Shree Renuka Sugars Ltd

Filing Status

• Compounding order under Sec 441 for non-compliance with Sec 139(1) due to auditor re-appointments in 2014-15 and 2015-16.
• Aggregate compounding fee Rs 15,00,000; company share Rs 7,50,000; no material impact.

Shree Renuka Sugars Ltd trading window closed from 1st October 2026 till the expiry of 48 hours after the disclosure of financial results for the quarter and half year ending 30th September 2026

AGM Details

• Date of AGM: 22 September 2026; mode: AGM held via Video Conference.
• Cut-off date for voting: 15 September 2026.
• Remote e-voting window: 19–21 September 2026; e-voting at AGM via KFintech.
• Notice issued 31 August 2026; corrigendum 11 September 2026.

Key Resolutions & Outcomes

• Resolution 1 (Ordinary): Adoption of standalone financial statements for FY2026; passed.
• Resolution 2 (Ordinary): Adoption of consolidated financial statements for FY2026; passed.
• Resolution 3 (Special): Re-appointment of Kuok Khoon Hong; passed.
• Resolution 4 (Special): Re-appointment of Ravi Gupta as Executive Director; remuneration approved.
• Resolution 5 (Ordinary): Appointment of Vipin Kumar Rathi as Director; passed.
• Resolution 6 (Special): Remuneration fixation for Vipin Kumar Rathi as Whole-Time Director; passed.
• Resolution 7 (Ordinary): Appointment of Kwek Ju-Yang Mark as Non-Executive Director; passed.
• Resolution 8 (Special): Approval of annual bonus to Vijendra Singh for 2025-26; passed.
• Resolution 9 (Special): Approval of annual bonus to Atul Chaturvedi for 2025-26; passed.
• Resolution 10 (Special): Material modification of terms with Wilmar Sugar India Private Limited; passed.
• Resolution 11 (Ordinary): Approval for material related party transaction with Wilmar Sugar India Private Limited for FY2026-27; passed.
• Resolution 12 (Ordinary): Ratification of remuneration of Cost Auditors; passed.

AGM details

• Held on 22 September 2026 at 11:00 IST via Video Conferencing.
• Record date: 15 September 2026; shareholders: 7,55,801.

Resolutions

• Ordinary: Adopt standalone financial statements for year ended 31 March 2026.
• Ordinary: Adopt consolidated financial statements for year ended 31 March 2026.
• Special: Re-appointment of director retiring by rotation (Kuok Khoon Hong).
• Special: Re-appointment of Ravi Gupta as Executive Director and remuneration.
• Ordinary: Appointment of Vipin Kumar Rathi as Director.
• Special: Appointment of Vipin Kumar Rathi as Whole-Time Director and remuneration.
• Ordinary: Appointment of Mark Kwek Ju-Yang as Non-Executive Director.
• Special: Bonus to Vijendra Singh for 2025-26 performance.
• Special: Bonus to Atul Chaturvedi for 2025-26 performance.
• Ordinary: Modify terms of related party transaction with Wilmar Sugar India Private Limited (FY2025-26).
• Ordinary: Approve related party transaction with Wilmar Sugar India Private Limited for FY2026-27.
• Ordinary: Ratify remuneration of Cost Auditors.

Voting results

• Result pending; voting to be declared by 24 Sep 2026.

Material RPTs

• Related party with Wilmar Sugar India Private Limited; terms modification (FY2025-26).
• Approval for related party transaction with Wilmar Sugar India Private Limited for FY2026-27.

Director changes

• Re-appointment of director retiring by rotation (Kuok Khoon Hong).
• Re-appointment of Ravi Gupta as Executive Director; remuneration.
• Appointment of Vipin Kumar Rathi as Director.
• Vipin Kumar Rathi appointed as Whole-Time Director; remuneration fixed.
• Appointment of Mark Kwek Ju-Yang as Non-Executive Director.

AGM Details

• Date/time: 22 September 2026 at 11:00 IST; VC/OAVM to transact business.
• Venue/deemed venue: Registered Office; proceedings via video conference.
• Record/e-voting: cut-off date 15 September 2026; e-voting 19–21 September 2026.
• RTA: KFin Technologies Limited appointed to provide VC and e-voting facility.

Ordinary resolutions

• Resolution 1: Adopt standalone financials; outcome not disclosed.
• Resolution 2: Adopt consolidated financials; outcome not disclosed.
• Resolution 5: Appoint Vipin Kumar Rathi as Director; outcome not disclosed.
• Resolution 7: Appoint Kwek Ju-Yang as Non-Executive Director; outcome not disclosed.
• Resolution 10: Material modification of RPT with WSIPL; revised pricing; approx ₹1 Mn; ordinary.
• Resolution 11: Material RPT with WSIPL for FY2026-27; aggregate ₹10 Mn; ordinary.
• Resolution 12: Ratification of remuneration of Cost Auditors; ₹6.5 Lakh; ordinary.

