BSE: 532102
SBEC SUGAR LTD.
Manufactures sugar, with sugarcane as the dominant input — materials made up 80.1% of FY26 revenue, against employee costs of 4.1% and other operating expenses of 13.3%. On a standalone basis, revenue from operations for FY26 came in at Rs 53,516.06 lakhs (FY25: Rs 63,097.64 lakhs), with a net loss of Rs 6,280.89 lakhs widening from a Rs 1,178.61 lakhs loss a year earlier. Consolidated net profit for FY26 was Rs 1,865.54 lakhs (FY25: Rs 4,900 lakhs), supported primarily by Rs 8,334.25 lakhs in share of profit from a joint venture. The auditors qualified the FY26 results over non-provisioning of Rs 3,543.78 lakhs of interest on delayed cane payments pending a Cane Commissioner waiver decision, and standalone net worth has turned negative at Rs -17,091.19 lakhs. In February 2026, the company entered a one-time settlement of Rs 141.77 crore with related party Modi Industries Limited to recover an assigned debt, of which Rs 59.50 crore remained outstanding at 8% interest. A Rs 100 crore unsecured loan was also raised in June 2026 from a promoter group entity at 15% per annum. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Sugar and related operations. Asset-heavy commodity processor in sugar, with consolidated FY26 revenue of Rs 548.45 crore against total assets of Rs 904.13 crore
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 614 | 658 | 655 | 630 | 548 |
| EBITDA (ex other income) | 25 | 21 | 45 | 40 | 79 |
| margin % | 4.1 | 3.1 | 6.8 | 6.3 | 14.3 |
| Owners' profit | (8) | (9) | (12) | (19) | 0 |
| EPS, as reported (₹) | (1.63) | (2.20) | (0.69) | (3.90) | 3.91 |
| ROE % · ROCE % | (53.1) · 14.5 | (181.7) · 31.7 | 8.7 · 106.8 | 32.8 · 65.2 | 11.1 · 24.3 |
| Debt / equity (x) | 10.38 | 20.89 | (6.13) | (3.56) | 1.63 |
| Cash from operations | 99 | 68 | (47) | 70 | (27) |
| Capex | (21) | (15) | (11) | (2) | (2) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 141 | 137 | 143 | 209 | 120 | 147 | 123 | 159 |
| Profit before tax | (12) | (30) | (22) | 47 | (26) | (29) | (17) | 91 |
| Net profit | (12) | (30) | (22) | 46 | (26) | (29) | (17) | 91 |
| EPS (₹) | (2.59) | (6.36) | (4.68) | 9.73 | (5.47) | (6.00) | (3.63) | 19.01 |
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 |
|---|---|---|---|---|
| P/E (TTM) | 19.5 | 16.0 | 13 of 20 | 37% |
| P/B | 2.2 | 1.0 | 22 of 26 | 16% |
| ROCE | 7.4 | 3.0 | 10 of 27 | 65% |
| ROE | 11.1 | 3.5 | 5 of 26 | 84% |
| Debt / Equity | 1.6 | 0.6 | 24 of 26 | 8% |
| EBITDA margin | 67.7 | 4.6 | 2 of 26 | 96% |
| Revenue growth | (24.0) | 5.5 | 24 of 25 | 4% |
| Profit growth | 95.4 | (14.4) | 6 of 27 | 81% |
| Market cap | 364 | 286 | 12 of 28 | 59% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Newspaper notice for special window to re-lodge physical share transfer requests | compliance | minimal | — | — |
| 30 Sept 2026 · All 6 resolutions passed at 32nd AGM with over 99.99 percent approval | board shareholder meetings | low | — | — |
| 29 Sept 2026 · SBEC Sugar 32nd AGM proceedings; 6 resolutions passed | board shareholder meetings | low | — | — |
| 29 Sept 2026 · SBEC Sugar 32nd AGM: 6 resolutions passed; Modi Illva investment book value at Rs 326 Cr | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading Window Closure from Oct 1 for Q2 Results | compliance | minimal | — | — |
| 9 Sept 2026 · Loan agreement with Pristine Industries amended; tenure extended | credit debt | medium | — | — |
| 7 Sept 2026 · Newspaper ad on 32nd AGM notice and remote e-voting details | compliance | minimal | — | — |
| 5 Sept 2026 · SBEC Sugar 32nd AGM on 29 Sep 2026 via video conferencing | compliance | minimal | — | — |
| 5 Sept 2026 · SBEC Sugar 32nd AGM book closure from Sept 19 to Sept 29, 2026 | board shareholder meetings | low | — | — |
| 5 Sept 2026 · SBEC Sugar FY26 annual report: standalone loss widens to Rs 62.8 cr | board shareholder meetings | 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.