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SIMBHALS - Simbhaoli Sugar

📊 NSE: SIMBHALS 🏢 Sugar 📅 Last Updated: 12/14/2025 13:25

📢 Recent Corporate Announcements

Simbhaoli Sugars Reports Adverse Auditor Opinion on FY25 Results Amid Insolvency Proceedings

🔴 NEGATIVE ⭐ 9/10

EARNINGS 📅 11 Mar 2026, 07:29 PM

Simbhaoli Sugars' Interim Resolution Professional (IRP) has recorded the FY25 consolidated financial results, which have received an 'Adverse Opinion' from statutory auditors. The auditors cited significant 'Going Concern' uncertainties, including a year-long turbine breakdown at its power subsidiary and lack of financial support. Major financial discrepancies were noted, such as ₹1,116.19 Lakhs in disputed receivables and ₹462.57 Lakhs in unprovided doubtful debts at subsidiaries. The company remains under the Insolvency and Bankruptcy Code (IBC) with a critical NCLAT hearing scheduled for March 24, 2026.

Statutory auditors issued an 'Adverse Opinion' on the FY25 consolidated financial results due to pervasive accounting issues.
Subsidiary SPPL faces 'Going Concern' doubts following a year-long turbine failure and ₹1,116.19 Lakhs in disputed receivables.
Subsidiary ICCPL failed to provide for ₹462.57 Lakhs in disputed unbilled revenue and ₹209.43 Lakhs in receivables overdue for 3+ years.
The company is currently under Corporate Insolvency Resolution Process (CIRP) with management controlled by an IRP.
NCLAT has stayed further insolvency steps until the next hearing on March 24, 2026, to allow for settlement proposals.

💡 Investors should exercise extreme caution as the adverse audit opinion and ongoing insolvency proceedings suggest a high risk of total capital loss. The stock is highly speculative given the significant doubts regarding the company's ability to continue as a going concern.

Simbhaoli Sugars Receives Adverse Auditor Opinion on FY25 Results Amid IBC Proceedings

🔴 NEGATIVE ⭐ 9/10

EARNINGS 📅 11 Mar 2026, 07:16 PM

Simbhaoli Sugars' auditors have issued an adverse opinion on the consolidated financial results for the year ended March 31, 2025, indicating that the statements do not provide a true and fair view. The company is currently under the Insolvency and Bankruptcy Code (IBC) process, with an Interim Resolution Professional managing operations while NCLAT proceedings are ongoing. Significant financial irregularities were noted in subsidiaries, including a disclaimer of opinion for the power unit due to turbine failures and disputed receivables of ₹1,116.19 lakhs. The consultancy arm also faces adverse findings regarding ₹462.57 lakhs in unbilled revenue and long-overdue receivables.

Auditors issued an 'Adverse Opinion' on consolidated FY25 results, citing pervasive accounting and valuation issues.
The company is under the IBC process; NCLAT has stayed further insolvency steps but allowed the IRP to manage operations until March 24, 2026.
Subsidiary SPPL faces a 'Disclaimer of Opinion' due to a non-working turbine and a ₹1,116.19 lakh disputed receivable from the parent company.
Subsidiary ICCPL failed to provide for ₹462.57 lakhs in disputed unbilled revenue and ₹209.43 lakhs in receivables overdue for more than three years.
Significant doubts remain regarding the 'Going Concern' status of the group due to persistent losses and current liabilities exceeding current assets.

💡 Investors should exercise extreme caution as the adverse auditor opinion and ongoing insolvency proceedings indicate high risk and unreliable financial reporting. The next critical milestone is the NCLAT hearing scheduled for March 24, 2026.

Simbhaoli Sugars Closes Cane Crushing at Brijnathpur Unit for 2025-26 Season

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 03 Mar 2026, 11:38 AM

Simbhaoli Sugars Limited has officially announced the closure of its cane crushing operations at the Brijnathpur unit for the 2025-26 sugar season. The announcement, dated March 3, 2026, is a standard regulatory disclosure as the sugar harvest and processing cycle concludes for the year. This unit, located in Uttar Pradesh, is one of the company's key facilities for sugar, ethanol, and power production. The closure marks the end of the primary production phase for this specific unit for the current fiscal cycle.

