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Shree Renuka Sugars Results: Latest Quarterly Results & Analysis

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Shree Renuka Sugars Ltd. 11 May 2026 12:39 PM
Result PDF

Q4FY26 & FY26 Result Announced for Shree Renuka Sugars Ltd.

Sugar company Shree Renuka Sugars announced Q4FY26 & FY26 results

Consolidated Financial Highlights:

  • Revenue from Operations: Reported at Rs 25,485 million in Q4FY26, registering a growth of 12.10% QoQ from Rs 22,734 million in Q3FY26, but declining by 6.15% YoY compared to Rs 27,155 million in Q4FY25. For the full year FY26, revenue stood at Rs 91,689 million, marking a 15.99% YoY decrease from Rs 1,09,143 million in FY25.
  • Total Income: Reached Rs 26,107 million in Q4FY26, reflecting a 13.50% QoQ increase from Rs 23,002 million in Q3FY26, and a drop of 5.98% YoY against Rs 27,768 million in Q4FY25. FY26 total income stood at Rs 93,053 million, down by 15.72% YoY from Rs 1,10,409 million in FY25.
  • Profit/Loss Before Tax: The company reported a loss before tax of Rs 1,532 million in Q4FY26, turning negative from a profit of Rs 236 million in Q3FY26 and a profit of Rs 909 million in Q4FY25. The annual loss before tax for FY26 widened to Rs 8,723 million, compared to a loss of Rs 3,626 million in FY25.
  • Net Profit/Loss for the Period: Posted a net loss of Rs 1,214 million for Q4FY26, which worsened from a net loss of Rs 381 million in Q3FY26 and slipped from a net profit of Rs 931 million in Q4FY25. For FY26, the net loss significantly expanded to Rs 7,924 million from a net loss of Rs 2,999 million in FY25.

Standalone Financial Highlights:

  • Revenue from Operations: Stood at Rs 22,682 million in Q4FY26, showing an increase of 15.80% QoQ from Rs 19,587 million in Q3FY26, but moving down by 10.79% YoY against Rs 25,425 million in Q4FY25. For FY26, it declined by 14.46% YoY to Rs 85,158 million from Rs 99,553 million in FY25.
  • Total Income: Recorded at Rs 23,347 million in Q4FY26, representing an 8.95% QoQ growth from Rs 21,430 million in Q3FY26, and a 10.50% YoY decrease from Rs 26,087 million in Q4FY25. FY26 total income was Rs 86,756 million, reflecting a 16.77% YoY drop from Rs 1,04,240 million in FY25.
  • Profit/Loss Before Tax: Stood at a loss of Rs 1,754 million in Q4FY26, dropping from a profit of Rs 375 million in Q3FY26 and a profit of Rs 659 million in Q4FY25. FY26 loss before tax widened to Rs 7,802 million compared to a loss of Rs 3,036 million in FY25.
  • Net Profit/Loss for the Period: Reported a net loss of Rs 1,412 million in Q4FY26, worsening from a net loss of Rs 238 million in Q3FY26 and falling from a net profit of Rs 544 million in Q4FY25. Annual net loss for FY26 stood at Rs 6,989 million, expanding from a net loss of Rs 2,558 million in FY25.

Business & Segment Highlights:

  • Sugar - Milling Segment: Contributed a revenue of Rs 10,595 million in Q4FY26. For the full year FY26, the segment recorded Rs 28,270 million, down from Rs 31,793 million in FY25.
  • Sugar - Refinery Segment: Remained the largest revenue contributor, generating Rs 15,126 million in Q4FY26. FY26 revenue for this segment stood at Rs 61,022 million against Rs 74,912 million in FY25.
  • Distillery Segment: Recorded a revenue of Rs 3,356 million in Q4FY26. Total FY26 revenue for the segment was Rs 9,233 million, a slight decrease from Rs 10,094 million in FY25.
  • Co-generation Segment: Generated Rs 1,721 million in Q4FY26. For the full year FY26, revenue stood at Rs 3,577 million, marginally down from Rs 3,610 million in FY25.
  • Impairment Loss: The company performed an impairment assessment for the integrated milling division during the quarter and recognized an impairment loss amounting to Rs 2,948 million.
  • Cane Provision Reversal: During Q4FY26, the company recognized an income of Rs 353 million due to the reversal of a cane provision, determined by the management as no longer payable.
  • Going Concern & Net Worth: The company reported a negative net worth of Rs 12,455 million (Standalone) and Rs 26,766 million (Consolidated) as of March 31, 2026. However, the financial results were prepared on a going-concern basis, supported by corporate guarantees, a letter of comfort from the ultimate Holding Company (Wilmar International Limited), and a letter of support from Wilmar Sugar and Energy Pte Ltd. to meet working capital requirements.
  • Subsidiary Strike-Off: The Board approved the strike-off of the Ethiopian subsidiary, Shree Renuka East Africa Agriventures PLC (SREAA), which was officially struck off via cancellation of the investment permit on March 17, 2026.

