Vishwaraj Sugar Industries Limited reports Rs 8 crore loans

Vishwaraj Sugar Industries Limited disclosed Rs 8 crore of related-party loans in the half year ended September 30, 2026, comprising Rs 3 crore from director Kush R Katti and Rs 5 crore from UK 27 Hospitality Services (India) Limited, which the filing lists among companies influenced by key management personnel or their relatives.

What related-party loans did Vishwaraj Sugar report?

Vishwaraj Sugar reported Rs 8 crore of loans received from two related parties for the half year ended September 30, 2026. The related-party note records a Rs 3 crore “Loan from Director” from Kush R Katti, identified in the filing as a director, and a Rs 5 crore loan received during the period from UK 27 Hospitality.

UK 27 Hospitality was shown with a Rs 5 crore balance payable as at September 30, 2026, matching the loan received during the period. The filing showed no amount paid during the period against that loan, while it did not separately state a closing balance for the Rs 3 crore loan from Kush R Katti.

The filing does not disclose the interest rate, maturity, security, repayment terms or stated use of proceeds for either the Rs 3 crore director loan or the Rs 5 crore UK 27 Hospitality loan. It classifies UK 27 Hospitality as a company in which key management personnel or their relatives have significant influence.

How do the 2026 related-party loans compare with 2025?

Vishwaraj Sugar’s comparative table showed no amount for Kush R Katti’s Rs 3 crore director loan at September 30, 2025, while the current disclosure reports the Rs 3 crore transaction at September 30, 2026. The filing does not explain whether any director-loan balance existed outside the prior-period presentation.

UK 27 Hospitality had no amount recorded for loan received during the period in the September 30, 2025 column. In the September 30, 2026 disclosure, it recorded Rs 5 crore received and a Rs 5 crore balance payable, introducing a funding transaction that was absent from the comparable period’s related-party table.

The broader balance sheet showed non-current borrowings rising to Rs 160.708 crore at September 30, 2026 from Rs 131.3418 crore at March 31, 2026. Current borrowings fell to Rs 210.9956 crore from Rs 289.235 crore over the same dates, but the filing does not reconcile the Rs 8 crore of related-party loans to either borrowing category.

Taken together, reported non-current and current borrowings were Rs 371.7036 crore at September 30, 2026, compared with Rs 420.5768 crore at March 31, 2026. That balance-sheet movement is separate from the related-party note, which identifies transactions and selected closing balances rather than a full bridge of the company’s debt.

What cane advances and deposit balances remain disclosed?

Vishwaraj Sugar listed six cane purchase advances involving promoter-family and management-linked individuals, totalling Rs 2.8312 crore at September 30, 2026. Each entry was unchanged from September 30, 2025, with individual advances ranging from Rs 37.14 lakh for Jayashree R Katti to Rs 57.24 lakh for Kush R Katti.

The six disclosed advances were Rs 40.78 lakh for Nikhil U Katti, Rs 52.47 lakh for Lava R Katti, Rs 57.24 lakh for Kush R Katti, Rs 42.44 lakh for Sheela U Katti, Rs 37.14 lakh for Jayashree R Katti and Rs 53.05 lakh for Shruti N Katti. The note describes these as cane purchase advances, rather than as loans.

Vishwaraj Sugar also reported a Rs 2 crore lease security deposit involving Nikhil Katti at September 30, 2026, unchanged from September 30, 2025. The disclosure does not provide the lease term, property details, interest arrangement or a balance-sheet reconciliation for the deposit.

These categories are distinct in the note from the Rs 3 crore loan from Kush R Katti and the Rs 5 crore UK 27 Hospitality loan. The distinction matters because the disclosed Rs 2.8312 crore of cane advances and Rs 2 crore lease deposit are continuing balances, whereas the two loan entries concern funding reported for the half year ended September 30, 2026.

How did Vishwaraj Sugar’s other related-party transactions change?

Vishwaraj Sugar reported Rs 65.20 lakh of sales to U R Agrofresh Private Limited in the half year ended September 30, 2026, compared with Rs 37.48 lakh in the comparable 2025 period. The note also listed a Rs 65.49 lakh receivable from U R Agrofresh at September 30, 2026, up from Rs 56.49 lakh a year earlier.

The U R Agrofresh table separately includes another line for “Balance Receivables as on 30th September” of Rs 3.25 crore at both September 30, 2026 and September 30, 2025. As the note does not identify how the Rs 65.49 lakh and Rs 3.25 crore receivable lines differ, it does not establish whether they represent separate balances or different classifications.

Sales to UK 27 Hospitality were Rs 0.86 lakh during the 2026 half year, compared with Rs 0.73 lakh in the prior-year period. Its September 30, 2025 entries included a Rs 0.19 lakh receivable, Rs 0.24 lakh of travel and daily allowance expenses, and a Rs 0.22 lakh payable, while those amounts were shown as nil in the 2026 column apart from the Rs 5 crore loan balance.

Among remuneration entries, Kush R Katti received Rs 21 lakh in both the 2026 and 2025 periods, while Sneha Nithin Dev received Rs 15 lakh in both periods. Mallikarjun Pujar’s director remuneration increased to Rs 5.33 lakh from Rs 2.24 lakh, and salary for Lava Katti and Shruti N Katti remained Rs 21 lakh each.

Conclusion

The September 30, 2026 disclosure identifies Rs 8 crore of related-party loan funding, divided between a Rs 3 crore director loan from Kush R Katti and a Rs 5 crore loan from UK 27 Hospitality. It appears alongside Rs 2.8312 crore of unchanged cane purchase advances and a Rs 2 crore lease security deposit, showing several categories of related-party balances.

The next disclosure to watch is whether Vishwaraj Sugar provides terms or closing balances for the Rs 3 crore director loan and whether the Rs 5 crore UK 27 Hospitality payable remains outstanding. The filing also notes that sugar production is seasonal and that one quarter is not indicative of the full-year trend, while leaving the two U R Agrofresh receivable lines of Rs 65.49 lakh and Rs 3.25 crore unexplained.