Simbhaoli Sugars Limited has announced its unaudited standalone financial results for the quarter ended September 30, 2025, marking the completion of the delayed Q2 FY26 results review that was conducted by the Interim Resolution Professional (IRP) on December 29, 2025. Following regulatory compliance requirements, the company published these results in Business Standard (English) and Business Standard (Hindi) newspapers on December 31, 2025.

Financial Performance Overview

The company's Q2 FY26 performance showed mixed operational results amid ongoing insolvency proceedings:

Segment-wise Performance

The company's two primary business segments showed contrasting performance during the quarter:

Half-Year Performance

For the six months ended September 30, 2025, the company reported:

Corporate Insolvency Resolution Process Status

The company has been operating under CIRP since July 11, 2024, following an order by the National Company Law Tribunal (NCLT), Allahabad Bench. Key developments include:

Regulatory Compliance and Publication

In compliance with SEBI regulations 30 and 47, the company published its Q2 FY26 financial results in newspapers on December 31, 2025:

Auditor Qualifications and Key Issues

The independent auditor's limited review report highlighted several significant qualifications:

Interest Provisions Not Made

• No provision for interest on bank borrowings: ₹86.92 crores (Q2) and ₹170.52 crores (H1)
• Accumulated unprovided interest expenses: ₹1,920.82 crores as of September 30, 2025
• No provision for interest on unsecured loans from related parties: ₹0.11 crores (Q2)

Other Material Issues

• Cane farmer interest dues claimed: ₹121.63 crores (as of July 11, 2024)
• Subsidiary-related penalties and disputes: ₹13.31 crores not provided
• CFO remuneration pending approval: ₹4.78 crores for period post-February 2025

Asset and Liability Position

As of September 30, 2025, the company's financial position showed:

Operational Challenges

The company faces significant operational headwinds for the crushing season 2025-26:

Going Concern and Future Outlook

Despite the complete erosion of net worth and ongoing losses, the financial results have been prepared on a going concern basis. The IRP continues to manage operations with the objective of maintaining the company as a viable entity while the NCLAT proceedings remain stayed pending settlement discussions among creditors.

The company remains fully operational, producing sugar, molasses, rectified spirit, IMFL, and other by-products. However, the significant reduction in cane area allocation for the current crushing season poses substantial challenges to future operational performance and viability.

Simbhaoli Sugars Limited , currently undergoing Corporate Insolvency Resolution Process (CIRP), has announced the departure of its Company Secretary and Compliance Officer, Anil Sharma. This development comes as the sugar manufacturer navigates through a critical phase under the supervision of an Interim Resolution Professional.

Key Details of the Departure

• Name: Anil Sharma
• Position: Company Secretary & Compliance Officer
• Membership No.: A13430
• Effective Date of Cessation: October 31, 2025 (after working hours)

Corporate Insolvency Resolution Process (CIRP) Context

The company is currently under CIRP following an order by the National Company Law Tribunal (NCLT), Allahabad Bench, dated July 11, 2024. As a result:

• Anurag Goel serves as the Interim Resolution Professional (IRP)
• The powers of the Board of Directors are suspended
• The IRP is vested with the management of the company's affairs, business, and assets

Reasons and Next Steps

According to the company's communication:

• The decision for Sharma's departure was based on a performance review following the completion of his probation period on September 17, 2025
• The company has initiated the process of shortlisting potential candidates for the role
• The new appointment will be finalized within the timelines prescribed by SEBI regulations

Regulatory Compliance

This announcement aligns with:

• Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
• SEBI Circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024

The company has committed to making the required disclosures upon the appointment of a new Company Secretary and Compliance Officer.

As Simbhaoli Sugars navigates through its insolvency proceedings, this change in key managerial personnel underscores the ongoing challenges and restructuring efforts within the organization.