Bajaj Hindusthan Sugar financials and balance sheet

NSE: BAJAJHINDBSE: 500032Agricultural Food & other ProductsSmall Cap

Formerly Bajaj Hindusthan

₹18.07₹0.90 (4.74%)BSE ₹18.09

Share price at the NSE close on 23 Oct 2026. Previous close ₹18.97.

52-week range of traded prices to 23 Oct 2026

₹14.85Low, 25 Feb 2026₹26.00High, 24 Aug 2026

Market cap: ₹4,320 Cr964th largest listed
P/E: 37.3
P/E without one-offs: 33.3
P/B: 1.1
Dividend yield: Nonein the last 12 months
ROE: 2.9%
ROE without one-offs: 3.2%
ROCE: 0.7%
Debt to equity: 0.93
Volume, NSE: 1,41,35,53633.9% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Bajaj Hindusthan Sugar annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Back to profit in the year to Mar 2026, ₹126 CrA loss in 9 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.1% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue5,455
Materials and goods−4,363
Employee costs−389
Other expenses−336
Operating profit366
Depreciation−216
Other income+22
One-off items−14
Finance costs−33
Profit before tax125
Tax+0.9
Discontinued businesses−0.2
Net profit126

What the company owns

Plant, investments and other assets₹11,692 Cr
Inventory₹2,425 Cr
Receivables₹99 Cr
Cash and bank₹88 Cr

What pays for it: net worth and liabilities

Net worth₹3,812 Cr
Other liabilities₹3,749 Cr
Borrowings₹3,545 Cr
Owed to suppliers₹3,197 Cr

Bajaj Hindusthan Sugar business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Bajaj Hindusthan Sugar segment results by quarter

Revenue by segment

₹7,272 CrTotal

Sugar₹5,824 Cr80.1% of total
Power₹842 Cr11.6% of total
Distillery₹568 Cr7.8% of total
Others₹38 Cr0.5% of total

Profit by segment

Sugar₹60.1 Cr31.9% of total
Power₹55.7 Cr29.5% of total
Distillery₹72.9 Cr38.6% of total

Segment results by year

Consolidated from the year to Mar 2020, standalone before, ₹ crore, years to March.

