Vishwaraj Sugar first-half loss widens to Rs 45.77 crore

Vishwaraj Sugar Industries Limited posted a net loss of Rs 45.7661 crore in the six months ended September 30, 2026, versus Rs 30.8388 crore a year earlier, as revenue from operations rose to Rs 214.1329 crore but finance costs reached Rs 25.064 crore.

Why did Vishwaraj Sugar’s first-half loss widen?

Vishwaraj Sugar’s loss widened because total expenses increased faster than total income in the six months ended September 30, 2026. Total income increased to Rs 221.7777 crore from Rs 190.8011 crore, while total expenses rose to Rs 267.5438 crore from Rs 221.6399 crore, producing a loss before tax of Rs 45.7661 crore.

Revenue from operations rose by Rs 26.0342 crore from Rs 188.0987 crore in the corresponding six months of 2025. Other income also increased to Rs 7.6448 crore from Rs 2.7024 crore, but the Rs 45.9039 crore increase in total expenses exceeded the Rs 30.9766 crore increase in total income.

How did Vishwaraj Sugar’s quarterly result change?

Vishwaraj Sugar reported revenue from operations of Rs 107.0668 crore for the quarter ended September 30, 2026, virtually unchanged from Rs 107.0661 crore in the quarter ended June 30, 2026. The September-quarter revenue was higher than Rs 55.0399 crore in the quarter ended September 30, 2025.

The September-quarter net loss narrowed sequentially to Rs 19.773 crore from Rs 25.8357 crore in the June 2026 quarter. It was nevertheless wider than the Rs 14.3657 crore loss in the September 2025 quarter, while total income was Rs 111.5536 crore and total expenses were Rs 131.3265 crore.

Basic and diluted earnings per share were a loss of Rs 0.91 for the September 2026 quarter, compared with a loss of Rs 1.19 in the preceding quarter and Rs 0.66 a year earlier. For the six months ended September 30, 2026, the basic and diluted loss per share was Rs 2.10, against Rs 1.42 in the corresponding period of 2025.

Which costs changed most for Vishwaraj Sugar?

Vishwaraj Sugar’s finance costs rose to Rs 25.064 crore in the first half from Rs 11.2871 crore a year earlier, an increase of Rs 13.7769 crore. In the September 2026 quarter alone, finance costs were Rs 13.0496 crore, compared with Rs 4.6141 crore in the September 2025 quarter.

Changes in inventories, the largest stated expense line, increased to Rs 196.8703 crore from Rs 170.3732 crore. Other manufacturing expenses rose to Rs 17.1909 crore from Rs 14.8381 crore, depreciation and amortisation increased to Rs 12.296 crore from Rs 8.0882 crore, and other expenses reached Rs 5.2555 crore from Rs 4.3183 crore.

Employee-benefit expense moved in the other direction, declining to Rs 9.4005 crore from Rs 11.2971 crore. Cost of materials consumed was Rs 1.4665 crore against Rs 1.4378 crore, while no current or deferred tax expense was reported for either first-half period.

What changed in Vishwaraj Sugar’s balance sheet and cash flow?

Vishwaraj Sugar’s total assets were Rs 661.0665 crore at September 30, 2026, compared with Rs 827.7547 crore at March 31, 2026. Current assets declined to Rs 159.4947 crore from Rs 319.459 crore, including inventories of Rs 54.9596 crore compared with Rs 250.616 crore.

Trade receivables increased to Rs 32.8511 crore from Rs 22.6458 crore, while other current assets rose to Rs 67.4698 crore from Rs 43.6372 crore. Total equity declined to Rs 207.1885 crore from Rs 252.9546 crore as other equity fell to Rs 163.6229 crore from Rs 209.389 crore; paid-up share capital remained Rs 43.5655 crore.

Non-current borrowings increased to Rs 160.708 crore from Rs 131.3418 crore, while current borrowings decreased to Rs 210.9956 crore from Rs 289.235 crore. Combined borrowings therefore declined to Rs 371.7036 crore at September 30 from Rs 420.5768 crore at March 31, 2026.

Cash generated from operating activities was Rs 81.3677 crore in the half year, following an operating loss before working-capital changes of Rs 8.4062 crore. A Rs 195.6564 crore inventory reduction was partly offset by a Rs 79.0174 crore decrease in trade payables, and financing activities used Rs 73.9372 crore, including Rs 25.064 crore of interest paid.

Conclusion

Vishwaraj Sugar’s first-half results show that higher revenue did not offset the increase in expenses. Revenue from operations rose by about 14% to Rs 214.1329 crore, but finance costs rose by Rs 13.7769 crore and the net loss widened by Rs 14.9273 crore to Rs 45.7661 crore.

The next reported quarter will need to be assessed in the context of the company’s stated seasonality. Vishwaraj Sugar says sugar production is seasonal and that one quarter is not indicative of the full-year trend, while the September 2026 quarter’s loss of Rs 19.773 crore was lower than the June-quarter loss of Rs 25.8357 crore.