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Shree Renuka Sugars Limited (RENUKA)

₹22.15 -0.36% last close, 16 Oct

📊 NSE: RENUKA 🏢 Sugar 📢 Latest filing: 06 Oct 2026 📝 Analysis written: 14 Dec 2025

Q2 FY27 results

📅 Next results: 30 Oct 2026 (board meeting)

Shree Renuka Sugars Limited's board meets on 30 Oct 2026 to consider its Q2 FY27 results (July-September 2026).

In its latest reported quarter, Q1 FY27, Shree Renuka's revenue was ₹2,120 Cr (+5.5% year on year, -16.8% on the previous quarter), and net profit ₹-252 Cr (a smaller loss than a year earlier); the operating margin was -3.6%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹2,120	+5.5%	-16.8%
Operating profit	₹-76.3	loss narrowed	to loss
Net profit	₹-252	loss narrowed	loss widened
EPS (₹)	-1.18	loss narrowed	loss widened
Operating margin	-3.6%	—	—

Full quarterly financials → Results calendar →

RENUKA delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 32.83% of the RENUKA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 29.66%. That is close to its usual level.

32.83%Delivery, 16 Oct

29.66%Own 20-session average

0.7×Volume vs its average

₹22.15NSE close · -0.36%

Delivery in the last 5 sessions: 25.2% · 25.8% · 23.9% · 32.6% · 32.8%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Shree Renuka Sugars Submits Dematerialisation Certificate for Q2 Ended September 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 06 Oct 2026, 01:03 PM

Shree Renuka Sugars Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period ended September 30, 2026. The certificate from Registrar and Share Transfer Agent KFin Technologies Limited confirms that share certificates received for dematerialisation were processed, confirmed to depositories, and mutilated within the mandated 15-day timeline. This is a recurring administrative filing with no financial or operational impact.

Compliance certificate submitted for the quarter ended September 30, 2026
Issued under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
Confirmation that securities were dematerialised and register of members updated within 15 days
Certificate provided by Registrar and Share Transfer Agent KFin Technologies Limited on October 5, 2026

💡 No action is required as this is a standard quarterly regulatory disclosure. Investors should focus on upcoming Q2 FY2027 financial earnings results and sugar sector operating metrics.

Shree Renuka Sugars Issues Revised 30th AGM Notice for September 22, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 15 Sep 2026, 03:10 PM

Shree Renuka Sugars Limited released its revised notice for the 30th Annual General Meeting scheduled for September 22, 2026, following a corrigendum issued on September 11, 2026. Key agenda items include the re-appointment of Director Kuok Khoon Hong (aged 77) and Executive Director Ravi Gupta for a 5-year term starting October 28, 2026, as well as the appointment of Vipin Kumar Rathi as Whole-Time Director. The document notes that for FY26, the company posted a standalone net loss of Rs 6,989 Mn (Rs 698.9 Cr) due to refinery headwinds and forex losses.

30th Annual General Meeting scheduled for September 22, 2026 at 11:00 AM IST via video conferencing
Proposal to re-appoint Mr. Kuok Khoon Hong (aged 77) as a Non-executive, Non-Independent Director
Proposal to re-appoint Mr. Ravi Gupta as Executive Director for 5 years effective October 28, 2026
Document notes standalone FY26 net loss of Rs 6,989 Mn primarily driven by refinery headwinds and forex losses

💡 Track voting outcomes of the AGM resolutions on September 22, 2026, and assess operational commentary on debt refinancing and refinery profitability in forthcoming quarters.

Shree Renuka Sugars Issues Corrigendum for 30th AGM Resolution on Director Re-Appointment

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Sep 2026, 09:03 PM

Shree Renuka Sugars has issued a corrigendum to the notice of its 30th Annual General Meeting scheduled for 22nd September 2026. Item No. 3, regarding the re-appointment of Non-Executive Director Mr. Kuok Khoon Hong (DIN: 00021957), has been changed from an Ordinary Resolution to a Special Resolution. Under SEBI LODR Regulation 17(1A), a special resolution is required because Mr. Kuok has attained 77 years of age. An explanatory statement justifying his continuation has been appended accordingly.

AGM scheduled for Tuesday, 22nd September 2026 at 11:00 A.M. IST via Video Conferencing
Item No. 3 converted from Ordinary Resolution to Special Resolution
Resolution pertains to re-appointment of Director Mr. Kuok Khoon Hong, aged 77 years
Compliance invoked under SEBI LODR Regulation 17(1A) for directors above 75 years of age
Original AGM Notice dispatched to shareholders on 31st August 2026

💡 Shareholders should note the voting threshold change to a Special Resolution for Item No. 3 when casting e-votes for the AGM on 22nd September 2026.