Special resolutions

• Resolution 3: Re-appoint Kuok Khoon Hong as Non-Executive Director; age 77.
• Resolution 4: Re-appoint Ravi Gupta as Executive Director for five years; remuneration terms.
• Resolution 6: Appoint Vipin Kumar Rathi as Whole-Time Director; remuneration terms.
• Resolution 8: Bonus to Vijendra Singh for FY2025-26; subject to approval.
• Resolution 9: Bonus to Atul Chaturvedi for FY2025-26; subject to approval.

AGM Details

• AGM scheduled for 22 September 2026 at 11:00 IST via Video Conferencing.

Key Resolutions

• Item 3 read as Special Resolution for re-appointment of Kuok Khoon Hong as Non-Executive Director.
• Corrigendum adds Explanatory Statement for Item 3.

Director Changes

• Kuok Khoon Hong to continue as Non-Executive Director; age 77.

Other Material Approvals

• Special resolution under SEBI LODR for continuation beyond age limit of a Non-Executive Director.

Overview

• Standalone BRSR for SRSL covering sugar, ethanol, renewable energy, and branded sugar products.
• Exports contributed 72.05% of turnover across 32 international markets.
• Turnover by product: Sugar 88.15%, Ethanol 10.83%, Power 0.82%.
• Ethanol production scaled to fuel Ethanol Blended Petrol (EBP) programme; cogeneration via bagasse.
• Afforestation and community development; water conservation; circular resource management initiatives.
• Renewable energy generated: 352 Mn kWh; Ethanol produced: 169,192 KL; Recycled water: 941.82 Mn L.
• Trees planted: 54,366; Training hours: 20,550; Reporting boundary is standalone for SRSL.

Key ESG Risks & Opportunities

• GHG risk from processing and transport; regulatory changes could increase costs; mitigated by biomass fuels and renewables.
• Energy management risk from high energy demand; mitigated by audits, targets, and energy-efficient technologies.
• Water management opportunity via ZLD, STP/ETP, water reuse and harvesting.
• Product quality and safety risk; enhanced QA, audits and testing.
• Employee health & safety risk; risk assessments, PPE, training and safety programmes.
• Supply chain risk: environmental and labor compliance; due diligence and contingency planning.
• Materials sourcing risk: cane/input variability; responsible sourcing and sustainable farming.

Governance & Policy Highlights

• Board oversees sustainability; ABAC clauses in Code of Conduct for ethics and anti-bribery.
• Whistleblower policy with plant-head contacts for grievance handling.
• Policies extended to value chain; Procurement Policy extended to suppliers and partners.
• Penalties in FY2025-26 from CGST/IT/GST authorities; several cases; appeals filed.
• No disciplinary actions for bribery/corruption across Directors/KMPs/Employees/Workers.
• CSR applicability noted; no CSR liability due to negative profits; turnover ₹85,220 million; net worth negative.

Social Responsibility & Workforce

• Total employees 1,122; permanent 1,035; workers 1,022; females 33; board female 7.69%.
• LTIFR: employees 0.07; workers 0.05; total injuries 7; fatalities 0.
• Training: 20,550 hours; health & safety training provided across staff and workers.
• Well-being spend: 0.04% of total revenue.
• Differently abled: 0 employees; premises accessible to disabled persons.
• Union membership zero; grievance mechanisms include Grievance Committee and POSH.

Environmental Performance

• Total energy: 15.80 million GJ; renewables 12.53 million GJ; non-renewables 3.27 million GJ.
• Total Scope 1 emissions: 298,494 tCO2e; Scope 2: 29,501 tCO2e.
• Biogenic CO2 from bagasse: 1,086,809 tCO2e.
• GHG intensity: 0.00019 tCO2e per turnover; 0.00008 per PPP; 0.70 MT CO2e per MT sugar.
• Zero Liquid Discharge (ZLD) initiatives at multiple units; condensate reuse via CPU planned/commissioning.
• Waste: total 182,824 MT; plastics 1,567.6 MT recycled; ash 32,895 MT; pressmud 148,268 MT.
• Water withdrawal 32,57,753 KL; consumption 27,73,814 KL; 7,44,869 KL discharged; 941.82 MN L recycled water.
• Certified facilities include FSSC 22000/ISO 14001/ISO 45001 at key units; EPR targets exceeded at times.

