Simbhaoli Sugars Limited (SIMBHALS)
₹6.99 -1.96% last close, 23 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Simbhaoli Sugars' revenue was ₹137 Cr (-34.0% year on year, -24.7% on the previous quarter), and net profit ₹-12.6 Cr (a bigger loss than a year earlier); the operating margin was -8.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹137 | -34.0% | -24.7% |
| Operating profit | ₹-11.9 | loss widened | to loss |
| Net profit | ₹-12.6 | loss widened | to loss |
| EPS (₹) | -3.06 | loss widened | to loss |
| Operating margin | -8.7% | — | — |
SIMBHALS exchange data
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📢 Recent Corporate Announcements
Simbhaoli Sugars submitted a post-facto intimation regarding the 4th meeting of its Committee of Creditors (CoC). The meeting initially commenced on September 30, 2026, and concluded after adjournment on October 13, 2026. The company has been under the Corporate Insolvency Resolution Process (CIRP) since July 11, 2024, with its board suspended and operations managed by the Interim Resolution Professional. With negative net worth of Rs -76 Cr and total debt of Rs 1,011 Cr, insolvency proceedings remain critical to any restructuring outcome.
- 4th CoC meeting held on September 30, 2026, and concluded post-adjournment on October 13, 2026
- Company operating under CIRP under IBC provisions effective July 11, 2024
- Powers of the Board of Directors remain suspended under Interim Resolution Professional Anurag Goel
- Specific voting outcomes and resolution plan discussions were not disclosed in the filing
Simbhaoli Sugars Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from RTA Mas Services Limited confirms that dematerialisation requests received between July 1, 2026, and September 30, 2026, were processed within the 15-day timeline. The document also notes that the company remains under the Corporate Insolvency Resolution Process (CIRP) initiated on July 11, 2024, with board powers suspended and an Interim Resolution Professional overseeing operations.
- Demat requests processed within 15 days of receipt by RTA Mas Services Limited
- Covers the quarterly period from 01/07/2026 to 30/09/2026
- Company continues under Corporate Insolvency Resolution Process (CIRP) effective since 11th July, 2024
- Powers of the Board of Directors remain suspended under Interim Resolution Professional Anurag Goel
Simbhaoli Sugars Limited announced that Mr. Sachchida Nand Misra completed his tenure as Whole-time Director and Chief Operating Officer on September 17, 2026. Effective September 18, 2026, he continues as a Non-Executive Director (Member of Suspended Board) and Chief Operating Officer. The meeting was convened by the Interim Resolution Professional (IRP), Mr. Anurag Goel, who has been managing the company's affairs since Corporate Insolvency Resolution Process (CIRP) initiation on July 11, 2024. The board remains suspended under IBC proceedings, with no operational or financial impact stemming from this change.
- Mr. Sachchida Nand Misra's tenure as Whole-time Director concluded on September 17, 2026
- Re-designated as Non-Executive Director and Chief Operating Officer effective September 18, 2026
- IRP meeting held on September 26, 2026, between 03:40 P.M. and 03:56 P.M.
- Company continues under Corporate Insolvency Resolution Process initiated on July 11, 2024
Simbhaoli Sugars has received approval from the Registrar of Companies (ROC), Noida, for a 3-month extension to conduct its Annual General Meeting (AGM) for FY 2025-2026. The AGM can now be held up to December 31, 2026. The extension was sought via e-Form GNL-2 (SRN AC5803702) under MCA General Circular No. 8/2020. The company remains under the Corporate Insolvency Resolution Process (CIRP) since July 11, 2024, with board powers suspended and managed by Interim Resolution Professional Anurag Goel.
- ROC Noida approved a 3-month extension for holding the FY 2025-2026 AGM
- New deadline to hold and call the AGM is December 31, 2026
- Application filed via e-Form GNL-2 under SRN AC5803702
- Company continues under CIRP initiated on July 11, 2024, with management overseen by IRP Anurag Goel
Simbhaoli Sugars provided a post-facto intimation regarding the 3rd meeting of its Committee of Creditors (CoC) held on September 10, 2026. The CoC discussed general operational matters and reviewed the number of Expressions of Interest (EoIs) received for the resolution of the company. Simbhaoli Sugars has been under the Corporate Insolvency Resolution Process (CIRP) since July 11, 2024, with the Board of Directors remaining suspended. Given the company's negative net worth of ₹-76 Cr and total debt of ₹1,011 Cr, resolution plan details will be decisive for any residual equity value.