Cane crushing operations for the 2025-2026 season have concluded at the Brijnathpur unit.
The announcement was made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
The Brijnathpur unit is a significant facility located in the Hapur district of Uttar Pradesh.
Closure is a routine seasonal event typical for the Indian sugar industry as the harvest season ends.

💡 Investors should treat this as a routine operational update and focus on the upcoming quarterly results to assess the total sugar recovery and production volumes for the season.

Simbhaoli Sugars Closes Cane Crushing Operations at Hapur Unit for 2025-26 Season

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 02 Mar 2026, 12:47 PM

Simbhaoli Sugars Limited has announced the closure of its cane crushing operations for the 2025-2026 sugar season at its primary unit in Simbhaoli, Hapur, Uttar Pradesh. The announcement, dated March 2, 2026, signifies the end of the seasonal production cycle for this specific facility. This is a standard operational update for sugar companies as they conclude the harvesting and processing period. Investors should note that while crushing has ended, the company continues to focus on its specialty sugars, ethanol, and power segments.

Official closure of cane crushing operations at the Simbhaoli, Hapur unit.
Completion of the production cycle for the Sugar Season 2025-2026.
Compliance filing under Regulation 30 of SEBI (LODR) Regulations, 2015.
The announcement was formalized on March 2, 2026.

💡 Investors should wait for the company's subsequent production data releases to assess the total sugar recovery and volume for the season. Monitor how the end of the crushing season impacts the working capital and inventory levels in the upcoming quarterly results.

Simbhaoli Sugars Q3 Results: Accumulated Unprovided Interest Reaches ₹2,010 Crore Amid CIRP

🔴 NEGATIVE ⭐ 9/10

EARNINGS 📅 13 Feb 2026, 06:33 PM

Simbhaoli Sugars Limited reported its Q3 FY26 results under the supervision of an Interim Resolution Professional (IRP) due to ongoing insolvency proceedings. The auditors have issued a heavily qualified report, noting that the company failed to provide for interest expenses on bank borrowings amounting to ₹8,941.03 Lakhs for the quarter. Total accumulated unprovided interest has now reached a massive ₹2,01,022.71 Lakhs, significantly understating the company's reported losses and liabilities. Furthermore, the company has not conducted mandatory impairment testing for its ₹224 Crore investment in its power subsidiary.

Unprovided interest on bank borrowings for Q3 FY26 stands at ₹8,941.03 Lakhs, understating net loss.
Total accumulated unprovided interest on bank debt reached ₹2,01,022.71 Lakhs (approx ₹2,010 Crore) as of Dec 2025.
Auditors flagged unprovided interest of ₹121.63 Crore on delayed sugarcane price payments to farmers.
No impairment assessment performed on subsidiary investments (₹224.26 Crore) or Property, Plant & Equipment.
Potential contravention of Section 197 regarding management remuneration totaling over ₹411 Lakhs without lender consent.

💡 Investors should remain extremely cautious as the company is under insolvency (CIRP) and the financial statements do not reflect the true scale of debt. The stock remains highly speculative given the massive unprovided liabilities and ongoing legal proceedings at NCLAT.

Simbhaoli Sugars Q3 Results: Unprovided Interest Reaches ₹2,010 Crore Amid Insolvency

🔴 NEGATIVE ⭐ 9/10

EARNINGS 📅 13 Feb 2026, 06:29 PM

Simbhaoli Sugars is currently under the Corporate Insolvency Resolution Process (CIRP), with operations managed by an Interim Resolution Professional (IRP). The company reported its Q3 FY26 results with significant audit qualifications, most notably the non-provision of interest on bank borrowings amounting to ₹8,941.03 Lakhs for the quarter. Total accumulated unprovided interest has now reached ₹2,01,022.71 Lakhs, meaning the reported losses are significantly understated. Furthermore, the company has not assessed impairment for its assets or its ₹23,000+ Lakhs investment in subsidiaries.

Unprovided interest on bank borrowings for the quarter ended Dec 2025 is ₹8,941.03 Lakhs.
Total accumulated interest expense not provided for in the accounts stands at ₹2,01,022.71 Lakhs.
Interest on delayed cane price payments to farmers amounting to ₹12,163.25 Lakhs remains unprovided.
Company failed to conduct mandatory impairment testing for subsidiary investments totaling ₹23,080.51 Lakhs.
Management powers remain suspended as the company undergoes CIRP following an NCLT order dated July 11, 2024.

