$BAJAJHIND

I’d call this result good, a clear turnaround from survival mode to reasonable health, though not risk‑free yet. How the numbers look On a standalone basis, the company has moved from a loss of about ₹750 crore last year to a profit of around ₹138 crore in FY26, mainly helped by debt restructuring. At the consolidated level, Q4 revenue is about ₹16,700 crore with net profit near ₹391 crore and EBITDA margin around 22%, versus roughly ₹15,500 crore revenue, ₹220 crore profit and 18% margin a year ago – strong growth and better profitability. Management clearly links the improvement to the approved resolution plan that cuts interest burden and stops the heavy YTM/RoR accruals. Versus peers and sector Balrampur Chini’s FY26 revenue grew about 16% but consolidated profit fell roughly 13%, showing margin pressure despite growth. EID Parry’s Q4 EBITDA rose ~15% but margins stayed flat as costs stayed high. So, Bajaj Hindusthan’s sharp PAT jump and margin expansion look better than many peers, though from a weaker base. Final view Sugar industry is improving but still cyclical, with cane‑cost and policy risks. For me, these results are a positive reset—good operationally and for the balance sheet—but given legacy debt, subsidiary exposure and litigation, it’s still a higher‑risk, turnaround‑style story rather than a clean, steady compounder. Prepared by Deep Research