The Ravalgaon Sugar Farm Limited reported a net loss of ₹63.32 lakhs for the quarter ended June 30, 2026 (Q1FY27), widening from a loss of ₹50.79 lakhs in the corresponding period of the previous year. The deterioration was driven by higher employee benefits and finance costs, while the company recorded no revenue from operations as it remains inactive following the sale of its sugar and confectionery assets. The Board of Directors approved the unaudited financial results and the limited review report from statutory auditors Patkar & Pendse Chartered Accountants on August 11, 2026.

Financial Performance

The company incurred total expenses of ₹63.32 lakhs in Q1FY27, up from ₹50.83 lakhs in Q1FY26. Employee benefits expense rose to ₹20.14 lakhs from ₹23.04 lakhs, while finance costs increased significantly to ₹7.65 lakhs from ₹0.61 lakhs. Other expenses stood at ₹28.91 lakhs, compared to ₹20.57 lakhs in the prior year quarter. The company had no income from operations or other income during the period.

For the full fiscal year FY26, the company reported a net loss of ₹491.22 lakhs, compared to a loss of ₹201.77 lakhs in FY25. The annual loss widened due to significant tax adjustments, including deferred tax credits of ₹458.96 lakhs and tax provisions for earlier years of ₹220.04 lakhs.

Director Re-appointments

The Board proposed the re-appointment of three directors, subject to shareholder approval at the ensuing Annual General Meeting:

• Nihal Doshi: Re-appointed as Executive Director for three years, commencing January 01, 2027. He is the son of Chairman & Managing Director Harshavardhan B. Doshi.
• Rajiv Jain: Re-appointed as Independent Director for a second term from September 16, 2026, to February 03, 2031.
• Subodh Mawalankar: Re-appointed as Independent Director for a second term from February 11, 2027, to February 10, 2032.

Legal and Regulatory Contingencies

The company faces several ongoing disputes that have resulted in contingent liabilities but no additional provisions in the current quarter, in accordance with Ind AS 37:

1. Gratuity Claim: A legal claim regarding gratuity payments to 21 former seasonal workers, estimated at ₹28.23 lakhs plus interest of ₹33.87 lakhs by the Second Labour Court, Nashik. The company has deposited ₹63.14 lakhs as security and filed an appeal.
2. Water Charges: A recognized liability of ₹7.59 lakhs for water charges from 2020 onwards. The company disputes a further demand of ₹8.20 lakhs (₹7.36 lakhs industrial, ₹0.84 lakhs domestic) from the Water Resources Department, Government of Maharashtra.
3. Property Tax: A demand of ₹278.93 lakhs by Gram Panchayat, Ravalgaon. The company deposited ₹69.87 lakhs under protest and filed an appeal. An interim order in February 2026 stayed the Zilla Parishad order.
4. Electricity Duty: The Supreme Court overturned a Bombay High Court judgment in March 2026 regarding electricity duty exemptions. No specific liability has been communicated by the Government of Maharashtra yet.

What the Numbers Show

The company’s operational inactivity is evident from zero revenue from operations for the fourth consecutive quarter since the sale of its core assets. The widening net loss in Q1FY27, despite stable depreciation charges, highlights the impact of rising finance costs and other administrative expenses on the company’s cash position. With no operating segments, the company’s financial performance is now entirely dependent on managing these fixed costs and resolving long-standing legal contingencies.

The Ravalgaon Sugar Farm Limited has reported its audited financial results for the quarter and year ended March 31, 2026. The Board of Directors approved the results at a meeting held on Friday, May 22, 2026. The company reported a total loss of Rs 491.22 lakh for the financial year 2025-26, compared to a loss of Rs 201.78 lakh in the previous year. The results were published in newspapers on May 23, 2026, pursuant to Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance

The company reported zero revenue from operations for the year ended March 31, 2026, as it remained inactive during the period. Total income for the year stood at Rs 61.13 lakh, derived entirely from other income, down from Rs 241.31 lakh in the prior year. Total expenses for the year increased to Rs 308.74 lakh from Rs 400.88 lakh in the previous year.

For the quarter ended March 31, 2026, the company reported a total loss of Rs 356.14 lakh. Total income for the quarter was Rs 19.01 lakh, while total expenses amounted to Rs 131.54 lakh. The basic earnings per share (EPS) for the year was reported as a loss of Rs 143.10, compared to a loss of Rs 59.62 in the previous year.

Operational Status and Notes

The company stated that it has been inactive during the quarter and year ended March 31, 2026, as it has no operating segments. The sugar factory ceased operations in FY 2013-14 and was sold in September 2018. Additionally, the confectionery business trademarks and intellectual property were sold to Reliance Consumer Products Limited during FY 2023-24.

Auditor's Report

Statutory Auditors M/s. Patkar & Pendse issued an unmodified opinion on the audited financial results. The report drew attention to several contingent liabilities, including legal claims regarding gratuity payments, water usage charges, and property tax demands. The company has filed appeals or representations regarding these matters and has not recognized provisions where the outflow cannot be reliably estimated.

Notice to Shareholders

Pursuant to a SEBI circular dated January 30, 2026, the company informed shareholders that a special window for the transfer and dematerialisation of physical securities sold or purchased before April 1, 2019, will remain open till February 4, 2027. This facility is available only for cases where earlier transfer requests were submitted before April 1, 2019, and were rejected, returned, or not processed due to documentation or procedural deficiencies. Eligible shareholders may contact the company's Registrar and Share Transfer Agent, Purva Sharegistry (India) Private Limited, at their office in Lower Parel, Mumbai.