Shree Renuka Sugars Convenes 30th AGM on Sept 22, 2026; Director Appointments Proposed

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 31 Aug 2026, 06:11 PM

Shree Renuka Sugars Limited has issued the notice for its 30th Annual General Meeting scheduled for September 22, 2026, via video conferencing. The meeting agenda includes the adoption of FY26 audited financial statements and the approval of key executive appointments. Proposed resolutions include the re-appointment of Executive Director Ravi Gupta for 5 years and the appointment of Whole-Time Director Vipin Kumar Rathi for a 5-year tenure starting August 5, 2026. The company noted FY26 standalone losses after tax of Rs. 6,989 Mn due to refinery headwinds, high sugarcane prices, and forex impacts.

30th AGM scheduled for Tuesday, September 22, 2026 at 11:00 AM IST via Video Conferencing
E-voting cut-off date fixed for September 15, 2026, with voting window open September 19–21, 2026
Proposal to re-appoint Mr. Ravi Gupta as Executive Director for a 5-year term starting October 28, 2026
Proposal to appoint Mr. Vipin Kumar Rathi as Whole-Time Director for 5 years effective August 5, 2026
FY26 standalone loss after tax disclosed at Rs. 6,989 Mn cited in explanatory statements

💡 Eligible shareholders as of September 15, 2026 can cast e-votes between September 19 and September 21, 2026. Track upcoming quarterly earnings for signs of operational turnaround amid high debt levels.

Ind-Ra Downgrades Shree Renuka Sugars' NCDs and Bank Facilities to 'IND A-' / Negative

🔴 NEGATIVE ⭐ 9/10

OTHER 📅 25 Aug 2026, 02:11 PM

India Ratings and Research (Ind-Ra) has downgraded Shree Renuka Sugars' NCDs (INR 4,532 million) and long-term bank facilities (INR 27,596 million) from 'IND A' to 'IND A-' while retaining a Negative outlook. Short-term facilities were also downgraded from 'IND A1' to 'IND A2+'. The downgrade reflects weaker-than-expected EBITDA in FY26 (INR 1.3 billion vs INR 6.4 billion in FY25), continued losses in 1QFY27, elevated forex losses, and high net external debt of INR 56.9 billion. The rating continues to rely heavily on tangible financial and operational backing from parent Wilmar International.

Long-term rating for NCDs (INR 4,532 mn) and bank loans (INR 27,596 mn) downgraded to 'IND A-' from 'IND A' with Negative outlook
Short-term rating downgraded to 'IND A2+' from 'IND A1'
EBITDA contracted sharply to INR 1.3 billion in FY26 from INR 6.4 billion in FY25, reporting an EBITDA loss of INR 0.7 billion in 1QFY27
Net external debt rose to INR 56.9 billion at FYE26 compared to INR 45.2 billion at FYE25
Wilmar provides corporate guarantees covering ~65% of external debt and maintains INR 54 billion total exposure

💡 Track refining margins and domestic sugar realization trends in upcoming quarters, alongside any further liquidity or debt restructuring support provided by parent Wilmar International.

Shree Renuka Sugars Appoints 3 Directors, Including Wilmar Group Head

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 05 Aug 2026, 05:51 PM

Shree Renuka Sugars has announced key board appointments, including the re-appointment of Ravi Gupta as Executive Director for a 5-year term starting October 28, 2026. The board also appointed Vipin Kumar Rathi as a Whole-time Director and regularized Kwek Ju-Yang, the Group Head of Sugar and Ethanol at Wilmar Group, as a Non-Executive Director. These leadership moves come as the company navigates significant financial stress, reporting a TTM net loss of ‹792.4 Cr and a negative net worth of ‹1,245 Cr. The inclusion of Wilmar's global sugar head reinforces the strategic and operational ties with the promoter group.

Ravi Gupta re-appointed as Executive Director for a 5-year term effective from October 28, 2026, to October 27, 2031.
Vipin Kumar Rathi appointed as Additional Director (Whole-time) for 5 years effective August 5, 2026, bringing 35+ years of agro-processing experience.
Kwek Ju-Yang, Group Head of Wilmar Group's Sugar and Ethanol Energies, regularized as Non-Executive Director effective September 22, 2026.
Company reports a TTM net loss of ‹792.4 Cr against a TTM revenue of ‹9,255 Cr.

💡 Investors should monitor whether this leadership continuity and closer promoter alignment translate into improved operational margins (currently 0.2% OPM) and a strategy to address the ‹5,590 Cr debt burden.

