Bannari Amman Sugars Ltd.

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bannari.comBSE: 500041NSE: BANARISUG

Market Cap₹ 4,442 Cr.

Current Price

High / Low₹ 4,338 / 3,105

Stock P/E36.5

Book Value₹ 1,517

Price to Book2.47

Dividend Yield0.35 %

ROCE9.3 %

ROE8.0 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Sugar: 75.9% • Power: 12.2% • Distillery: 11.2%

AI Sector View

AI GENERATED

Fast Moving Consumer Goods

Hold

Rural demand proxies are mixed. Tractor sales rose 18.0% YoY (2026-07) and 2-wheelers were up 23.0% YoY (2026-06), but rural employment slowed to 1.0% YoY (2026-07), fertiliser sales were 0.0% YoY (2026-05), and food inflation of 5.52% (Jul/26) can pressure household budgets. FPI outflows remain heavy at INR -8081 crore over 3 months to 2026-08-31, limiting upside.

Confidence

62%

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PROS

Company is almost debt free
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 3.01x)
Company comfortably covers its interest (86.2x coverage)
Company has a consistent dividend-paying track record
Company generates healthy free cash flow

CONS

Company has a low return on equity of 7.8% over last 3 years
Company has a low return on capital employed of 10.0%
Company has delivered a poor sales growth of 4.2% over past five years
Operating margins have contracted to 10.3% from 13.6%
Company has delivered a poor profit growth of 9.9% over past five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Fast Moving Consumer GoodsAgriSugar

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BALRAMCHIN	692.55	39.50	14654.18	0.51	44.15	-14.40	1636.79	6.13	9.29	7.36
2.	EIDPARRY	720.25	27.57	12817.26	0.00	311.50	-32.93	9017.52	3.37	23.60	8.33
3.	TRIVENI	255.60	20.04	5632.48	1.08	3.65	73.81	1950.14	-0.22	8.92	2.94
4.	RENUKA	24.87	0.00	5293.55	0.00	-251.50	4.59	2120.20	5.61	-3.84	-3.60
5.	BAJAJHIND	20.95	43.28	5008.45	0.00	-1847.00	-961.49	11259.70	801.92	2.86	-10.64
6.	BANARISUG	3542.25	36.48	4441.88	0.35	-10.92	-171.57	172.45	-58.81	9.33	-3.00
7.	DALMIASUG	417.25	14.27	3377.19	1.44	6.91	—	848.19	-16.48	8.38	5.10
8.	AVADHSUGAR	771.95	23.43	1545.32	1.30	0.23	102.78	779.25	8.74	6.50	4.68
9.	GODAVARIB	235.20	5349.60	1203.66	0.00	-19.32	-20.62	557.88	4.62	5.79	0.09
10.	UTTAMSUGAR	280.65	12.31	1070.35	0.89	1.30	-91.05	606.37	-3.56	11.62	4.32
11.	DHAMPURSUG	163.65	14.97	1052.38	1.22	60.90	6592.31	7861.70	961.42	6.63	3.98
12.	DWARKESH	44.75	57.23	829.22	0.22	-257.31	-2642.01	3581.31	783.26	4.64	-7.18

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	431	600	768	421	404	474	421	494	419	572	644	282	172
	387	508	649	370	375	406	360	441	382	497	561	279	193
Operating Profit	44	92	119	51	29	67	61	53	37	75	83	4	-20
OPM %	10.10%	15.39%	15.56%	12.11%	7.20%	14.23%	14.57%	10.74%	8.73%	13.11%	12.84%	1.29%	-11.85%
	1	2	2	2	1	2	1	21	4	7	5	27	6
Interest	10	7	7	8	6	2	4	3	1	1	0	0	0
Depreciation	14	14	14	15	14	14	14	16	15	15	15	15	15
Profit before Tax	20	73	100	31	10	53	45	55	24	66	73	15	-14
Tax %	33.37%	32.78%	31.75%	29.80%	34.52%	35.36%	35.37%	35.89%	37.24%	35.02%	33.27%	-178.62%	24.51%
Net Profit	14	49	68	22	6	34	29	35	15	43	48	42	-11
	10.84	38.93	54.28	17.41	5.13	27.33	22.98	28.04	12.16	34.05	38.59	33.15	-8.70

