Indian Sucrose Limited has filed its monthly compliance report with BSE Limited regarding the status of physical share transfer requests under the special window established by SEBI. The report, dated April 6, 2026, covers the month of March 2026 and shows zero activity across all transfer request categories.

Transfer Request Status for March 2026

According to the report submitted by the company's registrar and share transfer agent, MCS Share Transfer Agent Limited, no physical share transfer requests were recorded during March 2026. The detailed status is presented below:

Regulatory Compliance

The submission was made in accordance with SEBI Circular No. SEBI/HO/38/13/11(2)2026-MIRSD-POD/I/3750/2026 dated January 30, 2026. This circular established a special window for shareholders to re-lodge transfer requests for physical shares, requiring companies to report monthly on the status of such requests.

Company Communication

The report was signed by Company Secretary Anamika Raju and submitted to BSE Limited's Corporate Relationship Department. Indian Sucrose Limited has made this information available on its official website at www.muksug.in , as well as on the BSE website at www.bseindia.com , ensuring transparency for stakeholders.

About the Registrar

MCS Share Transfer Agent Limited, a SEBI registered share transfer agent, serves as Indian Sucrose Limited's registrar and share transfer agent. The company is based in New Delhi and handles all share transfer operations for Indian Sucrose Limited under the regulatory framework established by SEBI.

Indian Sucrose Limited has received a credit rating reaffirmation from Infomerics Valuation and Rating Limited for its bank facilities worth Rs. 200.00 crore. The rating agency maintained its assessment of the sugar manufacturer's financial strength and operational capabilities in its press release dated April 03, 2026.

Rating Details and Facility Breakdown

The reaffirmed ratings cover the company's complete banking facility portfolio:

The stable outlook reflects expected improvement in the company's performance, with Infomerics believing the company will continue to benefit from its operational track record resulting in increased scale of operations.

Financial Performance Highlights

Indian Sucrose Limited demonstrated solid financial performance in FY25, with several key metrics showing improvement:

The company achieved a revenue CAGR of 7.21% over the last three years ending March 31, 2025. The revenue growth was primarily attributed to increased average sales realization value of sugar and higher electricity sales due to optimal utilization of enhanced cogeneration capacity.

Key Rating Strengths

Operational Excellence and Experience: The company benefits from promoters' extensive experience of over two decades in the sugar industry, enabling strong relationships with customers and suppliers. The management has successfully expanded capacity from 2500 TCD to 9000 TCD since taking control in 2000.

Strategic Location Advantages: Indian Sucrose derives significant benefits from its proximity to cane-growing regions of Mukerian and Hoshiarpur in Punjab. The catchment area is supported by the Beas River basin and favorable agro-climatic conditions, ensuring adequate availability of quality sugarcane with a healthy recovery rate of approximately 9.94% in FY24.

Diversified Revenue Streams: The company's integrated operations provide resilience against cyclicality:

• Sugar: 81.05% of revenues in FY25 (86.05% in FY24)
• Molasses and bagasse: 10.60% in FY25 (6.62% in FY24)
• Power cogeneration: 5.86% in FY25 (4.43% in FY24)

Capital Structure and Debt Metrics

The company maintains a comfortable capital structure with improved debt indicators:

The improvement in capital structure metrics resulted from scheduled repayment of term liabilities and increased tangible net worth.

Risk Factors and Challenges

Despite the positive rating reaffirmation, Infomerics identified several risk factors that could impact future performance. The company's operations remain working capital intensive due to significant year-end inventory build-up, primarily sugar stocks liquidated in the first half of subsequent fiscal years. The business faces exposure to agro-climatic risks as cane availability depends on rainfall and weather conditions in the catchment area.

Profitability remains susceptible to volatility in sugar realizations and sugarcane procurement costs, with the sector subject to significant government intervention including policies related to pricing, exports, and inventory controls.

Liquidity Assessment

Infomerics assessed the company's liquidity as adequate, supported by healthy gross cash accruals of Rs. 53.27 crore in FY25. The company maintains unencumbered cash and bank balance of Rs. 138.15 crore as of March 31, 2025, with projected cash accruals ranging from Rs. 52.45 crore to Rs. 59.49 crore against debt repayment obligations of Rs. 11.52 crore to Rs. 4.37 crore in the projected period FY26 to FY28.