Sapphire Foods India Q2 FY27 Results: Consolidated Net Loss ₹1.51 Crore on Total Income of ₹895 Crore

Summary

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Consolidated net profit moved from a loss of ₹12.79 crore to a loss of ₹1.51 crore, a rise of 88.2%, while total income grew 19.1%. Revenue from operations rose 19.6% to ₹888.03 crore, and other income fell 24.9% to ₹6.95 crore, so the other income share of total income is only 0.8%. The growth in income is therefore mainly in revenue from operations.

Consolidated total income was ₹894.97 crore, down 0.2% from ₹896.63 crore in the previous quarter. Quarter-on-quarter, the net result moved from a profit of ₹14.02 crore to a loss of ₹1.51 crore. The filing gives an exceptional item of ₹13.27 million for the quarter but does not explain the rest of the swing from profit to loss.

Depreciation of ₹101.33 crore rose 4.2% year on year, and finance costs of ₹33.11 crore rose 7.9%. The consolidated results include four entities, and the auditors relied on other auditors' reviews for three subsidiaries with total assets of ₹300.03 crore.

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Standalone net profit rose 67.0% from a loss of ₹17.30 crore to a loss of ₹5.70 crore, while total income rose 21.2%. Revenue from operations grew 21.9% to ₹751.27 crore and other income fell 26.5% to ₹6.63 crore, which is 0.9% of total income.

Standalone depreciation was ₹69.61 crore, down 19.0% from ₹85.99 crore a year earlier and down from ₹86.13 crore in the previous quarter. Consolidated depreciation moved the other way over the same comparison, which means the standalone and consolidated depreciation trends differ. The filing does not explain the standalone fall.

Standalone profit before tax was a loss of ₹8.00 crore, against a profit of ₹14.33 crore in the previous quarter. The tax line was a credit of ₹2.30 crore, and the standalone statement does not show a split of profit between owners and non-controlling interests.

Inference

The results show a loss in the quarter on both bases, with the consolidated loss of ₹1.51 crore smaller than the standalone loss of ₹5.70 crore. The exceptional item of ₹13.27 million relates to the scheme of arrangement with Devyani International Limited, and the notes do not say how the scheme will affect future results.

The scheme would issue 177 Devyani International Limited shares of ₹1 each for every 100 Sapphire Foods shares of ₹2 each. It remains subject to further regulatory and statutory approval, and the filing does not say when the Competition Commission of India will rule or what the outcome will be. The filing also does not give the reason for the termination of the share purchase agreement that led to the amended scheme, nor whether the Labour Codes exceptional item of ₹14.25 crore in the year ended 31 Mar 2026 will be revised.

Reference: Original filing (PDF)