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Vishwaraj Sugar Industries Limited (VISHWARAJ)

📊 NSE: VISHWARAJ 🏢 Sugar 📅 Last Updated: 12/14/2025 15:11

📢 Recent Corporate Announcements

Vishwaraj Sugar Q1 Results: Net Loss Widens to ₹25.84 Cr as Revenue Drops 19.5% YoY

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 06:04 PM

Vishwaraj Sugar reported a weak Q1 FY27 (quarter ended June 2026) with revenue from operations falling 19.5% YoY to ₹107.07 Cr. Net loss widened significantly to ₹25.84 Cr from a loss of ₹16.39 Cr in the same period last year, primarily due to lower sugar sales and a sharp 80% spike in finance costs. The company's interest burden reached ₹12.01 Cr for the quarter, a major drag given its high debt of ₹421 Cr. Despite distillery expansion, the segment remained loss-making at the EBIT level with a loss of ₹5.85 Cr.

Revenue from operations declined 19.5% YoY to ₹107.07 Cr from ₹133.06 Cr.
Net loss widened to ₹25.84 Cr compared to a loss of ₹16.39 Cr in Q1 FY26.
Finance costs surged 80% YoY to ₹12.01 Cr, representing over 11% of total revenue.
Sugar segment revenue fell to ₹61.07 Cr from ₹80.41 Cr in the year-ago quarter.
Distillery segment revenue dipped slightly to ₹42.90 Cr with a segment loss of ₹5.85 Cr.

💡 Investors should monitor the company's debt-servicing capability as finance costs are rising despite falling revenues. Watch for the 31st AGM on September 28, 2026, for management commentary on distillery utilization and debt reduction plans.

Vishwaraj Sugar Submits Routine Share Dematerialization Certificate for Q1 FY27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Jul 2026, 07:29 PM

Vishwaraj Sugar Industries has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document confirms that for the quarter ended June 30, 2026, all share certificates received for dematerialization were processed, mutilated, and cancelled by the Registrar, Bigshare Services Private Limited. The name of the depositories was updated in the register of members within the mandated 15-day period. This is a standard administrative filing with no impact on the company's financial performance or operations.

Confirmation of compliance for the quarter ended June 30, 2026
Dematerialization requests processed and confirmed within 15 days of receipt
Registrar and Share Transfer Agent (RTA) identified as Bigshare Services Private Limited
Verification and cancellation of physical certificates completed as per SEBI norms

💡 This is a procedural filing. Investors should monitor upcoming quarterly results to track the performance of the expanded 250 KLPD distillery capacity.

Vishwaraj Sugar Announces Trading Window Closure for June 2026 Quarter Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 Jun 2026, 04:38 PM

Vishwaraj Sugar Industries Limited has informed the exchanges that its trading window for dealing in company securities will be closed for insiders starting from the end of the June 2026 quarter. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, and applies to Directors, Designated Employees, and Connected Persons. The window will remain closed until 48 hours after the financial results for the quarter ending June 30, 2026, are declared. The specific date for the Board Meeting to approve these results will be announced at a later date.

Trading window closure effective from the end of the June 2026 quarter.
Applies to all Directors, Designated Employees, and Connected Persons under the Company’s Code of Conduct.
Window to remain closed until 48 hours post-publication of the financial results for the quarter ending June 30, 2026.
Board meeting date for financial results declaration to be intimated in due course.

💡 No immediate action is required as this is a routine regulatory compliance filing. Investors should watch for the upcoming announcement of the Board Meeting date to evaluate the company's quarterly performance.

Vishwaraj Sugar FY26 Revenue Drops 17% to ₹376.8 Cr; Operational Losses Widen

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 29 May 2026, 05:10 PM

Vishwaraj Sugar Industries reported a challenging fiscal year 2026, with annual revenue from operations declining to ₹376.81 crore from ₹453.92 crore in FY25. The company's annual loss before tax widened significantly to ₹51.77 crore compared to a loss of ₹31.07 crore in the previous year. Although the company reported a net profit of ₹10.93 crore for Q4 FY26, this was entirely driven by a substantial deferred tax credit of ₹23.60 crore, masking an operational loss of ₹12.67 crore for the quarter.