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	1,752	1,481	1,125	1,609	1,563	1,998	2,526	2,220	1,793	1,917	1,670
	1,404	1,271	943	1,378	1,352	1,783	2,221	1,914	1,583	1,719	1,530
Operating Profit	348	210	182	231	211	215	304	306	210	198	141
OPM %	19.85%	14.20%	16.14%	14.38%	13.47%	10.78%	12.05%	13.80%	11.73%	10.31%	8.43%
	6	6	8	4	9	6	39	7	26	43	45
Interest	97	34	30	44	39	32	49	32	16	2	2
Depreciation	69	70	67	65	66	68	74	58	59	61	61
Profit before Tax	187	112	93	126	115	122	220	224	162	177	139
Tax %	22.31%	22.34%	18.20%	24.12%	19.55%	34.29%	34.89%	31.97%	35.49%	16.65%	12.22%
Net Profit	145	87	76	96	92	80	143	152	105	148	122
EPS	0.00	0.00	0.00	0.00	73.48	63.78	114.35	121.46	83.47	117.96	—
Dividend Payout %	10.80%	14.37%	16.51%	13.11%	13.61%	15.68%	10.93%	10.29%	14.98%	10.60%	—

COMPOUNDED SALES GROWTH

10 Years:: 3%
5 Years:: 4%
3 Years:: -9%

COMPOUNDED PROFIT GROWTH

10 Years:: 17%
5 Years:: 10%
3 Years:: 1%

STOCK PRICE CAGR

10 Years:: 6%
5 Years:: 15%
3 Years:: 9%
1 Year:: -5%

RETURN ON EQUITY

10 Years:: 8%
5 Years:: 8%
3 Years:: 8%
Last Year:: 8%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	13	13	13	13	13	13	13	13	13	13
	1,055	1,123	1,183	1,262	1,344	1,411	1,539	1,676	1,766	1,901
	904	442	740	976	877	967	752	400	117	5
Trade Payables	85	79	167	62	60	87	81	79	87	33
	346	129	100	122	98	92	16	308	268	241
Total Liabilities	2,402	1,786	2,202	2,434	2,390	2,569	2,400	2,475	2,251	2,193
	1,103	1,083	1,027	1,005	954	1,049	1,078	1,071	1,189	1,145
Capital Work in Progress	34	4	24	90	145	61	22	112	11	106
	2	1	1	1	1	1	2	3	4	263
	939	535	934	960	996	1,006	972	1,009	885	506
	0	0	0	0	0	0	0	134	66	32
Cash & Bank	9	4	4	8	4	3	6	7	2	14
	315	160	212	371	291	448	320	139	93	126
Total Assets	2,402	1,786	2,202	2,434	2,390	2,569	2,400	2,475	2,251	2,193

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	687	609	-175	-38	253	56	547	274	430	514
Cash from Investing	-52	-16	-27	-106	-61	-75	-57	-130	-65	-341
Cash from Financing	-604	-579	219	167	-179	42	-443	-144	-369	-161
	-11	-6	0	4	-5	-0	3	1	-5	12

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	58.70	58.70	58.70	58.70	58.70	58.70	58.70	58.70	58.70
	0.25	0.27	0.27	0.27	0.28	0.27	0.27	0.27	0.27
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	41.05	41.04	41.03	41.03	41.02	41.03	41.03	41.04	41.04

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-28

Copy of Newspaper Publication

2026-08-28 - Bannari Amman Sugars Limited has informed the Exchange about Copy of Newspaper Publication of Company Notice for Issue of Duplicate Share Certificates

2026-08-28

Copy of Newspaper Publication

2026-08-28 - Bannari Amman Sugars Limited has informed the Exchange about Copy of Newspaper Publication of Notice of 42nd Annual General Meeting

2026-08-25

Record Date

2026-08-25 - Bannari Amman Sugars Limited has informed the Exchange that Record date for the purpose of Dividend is 16-Sep-2026.

2026-08-22

Updates

2026-08-22 - Bannari Amman Sugars Limited has informed the Exchange regarding 'Intimation under Regulation 3O of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015'.

2026-08-22

Updates

2026-08-22 - Bannari Amman Sugars Limited has informed the Exchange regarding submission of "Business Responsibility and Sustainability Report for year ended 31st March, 2026''.

2026-08-22

Shareholders meeting

2026-08-22 - Bannari Amman Sugars Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 23, 2026

2026-08-19

Updates

2026-08-19 - Bannari Amman Sugars Limited has informed the Exchange regarding 'Show Cause Notice received from GST Authority'.

2026-08-17

Copy of Newspaper Publication

2026-08-17 - Bannari Amman Sugars Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-14

Amendment to AOA/MOA

2026-08-14 - Bannari Amman Sugars Limited has informed the Exchange regarding the Amendment to AOA/MOA of the company.