💡 Investors should be extremely wary as the company is in insolvency and the financial statements significantly understate liabilities due to missing interest provisions. The risk of total equity erosion is high given the massive debt and ongoing legal proceedings at NCLAT.

Simbhaoli Sugars Q3 Results: Auditor Flags ₹2,010 Crore Unprovided Interest Amid Insolvency

🔴 NEGATIVE ⭐ 9/10

EARNINGS 📅 13 Feb 2026, 06:22 PM

Simbhaoli Sugars reported its Q3 FY2025-26 results while remaining under the Corporate Insolvency Resolution Process (CIRP), currently stayed by NCLAT due to settlement talks. The auditors have issued a heavily qualified report, noting that the company failed to provide for interest expenses on bank borrowings amounting to ₹8,941.03 lakhs for the quarter. Total unprovided interest has now reached a massive ₹2,01,022.71 lakhs (approx ₹2,010 crore), significantly understating the company's losses and liabilities. Furthermore, the company has not conducted mandatory impairment testing for its ₹22,425.69 lakh investment in its power subsidiary.

Total unprovided interest on bank borrowings reached ₹2,01,022.71 lakhs as of December 31, 2025.
Interest on bank borrowings for the quarter (₹8,941.03 lakhs) was not recognized in the financial statements.
Auditors flagged ₹12,163.25 lakhs in unprovided interest on delayed sugarcane payments to farmers.
No impairment assessment was performed for investments in subsidiaries totaling ₹22,425.69 lakhs.
Managerial remuneration of ₹301.82 lakhs from earlier years was noted as being in contravention of the Companies Act.

💡 Investors should remain extremely cautious as the company is in a critical financial state with massive understated liabilities and ongoing insolvency proceedings. The stock remains highly speculative until there is clarity on the NCLAT settlement or the resolution process.

Simbhaoli Sugars Shuts Brijnathpur Distillery on CPCB Orders; Unit Contributes 4.94% Revenue

🔴 NEGATIVE ⭐ 7/10

REGULATORY 📅 09 Feb 2026, 12:46 PM

Simbhaoli Sugars has ceased operations at its Brijnathpur Distillery unit effective February 9, 2026, following directives from the Central Pollution Control Board (CPCB) under the Environment (Protection) Act, 1986. The unit contributed Rs 48.26 crore to the company's total net turnover of Rs 976.74 crore in the last financial year, representing approximately 4.94% of total revenue. The company completed a 72-hour process to finish in-process materials before the final shutdown. While management is working on compliance to restore operations, the duration of the closure remains uncertain until CPCB issues a revocation order.

Closure of Brijnathpur Distillery effective February 9, 2026, due to CPCB environmental directives.
The affected unit contributes Rs 48.26 crore, or 4.94%, to the total group turnover of Rs 976.74 crore.
Shutdown followed a 72-hour window to process existing molasses and fermented wash into alcohol.
Operations will remain suspended indefinitely until specific revocation directions are received from the CPCB.

💡 Investors should exercise caution as the closure impacts nearly 5% of the company's revenue and indicates regulatory hurdles in its distillery segment. Monitor for updates regarding CPCB compliance and the timeline for the resumption of operations.

Simbhaoli Sugars to Review Q3 FY26 Financials on Feb 13 Amid Ongoing Insolvency Process

🔵 WATCH ⭐ 6/10

BOARD_MEETING 📅 06 Feb 2026, 05:19 PM

Simbhaoli Sugars Limited has scheduled a meeting on February 13, 2026, to review its standalone and consolidated unaudited financial results for the quarter ended December 31, 2025. The company remains under the Corporate Insolvency Resolution Process (CIRP) following an NCLT order dated July 11, 2024. This meeting is being convened by the Interim Resolution Professional (IRP) to ensure regulatory compliance during the resolution phase. Trading in the company's shares will remain restricted until 48 hours after the results are declared.

Meeting scheduled for February 13, 2026, to approve Q3 FY26 financial results.
Company has been under CIRP since July 11, 2024, per NCLT Allahabad Bench order.
Review includes both Standalone and Consolidated Unaudited financial statements for the period ended December 31, 2025.
Trading window for the company's shares is closed until 48 hours post-result declaration.

