Indian Sucrose has scheduled its 35th Annual General Meeting (AGM) for September 30, 2026, to discuss its financial performance for the fiscal year ended March 31, 2026. The company reported a decline in both revenue and profitability during the period, driven by lower crushing volumes and reduced power generation.

Financial Performance Overview

For the fiscal year 2025-26, the company recorded revenue from operations of ₹51,077.27 lakh, a decrease of 6.39% from the previous year's ₹54,568.89 lakh. Net profit after tax fell to ₹3,109.66 lakh, down from ₹3,837.66 lakh in the prior year.

Operational Highlights

The sugar crushing operation ran for five months during the fiscal year. The company crushed 8,494,023 quintals of sugarcane, resulting in a sugar production of 807,510 quintals. This represents a significant reduction compared to the previous year's crushing of 10,428,636 quintals and production of 1,037,770 quintals. The average recovery rate stood at 9.51%, slightly lower than the 9.95% achieved in the prior year.

In the cogeneration segment, the company generated a total of 90,660 MWH of power. Of this, 38,298 MWH was consumed in-house, while 52,362 MWH was exported to the grid. This is a decline from the previous year's total generation of 109,062 MWH.

Strategic Developments

The Board of Directors highlighted the company's diversification efforts, noting the commencement of retail fuel distribution through a BPCL vending unit at its Mukerian facility. Additionally, the company emphasized its focus on eco-friendly practices and green energy footprints as part of its long-term strategy.

What the Numbers Show

A notable divergence exists between the company's operational efficiency metrics and its financial outcomes. While the average recovery rate dipped marginally from 9.95% to 9.51%, the volume of sugarcane crushed fell by approximately 18.5%. This substantial reduction in input volume directly correlates with the 22.2% drop in sugar production, underscoring the sensitivity of the company's revenue model to crushing availability rather than just extraction efficiency.

Corporate Governance and Dividends

The Board did not propose any dividend for the financial year ended March 31, 2026. The company also announced changes in its board composition, including the appointment of new independent directors and the re-appointment of statutory auditors M/s SSVS & Co. for a second term of five years.

Indian Sucrose has appointed M/s Sanjay Grover & Associates as its new secretarial auditor, effective August 28, 2026. The firm will fill the casual vacancy created by the resignation of M/s Manoj Purbey & Associates and conduct the secretarial audit for FY26.

The Board of Directors approved the appointment during a meeting held on August 28, 2026, based on the recommendation of the Audit Committee. The new auditor will hold office until the conclusion of the company’s 35th Annual General Meeting (AGM) in 2026.

Resignation Background

M/s Manoj Purbey & Associates resigned as secretarial auditor effective August 26, 2026. The firm cited an inability to access original statutory records required for the audit as the primary reason for stepping down. This resignation was communicated to the Bombay Stock Exchange on August 27, 2026.

The previous firm had been appointed earlier to fill a casual vacancy arising from the demise of the erstwhile secretarial auditor. Despite visiting the company’s office for physical verification, they stated they did not receive complete and timely access to registers, minutes, and documents within a reasonable period.

New Auditor Profile

M/s Sanjay Grover & Associates, holding Peer Review No. 7853/2026 and FRN P2001DE052900, was selected to ensure statutory compliance timelines remain unaffected for FY26. Founded in 2001 by Late Shri Sanjay Grover, the firm specializes in secretarial, regulatory, and compliance services, including corporate governance and restructuring.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company maintains that it provided all relevant records and extended necessary cooperation to the previous audit team during their engagement. No disputes were reported in the management’s perception statement included in the exchange filing.