Stakeholder Engagement & Complaints

• Stakeholders: employees, farmers, shareholders, investors, customers, regulators; engagement via meetings, email, website.
• Shareholders: 2 complaints in FY2025-26; 49 in FY2024-25; resolved with RTA support.
• Customers: 40 complaints in FY2025-26; 51 in FY2024-25; mainly product quality concerns.
• Communities around plants: periodic CSR engagement; plant heads act as primary contacts.
• Policy engagement: 10 industry associations; policy discussions in governance framework.

Other Notable Metrics

• Inputs from supply chain: MSMEs 25.79% of inputs; from India 31.61% of inputs.
• Sales concentration: top 10 dealers/distributors account for 36.84% of dealer sales; 422 dealers total.
• Related party transactions: sales to related parties 20.73% of total sales; loans to related parties 98.77%.
• Cybersecurity and data privacy policies in place; no data breaches reported.
• CSR expenditure not mandatory for FY2025-26 due to negative profits.

Financials

• Revenue from operations ₹86,756 Mn in FY2025-26.
• EBITDA ₹3,582 Mn; margins pressured by refining and FX MTM.
• Net loss ₹6,989 Mn vs ₹2,558 Mn prior year.
• Net worth at ₹(12,455) Mn as at 31 Mar 2026.
• Debt/Equity 4.47x; borrowings ₹55,663.57 Mn.
• Dividend not declared for the year.
• Finance costs declined by refinancing and lower rates by over 9%.
• Consolidated assets and equity remain weak with negative net worth.

Production & Capacity

• Sugar milling capacity: aggregate 37,500 TCD.
• Sugar production: 469,463 MT.
• Refinery production: 1.312 Mn MT; Refinery sales: 1.366 Mn MT.
• Ethanol capacity: 1250 KLPD; Ethanol production: 169,192 KL.
• Ethanol sales: about 141,977 Mn litres.
• Bagasse-based co-generation: 259 MW installed.
• Renewable power generated: 352 Mn kWh.
• Water recycled: 941.82 Mn litres.

Brand & Market

• Madhur brand leads India's branded sugar with 37% share.
• Coca-Cola tender for 175,000 MT with USD 24/MT cash premium.
• Strategic collaboration with AWL Agri Business Limited for Madhur distribution.
• AWL network includes ~113 depots and access to 0.95 million outlets.
• Madhur trademark owned by SRSL; AWL handles distribution under license.
• Exports by SRSL include Bangladesh, Sri Lanka, Africa, Somalia.

Capital & Liquidity

• Current ratio 0.58; liquidity pressures persist.
• Standalone borrowings ₹55,663.57 Mn; cash ₹296.92 Mn.
• Consolidated net worth negative ₹26,766.11 Mn; D/E negative due to equity.
• Dividend policy: no dividend for FY2025-26.
• Covenants largely complied; no material breaches reported.
• Subsidiaries total: 4; East Africa unit struck off in Mar 2026.

Governance & Leadership

• Board: 12 directors; 3 Exec, 3 Non-Executive, 6 Independent.
• Susheel Kumar Kamboj appointed CEO w.e.f 23 Mar 2026; MD/CEO from 1 Apr 2026.
• Atul Chaturvedi redesignated as Non-Executive Director from 1 Apr 2026.
• Madhu Rao appointed Chairman from 1 Apr 2026.
• Independent Directors: 6; average attendance 95.13%.
• Secretarial and governance: delays in filing intimations; remediation underway.

Audit & Risk

• Statutory Auditor: SRBC & Co LLP; no qualifications aside from minor log issues.
• Secretarial Auditor notes delayed exchange filings; remedial actions taken.
• Risk Management Committee oversees commodity, liquidity and ESG risks.

ESG & Sustainability

• 352 Mn kWh renewable energy generated from bagasse.
• Water recycling: 941.82 Mn litres; 54,366 trees planted.
• 66,587 MT press mud used for organic compost.
• Awards: FIPS Outstanding Sustainable Practices; CII Food Safety awards; Great Place to Work recognition.
• Sustainability disclosures included in the non-statutory ESG section.

Outlook & Risks

• EBP blending reached 19.9% in FY2025-26; near 20% target.
• Policy support for ethanol blending and flex-fuel rollout expected to drive demand.
• Monsoon uncertainty, cane availability, export/ethanol policy affect margins.
• Integrated model supports resilience through sugar, ethanol, refining, power.

Subsidiaries & Group

• As at 31 Mar 2026: 4 subsidiaries; 3 wholly owned.
• Shree Renuka East Africa Agriventures PLC struck off w.e.f 17 Mar 2026.
• Gokak Sugars Limited remains material subsidiary with 93.64% ownership.

CSR & Other Disclosures

• CSR spending not applicable due to average net losses; CSR policy exists.
• CSR initiatives focus on education, healthcare, farmer welfare and water.