💡 Investors should exercise extreme caution as the company is currently in insolvency proceedings. Monitor the upcoming results for any signs of operational stability or updates on the resolution process.

Simbhaoli Sugars Shuts Hapur Distillery Unit on CPCB Orders; Affects 8.28% of Total Turnover

🔴 NEGATIVE ⭐ 8/10

REGULATORY 📅 05 Feb 2026, 05:43 PM

Simbhaoli Sugars Limited has announced the immediate closure of its distillery unit in Hapur effective February 5, 2026, following directives from the Central Pollution Control Board (CPCB). The unit is a significant contributor to the company's top line, accounting for Rs. 80.83 Crore or 8.28% of the total group turnover in the last financial year. The shutdown was mandated under Section 5 of the Environment (Protection) Act, 1986, due to environmental compliance issues. While management is taking steps to restore operations, the exact duration of the closure remains uncertain and depends on CPCB revocation.

Closure of Simbhaoli Distillery (Hapur) unit effective from February 5, 2026
Distillery unit contributed Rs. 80.83 Crore to the total group turnover of Rs. 976.74 Crore
The unit represents 8.28% of the company's total net turnover
Action taken following CPCB directions under Section 5 of the Environment (Protection) Act, 1986
Duration of closure is currently indefinite and subject to future CPCB directions

💡 Investors should exercise caution as the closure of a high-margin distillery unit will likely impact short-term profitability and revenue. Monitor the company's updates regarding CPCB compliance and the timeline for the revocation of the closure order.

Simbhaoli Sugars Clarifies Delay in Brijnathpur Unit Restoration; Reports Rs 55.76 Lac Damage

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 30 Jan 2026, 09:39 PM

Simbhaoli Sugars has responded to a BSE query regarding the delayed announcement of its Brijnathpur unit's operational restoration. The company clarified that while the 8 MW turbine was repaired by January 24, 2026, it required a 72-hour monitoring period and a full crystallization cycle to confirm stable operations. The total damage cost from the breakdown is estimated at Rs 55.76 Lac, which was not covered by insurance. Normalcy was officially confirmed on January 28, leading to the public disclosure on January 29.

8 MW turbine at Brijnathpur unit repaired and operational as of January 24, 2026
Total damage cost incurred due to the breakdown is Rs 55.76 Lac including repairs and fuel
Breakdown was not covered under insurance, resulting in a direct hit to financials
Sugar manufacturing cycle of 72 hours cited as the primary reason for delayed performance confirmation
Operations reached full load capacity on January 28, 2026, after initial partial load of 1.2 MW

💡 Investors should note the restoration of operations at the Brijnathpur unit as a positive for production volumes, though the repair costs will impact the current quarter's margins. Monitor for any further operational disruptions given the lack of insurance coverage for this breakdown.

Simbhaoli Sugars Resumes Operations at Brijnathpur Unit Following 8MW Turbine Repair

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 29 Jan 2026, 06:06 PM

Simbhaoli Sugars Limited has announced the resumption of operations at its Brijnathpur unit in Uttar Pradesh effective January 24, 2026. This follows the successful repair of an 8MW turbine in the facility's power unit, which had previously caused a disruption. The company had issued prior notifications regarding the shutdown on December 31, 2025, and January 16, 2026. The restart ensures the unit returns to normal business operations during the critical sugar crushing season.

Operations at the Brijnathpur, U.P. unit resumed effective January 24, 2026
Successful repair of the 8MW turbine within the facility's Power Unit
Follows a period of disruption previously reported in December 2025 and January 2026
Unit has returned to the normal course of business operations

💡 Investors should note the resolution of this operational bottleneck which likely impacted production for nearly a month. Monitor the next quarterly report to quantify the impact of the downtime on total sugar and power output.

Simbhaoli Sugars Provides Update on 8MW Turbine Breakdown at Brijnathpur Unit

🔵 WATCH ⭐ 6/10

ROUTINE 📅 16 Jan 2026, 06:10 PM

Simbhaoli Sugars has issued a follow-up notification regarding the operational disruption at its Brijnathpur, Uttar Pradesh facility. The disruption, originally reported on December 31, 2025, was caused by a mechanical breakdown of an 8MW turbine within the power unit. This update serves as a formal regulatory filing under SEBI Listing Regulations concerning the ongoing status of the unit. Investors should note that such disruptions during the peak sugar crushing season can impact overall production efficiency and power co-generation revenue.