- 3rd meeting of the Committee of Creditors was conducted on 10th September 2026
- Agenda included reviewing the number of Expressions of Interest (EoI) received and operational updates
- CIRP process initiated on 11th July, 2024 under IRP Mr. Anurag Goel
- Company carries debt of ₹1,011 Cr against negative net worth of ₹-76 Cr
Simbhaoli Sugars announced the appointment of Mr. Yogendra Pal Arya as Corporate Head - Human Resource (Senior Management) effective August 26, 2026. The company remains under the Corporate Insolvency Resolution Process (CIRP) since July 11, 2024, managed by the Interim Resolution Professional (IRP). Alongside this, the IRP took on record the Q1 FY27 unaudited consolidated financial results, where the statutory auditor issued an adverse conclusion citing unprovided disputed unbilled revenue of ₹492.42 Lakhs and overdue receivables.
- Appointed Mr. Yogendra Pal Arya as Corporate Head - HR (joined August 19, 2026, designated Senior Management on August 26, 2026)
- Mr. Arya brings over 38 years of experience across HR, IR, legal, and administration from firms including Bajaj Hindusthan Sugar and Triveni Engineering
- Company continues under CIRP w.e.f. July 11, 2024; Supreme Court dismissed promoters' appeal against CIRP on August 7, 2026
- Auditor issued an adverse conclusion on Q1 consolidated results highlighting unprovided disputed items including ₹492.42 Lakhs of unbilled revenue
Simbhaoli Sugars Limited announced that its consolidated financial results for the quarter ended June 30, 2026, were certified by the CFO and taken on record by the Interim Resolution Professional (IRP). Statutory auditor B.K. Kapur and Co. issued an adverse conclusion on the quarterly statements, highlighting going concern uncertainties and unquantified raw material pricing disputes at subsidiary Simbhaoli Power. The company's Corporate Insolvency Resolution Process (CIRP) has resumed after the Supreme Court dismissed the suspended board's appeal on August 7, 2026. Concurrently, the company appointed Mr. Yogendra Pal Arya as Corporate Head – HR effective August 26, 2026.
- Q1 consolidated financial results for the period ended June 30, 2026, taken on record by the IRP without Board/Audit Committee approval.
- Statutory auditor issued an Adverse Conclusion citing going concern doubts and raw material disputes at Simbhaoli Power Private Limited.
- Hon'ble Supreme Court dismissed the suspended management's appeal against CIRP on August 7, 2026, solidifying ongoing insolvency process.
- Appointment of Mr. Yogendra Pal Arya (38+ years experience) as Corporate Head - HR approved as Senior Management effective August 26, 2026.
Simbhaoli Sugars Limited announced the conclusion of its 2nd Committee of Creditors (CoC) meeting held between August 10 and August 13, 2026. The CoC approved key terms, eligibility criteria, and the issuance of Form G to invite Expressions of Interest (EOI) from potential resolution applicants. The company has been under the Corporate Insolvency Resolution Process (CIRP) since July 11, 2024, with board powers suspended. With a debt burden of Rs 1,011 Cr against negative net worth of Rs -76 Cr, the resolution outcome will dictate future ownership and recovery for stakeholders.
- 2nd CoC meeting was held on August 10, 2026, and concluded on August 13, 2026
- Approved key terms, eligibility criteria, and release of Form G advertisement for inviting EOIs
- Company is undergoing CIRP w.e.f. July 11, 2024, managed by IRP Mr. Anurag Goel
- General operational matters under insolvency were reviewed
Simbhaoli Sugars reported the conclusion of its 2nd Committee of Creditors (CoC) meeting held between August 10 and August 13, 2026. During the meeting, the CoC approved key terms and eligibility criteria for inviting Expressions of Interest (EOI), including the release of Form G advertisements in newspapers. The company has been under the Corporate Insolvency Resolution Process (CIRP) since July 11, 2024, burdened by Rs 1,011 Cr in debt against negative net worth of Rs -76 Cr.
