OthersReg. 34 (1) Annual Report
Riga Sugar Co Ltd FY2025-26: Revival underway; revenue up and multi-stream agro-industrial expansion planned
Overview & Financials
- Revenue from operations ₹2,898.06 lakh in FY2025-26.
- EBITDA ₹415.96 lakh; PAT ₹-180.25 lakh; Total income ₹2,942.14 lakh.
- Net worth ₹26,574.21 lakh; Total assets ₹39,140.34 lakh.
Operations & Segments
- Sugar revenue ₹2,529.76 lakh; Distillery ₹368.30 lakh in FY2025-26.
- Restart enabled full-year operations post-revival; cane procurement revival ongoing.
- Inter-segment adjustments affect consolidation; integrated sugar-ethanol platform anticipated.
Capital & Liquidity
- Short-term borrowings ₹7,661.33 lakh; negative net working capital ₹(4,591.40) lakh as on 31-Mar-2026.
- Current ratio 0.63; debt-equity ratio 0.29; cash ₹45.94 lakh.
- Promoter stake held by Nirani Sugars Limited at 100% following capital restructuring.
Corporate Governance & IR
- NCLT order (Sept 18, 2025) reconstituted Board; Riga is subsidiary of Nirani Sugars since Dec 18, 2024.
- Seven Board meetings; Arora Shekhar & Company appointed as Secretarial Auditor for 5 years.
- Trading remains suspended; revocation process underway; CIRP relaxations applied during revival.
Growth Strategy
- Expansion plan: sugar capacity from 5,000 TCD to 10,000 TCD.
- Distillery capacity from 45 to 545 KLPD; cogeneration from 11 to 50 MW.
- Greenfield compressed biogas facility of 20 tonnes per day planned; integrated agro-energy platform.
Dividend & Capital Allocation
- No dividend proposed for FY2025-26.
- Share capital replaced after CIRP; promoter stake remains 100%; no new equity issued.
Risks & Outlook
- Trading suspension and revival risk; listing revocation process ongoing.
- Cane supply, policy changes, and sugar-ethanol price parity impact margins.
- Execution risk in major capex and related-party financing.
Audit & Internal Controls
- Statutory auditors: YCRJ & Associates; no qualifications.
- Secretarial audit noted delays in filings; CIRP-relaxed governance in effect during revival.
- Internal controls deemed adequate; no material weaknesses observed.