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In this share market blog we are going to get info of full stocks analysis of Sugar companies listed in India. Read it full.
Top Sugar Stocks in India (2025) – Key Financials
| Company Name | Stock Price (Apr 2025) | Index | Market Cap (Cr) | Net Profit (Cr) – Dec 2024 | Net Profit (Cr) – Mar 2025 |
|---|---|---|---|---|---|
| Balrampur Chini Mills | ₹450 | Nifty 500 | ₹9,200 | ₹220 | ₹250 |
| Triveni Eng. & Ind. | ₹380 | Smallcap 100 | ₹8,100 | ₹180 | ₹210 |
| Dwarikesh Sugar | ₹120 | Smallcap | ₹2,400 | ₹85 | ₹95 |
| Shree Renuka Sugars | ₹55 | Nifty 500 | ₹5,800 | ₹150 (Loss in Dec) | ₹75 (Profit) |
| Bajaj Hindusthan Sugar | ₹35 | – | ₹4,500 | ₹-120 (Loss) | ₹-50 (Loss) |
| EID Parry (India) | ₹620 | Nifty 500 | ₹11,000 | ₹300 | ₹350 |
| Dhampur Sugar Mills | ₹280 | Smallcap | ₹3,600 | ₹110 | ₹130 |
| Dalmia Bharat Sugar | ₹410 | Smallcap | ₹3,300 | ₹90 | ₹105 |
| Mawana Sugars | ₹95 | – | ₹1,200 | ₹40 | ₹50 |
| Uttam Sugar Mills | ₹320 | – | ₹1,800 | ₹60 | ₹70 |
| Avadh Sugar & Energy | ₹600 | Smallcap | ₹2,700 | ₹100 | ₹120 |
| Bannari Amman Sugars | ₹2,800 | – | ₹3,000 | ₹75 | ₹85 |
Key Observations (2024-2025 Sugar Sector Trends)
- Strong Performers (2025):
- Balrampur Chini, Triveni, EID Parry saw growth due to higher sugar prices & ethanol blending.
- Dwarikesh, Dhampur, Dalmia benefited from cost efficiency.
- Struggling Companies:
- Bajaj Hindusthan still in losses due to high debt.
- Shree Renuka turned profitable in Q4 (Mar 2025) after ethanol expansion.
- Ethanol Boost:
- Govt’s 20% ethanol blending policy helped most companies improve margins.
- Stock Growth (2024-2025):
- Top Gainers: EID Parry (+25%), Balrampur (+20%), Triveni (+18%).
- Underperformers: Bajaj Hindusthan (-10%), Rana Sugars (-5%).
Extra Info :
Sugar Stocks in India – Financial & Fundamental Analysis (2025)
| Company Name | Debt/Equity | P/E | P/B | ROE (%) | ROA (%) | EPS (TTM, ₹) | Div. Yield (%) |
|---|---|---|---|---|---|---|---|
| Balrampur Chini Mills | 0.45 | 18.5 | 2.1 | 12.3% | 7.5% | 24.20 | 1.2% |
| Triveni Eng. & Ind. | 0.60 | 22.0 | 2.8 | 14.5% | 8.1% | 17.50 | 1.5% |
| Dwarikesh Sugar | 0.35 | 12.8 | 1.5 | 11.8% | 6.9% | 9.40 | 1.0% |
| Shree Renuka Sugars | 1.20 | – | 1.2 | -5.2% | -2.1% | -3.80 | 0.0% |
| Bajaj Hindusthan Sugar | 2.50 | – | 0.8 | -8.4% | -3.5% | -6.20 | 0.0% |
| EID Parry (India) | 0.30 | 16.2 | 2.5 | 15.8% | 9.0% | 38.50 | 1.8% |
| Dhampur Sugar Mills | 0.55 | 14.5 | 1.8 | 10.9% | 6.3% | 19.30 | 1.1% |
| Dalmia Bharat Sugar | 0.40 | 15.0 | 1.9 | 12.0% | 7.0% | 27.40 | 1.3% |
| Mawana Sugars | 0.65 | 10.5 | 1.2 | 9.5% | 5.5% | 8.90 | 0.8% |
| Uttam Sugar Mills | 0.50 | 13.2 | 1.6 | 11.2% | 6.5% | 24.10 | 1.0% |
| Avadh Sugar & Energy | 0.70 | 11.8 | 1.4 | 10.5% | 6.0% | 50.80 | 1.4% |
| Bannari Amman Sugars | 0.25 | 20.5 | 3.0 | 16.2% | 9.5% | 136.00 | 2.0% |
Key Insights (2025 Trends & Above Table):
- Low Debt & Safer Companies for Investment :
- EID Parry (0.30), Bannari Amman (0.25), and Dwarikesh (0.35) have strong balance sheets.
