NSE: KMSUGAR · BSE: 532673
K M SUGAR MILLS LTD
Crushes sugarcane to produce sugar and runs a co-located distillery that converts molasses/intermediate streams into alcohol, contributing to FY26 revenue of Rs 658.38 crore. The sugar segment accounted for Rs 597.92 crore of segment revenue (86.4%) and generated Rs 80.47 crore of EBIT, while the distillery segment contributed Rs 93.77 crore (13.6%) of segment revenue with Rs 3.79 crore of EBIT. The company is asset-heavy, with total assets of Rs 749.74 crore against revenue of Rs 658.38 crore, and recorded an EBITDA margin of 16.14%. Raw materials (sugarcane) form the biggest input cost at 70.5% of revenue, with employee cost at 3.8% and other operating expenses at 14.7%. Shareholders and unsecured creditors have approved a Scheme of Arrangement to demerge the distillery business into a separate listed entity, KM Spirits and Allied Industries Limited, with the scheme pending final NCLT sanction. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Sugar (86%), Distillery (14%). Cyclical, asset-heavy sugar manufacturing with an attached distillery vertical
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 548 | 576 | 657 | 659 | 658 |
| EBITDA (ex other income) | 73 | 50 | 70 | 82 | 87 |
| margin % | 13.3 | 8.6 | 10.6 | 12.4 | 13.2 |
| Owners' profit | 41 | 23 | 28 | 36 | 53 |
| EPS, as reported (₹) | 4.51 | 2.52 | 3.05 | 3.86 | 5.81 |
| ROE % · ROCE % | 16.4 · 23.2 | 8.4 · 13.3 | 9.3 · 16.1 | 10.5 · 18.1 | 13.6 · 20.6 |
| Debt / equity (x) | 0.89 | 0.97 | 0.96 | 0.83 | 0.64 |
| Cash from operations | 4 | 73 | 29 | 31 | 89 |
| Capex | (8) | (76) | (26) | (15) | (52) |
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 | 170 | 166 | 153 | 208 | 175 | 169 | 106 | 190 |
| Profit before tax | 6 | 18 | 15 | 18 | 14 | 28 | 13 | 11 |
| Net profit | 5 | 13 | 11 | 13 | 10 | 21 | 9 | 8 |
| EPS (₹) | 0.53 | 1.37 | 1.20 | 1.43 | 1.14 | 2.24 | 1.00 | 1.70 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| SUGAR | 445 | 64.3 |
| DISTILLERY | 70 | 10.1 |
| Sugar | 153 | 22.2 |
| Distillery | 24 | 3.5 |
| Total, before eliminations | 692 | 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 | 14,026 | 36.2 | 3.39 | 22.1 | 9.1 | 9.7 | 5.4 | 7.9 |
| TRIVENI ENGG. & INDS. LTD | 5,268 | 18.7 | 1.58 | 12.1 | 8.0 | 9.4 | 10.1 | 3.3 |
| SHREE RENUKA SUGARS LTD | 4,892 | — | — | 77.1 | 29.6 | (108.2) | 10.2 | (3.1) |
| BAJAJ HINDUSTHAN SUGAR LT | 4,805 | 14.9 | 1.26 | 22.1 | 3.3 | 1.5 | (3.9) | (10.4) |
| BANNARI AMMAN SUGARS LTD | 4,143 | 34.0 | 2.17 | — | 7.7 | 8.7 | — | 0.5 |
| DALMIA BHARAT SUG IN LTD | 3,106 | 13.0 | 0.96 | 8.8 | 7.3 | 8.0 | 6.1 | 8.3 |
| DHAMPUR SUGAR MILLS LTD. | 1,048 | 14.9 | 0.87 | 9.8 | 5.5 | 5.8 | (7.9) | 4.7 |
| UTTAM SUGAR MILLS LTD. | 979 | 11.3 | 1.10 | 7.2 | 11.3 | 12.7 | — | 4.5 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 4.8 | 10.8 | 5 of 24 | 83% |
| P/B | 0.7 | 0.9 | 7 of 26 | 72% |
| ROCE | 17.7 | 3.0 | 1 of 27 | 100% |
| ROE | 13.6 | 3.7 | 2 of 27 | 96% |
| Debt / Equity | 0.6 | 0.6 | 14 of 27 | 50% |
| EBITDA margin | 10.4 | 4.6 | 8 of 26 | 72% |
| Revenue growth | (8.8) | 5.5 | 20 of 25 | 21% |
| Profit growth | (40.4) | (14.4) | 16 of 27 | 42% |
| Market cap | 266 | 312 | 16 of 28 | 44% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 19 Sept 2026 · Record date fixed for distillery demerger - Oct 2, 2026 | strategic transactions | high | — | — |
| 19 Sept 2026 · Demerger of Distillery Division: NCLT order effective Oct 1, 2026; Record Date Oct 2 | strategic transactions | high | — | — |
| 19 Sept 2026 · K.M. Sugar Mills fixes Oct 1 effective date for Distillery Division demerger | strategic transactions | medium | — | — |
| 15 Sept 2026 · NCLT Sanctions Demerger of Distillery Division into KM Spirits | strategic transactions | high | — | — |
| 9 Sept 2026 · Internal promoter group share transmission; aggregate holding unchanged | ownership changes | medium | — | — |
| 8 Sept 2026 · KM Sugar Mills Q1 FY27 PAT falls 40% YoY to Rs 783 lakh | results | high | — | — |
| 8 Sept 2026 · Q1 results: Revenue down 9 percent YoY, PAT falls 40 percent YoY | results | high | — | — |
| 22 Aug 2026 · NCLT sanctions Demerger of Distillery Division into KM Spirits | strategic transactions | high | — | — |
| 20 Aug 2026 · NCLT sanctions demerger of K M Sugar Mills distillery division | strategic transactions | high | — | — |
| 8 Aug 2026 · K M Sugar Mills Q1 FY27 results published in newspapers | 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.