Uttam Sugar Q2 FY27: PAT surges to ₹4.54 Cr on margin gains, revenue down 15% YoY
PAT +363.27% YoY · revenue -15.05% · margins expanding
₹494 Cr
-15.05% YoY
₹4.54 Cr
+363.27% YoY
0.92%
+0.8pp YoY
₹1.18
Uttam Sugar Mills' consolidated PAT for Q2 FY27 came in at ₹4.54 Cr, up 363% YoY from ₹0.98 Cr and 249% QoQ from ₹1.30 Cr, even as revenue from operations fell 15.1% YoY to ₹494.00 Cr (from ₹581.54 Cr) and 18.5% QoQ (from ₹606.37 Cr). Standalone PAT was ₹4.21 Cr on revenue of ₹453.49 Cr. There is no analyst coverage of the stock (zero covering analysts per public trackers) and no consensus estimate to benchmark the print against, and no prior management guidance is on record for the quarter either — the result cannot be graded against a street or company-set bar, only against the year-ago and sequential prints.
Q2 FY-2027 vs prior quarters
NPM expanded to 0.92% from 0.17% YoY and 0.21% QoQ; OPM (EBITDA margin) rose to 4.58% from 3.94% YoY and 4.32% QoQ. The PBT jump to ₹6.24 Cr (+276% YoY) owed less to operations — total segment profit before finance cost grew a modest 11% YoY to ₹22.15 Cr — than to a 55.8% cut in finance costs to ₹5.48 Cr (from ₹12.40 Cr), as the company ran down working-capital borrowings (standalone current borrowings fell to ₹19.74 Cr from ₹655.69 Cr at FY26-end) after liquidating FY26-end sugar inventory (standalone inventory down to ₹129.35 Cr from ₹930.91 Cr). Within segments, Sugar PBIT more than doubled to ₹27.51 Cr (from ₹10.05 Cr), while Cogeneration and Distillery — both tied to the crushing/bagasse cycle — swung to losses of ₹2.87 Cr and ₹2.49 Cr in the seasonal July-September lull. The YoY PAT growth is off a thin ₹0.98 Cr base in what is seasonally the weakest quarter of the sugar year, and is better read as low-base plus a debt-driven finance-cost cut than a structural re-rating of operating profitability.
The stock went into the print at ₹327.25, up 12.5% over the past month of trading.
What the summary numbers don't show
EPS (basic, consolidated) ₹1.18 vs ₹0.26 YoY and ₹0.32 QoQ
Separately this quarter, the board recorded the appointment of Harish Kumar Dhingra as CFO (September 18, 2026) and the company's acquisition of its corporate office building (September 25, 2026), part of a ₹44.59 Cr H1 capex/CWIP spend. BSE also sought clarifications on unusual price-volume movement in the stock on October 13 and 15, 2026, to which the company responded that it held no undisclosed price-sensitive information — this predates the results and is unrelated to the print.
W1
Crushing season (Oct-Mar) start in Q3 FY27 — watch whether Cogeneration and Distillery return to segment profit from this quarter's losses of ₹2.87 Cr and ₹2.49 Cr
W2
Finance cost run-rate (₹5.48 Cr this quarter, down from ₹12.40 Cr YoY) as working-capital borrowings are redrawn for the new crushing season's inventory build
W3
B-Heavy molasses levy obligation step-up (18%→19%→20%) cost ₹2.45 Cr this quarter per company disclosure — watch continued drag on Distillery margins
Figures reported in ₹ Lakh, converted to Cr (÷100). Consolidated PAT (₹4.54 Cr) is 'Profit for the Period' before NCI split (owners ₹4.48 Cr, NCI ₹0.06 Cr), matching the basis used in prior-quarter comparison data. No exceptional items in current, previous or year-ago quarter (FY26 full-year carried a ₹1.34 Cr labour-law exceptional item, not in any quarter being compared here).