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Bannari Amman Sugars Ltd

BANARISUG

NSE

₹3,311.90-0.42%19 Oct 2026

Reports

Sugar

Bannari Amman Sugars Ltd

BANARISUG

NSE

₹3,311.90

-0.42%

19 Oct 2026

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Sugar

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Deep Dive Report: In-depth business analysis.

Bannari Amman Sugars is fundamentally a farmer-partnered sugar manufacturer that turns a single crop into a cascade of products - sugar, power, alcohol, and even granite - so that almost nothing is wasted. Incorporated in 1983 in Coimbatore, Tamil Nadu, it has grown into one of India’s leading sugar companies by embedding itself deeply in the rural economy and the farming communities that supply its raw material. The recurring approach that explains everything else is a circular-economy logic: crush cane for sugar, burn the leftover bagasse for power, ferment the molasses into alcohol, and convert press mud and ash into fertiliser that goes back to the same fields.

Business segments

Four engines fed by the same cane stalk - a sugar foundation that supplies raw material to a distillery and a power business, plus a small granite export workshop - each turning a by-product into a separate revenue stream.

1. Sugar: the core that feeds everything else

Five mills crush cane into multiple grades of sugar, but the real asset is the guaranteed supply chain of farmers and the command-area moat that locks in raw material.

A captive sourcing zone - under the Essential Commodities Act, the government allots each mill a specific command area from which it must source its sugarcane, and all five of the company’s units sit right in the middle of their allotted zones, so cane travels a short distance from field to factory.
Farmer partnership is the operating system - the company propagates drip irrigation, trash mulching, and pit-planting techniques to its growers, arranges harvesting labour and transport, and runs year-round R&D with the ICAR-Sugarcane Breeding Institute to introduce high-yielding cane varieties, having produced over 630 metric tonnes of breeder seed cane and 245,000 bud-chip seedlings.
Five grades, one mill network - the 23,700 tonnes-of-cane-per-day capacity across five integrated complexes in Tamil Nadu and Karnataka produces white, refined, pharmaceutical-grade, and brown sugar, sold in bulk and consumer packs through a network of 1,268 dealers across nine states and one union territory.
Seasonal and cyclical by nature - the business depends entirely on the availability of sugarcane and the monsoon, and sugar prices are market-driven, so output and returns swing with commodity cycles and weather.

2. Distillery: the molasses-to-alcohol engine

Molasses from the company’s own sugar mills is fermented into ethanol and industrial alcohol, turning a processing residue into a high-value product for fuel blending and the chemicals trade.

Raw material at zero distance - the distillery obtains its entire raw material, molasses, from sugar mills, so feedstock cost and availability are tied directly to the sugar-crushing season rather than to open-market molasses prices.
Two plants, 217,500 litres a day - a standalone distillery in Erode district and a unit co-located with Sugar Unit II in Karnataka together provide 217.5 KLPD of installed capacity, with the Karnataka unit recently expanded from 60 to 150 KLPD.
Sold to blenders and beverage corporations - alcohol is distributed directly to other distilleries, state beverage corporations, and chemical industries, making the customer base a mix of government buyers and industrial users.
Even the fermentation gas is captured - a CO₂ recovery system traps 25 metric tonnes per day of carbon dioxide from the fermentation process and supplies it to authorised vendors, adding a revenue stream from what would otherwise be vented.

3. Power: bagasse-fired electricity and wind

The fibrous cane waste left after crushing is burned in cogeneration boilers to make steam and electricity - enough to run the mills and sell the surplus to the grid, alongside a small fleet of wind turbines.

Fuel that arrives with the cane - bagasse, the dry fibrous residue from crushing, is fed straight into boilers at all five sugar units, so the power business runs on a fuel that costs nothing beyond the cane already purchased for sugar.
129.8 megawatts of cogeneration plus 8.75 megawatts of wind - the five integrated cogeneration plants and wind mills in Tirunelveli district together produce power that is used in-house, sold to state distribution utilities, supplied to third-party consumers, and traded on electricity exchanges.
Even effluent generates power - a biogas engine installed in the effluent treatment plant captures methane from the anaerobic digester and uses it to generate electricity that runs the treatment plant itself, closing another waste loop.

