Ugar Sugar Works Limited shareholders approved the reappointment of two retiring directors, adopted the audited financial statements for FY26, and declared a 10% dividend at its 86th Annual General Meeting (AGM) held on August 5, 2026. The meeting, conducted via Video Conferencing/OAVM with the registered office in Sangli, Maharashtra, as the deemed venue, also ratified the remuneration of the cost auditor for FY27. All six resolutions were passed with requisite majorities based on consolidated e-voting results.

The proceedings complied with Section 108 of the Companies Act, 2013, Rule 20 of the Companies (Management and Administration) Rules, 2014, and Regulation 44 of the SEBI (LODR) Regulations, 2015. Remote e-voting was facilitated by National Securities Depository Limited (NSDL) from August 1 to August 4, 2026. CS Abhay R. Gulavani served as the scrutinizer, submitting his consolidated report on August 6, 2026.

Key Resolutions Passed

Shareholders voted on ordinary and special business items. The primary outcomes include the adoption of standalone financials for the year ended March 31, 2026, and the continuity of board leadership. Shishir S. Shirgaokar (DIN: 00166189) and Shilpa Kumar (DIN: 02404667) retired by rotation and offered themselves for reappointment.

A special resolution was passed to continue Mr. Shishir Shirgaokar’s directorship as a non-executive director liable to retire by rotation, despite having attained the age of 75 years, pursuant to Regulation 17(1A) of the SEBI (LODR) Regulations, 2015. This appointment is valid until the conclusion of the AGM to be held in 2028.

Governance and Compliance

The Board recommended a 10% dividend for the financial year 2025-26. Additionally, shareholders ratified the remuneration of M/s Dhananjay V. Joshi & Associates, Practicing Cost Accountant (Firm Registration No: 000030), as Cost Auditor for FY27. The approved remuneration is ₹3,50,000 plus reimbursement of out-of-pocket expenses and applicable taxes.

Tushar V. Deshpande, Company Secretary (M. No: A45586), certified the proceedings. The meeting addressed all statutory requirements under the Companies Act and SEBI regulations, including the review of Corporate Governance and Business Responsibility and Sustainability Reporting (BRSR). Out of 73,846 shareholders on the record date of July 29, 2026, 246 members voted through remote e-voting.

The Ugar Sugar Works Limited returned to profitability in Q1FY26, reporting a standalone net profit after tax (PAT) of ₹1.50 crore, compared to a net loss of ₹13.70 crore in Q1FY25. The company's revenue from operations rose 32% year-on-year to ₹481 crore, up from ₹3.64 billion in the same period last year. This turnaround marks a significant shift from the previous quarter ended March 31, 2026, where the company reported a PAT of ₹45.76 crore, indicating a seasonal normalization in earnings.

The Board of Directors approved the unaudited financial results on August 5, 2026, during a meeting held at Ugar Khurd. The results were reviewed by the Audit Committee and comply with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Kirtane & Pandit LLP, the independent auditors, issued a review report stating that nothing came to their attention to suggest the statement contained material misstatements. The company noted that its main business is seasonal, and current period figures are not indicative of annual results.

Segment Performance Drivers

The industrial alcohol segment was the primary contributor to the quarterly profit, generating a segment result of ₹35.02 crore before interest and tax. This contrasts sharply with the same segment's loss of ₹16.76 crore in Q4FY26 and a profit of ₹17.50 crore in Q1FY25. Sugar operations contributed ₹3.91 crore to the pre-tax result, while co-generation incurred a loss of ₹8.96 crore. Potable alcohol also reported a minor loss of ₹0.11 crore.

The following table summarises segment-wise revenue and pre-tax results for the quarter:

Total segment revenue stood at ₹514.39 crore, with inter-segment revenue amounting to ₹33.45 crore. After deducting finance costs of ₹18.47 crore and other unallocable expenditures of ₹12.51 crore, the company achieved a pre-tax profit of ₹1.04 crore.

Key Financial Metrics

The table below highlights key financial metrics for the quarter on a year-on-year basis:

Earnings per share (EPS) for the quarter stood at ₹0.13, compared to a loss per share of ₹1.22 in Q1FY25. Total comprehensive income for the period was ₹0.34 crore, reflecting a negative other comprehensive income of ₹1.15 crore. Total assets decreased to ₹1,119.05 crore from ₹1,304.23 crore as of March 31, 2026, largely due to a reduction in sugar segment assets. Liabilities also contracted to ₹272.93 crore from ₹393.23 crore. The company has no subsidiaries, associate companies, or joint ventures as of June 30, 2026.

What the Numbers Show

The reversal to profitability is heavily dependent on the industrial alcohol segment, which swung from a significant loss in the preceding quarter to the largest profit contributor in Q1FY26. This volatility highlights the cyclical nature of the company's diversified portfolio. While sugar operations remained profitable, their contribution was modest compared to the previous year's high base. The company explicitly stated the results are not indicative of annual performance due to the seasonal nature of sugar production.