NSE: KCPSUGIND · BSE: 533192
KCPSUGARINDUS
Manufactures sugar, rectified spirit, alcohol, CO2, calcium lactate, bio-fertilizers and industrial machinery through its sugar operations and engineering subsidiary EIMCO-KCP. In FY26, the sugar segment generated ₹141.55 crore of revenue (60.3% of segment revenue) but posted a segment EBIT loss of ₹17.31 crore amid weak commodity pricing. The engineering segment contributed ₹14.73 crore of revenue and ₹4.11 crore of segment EBIT, and EIMCO-KCP recently secured a ₹257 crore order from Hyundai Engineering and Construction for a Reactor Clarifier Package on a Common Seawater Supply Project. Power & Fuel (likely bagasse-based cogeneration) brought in ₹19.70 crore of revenue, while chemicals (calcium lactate, bio-fertilizers) and 'others' (distillery and CO2/alcohol products) added ₹13.84 crore and ₹44.95 crore respectively. Raw materials — primarily sugarcane — account for 73.5% of revenue, with employees at 13.0% and other opex at 16.8%. Standalone the company posted a net loss of ₹2.62 crore, but the consolidated profit after tax of ₹11.13 crore reflects contribution from subsidiaries. Sugar inventory on the books carried a value of ₹75.51 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Sugar (60%), Others (19%), Power & Fuel (8%), Engineering (6%), Chemicals (6%). Cyclical, commodity-driven sugar operations with diversification into distillery, cogeneration, chemicals and engineering machinery.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 319 | 289 | 346 | 310 | 260 |
| EBITDA (ex other income) | 14 | 21 | 27 | 17 | 1 |
| margin % | 4.4 | 7.2 | 7.9 | 5.4 | 0.3 |
| Owners' profit | 4 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 0.27 | 5.04 | 5.83 | 1.27 | 0.98 |
| ROE % · ROCE % | 1.1 · 6.2 | 15.4 · 19.3 | 15.1 · 18.2 | 3.2 · 7.2 | 2.4 · 4.4 |
| Debt / equity (x) | 0.60 | 0.50 | 0.33 | 0.22 | 0.28 |
| Cash from operations | 114 | 6 | 42 | 48 | (31) |
| Capex | (4) | (9) | (7) | (5) | (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 | 74 | 84 | 64 | 59 | 67 | 65 | 69 | 78 |
| Profit before tax | 28 | (32) | (28) | 25 | 1 | 9 | (19) | 54 |
| Net profit | 20 | (38) | (22) | 19 | 0 | 7 | (15) | 46 |
| EPS (₹) | 1.79 | (3.33) | (1.96) | 1.69 | 0.04 | 0.60 | (1.34) | 4.08 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Sugar | 142 | 47.4 |
| Chemicals | 14 | 4.6 |
| Power & Fuel | 13 | 4.2 |
| Engineering | 79 | 26.3 |
| Others | 45 | 15.1 |
| Unallocated | 0 | 0.0 |
| Power and Fuel | 7 | 2.4 |
| Total, before eliminations | 299 | 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) | 7.3 | 14.5 | 5 of 20 | 79% |
| P/B | 0.6 | 0.9 | 7 of 26 | 76% |
| ROCE | 3.0 | 3.0 | 14 of 27 | 50% |
| ROE | 2.4 | 3.5 | 16 of 26 | 40% |
| Debt / Equity | 0.3 | 0.6 | 8 of 26 | 72% |
| EBITDA margin | 74.5 | 4.6 | 1 of 26 | 100% |
| Revenue growth | 31.4 | 5.5 | 5 of 25 | 83% |
| Profit growth | 141.5 | (14.4) | 2 of 27 | 96% |
| Market cap | 281 | 282 | 15 of 28 | 48% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · KCP Sugar files quarterly dematerialization certificate for Q2 FY27 | compliance | minimal | — | — |
| 6 Oct 2026 · Promoter Sethi Funds Management acquires 50,000 shares of KCP Sugar via open market | ownership changes | medium | — | — |
| 30 Sept 2026 · CARE reaffirms ratings on bank facilities and fixed deposits | credit debt | medium | — | — |
| 28 Sept 2026 · Closure of Trading Window for the quarter ending 30th September 2026 | compliance | minimal | — | — |
| 28 Sept 2026 · 31st AGM: All 5 resolutions passed, 10 percent dividend declared | board shareholder meetings | low | — | — |
| 25 Sept 2026 · AGM 2026: All 5 Resolutions Passed, 10% Dividend Declared | board shareholder meetings | low | — | — |
| 25 Sept 2026 · AGM results: All 5 resolutions approved, 10 percent dividend declared | board shareholder meetings | low | — | — |
| 24 Sept 2026 · KCP Sugar 31st AGM: 10% dividend declared, financial results adopted | board shareholder meetings | low | — | — |
| 4 Sept 2026 · K.C.P. Sugar files 31st Annual Report for FY26, AGM on Sep 24 | general | medium | — | — |
| 3 Sept 2026 · Sethi Funds Management acquires 0.11 percent stake in KCP Sugar via open market | ownership changes | medium | — | — |
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.