4. Granite Products: a small export workshop

Polished granite slabs and tiles cut at the Erode unit are shipped mainly to the United States and Europe, making this the company’s only internationally oriented product line.

A niche within a sugar complex - the granite processing unit sits at the same Alathukombai site as Sugar Unit I, sharing infrastructure with the much larger agro-industrial operations around it.
Export-led, with a narrow base - in FY25 the unit exported to seven countries, and granite exports made up the bulk of the company’s total export turnover, though exports overall contributed just over one percent of revenue.
Measured in square metres of polished stone - output is tracked as polished slabs and tiles, a finished building-material product sold into both domestic and international markets.

Group structure and partners

A standalone company with no subsidiaries or joint ventures, controlled by a father-and-son leadership and surrounded by a network of promoter-group enterprises.

No group, no holdings - the company has never had a subsidiary, joint venture, or associate; it operates as a single standalone entity with a seven-member board chaired by S V Balasubramaniam and managed by his son B Saravanan.
Industry associations anchor its voice - the company is a member of the Indian Sugar Mills Association, the South Indian Sugar Mills Association for both Tamil Nadu and Karnataka, and the All India Distillers Association.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Documents

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Mkt Cap

Market Capitalization

₹4,138Cr

Close Price

₹3,300.00

Industry

Sugar

Price To Earnings

33.99

Price To Sales

2.48

Revenue

₹1,671Cr

Rev Gr TTM

Revenue Growth TTM

-7.59%

PAT Gr TTM

PAT Growth TTM

7.28%

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	600	768	421	404	474	421	494	419	572	644	282	172
Growth YoY Revenue Growth YoY%	17.7	-17.6	-35.8	-6.3	-21.1	-45.1	17.3	3.6	20.7	52.8	-42.8	-58.8
Expenses ExpensesCr	508	649	370	375	406	360	441	382	497	561	279	178
Operating Profit Operating ProfitCr	92	119	51	29	67	61	53	37	75	83	4	-5
OPM OPM%	15.4	15.6	12.1	7.2	14.2	14.6	10.7	8.7	13.1	12.8	1.3	-3.0
Other Income Other IncomeCr	2	2	2	1	2	1	21	4	7	5	27	6
Interest Expense Interest ExpenseCr	7	7	8	6	2	4	3	1	0	0	0	0
Depreciation DepreciationCr	14	14	15	14	14	14	16	15	15	15	15	15
PBT PBTCr	73	100	31	10	53	45	55	24	66	73	15	-14
Tax TaxCr	24	32	9	3	19	16	20	9	23	24	-27	-4
PAT PATCr	49	68	22	6	34	29	35	15	43	48	42	-11
Growth YoY PAT Growth YoY%	81.3	66.6	-56.3	-52.7	-29.8	-57.7	61.1	137.2	24.6	68.0	18.3	-171.6
NPM NPM%	8.1	8.9	5.2	1.6	7.2	6.8	7.1	3.6	7.5	7.5	14.7	-6.3
EPS EPS₹	38.9	54.3	17.4	5.1	27.3	23.0	28.0	12.2	34.0	38.6	33.1	-8.7

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	600	768	421	404	474	421	494	419	572	644	282	172
Growth YoY Revenue Growth YoY%	17.7	-17.6	-35.8	-6.3	-21.1	-45.1	17.3	3.6	20.7	52.8	-42.8	-58.8
Expenses ExpensesCr	508	649	370	375	406	360	441	382	497	561	279	178
Operating Profit Operating ProfitCr	92	119	51	29	67	61	53	37	75	83	4	-5
OPM OPM%	15.4	15.6	12.1	7.2	14.2	14.6	10.7	8.7	13.1	12.8	1.3	-3.0
Other Income Other IncomeCr	2	2	2	1	2	1	21	4	7	5	27	6
Interest Expense Interest ExpenseCr	7	7	8	6	2	4	3	1	0	0	0	0
Depreciation DepreciationCr	14	14	15	14	14	14	16	15	15	15	15	15
PBT PBTCr	73	100	31	10	53	45	55	24	66	73	15	-14
Tax TaxCr	24	32	9	3	19	16	20	9	23	24	-27	-4
PAT PATCr	49	68	22	6	34	29	35	15	43	48	42	-11
Growth YoY PAT Growth YoY%	81.3	66.6	-56.3	-52.7	-29.8	-57.7	61.1	137.2	24.6	68.0	18.3	-171.6
NPM NPM%	8.1	8.9	5.2	1.6	7.2	6.8	7.1	3.6	7.5	7.5	14.7	-6.3
EPS EPS₹	38.9	54.3	17.4	5.1	27.3	23.0	28.0	12.2	34.0	38.6	33.1	-8.7