Renuka Sugars Appoints Vipin Kumar Rathi as Whole-Time Director; Re-appoints Ravi Gupta

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 05 Aug 2026, 05:47 PM

Shree Renuka Sugars has appointed Mr. Vipin Kumar Rathi as an Additional Whole-time Director for a 5-year term starting August 5, 2026. The board also re-appointed Mr. Ravi Gupta as Executive Director for another 5-year term effective October 2026 and regularized Mr. Kwek Ju-Yang, a senior Wilmar Group executive, as a Non-Executive Director. These leadership moves come as the company navigates significant financial stress, including a TTM net loss of ‹792.4 Cr and a negative net worth of ‹1,245 Cr. The appointments emphasize technical expertise and strong ties with the promoter, Wilmar Group.

Mr. Vipin Kumar Rathi appointed as Whole-time Director for a 5-year term starting August 5, 2026.
Mr. Ravi Gupta re-appointed as Executive Director for a 5-year term effective from October 28, 2026.
Mr. Kwek Ju-Yang, Group Head of Sugar and Ethanol at Wilmar, regularized as Director effective September 22, 2026.
Mr. Rathi brings over 35 years of experience in agro-processing, including previous roles at Mawana Sugars and Bajaj Hindusthan.
Company reported a TTM net loss of ‹792.4 Cr against a revenue of ‹9,255 Cr.

💡 Investors should monitor the upcoming Annual General Meeting (AGM) for shareholder approval of these appointments. The primary focus remains on the company's ability to service its ‹5,590 Cr debt and improve operating margins from the current 0.2%.

Shree Renuka Sugars to Hold 30th AGM on September 22, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Aug 2026, 05:45 PM

Shree Renuka Sugars has scheduled its 30th Annual General Meeting (AGM) for September 22, 2026, via video conferencing. This follows a difficult FY26 where the company reported a net loss of ‑‡792.4 Cr and ended the year with a negative net worth of ‑‡1,245 Cr. Given the high debt levels of ‡5,590 Cr, the AGM will be a key forum for management to address recovery plans. The formal notice containing the agenda will be issued separately.

30th Annual General Meeting scheduled for September 22, 2026, at 11:00 a.m. IST
Meeting to be conducted via Video Conferencing as per MCA and SEBI circulars
Company reported FY26 revenue of ‡9,254.9 Cr with a net loss of ‡792.4 Cr
Current debt-to-equity ratio is highly stressed at -4.49 due to negative net worth

💡 Review the detailed AGM notice when released for any special resolutions regarding capital raising or debt restructuring, which are critical given the current balance sheet stress.

Resignation of Executive Director & Dy. CEO Vijendra Singh Effective August 31, 2026

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 05 Aug 2026, 05:40 PM

Mr. Vijendra Singh has resigned from his dual role as Executive Director and Deputy CEO of Shree Renuka Sugars to pursue external professional opportunities. His resignation, submitted via a letter dated June 1, 2026, will become effective at the close of business on August 31, 2026. This leadership change occurs as the company manages a significant TTM revenue of ₹9,255 Cr but continues to face financial headwinds, including a TTM net loss of ₹792.4 Cr and a negative net worth of ₹1,245 Cr. The company has provided nearly a month's notice following this public disclosure before the actual cessation date.

Cessation of Mr. Vijendra Singh as Executive Director and Dy. CEO effective August 31, 2026
Resignation letter was originally submitted on June 1, 2026
Company reported a TTM net loss of ₹792.4 Cr against TTM revenue of ₹9,255 Cr
Total debt stands at ₹5,590 Cr with a negative net worth of ₹1,245 Cr
Distillery segment, a key growth area, contributed ₹285.8 Cr in Q2 FY26

💡 Monitor the company's upcoming announcements for the appointment of a successor to the Deputy CEO role to ensure management continuity in the critical ethanol and refinery segments.

Rs 316 Cr Loss in Q1; Distillery Revenue Jumps 354% Amid Negative Net Worth

🔴 NEGATIVE ⭐ 6/10

EARNINGS 📅 05 Aug 2026, 05:32 PM

Shree Renuka Sugars reported a consolidated net loss of Rs 315.9 Cr for Q1 FY27, widening from a loss of Rs 241.9 Cr in the same period last year. While consolidated revenue grew 4.5% YoY to Rs 2,100.2 Cr, the company continues to face high finance costs of Rs 182 Cr and losses in its sugar refinery segment (Rs 98.5 Cr loss). A significant positive was the distillery segment, which saw revenue surge 354% YoY to Rs 473.7 Cr, turning a segment profit of Rs 82.7 Cr. However, the balance sheet remains under severe stress with a negative net worth of Rs 2,953.7 Cr and current liabilities exceeding current assets by Rs 3,690.7 Cr.