Follow-up to the December 31, 2025, announcement regarding technical failure at the Brijnathpur plant.
The disruption involves a breakdown of an 8MW turbine in the facility's Power Unit.
The filing is made pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015.
Brijnathpur is a key operational site for the company's sugar and power co-generation business.
The company has not yet specified the exact financial impact or the definitive date for full restoration.

💡 Investors should monitor subsequent filings for a 'resumption of operations' notice to gauge the total downtime. Prolonged disruption in the power unit during the crushing season could lead to higher operational costs and lower margins for the current quarter.

Simbhaoli Sugars Appoints S. Goyal & Associates as Internal Auditor Effective Jan 15, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 15 Jan 2026, 06:20 PM

Simbhaoli Sugars Limited has appointed M/s S. Goyal & Associates as its new Internal Auditor effective January 15, 2026. This appointment follows the resignation of the previous auditor, S.C. Kwatra & Co. The new firm is a 45-year-old Category 'I' Chartered Accountant firm. The audit mandate covers the company's SSD, SDD, BSD, and CSD units for the period starting from October 1, 2024.

Appointment of M/s S. Goyal & Associates as Internal Auditor effective January 15, 2026
The new auditor is a highly reputed Category 'I' CA firm with 45 years of experience
Audit scope includes SSD, SDD, BSD, and CSD units starting from October 1, 2024
Change in auditor was necessitated by the resignation of S.C. Kwatra & Co.

💡 This is a routine regulatory disclosure regarding internal governance and does not require any immediate investment action. Investors should continue to monitor the company's operational performance and upcoming quarterly results.

Simbhaoli Sugars Files SDD Compliance Certificate for Quarter Ended December 31, 2025

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 12 Jan 2026, 02:55 PM

Simbhaoli Sugars Limited has submitted its Structural Digital Database (SDD) Compliance Certificate for the quarter ending December 31, 2025. This filing is a mandatory requirement under Regulations 3(5) and 3(6) of the SEBI (Prohibition of Insider Trading) Regulations, 2015. The certificate, verified by a Practicing Company Secretary, confirms that the company is maintaining the necessary digital logs to track the sharing of unpublished price-sensitive information. This is a routine procedural disclosure aimed at ensuring regulatory transparency and preventing insider trading.

Submission of SDD Compliance Certificate for the third quarter of FY 2025-26.
Compliance confirmed under SEBI (Prohibition of Insider Trading) Regulations, 2015.
The certificate was issued by a Practicing Company Secretary (PCS) following an audit of internal databases.
Confirms that the company has maintained records of persons with whom price-sensitive information was shared.

💡 No action is required as this is a routine regulatory filing. Investors should continue to monitor the company's upcoming quarterly financial results for operational performance.

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💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue decreased 4.69% YoY to INR 1,350.98 Cr in FY24 from INR 1,417.43 Cr. In FY25, revenue further declined 14.65% to INR 1,002 Cr from INR 1,174 Cr in FY24. The sugar segment remains the primary driver, though standalone turnover fell 3.82% to INR 1,342.63 Cr in FY24.

Geographic Revenue Split

100% of revenue is generated in India, specifically from three integrated sugar complexes in Uttar Pradesh: Simbhaoli, Brijnathpur (Western UP), and Chilwaria (Eastern UP).

Profitability Margins

Net Profit Ratio improved from -2.25% in FY24 to a PAT margin of 2.4% in FY25. The company reported a PAT of INR 24 Cr in FY25 compared to a loss of INR 12 Cr in FY24. Operating Profit Margin was -2.25% in FY24 but improved to 5.84% in FY25.

EBITDA Margin

EBITDA margins have been volatile; the company needs to sustain a 3-4% EBITDA margin for a credit rating upgrade. Operating Profit Margin stood at 5.84% in FY25, a significant recovery from -2.25% in FY24.

Capital Expenditure

Not disclosed in available documents, though the company emphasizes technological upgrades for by-product utilization and enhancing branded product capacity.