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,456	1,752	1,481	1,125	1,609	1,563	1,998	2,526	2,220	1,793	1,917	1,671
Growth Revenue Growth%	56.5	20.4	-15.5	-24.0	43.0	-2.9	27.9	26.4	-12.1	-19.3	6.9	-7.6
Expenses ExpensesCr	1,251	1,404	1,271	943	1,378	1,352	1,783	2,221	1,914	1,583	1,719	1,515
Operating Profit Operating ProfitCr	204	348	210	182	231	211	215	304	306	210	198	156
OPM OPM%	14.0	19.9	14.2	16.1	14.4	13.5	10.8	12.1	13.8	11.7	10.3	9.3
Other Income Other IncomeCr	3	6	6	8	4	9	6	39	7	26	43	45
Interest Expense Interest ExpenseCr	116	97	34	30	44	39	32	49	32	16	2	1
Depreciation DepreciationCr	62	69	70	67	65	66	68	74	58	59	61	61
PBT PBTCr	30	187	112	93	126	115	122	220	224	162	177	139
Tax TaxCr	-2	42	25	17	30	22	42	77	72	58	30	17
PAT PATCr	32	145	87	76	96	92	80	143	152	105	148	122
Growth PAT Growth%	2,978.8	357.6	-39.9	-13.0	25.9	-3.7	-13.2	79.3	6.2	-31.3	41.3	7.3
NPM NPM%	2.2	8.3	5.9	6.8	5.9	5.9	4.0	5.7	6.9	5.8	7.7	7.3
EPS EPS₹	28.6	125.6	69.6	60.6	76.3	73.5	63.8	114.3	121.5	83.5	118.0	97.1

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,456	1,752	1,481	1,125	1,609	1,563	1,998	2,526	2,220	1,793	1,917	1,671
Growth Revenue Growth%	56.5	20.4	-15.5	-24.0	43.0	-2.9	27.9	26.4	-12.1	-19.3	6.9	-7.6
Expenses ExpensesCr	1,251	1,404	1,271	943	1,378	1,352	1,783	2,221	1,914	1,583	1,719	1,515
Operating Profit Operating ProfitCr	204	348	210	182	231	211	215	304	306	210	198	156
OPM OPM%	14.0	19.9	14.2	16.1	14.4	13.5	10.8	12.1	13.8	11.7	10.3	9.3
Other Income Other IncomeCr	3	6	6	8	4	9	6	39	7	26	43	45
Interest Expense Interest ExpenseCr	116	97	34	30	44	39	32	49	32	16	2	1
Depreciation DepreciationCr	62	69	70	67	65	66	68	74	58	59	61	61
PBT PBTCr	30	187	112	93	126	115	122	220	224	162	177	139
Tax TaxCr	-2	42	25	17	30	22	42	77	72	58	30	17
PAT PATCr	32	145	87	76	96	92	80	143	152	105	148	122
Growth PAT Growth%	2,978.8	357.6	-39.9	-13.0	25.9	-3.7	-13.2	79.3	6.2	-31.3	41.3	7.3
NPM NPM%	2.2	8.3	5.9	6.8	5.9	5.9	4.0	5.7	6.9	5.8	7.7	7.3
EPS EPS₹	28.6	125.6	69.6	60.6	76.3	73.5	63.8	114.3	121.5	83.5	118.0	97.1

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	11	13	13	13	13	13	13	13	13	13	13
Reserves ReservesCr	919	1,055	1,123	1,183	1,262	1,344	1,411	1,539	1,676	1,766	1,901
Current Liabilities Current LiabilitiesCr	1,151	781	376	751	892	843	980	573	571	300	112
Non Current Liabilities Non Current LiabilitiesCr	739	554	275	256	268	191	166	234	175	147	131
Total Liabilities Total LiabilitiesCr	2,821	2,402	1,786	2,202	2,434	2,390	2,569	2,359	2,435	2,226	2,157
Current Assets Current AssetsCr	1,563	1,119	668	1,109	1,302	1,260	1,429	1,167	1,193	999	881
Non Current Assets Non Current AssetsCr	1,259	1,283	1,118	1,093	1,133	1,130	1,140	1,192	1,242	1,227	1,277
Total Assets Total AssetsCr	2,821	2,402	1,786	2,202	2,434	2,390	2,569	2,359	2,435	2,226	2,157