Consolidated net loss widened to Rs 315.9 Cr from Rs 241.9 Cr in the year-ago quarter.
Distillery segment revenue grew 354.6% YoY to Rs 473.7 Cr, contributing a segment profit of Rs 82.7 Cr.
Sugar refinery segment reported a loss of Rs 98.5 Cr on revenues of Rs 1,209.7 Cr.
Finance costs remained high at Rs 182 Cr, representing 8.6% of total revenue.
Negative net worth stood at Rs 2,953.7 Cr as of June 30, 2026, with a current liability gap of Rs 3,690.7 Cr.

💡 Monitor the distillery segment's growth as it is the only profitable core vertical; however, the primary concern remains the company's high debt and reliance on Wilmar Group's financial support for survival.

Shree Renuka Sugars Submits Routine Q1 FY27 Dematerialization Compliance Certificate

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Jul 2026, 04:07 PM

Shree Renuka Sugars Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended June 30, 2026. The company's Registrar and Share Transfer Agent, KFin Technologies Limited, confirmed that all share certificates received for dematerialization were processed and the register of members was updated within the required 15-day period. This is a standard administrative filing confirming the integrity of electronic share records. It has no impact on the company's financial health or operational performance.

Compliance certificate submitted for the quarter ended June 30, 2026.
Confirmation that security certificates were mutilated and cancelled after due verification.
Register of members updated with depository names within 15 days of receipt.
Verification conducted by Registrar and Share Transfer Agent, KFin Technologies Limited.

💡 This is a routine procedural filing; no action is required from investors. Focus should remain on the company's upcoming quarterly financial results given the TTM net loss of ₹792 Cr.

Shree Renuka Sugars Appoints Wilmar Group Sugar Head as Additional Director

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 03 Jul 2026, 11:03 AM

Shree Renuka Sugars has appointed Mr. Kwek Ju-Yang Mark as an Additional Director (Non-Executive Non-Independent) effective July 2, 2026. Mr. Kwek serves as the Group Head of Sugar and Ethanol Energies for the Wilmar Group, which holds a 62.48% promoter stake in the company. This appointment aligns the company's leadership more closely with its parent group's global sugar and ethanol strategy. The company currently faces significant financial headwinds, including a negative net worth of ₹1,245 Cr and TTM losses of ₹792 Cr.

Appointment of Mr. Kwek Ju-Yang Mark as Additional Director effective July 2, 2026.
Mr. Kwek was appointed Group Head of Sugar and Ethanol Energies at Wilmar Group in July 2026.
Wilmar Group maintains a 62.48% promoter holding in Shree Renuka Sugars.
The appointee must be confirmed at a General Meeting within 3 months of the appointment date.
Company reported a TTM revenue of ₹9,255 Cr but remains loss-making with a TTM PAT of ₹-792 Cr.

💡 Investors should monitor if this leadership integration with Wilmar leads to improved operational efficiencies or better risk management in the refinery segment, which has recently been impacted by derivative losses.

Resignation of Non-Executive Director Jean-Luc Bohbot effective July 2, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 02 Jul 2026, 03:33 PM

Mr. Jean-Luc Bohbot has resigned from his position as a Non-Executive Director of Shree Renuka Sugars Limited, effective July 2, 2026. The resignation is a direct consequence of his departure from the Wilmar Group, the company's promoter which holds a 62.48% stake. As a nominee director, his exit is procedural and does not reflect internal disputes, as confirmed in his resignation letter. The company continues to face financial headwinds with a TTM net loss of ₹792 Cr and a negative net worth of ₹1,245 Cr.

Resignation effective from July 2, 2026, following a letter dated June 30, 2026
Departure is due to resignation from the Wilmar Group, the promoter entity holding 62.48% of the company
Company reported TTM revenue of ₹9,255 Cr and a TTM net loss of ₹792 Cr
Mr. Bohbot confirmed there are no other material reasons for his resignation

💡 Investors should monitor for the appointment of a new nominee director from the Wilmar Group to ensure continued board-level representation for the majority shareholder.

99.89% Shareholder Approval for 'Madhur' Brand Marketing Tie-up with AWL Agri Business

🟡 NEUTRAL ⭐ 5/10

ROUTINE 📅 29 Jun 2026, 05:45 PM

Shareholders of Shree Renuka Sugars have approved an ordinary resolution to enter into a marketing and distribution arrangement with AWL Agri Business Limited. The partnership focuses on the sale and marketing of the company's flagship 'Madhur' sugar brand. The resolution passed with overwhelming support, receiving 99.89% of the valid votes cast. This move aims to leverage group synergies within the Wilmar ecosystem to enhance retail distribution reach.