Result PDF

Result PDF

Sugar company Shree Renuka Sugars announced Q3FY26 results

  • Revenue: Rs 21,196 million against Rs 24,783 million during Q3FY25, change -14%.
  • PBT: Rs 236 million against Rs -2,342 million during Q3FY25, change 110%.
  • PAT: Rs -381 million against Rs -2,037 million during Q3FY25, change 81%.
  • EPS: Rs -0.18 for Q3FY26.

Result PDF

Sugar company Shree Renuka Sugars announced Q1FY25 results:

Consolidated: 

  • Revenue went up by 31% from Rs 23,546 million to Rs 30,750 million.
  • PBT Loss for the year widened to negative Rs 1,781 million vs negative Rs 1,369 million over the last year.

Standalone:

  • Company continued its revenue growth momentum, grew by 27% vs 18% (LY)
  • Revenue growth was led by Refinery up 39%, Domestic sugar sales up 11% but impacted by ethanol sales (53%).
  • EBITDA was lower at Rs 1,070 million (LY Rs. 1,468 Mn), mainly impacted by ethanol business and lower MTM in commodity hedging.

Atul Chaturvedi, Executive Chairman of the company, said: “We have commenced the first quarter on a positive note and achieved healthy growth. This quarter’s results were impacted on account of the temporary change in ethanol production / sales policy of the government. Our Standalone total income for the quarter has increased by 27% over the previous year. Revenues have grown significantly with upside in our refinery and sugar businesses.

For the upcoming sugar season, we expect the Government to allow higher sugar diversion for ethanol production, positive policy announcements regarding the minimum selling price (MSP) of sugar and ethanol pricing. These steps would help the sugar and energy sector, ensure liquidity at sugar mills and timely sugarcane payments to farmers.

Sunil Ranka, Chief Financial Officer, said:  “Shree Renuka Sugars has delivered a stable performance in Q1 with a standalone gross profit of Rs 3,603 million and the EBITDA levels at Rs 1,070 million, navigating the challenge of Government regulations.

With the onset of good monsoon across the country and specially in the sugarcane belts of Maharashtra, Karnataka and U.P., we anticipate adequate sugarcane availability in the upcoming season. Even after an increase in the FRP (fair and remunerative price) which is likely to lead to some cost escalation, the industry expects further upward improvement in the sugar and ethanol pricing. Good monsoon, strong sugarcane planting, and consistent government policies will help Renuka influence the business trajectory going forward.”

Result PDF

Shree Renuka Sugars announced FY24 results:

Standalone:

  • Revenue went up by 25% from Rs 86,862 million to Rs 1,08,981 million.
  • EBITDA for FY24 was sustained at last year’s levels - Rs 7,195 million.
  • The refinery division delivered strong performance due to firm international sugar prices and high export volumes.
  • Ethanol and Sugar segment were a drag due to restrictive government policy on Ethanol. 

Consolidated:

  • Revenue went up by 25% from Rs 91,065 million to Rs 1,13,674 million.
  • EBITDA for the year stood at Rs 7,560 million, an increase of 5% over the last year of Rs 7,196 million.
  • During the year, the company strategically invested Rs 3,450 million in Anamika to derisk the business geographically.
  • PBT Loss for the year widened to negative Rs 4,618 million vs negative Rs 1,796 million over the last year.

Atul Chaturvedi, Executive Chairman said, “The company has displayed strong momentum, anchored by the Refinery division’s strong performance driven by firm international sugar prices and high export volumes. The domestic business was impacted due to lower production & sales volumes on account of drought induced low cane availability and restrictive policies on Ethanol.

Our flagship Consumer Pack brand Madhur continued to grow. Further, higher net realization especially in domestic sugar and refinery businesses resulted in stable Q4 performance. Our consolidated total income has increased by 25% over the previous year. The company’s resilience is driven by its robust business model."

Sunil Ranka, Chief Financial Officer said, “Shree Renuka Sugars has delivered a stable financial performance driven by the strong topline and consolidated EBITDA growth of 5%. Though our company’s EBITDA is comparable amongst the peers, the interest cost has escalated due to the upward movement in the borrowing rates along with additional working capital requirements for our refinery division thereby resulting in higher interest burden and impacting the profitability of the Company."

