Uttam Sugar Mills accepted the resignation of Sanjay Bhandari as Chief Financial Officer effective September 16, 2026. Bhandari served as a key managerial personnel for nearly two decades before stepping down due to health reasons.

The company disclosed the departure to the National Stock Exchange of India Ltd and BSE Limited pursuant to Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The filing confirms that Bhandari tendered his resignation via email on September 15, 2026.

Resignation Details

Bhandari will be relieved from his duties from the closure of business hours on September 16, 2026. In his resignation letter addressed to Managing Director Raj Kumar Adlakha, Bhandari stated that his health no longer allows him to continue in his current position. He emphasized the need to focus on his mental and physical well-being and family.

The company secretary, Rajesh Garg, confirmed that there are no other reasons or considerations behind the resignation apart from the stated health issues. The disclosure includes Annexure-I detailing the cessation date and reason as required by SEBI Circular No SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

Key Particulars

Bhandari expressed gratitude for the opportunities during his tenure and wished the company continued success. The board has acknowledged the resignation and updated its records accordingly.

Uttam Sugar Mills reported total revenue of ₹2,11,643 lakhs for FY26, a 17.55% increase over the previous year, as the company schedules its 31st Annual General Meeting for September 18, 2026.

The AGM will be held via video conferencing or other audio-visual means at 12:00 noon on September 18, 2026. Shareholders can access the integrated annual report and AGM notice through web links provided on the company website and stock exchange portals.

FY26 Financial Performance

The company delivered broad-based growth across key financial metrics. Revenue from operations rose 17.67% to ₹2,11,025.82 lakhs, driven by higher sugar and ethanol volumes and better sugar realisations. EBITDA increased 2.37% to ₹22,758 lakhs, while Profit Before Tax grew 7.23% to ₹13,278.64 lakhs. Profit After Tax rose 8.23% to ₹9,874.48 lakhs, with Earnings Per Share improving 8.24% to ₹25.89.

The following table summarises the key FY26 financial highlights:

Segment-wise Revenue

Sugar remained the dominant revenue contributor at ₹1,52,595.33 lakhs, up 16% from ₹1,31,093.95 lakhs in the previous year, supported by a 12% increase in sales volume and better net realisations of ₹4,143 per quintal versus ₹3,984 per quintal. Distillery revenue reached ₹49,009 lakhs, with industrial alcohol production rising 32% to 877 lakh bulk litres. Power export revenue stood at ₹5,712.22 lakhs.

Operational Highlights

The company crushed 327.39 lakh quintals of sugarcane during FY26, producing 30.68 lakh quintals of sugar at a recovery rate of 9.37%. Sugarcane crushing in Sugar Season 2025-26 declined approximately 25% to 301.51 lakh quintals from 401.68 lakh quintals in SS 2024-25, primarily due to crop damage from excessive rains and floods. Sugar recovery improved to 9.42% in SS 2025-26 from 8.94% in SS 2024-25.

Key operational metrics for FY26 are presented below:

31st AGM Agenda and Key Resolutions

The Board approved a 25% final dividend on May 15, 2026. Shareholders must approve this payout at the AGM. The record date for eligibility is September 11, 2026, with payout scheduled on or before October 17, 2026.

Key resolutions on the AGM agenda include:

The borrowing and security creation limits supersede previous approvals from 2014 and are intended to align with the current legal framework under the Companies Act, 2013.

Dividend Timeline and TDS Guidelines

Key dates for the dividend process are as follows:

Dividend income is taxable under the Income Tax Act, 2025. For resident individuals with a valid PAN, TDS is deducted at 10%. If PAN is not linked with Aadhaar or is invalid, the rate rises to 20%. No tax is deducted if total dividend received during Tax Year 2026-27 does not exceed ₹10,000, or if the shareholder submits Form 121 meeting all eligibility conditions.

Non-resident shareholders face a withholding tax of 20% plus applicable surcharge and cess under domestic law, with the option to avail beneficial rates under Double Tax Avoidance Agreements (DTAA) upon submission of requisite documents including a valid Tax Residency Certificate and e-filed Form 41.

Credit Ratings

The company's credit profile has strengthened, with upgrades from both India Ratings & Research and CARE Ratings Limited:

Shareholder Actions Required

Shareholders must ensure bank account details are updated with Depository Participants or the RTA to facilitate electronic dividend credit. Tax documents such as Form 121 and Form 41 must be uploaded via the RTA portal by September 11, 2026. Any submissions received after this date will not be considered. Failure to link PAN with Aadhaar will result in higher TDS deductions.

Members holding shares in physical mode who have not registered their email addresses are requested to update them via the RTA portal or by writing to investorrelation@uttamsugar.in . KYC completion, including PAN and bank details, is mandatory for all shareholders to ensure smooth dividend processing and compliance with SEBI regulations.