99.89% of valid votes (5.77 crore votes) were cast in favour of the marketing arrangement
The agreement involves AWL Agri Business Limited for the distribution of the 'Madhur' brand
A total of 1,213 shareholders participated in the postal ballot process which concluded on June 28, 2026
Promoter and Promoter Group (holding 62.48%) abstained from voting, indicating a related-party transaction structure
The arrangement targets the sale, marketing, and distribution of sugar manufactured by the company

💡 Watch for improvements in the sugar segment's distribution costs and retail margins in upcoming quarterly results to gauge the effectiveness of this group synergy.

Shree Renuka Sugars to Close Trading Window from July 1, 2026, for Q1 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Jun 2026, 10:22 AM

Shree Renuka Sugars Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the announcement of financial results for the quarter ending June 30, 2026. The restriction applies to all Designated Persons and their immediate relatives. The window will reopen 48 hours after the financial results are officially disclosed to the stock exchanges.

Trading window closure effective from July 1, 2026
Closure pertains to financial results for the quarter ending June 30, 2026
Window to remain closed until 48 hours after the results are declared
Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015

💡 This is a routine regulatory announcement and does not impact the company's fundamentals. Investors should monitor the upcoming Q1 results for actual performance indicators.

View All RENUKA Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for Q2 FY26 was INR 2,486.5 Cr, growing 5.02% YoY from INR 2,367.5 Cr. Segment revenue contributions for Q2 FY26: Sugar Refinery INR 1,667.2 Cr (71.1% of gross), Sugar Milling INR 299.6 Cr (12.8%), Distillery INR 285.8 Cr (12.2%), Trading INR 82.1 Cr (3.5%), and Co-generation INR 8.2 Cr (0.4%).

Geographic Revenue Split

Not disclosed in available documents, though the company operates subsidiaries in the UAE (Renuka Commodities DMCC) and Ethiopia.

Profitability Margins

Profitability saw a sharp decline in Q2 FY26: Operating Margin fell to -6.91% from 9.80% YoY, and Net Profit Margin dropped to -13.72% from 0.83% YoY. This was primarily driven by a net loss from commodity derivatives of INR 66.2 Cr compared to a gain of INR 197.1 Cr in the previous year.

EBITDA Margin

Operating profit margin for H1 FY26 was -5.38%, a significant reversal from 5.98% in H1 FY25, indicating core operational losses due to commodity price volatility and high input costs.

Credit Rating & Borrowing

The company held an [ICRA]A-(Stable)/[ICRA]A2+ rating, which was recently withdrawn. Finance costs for H1 FY26 were INR 376.5 Cr, representing approximately 8.4% of total revenue, highlighting a high interest burden.

⚙️ Operational Drivers

Raw Materials

Sugarcane and Raw Sugar are the primary raw materials. Raw sugar is a critical input for the refinery segment, which accounts for 71% of gross revenue.

Import Sources

Not disclosed in available documents, though the refinery business typically relies on global raw sugar imports.

Key Suppliers

Not disclosed in available documents, but the company is a Wilmar Group subsidiary, suggesting integrated supply chain links.

Raw Material Costs

Not disclosed as a specific percentage of revenue, but the refinery segment's results swung from a profit of INR 301 Cr in Q2 FY25 to a loss of INR 35.8 Cr in Q2 FY26, indicating high sensitivity to raw sugar procurement costs.

📈 Strategic Growth

Growth Strategy

The company is leveraging its position as a Wilmar Group company to focus on the sugar refinery and distillery segments. The distillery segment (Ethanol) is a key growth area, contributing INR 285.8 Cr in Q2 FY26 and achieving a small segment profit of INR 2.5 Cr while other major segments reported losses.

Products & Services

Refined sugar, milled sugar, ethanol, and co-generated power.

Brand Portfolio

Shree Renuka Sugars, Wilmar.

Strategic Alliances

Strategic partnership and ownership by the Wilmar Group (A Wilmar Group Company).

🌍 External Factors

Industry Trends

The industry is shifting toward a bio-energy model; Renuka's distillery segment is becoming a critical stabilizer, though it currently represents only 12.2% of revenue.

Competitive Landscape

The company competes with other large integrated sugar mills and standalone refineries in India and globally.

Competitive Moat

The primary moat is the company's scale in refining (INR 1,667.2 Cr quarterly revenue) and its integration with the Wilmar Group's global supply chain, providing a durable cost advantage in raw material sourcing.