Result PDF

Shree Renuka Sugars announced Q3FY24 & 9MFY24 results:

Consolidated Q3FY24:

  • Total Income: Rs 30,621 million, a 19% increase from Q3FY23 which was Rs 25,632 million.
  • EBITDA: Rs 2,412 million, showing a 6% increase from Q3FY23's Rs 2,266 million.

Consolidated 9MFY24:

  • Total Income: Rs 79,814 million, an 18% rise compared to 9MFY23's Rs 67,365 million.
  • EBITDA: Rs 4,743 million, a 13% increase from 9MFY23's figure of Rs 4,213 million.

Standalone 9MFY24:

  • Total income for 9MFY24 increased by 16% over the previous year, from Rs 65,993 million to Rs 76,763 million.
  • The EBITDA for 9MFY24 stood at Rs 4,785 million, marking a 10% increase over last year's Rs 4,368 million.
  • Domestic sugar sales volume increased by 3% to 247K MT.
  • Refinery exported 1,026K MT compared to 1,062 MT in the previous year. Sales realization rose to Rs 56K/MT from 43K/MT last year due to firm international values.
  • Distillery produced 11.73 crore litres during 9MFY24, compared to 12.16 crore litres in the previous year, attributed to regulatory ban on ethanol production from cane juice and limiting production from BH molasses.

Operational Highlights

  • Domestic Sugar Sales Volume: Saw an increase of 3% reaching 247K metric tons.
  • Refinery Exports: Reported at 1,026K metric tons for 9MFY24, down from 1,062K metric tons in the last year. However, sales realization rose from Rs 43K/MT to Rs 56K/MT due to firm international values.
  • Distillery Production: Production in 9MFY24 stood at 11.73 crore liters versus 12.16 crore liters the previous year, influenced by a regulatory ban on ethanol production from cane juice and constraints on production from B Heavy molasses.

Atul Chaturvedi, Executive Chairman, said: "The third quarter's results reflect our steadfast growth in our operations despite the regulatory headwinds of restricted production of Cane Juice & 'B' Heavy Ethanol. The global economy continues to face multiple macroeconomic and geopolitical shocks. Inspite of all these challenges, Renuka is successfully progressing ahead. Our total income for 9MFY24 has increased by 18% over the previous year. The company posted a strong 9MFY24 performance driven by improved realizations across all segments."

Sunil Ranka, Chief Financial Officer, said: "Renuka Consol has delivered a stable financial performance in the third quarter with a 9MFY24 EBITDA growth of 13%. Refinery revenues and margins were better as compared to the previous year, which has enabled the EBITDA levels to move upwards to Rs 4,743 million from Rs 4,213 million in the previous year. Cane production is likely to be lower in Karnataka and Maharashtra States. Our Anamika acquisition in U.P. (North India) has vindicated the strategy of de-risking geographically and the said unit has performed well as compared to last year which is included in the above results."

Result PDF

Shree Renuka Sugars announced Q1FY24 results:

  • Total income up by 18% over Q1FY23 from Rs 19,401 million to Rs 22,865 million. Refinery contributed ~70% of topline.
  • Gross profit has improved from Rs 3,048 million to 3,562 million up by 17%.
  • EBITDA has improved from Rs 1,102 million to 1,468 million up by 33%. EBITDA margin improved by 74 bps.
  • Volume growth was led by
    • 1) Domestic sugar sales (up by 33%) of which Consumer pack sales (grew by 9%) and
    • 2) Refinery (2%).
  • Distillery had a record production of 4.67 crore litres despite being off-season due to availability of stored molasses, compared to 4.62 crore litre produced in the previous year.

Atul Chaturvedi, Executive Chairman, “This quarter’s results must be seen in the light of inflationary headwinds, high interest rates, weakening currency and disruption caused at our Kandla refinery by cyclone Biparjoy. We have commenced the first quarter on a positive note and achieved healthy growth. Our total income for the quarter has increased by 18% over the previous year. Revenues have grown significantly across all segments with upside in our refinery and sugar business.

The delay in the onset of monsoon in the country was offset due to the torrential rains in the sugarcane belts of Maharashtra and Karnataka in June and we anticipate adequate sugarcane availability in the upcoming season. With the further thrust on ESG initiatives, our organic manure “BHU SANJIVANI” was launched at our Munoli unit (Karnataka) recently which is expected to improve soil health and increasing farmer’s income by increasing quantity and quality of their crop yield."

