Bajaj Hindusthan Sugar reported a consolidated net loss of ₹121.28 crore for the September quarter, compared with a loss of ₹105.25 crore in the corresponding quarter last year, according to the exchange filing. Revenue also declined 16.3% year-on-year to ₹968 crore from ₹1,157 crore. Despite the wider net loss, the company's EBITDA loss narrowed to ₹43 crore from ₹54.3 crore in the year-ago quarter, indicating an improvement in operating performance despite lower revenue. The latest results indicate mixed financial performance, with an improvement in EBITDA losses but a decline in revenue and a wider net loss.
The company's board approved the sale of its entire 100% stake in wholly owned subsidiary Bajaj Hindusthan (Singapore) Private Limited for $6.26 million, or approximately ₹60.1 crore, according to the latest reports. The buyer has been identified as Altaqat Management Consultancies Co LLC in consortium with Dejavu FZ LLC, based in Dubai. The subsidiary contributed ₹81.11 crore to net worth (2.13%) but reported zero revenue in FY26, with the sale price implying a valuation discount relative to book value. The transaction is subject to necessary regulatory compliance and is expected to be completed within 180 days. Additionally, two Indonesian step-down subsidiaries will also cease to be part of the group post-transaction. The buyers do not belong to the promoter or promoter group, ensuring the transaction remains outside related-party transactions.
The company's sugar business remained the largest contributor to revenue, but segment revenue declined to ₹852.14 crore from ₹1,093.73 crore in the corresponding quarter last year. However, the segment's loss before tax and interest narrowed to ₹46.56 crore from ₹65.51 crore. The distillery business reported revenue of ₹109.56 crore, more than double that of ₹51.02 crore reported a year ago, though its segment loss widened to ₹14.08 crore from ₹12.06 crore. The power segment saw revenue decline sharply to ₹2.67 crore from ₹17.08 crore, while its loss widened to ₹28.06 crore from ₹16.15 crore a year ago. Notably, the standalone results reflect an exceptional item of ₹48.06 crore related to this proposed divestment.
Total assets on a consolidated basis stood at ₹12,319.08 crore as of September 30, 2026, down from ₹14,303.79 crore in March 2026. Inventories decreased significantly to ₹518.97 crore from ₹2,424.78 crore, reflecting seasonal destocking. Cash and cash equivalents rose slightly to ₹92.45 crore. The company continues to operate under a debt restructuring plan, with OCD repayments subject to a moratorium until March 2031. Management has also highlighted a pending claim of approximately ₹1,995 crore under the Sugar Industry Promotion Policy, 2004, which remains sub judice. The company operates 14 sugar plants in Uttar Pradesh with a combined cane-crushing capacity of 136,000 tonnes crushed per day.
The company's stock closed at ₹18.47, down by ₹0.35 or 1.86% on the BSE on Wednesday, reflecting investor concerns over the widening losses despite operational improvements. The divestment aims to strengthen the company's balance sheet by repaying Optionally Convertible Debentures (OCDs) under the debt restructuring plan. However, the bottom line deteriorated despite stable cost management, as top-line pressure persisted across operations. The company operates across sugar, distillery, and power segments, with the sugar segment reporting the largest losses while the distillery segment showed revenue growth despite widening losses. The transaction proceeds will be utilised towards repayment of outstanding OCDs under the debt restructuring plan.
