Vishwaraj Sugar Industries Ltd Q1 FY27 Results

Vishwaraj Sugar Industries reported a standalone (only basis disclosed — no consolidated statement filed) net loss of ₹25.84 Cr for Q1 FY27 (quarter ended June 30, 2026), unaudited, wider than the ₹16.39 Cr loss in Q1 FY26 and a swing from the ₹10.93 Cr profit booked in Q4 FY26. Revenue from operations fell 19.5% YoY to ₹107.07 Cr (₹133.06 Cr in Q1 FY26) and 3.6% QoQ (₹111.03 Cr in Q4 FY26). A web search found no analyst estimates for this quarter and no visible sell-side coverage on the stock, so the print cannot be benchmarked against street expectations; management has also issued no formal guidance or outlook on record, so there is nothing to grade the result against on that front either.

The pre-tax loss is the cleaner read since neither this quarter nor Q1 FY26 carried a tax provision (Note 6: no current-tax charge given the book loss) — on that basis the PBT loss widened to ₹25.84 Cr from ₹16.39 Cr YoY and from ₹12.67 Cr in Q4 FY26, a genuine deterioration both ways. Finance costs are the single biggest driver: they jumped 80% YoY to ₹12.01 Cr (₹6.67 Cr in Q1 FY26) as long-term borrowings rose to ₹170.30 Cr from ₹131.34 Cr at March-end (total debt roughly flat near ₹420 Cr, but the mix shifted toward costlier long-term funding). By segment, Sugar swung to a ₹6.28 Cr loss from a ₹5.81 Cr profit a year ago, and Co-generation's loss widened to ₹5.55 Cr from ₹3.01 Cr; partly offsetting, Distillery's loss narrowed to ₹5.85 Cr from ₹14.27 Cr, and the smaller Vinegar (+71% YoY to ₹3.64 Cr) and IML (+68% YoY to ₹0.61 Cr) units stayed profitable and grew. The Q4 FY26 'profit' that makes the QoQ move look like a swing from profit to loss was itself an accounting artifact — that quarter booked a ₹23.60 Cr deferred tax credit against its own ₹12.67 Cr PBT loss; strip that out and the underlying pre-tax trend has only worsened sequentially too.

The stock went into the print at ₹5.48, up 0.7% over the past month of trading.

For context: PAT has now risen for 3 consecutive quarters.

EPS: basic/diluted loss of ₹1.19/share vs a ₹0.75 loss/share in Q1 FY26 and a ₹0.53 profit/share in Q4 FY26.

The quarter's only company-record developments were procedural — the insider trading window closed on June 22 ahead of these results, and the board that approved this print on August 13 also convened the AGM for September 28 — neither bears on the numbers. The company's own notes attribute the pattern to seasonality (Note 2: 'Sugar production being seasonal, performance of one quarter is not indicative of the trend for the whole year') and to the June quarter falling outside the October–March crushing season, evidenced by inventories being drawn down to ₹147.02 Cr from ₹250.62 Cr at March-end as revenue was booked off stock built in the prior (crushing) quarter rather than fresh production. No exceptional or one-off items were disclosed in either the current or year-ago P&L lines themselves, so the YoY loss-widening is reported as-is, not adjusted.