Credit Rating & Borrowing

The company carries a 'CRISIL D' rating, reflecting a default status on its long-term bank facilities totaling INR 1,041 Cr. Stretched liquidity has led to delays in servicing term loan installments.

⚙️ Operational Drivers

Raw Materials

Sugarcane is the primary raw material, accounting for the majority of input costs. Other inputs include chemicals for refining and packaging materials for branded products.

Import Sources

Sourced locally from farmers in the catchment areas of its three plants in Uttar Pradesh, India.

Key Suppliers

Primary suppliers are local sugarcane farmers and cooperative societies in the Simbhaoli, Brijnathpur, and Chilwaria regions.

Capacity Expansion

Current installed crushing capacity is 19,500 tonnes of sugarcane per day (TPD). Cogeneration capacity is 108 MW (via a 51:40 JV), and distillery capacity is 180 kilolitres per day (KLPD). No specific expansion timeline is provided.

Raw Material Costs

Raw material costs are heavily influenced by the State Advised Price (SAP) and Fair and Remunerative Price (FRP) set by the government. High input prices driven by regulation often conflict with volatile open-market sugar prices.

Manufacturing Efficiency

Return on Capital Employed (ROCE) improved to 1.87% in FY24 from -0.64% in FY23, indicating a gradual recovery in resource utilization despite negative net worth.

Logistics & Distribution

The company is expanding its distribution through e-commerce channels and modern trade for its 'Trust' brand products to reach retail consumers directly.

📈 Strategic Growth

Growth Strategy

Growth is targeted through the 'Trust' brand expansion, focusing on specialty sugars (pharma-grade, cubes, sachets) and e-commerce. The company is also leveraging the government's mandatory ethanol blending program to increase distillery segment contributions.

Products & Services

White crystal refined sugar, pharmaceutical-grade sugar, sugar cubes, icing sugar, candy sugar, sugar sachets, ethanol, potable alcohol, and surplus power.

Brand Portfolio

Trust

New Products/Services

Focus on specialty and branded sugar products like pharmaceutical-grade sugar and consumer-facing retail packs to improve margins over bulk sugar.

Market Expansion

Expansion into modern trade and e-commerce platforms to increase the retail footprint of the 'Trust' brand.

Strategic Alliances

Maintains a 51:40 Joint Venture with Sindicatum Captive Energy Singapore for its 108 MW cogeneration power operations.

🌍 External Factors

Industry Trends

The industry is shifting toward ethanol production due to the government's blending mandates. Per capita sugar consumption in India (20kg) is below the global average (23kg), suggesting long-term growth potential.

Competitive Landscape

The sugar industry is highly fragmented and cyclical, characterized by high regulatory intervention and competition from both large integrated players and unorganized mills.

Competitive Moat

Moat is derived from integrated operations (sugar + power + distillery) which allows for 100% utilization of sugarcane by-products (molasses and bagasse), providing a cost advantage over standalone mills.

Macro Economic Sensitivity

Highly sensitive to agricultural output (GDP) and inflation, particularly in rural labor and transport costs.

Consumer Behavior

Increasing consumer preference for branded, packaged, and specialty sugar products over loose bulk sugar.

Geopolitical Risks

Trade barriers and export restrictions imposed by the Indian government to control domestic sugar inflation impact the company's ability to tap global markets.

⚖️ Regulatory & Governance

Industry Regulations

Operations are heavily regulated by the Essential Commodities Act, including sugar MSP, sugarcane SAP/FRP, and ethanol procurement prices set by Oil Marketing Companies (OMCs).

Legal Contingencies

The company is currently under the Corporate Insolvency Resolution Process (CIRP) initiated by the NCLT on July 11, 2024. Powers of the Board are suspended and vested with the Interim Resolution Professional (IRP), Anurag Goel.

⚠️ Risk Analysis

Key Uncertainties

The outcome of the CIRP process and the ability to reach a resolution with lenders for the INR 1,041 Cr debt are the primary business uncertainties.

Geographic Concentration Risk

100% of manufacturing assets are located in Uttar Pradesh, making the company highly vulnerable to state-specific policy changes and regional weather patterns.

Third Party Dependencies

High dependency on the timely supply of sugarcane from local farmers; any disruption in farmer relations or payments (cane arrears) impacts operations.