Ugar Sugar Works Ltd

Ugar Sugar Works Ltd – Trading window closed from 1 October 2026 until 4 hours after the declaration of the unaudited financial results for the quarter ended June 30, 2026 and September 30, 2025 (both days inclusive).

Event summary

• High Court on 11 September 2026 set aside KSPCB closure order against Ugar Sugar.
• Final order to be uploaded on the High Court website; awaiting order as of 16 Sep 2026.
• Delay in exchange disclosure acknowledged due to awaiting final order.

Regulatory update on KSPCB closure and court directions

• High Court on Sept 11, 2026 set aside KSPCB closure order and ordered fresh inspection.
• KSPCB closure direction issued until further orders; fresh directions may follow for non-compliance.
• Ugar Khurd plant remains fully operational; court order document is awaited.
• Fresh inspection planned during the upcoming crushing season.

Key details

• Authority: Karnataka State Pollution Control Board (domestic regulator) issued closure directions.
• Action: close operation of Ugar plant at Ugar Khurd until further orders.
• Date of direction: 3 September 2026.
• Impact: no financial or operational impact currently; corrective steps taken.
• Status: revocation being pursued; updates to exchanges on material developments.

Rating action and instruments

• CareEdge upgrades long-term bank facilities to BBB-; Stable outlook (previously Negative).
• Fixed deposit rating withdrawn at issuer's request.
• Outlook: Stable.
• Bank facilities rated: ₹700 crore; LT Cash Credit ₹566 crore; LT Term Loan ₹134 crore.
• Regulators: RBI for bank facilities; MCA for fixed deposits.

Rationale and financials

• Profitability improved FY26 and Q1FY27 supporting debt repayment adequacy.
• PBILDT margin rose ~370 bps y-o-y; scale up 11% to ₹1,490.22 cr.
• Diversified revenue from sugar, ethanol, co-generation mitigates cyclicality.
• Leverage improved but gearing at 3.13x; debt/EBITDA remains high.
• Liquidity considered adequate; cash balance ₹3.33 crore; near-term debt repayments ~₹50 crore.

Hari Athawale – Independent Director cessation

• Retired as Independent Director on completion of tenure; effective 11 August 2026; committees reconstituted.

Prafulla Shirgaokar – Non-Executive Director cessation

• Resigned as Non-Executive Director due to other commitments; appointed Chairman Emeritus from 12 Aug 2026; committees reconstituted.

Resignation of Non-Executive Director

• Name and designation: Prafulla Shirgaokar, Non-Executive Director.
• Effective date: close of business on 11 August 2026.
• Reason: resignation.
• Post-resignation, appointed Chairman Emeritus from 12 August 2026.
• Committees reconstituted; specific memberships not disclosed.
• Other listed entities: not disclosed in filing.
• Regulatory or shareholder approval: not mentioned.

Key financial results and board approvals

• Standalone unaudited quarterly results for quarter ended 30 June 2026 approved.
• Total income from operations 48,093.55 Lakh; PAT 149.03 Lakh.
• EPS Basic and Diluted: 0.13 for quarter; 1.21 year-to-date.
• Auditor's review by Kirtane & Pandit LLP: no material misstatement.
• Audit Committee reviewed; Board approved results at meeting on 05-08-2026.
• No subsidiary/associate/JV as on 30-06-2026.

agm details

• Date/time: 5 August 2026 at 11:00 AM; through VC/OAVM.
• Venue deemed at registered office; meeting conducted remotely.
• Record date for voting: 29 July 2026.
• Book closure: 30 July 2026 to 5 August 2026.
• Remote e-voting window: 1 August 2026 10:00 AM to 4 August 2026 5:30 PM.

key resolutions

• Ordinary: Adopt standalone financials, Directors’ Report, governance and sustainability reports.
• Ordinary: Declare dividend for the year (board recommended 10% or Rs 0.10 per share).
• Ordinary: Re-appoint Shishir Shirgaokar as Non-Executive Director (retiring by rotation).
• Special: Continue Shishir Shirgaokar as Non-Executive Director beyond 75 years.
• Special: Appoint/appoint Shilpa Kumar as Director (to be reappointed).
• Ordinary: Ratify remuneration of Cost Auditor for FY2026-27.

dividend and voting context

• Dividend recommendation: 10% (Rs 0.10 per share) for the year.

directors & auditors

• Directors: Shishir Shirgaokar to continue as NED; Shilpa Kumar to be considered for reappointment.
• Auditor: M/s Kirtane & Pandit LLP (statutory); tenure aligned with current term.
• Secretarial auditor: CS Manasi Joshi appointed; Secretarial Audit reported (Annexure II).

related party transactions

• Omnibus approval for Related Party Transactions obtained (Audit Committee, 12 May 2025).
• RPTs reported as arm's-length and in the ordinary course; key counterparties include multiple group/interrelated entities.

other governance & approvals

• Dividend Distribution Policy referenced; CSR Policy disclosed on company website.
• Company has no subsidiary; governance framework reiterated in annual report.

Meeting Details

• Board meeting scheduled for Wednesday, 5 August 2026, in hybrid mode.

Key Agenda Items

• Approve and record unaudited financial results for the quarter ended 30 June 2026.
• Approve the segment-wise revenue results for the quarter ended 30 June 2026.

Other Notes

• Trading window closed for directors and insiders from 1 July 2026 to 48 hours after results.