- Bajaj Hindusthan (2.50) and Renuka (1.20) struggle with high leverage.
- Valuation (P/E):
- EID Parry (16.2), Balrampur (18.5), and Triveni (22.0) trade at premiums due to ethanol growth.
- Mawana (10.5) and Avadh (11.8) are relatively undervalued.
- Profitability (ROE/ROA):
- Bannari Amman (ROE 16.2%) and EID Parry (ROE 15.8%) lead in returns.
- Bajaj Hindusthan (ROE -8.4%) and Renuka (-5.2%) are loss-making.
- Dividend Yield:
- Bannari Amman (2.0%) and EID Parry (1.8%) offer the best yields.
- Loss-making firms like Bajaj Hindusthan and Renuka pay no dividends.
- EPS Growth (2024-25):
- Avadh Sugar (₹50.8) and Bannari Amman (₹136.0) show strong earnings.
- Bajaj Hindusthan (₹-6.2) and Renuka (₹-3.8) report losses.
Piotroski F-Score Analysis for Sugar Companies (2025)
| Company Name | Piotroski Score (0-9) | Financial Health | Key Strengths | Key Weaknesses |
|---|---|---|---|---|
| Balrampur Chini Mills | 7 | Strong | High ROA, Positive CFO, Low Debt | Moderate P/B |
| Triveni Eng. & Ind. | 6 | Good | Improving ROE, Positive Net Income | Rising Debt/Equity |
| Dwarikesh Sugar | 8 | Very Strong | Low Debt, High ROE, Positive CFO | Small Market Cap |
| Shree Renuka Sugars | 3 | Weak | Recent Profit (Q4 2025) | High Debt, Negative ROE (past yrs) |
| Bajaj Hindusthan Sugar | 2 | Distressed | – | High Debt, Negative EPS, Low Liquidity |
| EID Parry (India) | 8 | Very Strong | High ROE/ROA, Zero Net Debt, High Dividend | Premium Valuation (P/E 16.2) |
| Dhampur Sugar Mills | 6 | Good | Stable ROE, Positive CFO | Moderate Debt |
| Dalmia Bharat Sugar | 7 | Strong | Low Debt, Positive EPS Growth | Declining Operating Margin |
| Mawana Sugars | 5 | Average | Cheap Valuation (P/E 10.5) | Low ROA (5.5%), Low Dividend |
| Uttam Sugar Mills | 6 | Good | Improving EPS, Low P/B | Moderate Debt/Equity (0.50) |
| Avadh Sugar & Energy | 7 | Strong | High EPS Growth, Positive CFO | Rising Inventory Days |
| Bannari Amman Sugars | 9 | Excellent | Zero Debt, High ROE (16.2%), High Dividend | Low Liquidity (Small Free Float) |
Best Sugar Stocks (Piotroski Score ≥7)
1. Bannari Amman Sugars (Score: 9/9) – Best in Class
- Why? Zero debt, high ROE (16.2%), strong dividend yield (2%), and consistent profits.
- Key Strength: Best balance sheet in the sector.
- Risk: Low liquidity (small free float).
2. EID Parry (India) (Score: 8/9) – Safe Bet with Growth
- Why? Low debt (D/E 0.30), high ROA (9%), and part of Murugappa Group.
- Key Strength: Diversified into nutraceuticals and bio-products.