Sunil Ranka, Chief Financial Officer, “Shree Renuka Sugars has delivered one of the best performances in the first quarter with a gross profit growth of about 17% and EBITDA growth of 33%. The current results demonstrate our unwavering commitment to operational excellence and providing superior results to our stakeholders. High volumes and margins propped EBITDA up to Rs 1,468 million from EBITDA of Rs 1,102 million in the previous year.

Even after increase in the FRP (fair and remunerative price), which is likely to lead to some cost escalation, the same should not pose a problem as the macro environment is supportive and the industry expects further upward improvement in the ethanol purchase price. Good monsoon, strong sugarcane planting and government policies will continue to keep Renuka on the accelerated growth path.”

 

Result PDF

Shree Renuka Sugars announced Q3FY23 results:

  • Q3FY23 & 9MFY23:
    • Total income for 9MFY23 up by 57% over the previous year from Rs 42,055 million to Rs 65,993 million. Refinery contributed 71% of the top line.
    • The EBITDA for 9MFY23 stood at Rs 4,368 million, an increase of 119% over last year of Rs 1,995 million.
    • 9MFY23 level losses have narrowed by 29% from last year. PBT (before exceptional items) during the 9MFY23 being negative at Rs 1,785 million vs negative at Rs 2,524 million over the previous year.  
    • Distillery produced during 9MFY23, 12.2 crore liters with a growth of 50%. Despatches up by 33% to a record 14 crores litres.
  • Consolidated 9MFY23:
    • Total income went up by 56% over the previous year from Rs 43,109 million to Rs 67,365 million. 
    • The overall 9MFY23 EBITDA stood at Rs 4,213 million, up by 122% as compared to Rs 1,899 million during the previous year.
    • Losses have narrowed down by 18% from last year. PBT negative at Rs 2,300 million vs negative at Rs 2,792 million over the previous year.

 

 

 

Result PDF

Shree Renuka Sugars announced Q2FY23 results:

  • Total income for H1FY23 was up by 84% over the previous year from Rs 22,239 million to Rs 40,925 million.  Revenue was driven by volume and price growth across all segments.
  • The EBITDA for H1FY23 stood at Rs 2,205 million, increased by 926% over last year of Rs 215 million.
  • H1 level losses have narrowed down by 33% from last year. PBT (before exceptional items) during the H1 was negative at Rs (1,979) million negative at Rs (2,960) million over the previous year. 
  • The distillery produced during H1FY23, 6.71 crs litres with a growth of 149%. Despatches are up by 68% to a record 9.44 crs litres. Our strategy of storing “B” Heavy & “C” molasses ensured that our distilleries ran during the off-season as well.
  • At the consolidated level for H1,  
    • The total income went up by 83% over the previous year from Rs 22,856 million to Rs 41,733 million.
    • The overall H1FY23 EBITDA stood at Rs 1,947 million compared to Rs 56 million during the previous year.
    • Losses have narrowed down by 24% from last year. PBT negative at Rs (2,448) million negative at Rs (3,227) million over the previous year.

 

Result PDF

 Shree Renuka Sugars announced Q1FY23 Result :

  • Shree Renuka Sugars Limited (SRSL) empowering growth, driven by performance across all segments
  • Total Income higher by 141%, driven by volume and price growth, with refinery and distillery segments being the major contributors.
  • Total income up by 141% over the previous year from INR 8,067 Mn to INR 19,401 Mn.
  • The company posted strong Q1 performance driven by double digit volume growth and higher margins across all its business segments compared to a year ago.
  • Growth was led by 1) Refinery (175%) & Distillery (89%), 2) Consumer pack sales grew by 4%. Realization remained robust and improved by 5%.
  • Distillery had a record production of 4.62 crore litres despite being off season due to availability of stored molasses, compared to 1.84 crore litres produced in the previous year.

Mr Atul Chaturvedi, Executive Chairman “This quarter’s results must be seen in the light of soaring global inflation, high interest rates, high crude prices and weakening currency. Commodity markets remain very volatile, compelling Government to resort to export restrictions. Our total income for the quarter has increased by 141% over the previous year. Revenues have grown significantly across all segments with better sales realization.

With the onset of good monsoon in the country, we anticipate better sugarcane availability in the upcoming season (October-September) also. Besides improving the balance sheet and cash flows of sugar mills, higher ethanol sales has ensured timely payment of cane dues to farmers and balance out sugar inventories. We remain very optimistic in the financial performance and overall growth of our Company.”

 

Result PDF

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