- 2nd CoC meeting conducted on August 10, 2026, and concluded on August 13, 2026
- Approval granted for key terms and eligibility criteria for Expression of Interest (EOI)
- Approved release of Form G advertisement in leading newspapers to invite resolution applicants
- Company operating under CIRP with board powers suspended since July 11, 2024
The Interim Resolution Professional (IRP) of Simbhaoli Sugars has published Form G inviting Expressions of Interest (EoI) from prospective resolution applicants under the Corporate Insolvency Resolution Process (CIRP). The submission deadline for EoIs is September 8, 2026, with the final date for resolution plan submissions set for November 5, 2026. The company operates a crushing capacity of 19,500 TCD and a 210 KLPD distillery, reporting FY26 revenue of ₹591.53 Cr from sugar and ₹215.47 Cr from distillery. Given the company's ₹1,011 Cr debt against a market capitalization of only ₹27 Cr and negative net worth (-₹76 Cr), the resolution outcome is critical for existing equity holders.
- Last date for receipt of Expressions of Interest (EoI) is September 8, 2026
- Final date for submission of Resolution Plans is November 5, 2026
- Reported installed cane crushing capacity of 19,500 TCD and distillery capacity of 210 KLPD
- FY 2025-26 sales disclosed at ₹591.53 Cr (sugar) and ₹215.47 Cr (distillery)
Simbhaoli Sugars is currently undergoing a Corporate Insolvency Resolution Process (CIRP) with the powers of its board suspended. On August 7, 2026, the Supreme Court dismissed an appeal by the promoters, allowing the insolvency process to resume. Auditors have issued an adverse conclusion for the June 2026 quarter, citing a negative net worth of ₹-76 Cr and a fraud declaration by Punjab National Bank against the company and its former management. Standalone results were approved by the Interim Resolution Professional (IRP), but consolidated results are delayed due to subsidiary reporting issues.
- Supreme Court dismissed the appeal against the CIRP process on August 7, 2026, allowing insolvency proceedings to continue.
- Punjab National Bank's Fraud Monitoring Committee declared the loan account fraudulent on April 20, 2026.
- The company reports a negative net worth of ₹-76 Cr against a total debt of ₹1,011 Cr.
- Ms. Gursimran Kaur Mann transitioned from Managing Director to Non-Executive Director effective August 2, 2026.
- Consolidated financial results for Q1 FY27 were not released due to delays in receiving subsidiary financials.
The Supreme Court of India has dismissed appeals filed by the promoter (Ms. Gursimran Kaur Mann) and farmers against a previous NCLAT order, effectively allowing the Corporate Insolvency Resolution Process (CIRP) to continue. The company has been under CIRP since July 11, 2024, due to its inability to service a massive debt of ‡1,011 Cr, which is nearly 37 times its current market capitalization of ‡27 Cr. While the court granted farmers liberty to raise specific supply-related claims in separate proceedings, the dismissal of the promoter's appeal reinforces the loss of control by the founding family. Equity shareholders remain at high risk as the resolution process typically prioritizes secured creditors over equity holders.
- Supreme Court order dated August 7, 2026, dismissed the appeals filed by the suspended Board of Directors and Farmers.
- Company remains under CIRP as initiated on July 11, 2024, with an Interim Resolution Professional (IRP) managing all assets.
- Total debt of ‡1,011 Cr against a negative net worth of -‡76 Cr indicates severe financial distress.
- The court granted liberty to farmers to agitate statutory supply issues in separate appropriate proceedings.
- Promoters are permitted to submit resolution proposals as per existing law, though control remains with the IRP.
Simbhaoli Sugars Limited held its first Committee of Creditors (CoC) meeting on July 23, 2026, following the NCLAT vacating a stay on the insolvency process on July 13, 2026. The company is currently undergoing a Corporate Insolvency Resolution Process (CIRP) to address its massive debt of ‡1,011 crore, which is significantly higher than its ‡27 crore market capitalization. E-voting on critical items, including claim verifications and business operations, is scheduled from July 27 to July 31, 2026. Given the negative net worth of ‡-76 crore, the outcome of this process is the primary driver for the company's future.