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	11	13	13	13	13	13	13	13	13	13	13
Reserves ReservesCr	919	1,055	1,123	1,183	1,262	1,344	1,411	1,539	1,676	1,766	1,901
Current Liabilities Current LiabilitiesCr	1,151	781	376	751	892	843	980	573	571	300	112
Non Current Liabilities Non Current LiabilitiesCr	739	554	275	256	268	191	166	234	175	147	131
Total Liabilities Total LiabilitiesCr	2,821	2,402	1,786	2,202	2,434	2,390	2,569	2,359	2,435	2,226	2,157
Current Assets Current AssetsCr	1,563	1,119	668	1,109	1,302	1,260	1,429	1,167	1,193	999	881
Non Current Assets Non Current AssetsCr	1,259	1,283	1,118	1,093	1,133	1,130	1,140	1,192	1,242	1,227	1,277
Total Assets Total AssetsCr	2,821	2,402	1,786	2,202	2,434	2,390	2,569	2,359	2,435	2,226	2,157

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	178	645	588	-192	-57	236	33	502	274	430	514
Investing Cash Flow Investing Cash FlowCr	-275	-52	-16	-27	-106	-61	-75	-57	-130	-65	-342
Financing Cash Flow Financing Cash FlowCr	107	-604	-579	219	167	-179	42	-443	-144	-369	-161
Net Cash Flow Net Cash FlowCr	10	-11	-6	0	4	-5	0	3	1	-5	12
Free Cash Flow Free Cash FlowCr	-98	591	570	-222	-164	173	-45	438	135	355	405
CFO To PAT CFO To PAT%	561.3	444.1	674.2	-252.8	-59.9	255.9	40.7	350.3	180.1	410.4	347.6
CFO To EBITDA CFO To EBITDA%	87.1	185.4	279.9	-105.8	-24.7	112.0	15.1	165.1	89.5	204.3	260.1

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	178	645	588	-192	-57	236	33	502	274	430	514
Investing Cash Flow Investing Cash FlowCr	-275	-52	-16	-27	-106	-61	-75	-57	-130	-65	-342
Financing Cash Flow Financing Cash FlowCr	107	-604	-579	219	167	-179	42	-443	-144	-369	-161
Net Cash Flow Net Cash FlowCr	10	-11	-6	0	4	-5	0	3	1	-5	12
Free Cash Flow Free Cash FlowCr	-98	591	570	-222	-164	173	-45	438	135	355	405
CFO To PAT CFO To PAT%	561.3	444.1	674.2	-252.8	-59.9	255.9	40.7	350.3	180.1	410.4	347.6
CFO To EBITDA CFO To EBITDA%	87.1	185.4	279.9	-105.8	-24.7	112.0	15.1	165.1	89.5	204.3	260.1

