NSE: BAJAJHIND · BSE: 500032
BAJAJ HINDUSTHAN SUGAR LT
Produces sugar from sugarcane, with co-generation power and distillery (ethanol) operations that process by-products of the sugar milling process. Sugar accounts for 80.5% of period segment revenue, with power at 11.6% and distillery at 7.9%. Materials, primarily sugarcane, make up 75.9% of revenue, with employees at 7.1%, other opex at 6.2% and depreciation at 4.0%. Completed a major debt restructuring under the RBI Prudential Framework in March 2026, converting ₹3,584.95 crore of yield-to-maturity obligations and ₹485.60 crore of right of recompense into equity and CCPS held by 11 lenders including SBI, PNB and Indian Bank. Finance costs fell from ₹851 crore to ₹26 crore as a result, and the company moved from a standalone net loss of ₹751.14 crore in FY25 to a profit of ₹137.96 crore in FY26. The consolidated entity covers four subsidiaries including Bajaj Power Generation and two step-down subsidiaries in Indonesia. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Sugar (81%), Power (12%), Distillery (8%), Others (0%). Cyclical, commodity-driven sugar milling with by-product power and distillery operations
Exhibit 1: Financial summary, FY21–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY21 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 6,666 | 6,338 | 6,104 | 5,575 | 5,455 |
| EBITDA (ex other income) | 163 | 263 | 247 | 290 | 352 |
| margin % | 2.4 | 4.1 | 4.1 | 5.2 | 6.4 |
| Owners' profit | (291) | 0 | (86) | (24) | 127 |
| EPS, as reported (₹) | (2.64) | (1.08) | (0.69) | (0.05) | 0.93 |
| ROE % · ROCE % | (12.3) · (0.4) | (3.0) · 0.7 | (1.9) · 0.7 | (0.6) · 1.0 | 3.3 · 1.9 |
| Debt / equity (x) | 2.03 | 0.97 | 0.86 | 0.84 | 0.93 |
| Cash from operations | 340 | 792 | 644 | 280 | 230 |
| Capex | (3) | (6) | (8) | (21) | (116) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,160 | 1,476 | 1,554 | 1,248 | 1,157 | 1,380 | 1,669 | 1,126 |
| Profit before tax | (76) | (102) | 217 | (83) | (106) | 15 | 299 | (185) |
| Net profit | (76) | (102) | 220 | (174) | (105) | 15 | 391 | (185) |
| EPS (₹) | 0.00 | (0.82) | 1.77 | (1.40) | (0.83) | 0.12 | 2.30 | (0.23) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Sugar | 5,824 | 80.1 |
| Distillery | 568 | 7.8 |
| Power | 842 | 11.6 |
| Others | 38 | 0.5 |
| Total, before eliminations | 7,272 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BALRAMPUR CHINI MILLS LTD | 13,331 | 34.4 | 3.22 | 21.2 | 9.1 | 9.7 | 5.4 | 7.9 |
| TRIVENI ENGG. & INDS. LTD | 4,955 | 17.6 | 1.48 | 11.6 | 8.0 | 9.4 | 10.1 | 3.3 |
| BAJAJ HINDUSTHAN SUGAR LT ◆ | 4,237 | 13.1 | 1.11 | 20.6 | 3.3 | 1.5 | (3.9) | (10.4) |
| BANNARI AMMAN SUGARS LTD | 3,944 | 32.4 | 2.06 | — | 7.7 | 8.7 | — | 0.5 |
| SHREE RENUKA SUGARS LTD | 3,894 | — | — | 70.7 | 29.6 | (108.2) | 10.2 | (3.1) |
| DALMIA BHARAT SUG IN LTD | 3,284 | 13.7 | 1.02 | 9.1 | 7.3 | 8.0 | 6.1 | 8.3 |
| UTTAM SUGAR MILLS LTD. | 1,202 | 13.8 | 1.35 | 8.1 | 11.3 | 12.7 | — | 4.5 |
| DHAMPUR SUGAR MILLS LTD. | 1,064 | 15.2 | 0.89 | 9.8 | 5.5 | 5.8 | (7.9) | 4.7 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.1 | 14.5 | 7 of 20 | 68% |
| P/B | 1.1 | 0.9 | 17 of 26 | 36% |
| ROCE | 1.5 | 3.0 | 16 of 27 | 42% |
| ROE | 3.3 | 3.5 | 14 of 26 | 48% |
| Debt / Equity | 0.9 | 0.6 | 21 of 26 | 20% |
| EBITDA margin | (10.4) | 4.6 | 26 of 26 | 0% |
| Revenue growth | (9.8) | 5.5 | 21 of 25 | 17% |
| Profit growth | (6.2) | (14.4) | 13 of 27 | 54% |
| Market cap | 4237 | 282 | 3 of 28 | 93% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · Routine filing of dematerialisation certificate for Jul-Sep 2026 quarter | compliance | minimal | — | — |
| 6 Oct 2026 · Insider trading SDD compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closure ahead of Q2 FY26 results | compliance | minimal | — | — |
| 16 Sept 2026 · New Woman Independent Director appointed; outgoing director completes two terms | management changes | medium | — | — |
| 27 Aug 2026 · Bajaj Hindusthan Sugar: Shareholders approve three director appointments at AGM | management changes | medium | — | — |
| 27 Aug 2026 · AGM voting results: All resolutions approved with over 99.96 percent support | board shareholder meetings | low | — | — |
| 27 Aug 2026 · 94th AGM held on Aug 27, 2026; six resolutions proposed including director appointments | board shareholder meetings | medium | — | — |
| 14 Aug 2026 · Q1 FY27 results published: wider loss of Rs 177 cr on revenue decline | compliance | minimal | — | — |
| 13 Aug 2026 · Bajaj Hindusthan Sugar allots shares to Bank of India under Resolution Plan | fund raising | medium | — | — |
| 13 Aug 2026 · Q1 FY26-27 results: revenue down 10%, net loss widens to Rs 177 cr | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.