Annual revenue from operations fell by 16.9% year-on-year to ₹376.81 crore.
Loss before tax for the full year widened to ₹51.77 crore from ₹31.07 crore in FY25.
Q4 FY26 revenue saw a sharp decline to ₹111.03 crore compared to ₹166.68 crore in Q4 FY25.
Net loss for the full year narrowed slightly to ₹28.17 crore (vs ₹37.02 crore) due to tax adjustments.
Annual Earnings Per Share (EPS) remained negative at ₹(1.26) for the year ended March 31, 2026.

💡 Investors should exercise caution as the company's operational performance continues to deteriorate with shrinking revenues and widening pre-tax losses. The marginal improvement in the annual net loss is primarily due to accounting tax credits rather than a recovery in the core business.

Vishwaraj Sugar Complies with SEBI Dematerialization Regulations for Q4 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Apr 2026, 06:13 PM

Vishwaraj Sugar Industries Limited has submitted its compliance certificate under Regulation 74(5) of SEBI Regulations for the quarter and year ended March 31, 2026. The filing confirms that the company's Registrar and Share Transfer Agent, Bigshare Services Private Limited, processed all dematerialization requests within the mandated 15-day period. The report verifies that physical share certificates were mutilated and cancelled after due verification. This is a standard regulatory procedure ensuring that the company's electronic shareholding records are accurate and up-to-date.

Submission of Regulation 74(5) certificate for the period ending March 31, 2026.
Confirmation that dematerialization requests were processed and listed on stock exchanges.
Physical certificates were mutilated and cancelled within 15 days of receipt.
Registrar Bigshare Services Private Limited confirmed the substitution of depository names in the register of members.

💡 This is a routine regulatory filing with no impact on the company's financial performance or business operations. No action is required from investors.

Vishwaraj Sugar Submits Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Jan 2026, 09:42 PM

Vishwaraj Sugar Industries has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the period ending December 31, 2025. The certificate, issued by Bigshare Services Private Limited, confirms that all securities received for dematerialization were processed and confirmed to depositories. It further verifies that physical share certificates were mutilated and cancelled within the mandated 15-day period. This filing is a standard administrative procedure to ensure the accuracy of the company's electronic shareholding records.

Compliance certificate issued for the quarter ended December 31, 2025
Registrar Bigshare Services confirmed processing of dematerialization requests within 15 days
Verification that physical certificates were mutilated and cancelled after electronic credit
Confirms that dematerialized securities are listed on the relevant stock exchanges

💡 No action is required from investors as this is a routine regulatory filing confirming the company's compliance with share processing norms.

Vishwaraj Sugar Industries Approves Unaudited Financial Results for Sep 30, 2025

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 04 Dec 2025, 06:43 PM

Vishwaraj Sugar Industries Limited's Board of Directors approved the Unaudited Financial Results for the quarter/half year ended September 30, 2025. The company's revenue from operations for the quarter ended September 30, 2025, was ₹5,503.99 Lakhs compared to ₹9,278.44 Lakhs for the quarter ended September 30, 2024. The net loss for the period is ₹1,436.57 Lakhs. For the six months ended September 30, 2025, the revenue from operations was ₹18,809.87 Lakhs with a net loss of ₹3,083.88 Lakhs.

Revenue from operations for the quarter ended September 30, 2025: ₹5,503.99 Lakhs
Net Loss for the quarter ended September 30, 2025: ₹1,436.57 Lakhs
Revenue from operations for the six months ended September 30, 2025: ₹18,809.87 Lakhs
Net Loss for the six months ended September 30, 2025: ₹3,083.88 Lakhs
Total Expenses for the quarter ended September 30, 2025: ₹7,023.83 Lakhs

💡 Investors should closely monitor the company's performance in the upcoming quarters and assess the reasons for the reported losses. Further analysis of the segment-wise performance is also recommended to understand the key drivers affecting profitability.

