NSE: PONNIERODE · BSE: 532460
PONNIE SUGARS (ERODE) LTD
Mills sugarcane into sugar and runs a cogeneration plant that burns bagasse from the crushing process to generate electricity, which it exports to the grid. In FY26, sugar accounted for 72.2% of segment revenue at Rs 365.11 crore while cogeneration made up 27.8% at Rs 140.43 crore, though cogeneration was the more profitable line, contributing Rs 75.63 crore of EBIT against Rs 13.5 crore from sugar. The business crushed 7.06 lakh tonnes of cane in FY26 with a sugar recovery rate of 9.79%, and commissioned a 50 tonne-per-day jaggery unit in January 2026 as a new product line. Sugarcane and related agricultural inputs are the dominant cost, with materials alone at 68.7% of revenue, while employee costs ran at 6.1% and other operating expenses at 20.0% of revenue. FY26 total income reached Rs 414.99 crore with a net profit of Rs 48.03 crore, supported by a Rs 51.64 crore exceptional gain from an APTEL judgment on the long-running electricity tariff dispute for the cogeneration plant covering the 2012-2026 period. In Q1 FY27, revenue from operations rose to Rs 95 crore from Rs 63.7 crore a year earlier; the sugar segment posted a Rs 4.94 crore loss while cogeneration remained profitable at Rs 2.48 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Sugar (72%), Cogeneration (28%). Cyclical, agricultural-commodity sugar milling integrated with bagasse-based cogeneration.
Exhibit 1: Financial summary, – (all audited; no estimate years)
| ₹ crore · consolidated |
|---|
| Revenue |
| EBITDA (ex other income) |
| margin % |
| Owners' profit |
| EPS, as reported (₹) |
| ROE % · ROCE % |
| Debt / equity (x) |
| Cash from operations |
| Capex |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q1 FY26 |
|---|---|
| Revenue | 60 |
| Profit before tax | (3) |
| Net profit | (3) |
| EPS (₹) | (3.12) |
Exhibit 3: 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 | 14,565 | 37.6 | 3.52 | 22.8 | 9.1 | 9.7 | 5.4 | 7.9 |
| TRIVENI ENGG. & INDS. LTD | 5,262 | 18.7 | 1.57 | 12.1 | 8.0 | 9.4 | 10.1 | 3.3 |
| BAJAJ HINDUSTHAN SUGAR LT | 4,781 | 14.8 | 1.25 | 22.0 | 3.3 | 1.5 | (3.9) | (10.4) |
| SHREE RENUKA SUGARS LTD | 4,633 | — | — | 75.4 | 29.6 | (108.2) | 10.2 | (3.1) |
| BANNARI AMMAN SUGARS LTD | 4,138 | 34.0 | 2.16 | — | 7.7 | 8.7 | — | 0.5 |
| DALMIA BHARAT SUG IN LTD | 3,497 | 14.6 | 1.08 | 9.6 | 7.3 | 8.0 | 6.1 | 8.3 |
| DHAMPUR SUGAR MILLS LTD. | 1,180 | 16.8 | 0.98 | 10.4 | 5.5 | 5.8 | (7.9) | 4.7 |
| UTTAM SUGAR MILLS LTD. | 1,126 | 12.9 | 1.27 | 7.8 | 11.3 | 12.7 | — | 4.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| EBITDA margin | (0.8) | 4.6 | 21 of 26 | 20% |
| Market cap | 300 | 286 | 14 of 28 | 52% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Board meeting on 23 Oct 2026 to approve Q2 and H1 FY27 results | results | low | — | — |
| 6 Oct 2026 · RTA certificate filed for securities dematerialised in Sep 2026 quarter | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 22 Sept 2026 · Promoter group expands as TSIPL acquires stakes in two promoter-linked entities | ownership changes | medium | — | — |
| 18 Sept 2026 · Special window for transfer and demat of physical shares | compliance | minimal | — | — |
| 18 Aug 2026 · Atyant Capital cuts Ponni Sugars stake to 5.82% via open market sale | ownership changes | medium | — | — |
| 18 Aug 2026 · Promoter group Seshasayee Paper acquires 3.37 percent in Ponni Sugars via open market | ownership changes | high | — | — |
| 17 Aug 2026 · Seshasayee Paper buys 3.37% stake in Ponni Sugars; promoter holding rises to 35.72% | ownership changes | high | — | — |
| 25 Jul 2026 · Ponni Sugars Q1 FY26-27 Results: Revenue Up 49%, Losses Narrow | compliance | minimal | — | — |
| 24 Jul 2026 · Ponni Sugars Q1 FY27 revenue up 49% YoY but posts Rs 1.23 cr net loss | 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.