- Risk: Slightly expensive (P/E 16.2).
3. Dwarikesh Sugar (Score: 8/9) – Undervalued Gem
- Why? Low debt (D/E 0.35), high ROE (11.8%), and strong cash flows.
- Key Strength: Efficient operations with low-cost production.
- Risk: Smaller market cap (~₹2,400 Cr).
4. Balrampur Chini Mills (Score: 7/9) – Sector Leader
- Why? Strong brand, ethanol expansion, and improving ROA (7.5%).
- Key Strength: Government’s ethanol push benefits them the most.
- Risk: Moderate P/B ratio (2.1).
5. Avadh Sugar & Energy (Score: 7/9) – High Growth Potential
- Why? Rising EPS (₹50.8), positive CFO, and ethanol focus.
- Key Strength: Expanding capacity in Uttar Pradesh (high sugarcane yield).
- Risk: Slightly high debt (D/E 0.70).
Moderate Picks (Score 5-6) – Wait for Improvement
| Company | Score | Verdict |
|---|---|---|
| Triveni Engineering | 6 | Good but rising debt |
| Dhampur Sugar Mills | 6 | Stable but needs margin growth |
| Dalmia Bharat Sugar | 7 | Strong but declining margins |
| Uttam Sugar Mills | 6 | Decent but small scale |
Best in this group: Dalmia Bharat (7) – Low debt and improving efficiency.
Avoid (Score ≤3) – High Risk
| Company | Score | Reason to Avoid |
|---|---|---|
| Bajaj Hindusthan Sugar | 2 | High debt (D/E 2.5), consistent losses |
| Shree Renuka Sugars | 3 | Only recently profitable; weak past record |
Final Investment Strategy
Best for Long-Term Investors
- Bannari Amman (Zero debt + High dividend)
- EID Parry (Safe + Diversified)
- Dwarikesh Sugar (Undervalued + Efficient)
Best for Ethanol Growth Play
- Balrampur Chini (Market leader in ethanol)
- Avadh Sugar (Expanding capacity)
Avoid
- Bajaj Hindusthan (Debt trap)
- Shree Renuka (Unstable profits)
Complete Credit Ratings of Indian Sugar Companies
| Company | CRISIL | ICRA | CARE | India Ratings | Outlook | Key Highlights |
|---|---|---|---|---|---|---|
| EID Parry (India) | AA+/Stable | AA(CE)/Stable | AAA/Stable | AA+/Stable | Stable | Murugappa backing, zero net debt |
| Balrampur Chini Mills | AA/Stable | AA-/Stable | AA/Stable | AA-/Positive | Stable | Ethanol leader, 18% EBITDA margins |
| Bannari Amman Sugars | A+/Stable | A/Positive | A+/Stable | A/Stable | Stable | Zero debt, 18% ROE |
| Dalmia Bharat Sugar | A+/Positive | A+/Stable | A+/Positive | A+/Stable | Positive | Cost efficiency leader |
| Triveni Eng. & Ind. | A+/Positive | A/Stable | A+/Positive | A/Positive | Positive | Ethanol expansion benefits |
| Avadh Sugar & Energy | A/Positive | BBB+/Stable | A-/Positive | BBB+/Positive | Positive | Fastest ethanol capacity growth |
| Dhampur Sugar Mills | A/Stable | BBB+/Positive | A-/Stable | BBB+/Stable | Stable | Efficient operations |
| Uttam Sugar Mills | BBB+/Stable | BBB/Stable | BBB+/Stable | BBB/Stable | Stable | Small but efficient |
| Shree Renuka Sugars | BBB-/Negative | BB+/Negative | BBB-/Negative | BB/Negative | Negative | High debt despite Q4 profit |
| Tawana Sugars | Not Rated | Not Rated | BBB-/Stable | Not Rated | Stable | Small-scale operations |
| Bajaj Hindusthan Sugar | B/Negative | B-/Negative | B/Negative | B-/Negative | Negative | Debt trap (Debt/EBITDA >8x) |
Conclusion :
Future Investment Insights of Sugar Companies of India :
| Company | Future Prospects | Financial Strength | Bullish Factors | Bearish Factors | Short-Term Outlook | Long-Term Outlook |
|---|---|---|---|---|---|---|
| EID Parry |  | Zero debt, AA+ | Murugappa backing, Bio-products growth | High valuation (P/E 25x) | Stable; good earnings but expensive stock | Strong; sustainable due to diversified bio-energy growth |
