to 25.9% of revenue from 51.2% YoY, expanding gross margin by 2,530bps; the filing does not identify the precise driver.
- Industrial Alcohol result turned around to ₹3,501.80 lakh from a ₹1,675.83 lakh QoQ loss and grew 100.1% YoY.
- Sugar segment turned profitable at ₹390.94 lakh versus a ₹274.49 lakh YoY loss.
Key concerns
- Co-generation reported a ₹895.53 lakh loss versus a ₹409.85 lakh YoY loss and ₹1,148.64 lakh QoQ profit.
- Sugar segment result declined 95.1% QoQ to ₹390.94 lakh despite revenue of ₹27,852.94 lakh.
- PAT of ₹149.03 lakh was low relative to revenue of ₹48,093.55 lakh and was supported by ₹200.01 lakh of other income.
Earnings quality: includes non-operating other income
Research and educational content only. Not investment advice.