- First CoC meeting conducted on July 23, 2026, following the resumption of CIRP.
- E-voting on resolution items scheduled to conclude on July 31, 2026, at 5 P.M.
- Company carries a total debt of ‡1,011 crore against a market cap of only ‡27 crore.
- NCLAT vacated the stay on the insolvency process on July 13, 2026, allowing the IRP to proceed.
- Net worth remains deeply negative at ‡-76 crore as per latest financial context.
Simbhaoli Sugars is resuming its Corporate Insolvency Resolution Process (CIRP) after the Hon’ble NCLAT vacated a stay on July 13, 2026. The first meeting of the Committee of Creditors (CoC) is now scheduled for July 23, 2026. This is a critical development for a company with a massive debt of ₹1,011 crore and a negative net worth of ₹76 crore. The board remains suspended, and the Interim Resolution Professional (IRP) continues to manage the company's assets and operations.
- First meeting of the Committee of Creditors (CoC) scheduled for July 23, 2026
- NCLAT vacated the stay on the insolvency process via judgment dated July 13, 2026
- Company has been under CIRP since July 11, 2024, with the board currently suspended
- Total debt of ₹1,011 crore is approximately 37 times the current market capitalization of ₹27 crore
- Notice and agenda for the meeting were dispatched to members on July 18, 2026
Simbhaoli Sugars Limited has announced the formal constitution of its Committee of Creditors (CoC) on July 17, 2026, following the vacation of a stay by the NCLAT on July 13, 2026. The company has been under the Corporate Insolvency Resolution Process (CIRP) since July 11, 2024, and is currently managed by an Interim Resolution Professional (IRP). With a massive debt of ₹1,011 crore against a negative net worth of ₹76 crore, the resumption of the IBC process is a critical development for the company's survival. Equity shareholders face significant risk as resolution plans under IBC often involve substantial dilution or write-offs of existing capital.
- Committee of Creditors (CoC) formally constituted on July 17, 2026
- NCLAT vacated the stay on the insolvency process on July 13, 2026
- Company carries a total debt of ₹1,011 crore against a market cap of only ₹26 crore
- CIRP process originally commenced on July 11, 2024, with Board powers currently suspended
- Latest annual results (FY25) show a net loss of ₹27.59 crore
Financial Performance
Revenue Growth by Segment
Consolidated revenue decreased 4.69% YoY to INR 1,350.98 Cr in FY24 from INR 1,417.43 Cr. In FY25, revenue further declined 14.65% to INR 1,002 Cr from INR 1,174 Cr in FY24. The sugar segment remains the primary driver, though standalone turnover fell 3.82% to INR 1,342.63 Cr in FY24.
Geographic Revenue Split
100% of revenue is generated in India, specifically from three integrated sugar complexes in Uttar Pradesh: Simbhaoli, Brijnathpur (Western UP), and Chilwaria (Eastern UP).
Profitability Margins
Net Profit Ratio improved from -2.25% in FY24 to a PAT margin of 2.4% in FY25. The company reported a PAT of INR 24 Cr in FY25 compared to a loss of INR 12 Cr in FY24. Operating Profit Margin was -2.25% in FY24 but improved to 5.84% in FY25.
EBITDA Margin
EBITDA margins have been volatile; the company needs to sustain a 3-4% EBITDA margin for a credit rating upgrade. Operating Profit Margin stood at 5.84% in FY25, a significant recovery from -2.25% in FY24.
Capital Expenditure
Not disclosed in available documents, though the company emphasizes technological upgrades for by-product utilization and enhancing branded product capacity.
Credit Rating & Borrowing
The company carries a 'CRISIL D' rating, reflecting a default status on its long-term bank facilities totaling INR 1,041 Cr. Stretched liquidity has led to delays in servicing term loan installments.
Operational Drivers
Raw Materials
Sugarcane is the primary raw material, accounting for the majority of input costs. Other inputs include chemicals for refining and packaging materials for branded products.