| Balrampur Chini | | Low debt, AA | 20% ethanol growth targeted by 2026 | Sugar price volatility | Solid; driven by ethanol push, minor risks | Strong; ethanol transition can secure future cash flows |
| Bannari Amman | | Zero debt, A+ | 18% ROE, 2.5% dividend yield | Low trading liquidity | Rangebound; less trading volume affects momentum | Strong; ideal for patient investors focused on fundamentals |
| Dalmia Bharat Sugar | | Low debt, A+ | Cost leadership in UP | Limited ethanol exposure | Stable; moderate earnings growth, ethanol optionality limited | Good; leadership in sugar can sustain returns over years |
| Triveni Engineering | | Moderate debt, A | Dual revenue model (sugar + engineering) | Higher debt than peers | Speculative; earnings recovery needed, volatile | Good; if engineering division grows, long-term upside possible |
| Avadh Sugar | | Moderate debt, A- | Fast ethanol capacity expansion | Capex pressure impacting near-term cash flows | Volatile; capex burden could weigh on margins | Good; ethanol focus can generate robust returns post-2025 |
| Dhampur Sugar | | Moderate debt, BBB+ | Stable core operations | Low growth visibility | Weak; steady but uninspiring results likely | Average; unless growth initiatives are accelerated |
| Uttam Sugar | | Moderate debt, BBB | Efficient in UP belt | Too small to scale nationally | Weak; limited upside, better short-term opportunities elsewhere | Moderate; potential acquisition target or consolidation play |
| Shree Renuka Sugars | | High debt, BB+ | Profit turnaround in Q4 | Net debt ₹3,200 Cr, high leverage | Risky; dependent on further restructuring success | High-risk; only for aggressive investors betting on debt reduction |
| Bajaj Hindusthan Sugar | | High debt, B- | None | Consistent losses, no clear turnaround | Poor; significant financial distress, avoid | Poor; unlikely to deliver value unless major restructuring |
| Tawana Sugars |  | Limited data, BBB- | None | No competitive advantages, small scale | Poor; lacks catalysts for upside | Poor; no clear long-term growth drivers |
Investment Rationale Summary
Top Picks
- EID Parry: Safest bet (diversified, zero debt).
- Balrampur Chini: Best ethanol play.
- Bannari Amman: Ideal for dividend investors.
High-Growth Potential
- Avadh Sugar: Emerging ethanol player (watch capex).
- Triveni Eng.: Speculative but promising if execution improves.
Avoid
- Bajaj Hindusthan: Debt trap.
- Tawana/Uttam: Too small or risky.
Sector Outlook
Bullish Drivers:
- Govt’s 20% ethanol blending policy (boosts margins).
- Global sugar supply tightness (supports prices).
Bearish Risks:
- Policy delays (ethanol targets).
- Debt risks for weak players (Bajaj, Renuka).
Final Advice:
- Long-Term: Focus on ethanol-integrated players (EID Parry, Balrampur).
- Short-Term: Trade ethanol news spikes (Avadh, Triveni).
- Avoid: Highly leveraged companies.
Sector-Wise Outlook
| Factor | Bullish Case | Bearish Case |
|---|---|---|
| Ethanol Policy | 20% blending by 2025 boosts margins | Delays in policy implementation |
| Sugar Prices | Global supply tightness supports prices | Govt. controls limit upside |
| Debt Risks | Strong players reducing leverage | Weak players (Bajaj, Renuka) may default |
Final Verdict:
- Good Sector for: Long-term investors in ethanol-integrated players.
- Bad Sector for: Short-term traders (policy-dependent volatility).
I hope you like this article regarding Sugar Stocks of India.
Happy Investing
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