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	1,650	2,433	2,163	1,925	1,108	1,969	3,353	3,412	2,893	4,715	4,719	4,138
Price To Earnings Price To Earnings	52.0	16.8	24.8	25.4	11.6	21.4	41.9	23.8	19.0	45.0	31.9	34.0
Price To Sales Price To Sales	1.1	1.4	1.5	1.7	0.7	1.3	1.7	1.4	1.3	2.6	2.5	2.5
Price To Book Price To Book	1.8	2.3	1.9	1.6	0.9	1.4	2.4	2.2	1.7	2.6	2.5	2.2
EV To EBITDA EV To EBITDA	14.8	9.6	12.4	14.6	8.9	13.5	20.0	13.1	11.0	23.1	23.8	26.7
Profitability Ratios Profitability Ratios
GPM GPM%	23.7	28.4	24.4	28.8	24.3	23.2	19.8	21.8	23.8	24.3	22.2	22.2
OPM OPM%	14.0	19.9	14.2	16.1	14.4	13.5	10.8	12.1	13.8	11.7	10.3	9.3
NPM NPM%	2.2	8.3	5.9	6.8	5.9	5.9	4.0	5.7	6.9	5.8	7.7	7.3
ROCE ROCE%	6.3	14.4	9.3	6.3	7.6	6.9	6.4	12.6	11.8	9.2	9.3	9.3
ROE ROE%	3.4	13.6	7.7	6.3	7.5	6.8	5.6	9.2	9.0	5.9	7.7	7.7
ROA ROA%	1.1	6.0	4.9	3.5	3.9	3.9	3.1	6.1	6.3	4.7	6.9	6.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	1,650	2,433	2,163	1,925	1,108	1,969	3,353	3,412	2,893	4,715	4,719	4,138
Price To Earnings Price To Earnings	52.0	16.8	24.8	25.4	11.6	21.4	41.9	23.8	19.0	45.0	31.9	34.0
Price To Sales Price To Sales	1.1	1.4	1.5	1.7	0.7	1.3	1.7	1.4	1.3	2.6	2.5	2.5
Price To Book Price To Book	1.8	2.3	1.9	1.6	0.9	1.4	2.4	2.2	1.7	2.6	2.5	2.2
EV To EBITDA EV To EBITDA	14.8	9.6	12.4	14.6	8.9	13.5	20.0	13.1	11.0	23.1	23.8	26.7
Profitability Ratios Profitability Ratios
GPM GPM%	23.7	28.4	24.4	28.8	24.3	23.2	19.8	21.8	23.8	24.3	22.2	22.2
OPM OPM%	14.0	19.9	14.2	16.1	14.4	13.5	10.8	12.1	13.8	11.7	10.3	9.3
NPM NPM%	2.2	8.3	5.9	6.8	5.9	5.9	4.0	5.7	6.9	5.8	7.7	7.3
ROCE ROCE%	6.3	14.4	9.3	6.3	7.6	6.9	6.4	12.6	11.8	9.2	9.3	9.3
ROE ROE%	3.4	13.6	7.7	6.3	7.5	6.8	5.6	9.2	9.0	5.9	7.7	7.7
ROA ROA%	1.1	6.0	4.9	3.5	3.9	3.9	3.1	6.1	6.3	4.7	6.9	6.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	TRIVENI	BAJAJHIND	RENUKA	BANARISUG	DALMIASUG	AVADHSUGAR	UTTAMSUGAR
Market CapitalizationMkt CapCr	5,426	4,805	4,376	4,138	3,759	1,971	1,370
Close PriceClose₹	246.25	20.10	20.56	3,300.00	464.45	984.45	359.30
IndustryIndustry	Sugar	Sugar	Sugar	Sugar	Sugar	Sugar	Sugar
Price To EarningsPE	32.11	14.78		33.99	18.50	29.88	15.76
Price To SalesPS	0.88	0.90	0.47	2.48	1.07	0.72	0.63
RevenueRevenueCr	6,173	5,332	9,365	1,671	3,525	2,756	2,179
Revenue Growth TTMRev Gr TTM%	4.0%	-1.9%	-5.1%	-7.6%	-5.2%	4.2%	7.8%
PAT Growth TTMPAT Gr TTM%	29.1%	187.6%	-96.4%	7.3%	-44.1%	-6.9%	-7.0%

	TRIVENI	BAJAJHIND	RENUKA	BANARISUG	DALMIASUG	AVADHSUGAR	UTTAMSUGAR
Market CapitalizationMkt CapCr	5,426	4,805	4,376	4,138	3,759	1,971	1,370
Close PriceClose₹	246.25	20.10	20.56	3,300.00	464.45	984.45	359.30
IndustryIndustry	Sugar	Sugar	Sugar	Sugar	Sugar	Sugar	Sugar
Price To EarningsPE	32.11	14.78		33.99	18.50	29.88	15.76
Price To SalesPS	0.88	0.90	0.47	2.48	1.07	0.72	0.63
RevenueRevenueCr	6,173	5,332	9,365	1,671	3,525	2,756	2,179
Revenue Growth TTMRev Gr TTM%	4.0%	-1.9%	-5.1%	-7.6%	-5.2%	4.2%	7.8%
PAT Growth TTMPAT Gr TTM%	29.1%	187.6%	-96.4%	7.3%	-44.1%	-6.9%	-7.0%

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FY2026

Jun 26