BSE: 532183
GAYATRI SUGARS LTD.
Crushes sugarcane to produce sugar and runs a co-located distillery. Sugar is the dominant revenue line, generating ₹251.924 crore in FY26, while the distillery contributed ₹10.3655 crore. The sugar business carries the bulk of the operating profit (EBIT ₹29.5158 crore in FY26), with the distillery adding ₹8.6831 crore of EBIT. Total revenue for FY26 was ₹366.383 crore, producing a thin EBITDA margin of 6.1652%. Materials account for 75.9% of revenue, reflecting the sugarcane input cost. The auditor MOS & Associates LLP has issued a qualified opinion for several years, flagging an electricity duty matter of ₹283.99 lakhs as a contingent liability. Total financial indebtedness stood at ₹117.92 crore as of December 2025, and finance costs of ₹1,540 lakhs for H1 FY26 weighed on the P&L. A land revaluation gain of ₹24,005.30 lakhs in Q4 FY26 turned networth positive at ₹8,149.01 lakhs from a previously negative position. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Sugar, Distillery. Cyclical, asset-heavy sugar milling and distillery with stressed balance sheet.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 361 | 388 | 377 | 336 | 366 |
| EBITDA (ex other income) | 27 | 66 | 38 | 19 | 22 |
| margin % | 7.4 | 16.9 | 9.9 | 5.7 | 6.0 |
| Owners' profit | (8) | 34 | 7 | 1 | 1 |
| EPS, as reported (₹) | (1.93) | 7.85 | 0.93 | 0.16 | 0.14 |
| ROE % · ROCE % | 5.2 · (20.7) | (27.6) · (283.0) | (7.7) · 72.9 | (1.3) · 22.9 | 1.2 · 5.4 |
| Debt / equity (x) | (1.14) | (1.22) | (1.43) | (1.70) | 1.36 |
| Cash from operations | 55 | 43 | 24 | 6 | 52 |
| Capex | (13) | (13) | (4) | (6) | (5) |
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 | 12 | 110 | 195 | 28 | 14 | 81 | 244 | 24 |
| Profit before tax | (21) | 1 | 39 | (19) | (21) | (6) | 47 | (19) |
| Net profit | (21) | 1 | 39 | (19) | (21) | (6) | 47 | (19) |
| EPS (₹) | (3.21) | 0.18 | 5.29 | (2.50) | (2.86) | (0.76) | 6.26 | (2.57) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Sugar | 340 | 88.4 |
| Distillery | 45 | 11.6 |
| Total, before eliminations | 385 | 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 | 14,137 | 32.6 | 2.98 | 23.4 | 3.1 | 3.1 | 5.4 | 9.1 |
| TRIVENI ENGG. & INDS. LTD | 5,295 | 15.2 | 1.71 | 13.5 | 3.1 | 3.3 | 10.1 | 7.1 |
| BAJAJ HINDUSTHAN SUGAR LT | 4,411 | 13.7 | 1.16 | 21.5 | 3.3 | 1.5 | (3.9) | (10.6) |
| BANNARI AMMAN SUGARS LTD | 4,013 | 33.0 | 2.10 | — | 7.7 | 8.7 | — | (3.0) |
| SHREE RENUKA SUGARS LTD | 3,881 | — | — | 569.3 | 14.2 | (152.4) | 10.2 | 1.6 |
| DALMIA BHARAT SUG IN LTD | 3,837 | 15.4 | 1.16 | 12.5 | 2.3 | 2.5 | 6.1 | 10.7 |
| UTTAM SUGAR MILLS LTD. | 1,373 | 15.2 | 1.55 | 9.1 | 0.7 | 0.7 | — | 4.6 |
| DHAMPUR SUGAR MILLS LTD. | 1,058 | 15.1 | 0.88 | 11.2 | 5.5 | 5.8 | (7.9) | 4.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 115.7 | 14.6 | 20 of 20 | 0% |
| P/B | 0.7 | 0.9 | 9 of 26 | 68% |
| ROCE | 0.3 | 0.8 | 17 of 27 | 39% |
| ROE | 1.2 | 1.9 | 15 of 26 | 44% |
| Debt / Equity | 1.4 | 0.3 | 23 of 26 | 12% |
| EBITDA margin | (43.4) | 4.3 | 25 of 26 | 4% |
| Revenue growth | (12.0) | 1.7 | 18 of 25 | 29% |
| Profit growth | (2.7) | 16.7 | 18 of 27 | 35% |
| Market cap | 60 | 290 | 26 of 28 | 7% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 5 Nov 2026 · Board meeting to approve September 2026 quarterly and half-year results | results | low | — | — |
| 16 Oct 2026 · Compliance certificate on demat and remat for Sep 2026 quarter | compliance | minimal | — | — |
| 5 Oct 2026 · Promoters release pledge on 59.12 lakh shares; debt cleared | ownership changes | high | — | — |
| 1 Oct 2026 · Gayatri Sugars 31st AGM: All 3 Resolutions Passed with 98.97% Majority | compliance | minimal | — | — |
| 30 Sept 2026 · Trading Window Closure from October 1, 2026 | compliance | minimal | — | — |
| 29 Sept 2026 · 31st AGM proceedings: financials adopted, director reappointed, cost auditor ratified | board shareholder meetings | medium | — | — |
| 9 Sept 2026 · Newspaper notice of 31st AGM, book closure and e-voting | compliance | minimal | — | — |
| 7 Sept 2026 · Gayatri Sugars sets 29 Sep 2026 as 31st AGM date, book closure 23 to 29 Sep | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Notice of 31st Annual General Meeting on 29 September 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Gayatri Sugars files FY26 Annual Report, AGM set for Sep 29 | board shareholder meetings | low | — | — |
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.