Import Sources
Sourced locally from farmers in the catchment areas of its three plants in Uttar Pradesh, India.
Key Suppliers
Primary suppliers are local sugarcane farmers and cooperative societies in the Simbhaoli, Brijnathpur, and Chilwaria regions.
Capacity Expansion
Current installed crushing capacity is 19,500 tonnes of sugarcane per day (TPD). Cogeneration capacity is 108 MW (via a 51:40 JV), and distillery capacity is 180 kilolitres per day (KLPD). No specific expansion timeline is provided.
Raw Material Costs
Raw material costs are heavily influenced by the State Advised Price (SAP) and Fair and Remunerative Price (FRP) set by the government. High input prices driven by regulation often conflict with volatile open-market sugar prices.
Manufacturing Efficiency
Return on Capital Employed (ROCE) improved to 1.87% in FY24 from -0.64% in FY23, indicating a gradual recovery in resource utilization despite negative net worth.
Logistics & Distribution
The company is expanding its distribution through e-commerce channels and modern trade for its 'Trust' brand products to reach retail consumers directly.
Strategic Growth
Growth Strategy
Growth is targeted through the 'Trust' brand expansion, focusing on specialty sugars (pharma-grade, cubes, sachets) and e-commerce. The company is also leveraging the government's mandatory ethanol blending program to increase distillery segment contributions.
Products & Services
White crystal refined sugar, pharmaceutical-grade sugar, sugar cubes, icing sugar, candy sugar, sugar sachets, ethanol, potable alcohol, and surplus power.
Brand Portfolio
Trust
New Products/Services
Focus on specialty and branded sugar products like pharmaceutical-grade sugar and consumer-facing retail packs to improve margins over bulk sugar.
Market Expansion
Expansion into modern trade and e-commerce platforms to increase the retail footprint of the 'Trust' brand.
Strategic Alliances
Maintains a 51:40 Joint Venture with Sindicatum Captive Energy Singapore for its 108 MW cogeneration power operations.
External Factors
Industry Trends
The industry is shifting toward ethanol production due to the government's blending mandates. Per capita sugar consumption in India (20kg) is below the global average (23kg), suggesting long-term growth potential.
Competitive Landscape
The sugar industry is highly fragmented and cyclical, characterized by high regulatory intervention and competition from both large integrated players and unorganized mills.
Competitive Moat
Moat is derived from integrated operations (sugar + power + distillery) which allows for 100% utilization of sugarcane by-products (molasses and bagasse), providing a cost advantage over standalone mills.
Macro Economic Sensitivity
Highly sensitive to agricultural output (GDP) and inflation, particularly in rural labor and transport costs.
Consumer Behavior
Increasing consumer preference for branded, packaged, and specialty sugar products over loose bulk sugar.
Geopolitical Risks
Trade barriers and export restrictions imposed by the Indian government to control domestic sugar inflation impact the company's ability to tap global markets.
Regulatory & Governance
Industry Regulations
Operations are heavily regulated by the Essential Commodities Act, including sugar MSP, sugarcane SAP/FRP, and ethanol procurement prices set by Oil Marketing Companies (OMCs).
Legal Contingencies
The company is currently under the Corporate Insolvency Resolution Process (CIRP) initiated by the NCLT on July 11, 2024. Powers of the Board are suspended and vested with the Interim Resolution Professional (IRP), Anurag Goel.
Risk Analysis
Key Uncertainties
The outcome of the CIRP process and the ability to reach a resolution with lenders for the INR 1,041 Cr debt are the primary business uncertainties.
Geographic Concentration Risk
100% of manufacturing assets are located in Uttar Pradesh, making the company highly vulnerable to state-specific policy changes and regional weather patterns.
Third Party Dependencies
High dependency on the timely supply of sugarcane from local farmers; any disruption in farmer relations or payments (cane arrears) impacts operations.
Technology Obsolescence Risk
The company is addressing digital transformation through e-commerce and technological upgrades in its distillery and power segments.
Credit & Counterparty Risk
Stretched liquidity is evidenced by a Current Ratio of 0.31 in FY24, indicating significant difficulty in meeting short-term obligations.
