NSE: BANARISUG · BSE: 500041
BANNARI AMMAN SUGARS LTD
Manufactures sugar from sugarcane at facilities including a Karnataka unit whose crushing capacity is being expanded from 7,500 TCD to 10,000 TCD, and a sugar unit at Alathukombai in Sathyamangalam Taluk, Erode District, Tamil Nadu. Sugar makes up 75.9% of FY26 segment revenue, with a distillery unit in Tamil Nadu producing ethanol from molasses at 11.2% of segment revenue. A power segment, which cogenerates electricity from bagasse, contributes 12.2% of segment revenue, and a small granite products business accounts for the remaining 0.6%. Sugarcane is the primary raw input; depreciation was 3.2% of revenue and capex was 6.0% of revenue in FY26. The company is also evaluating further ethanol production at its distilleries. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Sugar (76%), Power (12%), Distillery (11%), Granite Products (1%). Integrated sugar manufacturer with cogeneration, distillery and granite operations; agro-processing business tied to the sugarcane cycle
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,998 | 2,526 | 2,220 | 1,793 | 1,917 |
| EBITDA (ex other income) | 215 | 304 | 306 | 210 | 198 |
| margin % | 10.8 | 12.0 | 13.8 | 11.7 | 10.3 |
| Owners' profit | 80 | 143 | 152 | 105 | 148 |
| EPS, as reported (₹) | 63.78 | 114.35 | 121.46 | 83.47 | 117.96 |
| ROE % · ROCE % | 5.6 · 9.6 | 9.2 · 15.1 | 9.0 · 13.7 | 5.9 · 9.2 | 7.7 · 8.8 |
| Debt / equity (x) | 0.67 | 0.37 | 0.29 | 0.08 | 0.00 |
| Cash from operations | 32 | 502 | 274 | 430 | 514 |
| Capex | (78) | (65) | (141) | (76) | (114) |
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 | 474 | 421 | 494 | 419 | 572 | 644 | 282 | 172 |
| Profit before tax | 53 | 45 | 55 | 24 | 66 | 73 | 15 | (14) |
| Net profit | 34 | 29 | 35 | 15 | 43 | 48 | 42 | (11) |
| EPS (₹) | 27.33 | 22.98 | 28.04 | 12.16 | 34.05 | 38.59 | 33.15 | (8.70) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| SUGAR | 1,823 | 75.9 |
| POWER | 293 | 12.2 |
| DISTILLERY | 200 | 8.3 |
| GRANITE PRODUCTS | 16 | 0.6 |
| DISTILLERIES | 69 | 2.9 |
| Total, before eliminations | 2,401 | 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) | 32.4 | 14.5 | 16 of 20 | 21% |
| P/B | 2.1 | 0.9 | 22 of 26 | 16% |
| ROCE | 8.7 | 3.0 | 7 of 27 | 77% |
| ROE | 7.7 | 3.5 | 9 of 26 | 68% |
| Debt / Equity | 0.0 | 0.6 | 2 of 26 | 96% |
| EBITDA margin | 0.5 | 4.6 | 20 of 26 | 24% |
| Revenue growth | (58.8) | 5.5 | 25 of 25 | 0% |
| Profit growth | (171.6) | (14.4) | 24 of 27 | 12% |
| Market cap | 3944 | 282 | 4 of 28 | 89% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Special window to transfer older physical shares into electronic form | compliance | minimal | — | — |
| 14 Oct 2026 · CIN revised to reflect updated NIC code; no business change | general | low | — | — |
| 9 Oct 2026 · Compliance certificate for dematerialisation of securities for Q2 FY26 | compliance | minimal | — | — |
| 24 Sept 2026 · Trading Window closed from Oct 1 till Q2 results announcement | compliance | minimal | — | — |
| 23 Sept 2026 · MOA Object Clause amended to align with Companies Act 2013 | general | low | — | — |
| 23 Sept 2026 · Bannari Amman Sugars 42nd AGM: all 5 resolutions passed, dividend of Rs 12.50 declared | board shareholder meetings | medium | — | — |
| 28 Aug 2026 · Newspaper notice for issue of duplicate share certificates | compliance | minimal | — | — |
| 28 Aug 2026 · 42nd AGM Notice published in newspapers; E-voting and dividend record date set | compliance | minimal | — | — |
| 25 Aug 2026 · Record date for FY26 dividend set as 16-Sep-2026 | corporate actions | high | — | — |
| 22 Aug 2026 · Annual Report 2025-26 web link sent to unregistered shareholders | compliance | minimal | — | — |
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.