View All VISHWARAJ Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations fell 16.4% YoY to INR 461.55 Cr in FY2025. Segment performance: Sugar revenue decreased 10.1% to INR 277.34 Cr; Co-generation revenue dropped 42.8% to INR 24.40 Cr; Distillery revenue declined 23.6% to INR 136.32 Cr.

Geographic Revenue Split

Not disclosed in available documents, though operations are concentrated in Belgaum, Karnataka.

Profitability Margins

Operating margin fell sharply from 12.49% in FY2024 to 4.26% in FY2025. Net profit margin deteriorated from 2.64% to -8.16% over the same period, resulting in a net loss of INR 37.02 Cr compared to a profit of INR 14.50 Cr in the previous year.

EBITDA Margin

EBITDA margin was 4.18% in FY2025 (INR 19.32 Cr), a 71.9% decrease from the 12.44% margin (INR 68.69 Cr) recorded in FY2024.

Capital Expenditure

The company expanded its distillery capacity to 250 KLPD to increase ethanol production. It raised INR 49.99 Cr through a Qualified Institutional Placement (QIP) of 3,00,47,700 equity shares to fund future operations and enhance financial resources.

Credit Rating & Borrowing

Ratings were downgraded to [ICRA]BB (Stable) from [ICRA]BB+ (Stable) in November 2025. Finance costs increased 12.4% YoY to INR 34.27 Cr, while the Interest Service Coverage Ratio (ISCR) fell from 2.25 to 0.56.

⚙️ Operational Drivers

Raw Materials

Sugarcane is the primary raw material, representing the bulk of input costs. Crushing volume dropped by 2.13 lakh MT in FY2025 due to adverse agro-climatic conditions.

Import Sources

Sourced locally from the rural areas surrounding the manufacturing unit in Bellad Bagewadi, Hukkeri, Belgaum, Karnataka.

Key Suppliers

Not disclosed in available documents; however, the company provides corporate guarantees of INR 85 Cr for its cane harvesters and transporters.

Capacity Expansion

Distillery capacity has been expanded to 250 KLPD. Current production includes 5,52,900 quintals of sugar and 20,812.38 kilo liters of ethanol.

Raw Material Costs

Raw material costs increased in FY2025, contributing to the net loss. Specific percentage of revenue not disclosed, but the company cited higher raw material costs as a primary driver for the INR 37.02 Cr loss.

Manufacturing Efficiency

Crushing volume decreased significantly by 2.13 lakh MT YoY, leading to lower production of finished products and reduced capacity utilization.

📈 Strategic Growth

Growth Strategy

The company aims to achieve growth by increasing sugarcane crushing productivity and leveraging its expanded 250 KLPD distillery capacity to boost ethanol revenue. It raised INR 49.99 Cr via QIP and has approval for up to INR 99 Cr to fund organic and inorganic expansion.

Products & Services

Sugar (5,52,900 quintals), Ethanol (20,812.38 KL), Power (7,81,33,800 KWh), and Vinegar.

New Products/Services

The company has established a Vinegar unit and is increasing its focus on ethanol production from B-heavy molasses and direct sugar syrup.

🌍 External Factors

Industry Trends

The industry is shifting toward ethanol blending (B-heavy molasses/direct syrup) to reduce sugar surplus. MSP by the Central Government helps curtail sharp contractions in sugar prices.

Competitive Landscape

The sugar industry is highly cyclical and fragmented, with volatility partially mitigated by government pricing controls like MSP.

Competitive Moat

Forward integration into distillery and co-generation provides a cost-leadership moat by utilizing by-products (molasses and bagasse), though sustainability is tied to raw material availability.

Macro Economic Sensitivity

Highly sensitive to monsoon patterns and agro-climatic conditions in Karnataka, which dictate sugarcane yields and recovery rates.

Consumer Behavior

Increasing demand for ethanol-blended fuels is driving a shift in production focus away from pure sugar.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Sugar (Control) Order 1966, Sugarcane (Control) Order 1966, and the Karnataka Sugarcane (Regulation of Purchase and Supply) Act 2013.