Sugar
Revenue, ₹ crore
7,035
7,180
7,148
5,722
6,804
6,570
5,905
5,824
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−338
189
−2
−32
−8
19
9
60
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Power
Revenue, ₹ crore
1,266
1,003
983
810
992
975
864
842
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
226
50
7
−4
13
1
−15
56
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Distillery
Revenue, ₹ crore
525
276
414
980
1,111
903
705
568
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
264
60
14
98
94
104
129
73
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
8
11
2
15
32
31
35
38
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−4
49
−15
−54
8
2
−23
−10
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	8,833	8,470	8,548	7,527	8,939	8,479	7,510	7,272
Company revenue, as in its results	6,804	6,669	6,666	5,576	6,338	6,104	5,575	5,455
Revenue	7,035	7,180	7,148	5,722	6,804	6,570	5,905	5,824
Revenue growth	–	–	−0.4%	−20.0%	18.9%	−3.4%	−10.1%	−1.4%
Profit	−338	189	−2	−32	−8	19	9	60
Profit growth	–	–	–	–	–	–	−50.7%	537.8%
Margin	−4.8%	2.6%	0.0%	−0.6%	−0.1%	0.3%	0.2%	1.0%
Return on capital	−7.5%	4.5%	0.0%	−0.8%	−0.2%	0.4%	0.2%	1.2%
Assets	8,675	8,570	8,309	8,165	9,019	8,963	8,796	8,476
Liabilities	4,163	4,407	4,329	4,100	4,834	3,886	3,844	3,478
Capital employed	4,512	4,163	3,980	4,065	4,185	5,077	4,952	4,998
Revenue	1,266	1,003	983	810	992	975	864	842
Revenue growth	–	–	−1.9%	−17.6%	22.5%	−1.8%	−11.3%	−2.6%
Profit	226	50	7	−4	13	1	−15	56
Profit growth	–	–	−86.5%	–	–	−95.4%	–	–
Margin	17.9%	5.0%	0.7%	−0.5%	1.3%	0.1%	−1.8%	6.6%
Return on capital	18.2%	3.0%	0.4%	−0.2%	0.5%	0.0%	−0.7%	2.2%
Assets	1,248	1,705	1,624	2,111	2,557	2,595	2,331	2,488
Liabilities	3	6	20	17	19	19	11	8
Capital employed	1,245	1,699	1,604	2,094	2,538	2,576	2,319	2,480
Revenue	525	276	414	980	1,111	903	705	568
Revenue growth	–	–	50.2%	136.5%	13.3%	−18.7%	−21.9%	−19.4%
Profit	264	60	14	98	94	104	129	73
Profit growth	–	–	−76.3%	597.2%	−4.3%	10.1%	24.2%	−43.3%
Margin	50.2%	21.6%	3.4%	10.0%	8.5%	11.5%	18.2%	12.8%
Return on capital	31.1%	6.9%	1.4%	11.2%	10.2%	10.7%	14.5%	8.0%
Assets	877	889	1,030	964	1,005	1,040	952	959
Liabilities	29	30	55	89	87	73	67	43
Capital employed	847	860	976	875	918	967	885	916
Revenue	8	11	2	15	32	31	35	38
Profit	−4	49	−15	−54	8	2	−23	−10
Margin	−53.6%	433.1%	−651.1%	−369.6%	23.3%	7.3%	−64.3%	−27.5%
Return on capital	−2.0%	92.6%	−44.2%	−34.8%	4.2%	1.2%	−12.8%	−5.9%
Assets	208	226	224	213	206	202	202	206
Liabilities	1	173	189	58	26	20	25	31
Capital employed	207	53	35	155	180	182	177	175
	0	–	–	–	–	–	–	–
Profit	0	–	–	–	–	–	–	–
Assets	3,398	–	–	–	–	–	–	–
Liabilities	6,805	–	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Bajaj Hindusthan Sugar quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020Filed 2 Jul	Mar 2021Filed 8 Jun	Mar 2022Filed 20 May	Mar 2023Filed 29 May	Mar 2024Filed 11 May	Mar 2025Filed 13 Jun	Mar 2026Filed 14 Jul
Revenue from operations	4,633	5,943	6,806	6,669	6,666	5,576	6,338	6,104	5,575	5,455
	3,782	5,671	6,510	6,216	6,503	5,404	6,075	5,857	5,285	5,089
Materials and goods bought	3,005	4,898	5,765	5,424	5,491	4,400	5,179	4,862	4,388	4,363
Employee costs	–	–	275	300	329	343	379	406	408	389
Other expenses	–	–	470	493	684	661	517	589	490	336
Operating profit before depreciation	851	272	296	453	163	171	263	247	290	366
Operating margin	18.4%	4.6%	4.4%	6.8%	2.4%	3.1%	4.1%	4.1%	5.2%	6.7%
Materials, % of revenue	–	–	84.7%	81.3%	82.4%	78.9%	81.7%	79.6%	78.7%	80.0%
Employee costs, % of revenue	–	–	4.0%	4.5%	4.9%	6.2%	6.0%	6.7%	7.3%	7.1%
Other expenses, % of revenue	–	–	6.9%	7.4%	10.3%	11.9%	8.2%	9.6%	8.8%	6.2%
Depreciation and amortisation	243	197	204	216	216	215	213	222	216	216
Operating profit after depreciation	608	75	92	237	−53	−43	50	25	74	150
Other income	96	101	96	12	23	32	22	42	18	22
Finance costs	802	680	322	301	264	254	210	162	103	33
Profit before one-off items and tax	−98	−505	−134	−52	−294	−265	−138	−95	−11	139
One-off items	0	0	0	0	0	−6	0	0	0	−14
Profit before tax	−98	−505	−134	−52	−294	−272	−138	−95	−11	125
	−6	−5	3	−2	−3	−4	−3	−8	5	−1
Current tax	–	–	–	−2	0	0	0	0	0	0
Deferred tax	–	–	–	0	−3	−4	−4	−8	5	−1
Profit from discontinued businesses	–	–	–	–	–	–	–	–	−9	0
	−92	−500	−137	−50	−291	−268	−135	−87	−25	126
Belonging to the company's shareholders	−92	−500	−137	−50	−291	−268	−135	−86	−24	127
Belonging to outside owners of subsidiaries	–	–	–	0	0	0	0	−1	−1	0
Other comprehensive income	–	–	–	−44	−34	28	2,252	128	−254	17
Total comprehensive income	–	–	–	−94	−325	−240	2,117	41	−278	143
Net margin	−2.0%	−8.4%	−2.0%	−0.7%	−4.4%	−4.8%	−2.1%	−1.4%	–	2.3%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Net margin is left blank for the year to Mar 2025: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2021Filed 8 Jun	Mar 2022Filed 20 May	Mar 2023Filed 29 May	Mar 2024Filed 11 May	Mar 2025Filed 13 Jun	Mar 2026Filed 14 Jul
	2,372	–	4,435	4,485	4,231	3,812
	2,372	–	4,424	4,475	4,222	3,811
Share capital	110	–	124	124	124	3,048
Reserves	2,262	–	4,300	4,351	4,097	763
Belonging to outside owners of subsidiaries	0	–	10	10	9	1
	4,823	–	4,301	3,840	3,575	3,545
Repayable after a year	4,802	–	3,851	3,553	3,561	3,158
Repayable within a year	21	–	450	287	13	387
	5,253	–	6,230	6,460	6,188	6,083
Trade payables	4,462	–	4,556	3,630	3,545	3,197
Other financial liabilities	597	–	3	0	104	2,463
Other liabilities	157	–	1,197	2,515	2,498	–
Provisions	16	–	24	29	27	36
	5,511	–	5,275	4,961	4,865	4,408
Other financial liabilities	5	–	0	0	0	–
Other liabilities	36	–	20	17	0	–
Provisions	77	–	100	102	114	110
Deferred tax	591	–	1,303	1,289	1,189	1,141
Liabilities going with businesses held for sale	–	–	–	–	0	1
	13,136	–	15,939	15,906	15,284	14,304
Held for sale or for a demerger	–	–	–	–	11	63
	7,343	–	12,457	12,285	11,739	10,889
Plant in use, after depreciation	6,993	–	7,800	7,582	7,325	7,136
Plant being built	35	–	5	8	13	41
Intangible assets	0	–	0	0	0	0
Investments	48	–	4,480	4,596	4,269	3,569
Loans given	0	–	0	0	0	0
Other financial assets	4	–	16	12	6	143
Other assets	262	–	155	88	126	–
	5,793	–	3,482	3,621	3,534	3,352
Inventories	2,541	–	2,613	2,721	2,680	2,425
Trade receivables	213	–	141	156	108	99
Cash and cash equivalents	74	–	23	52	71	87
Other bank balances	9	–	0	0	2	1
Current investments	1,037	–	0	0	0	0
Loans given	1,092	–	0	0	0	0
Other financial assets	0	–	0	0	0	725
Tax paid in advance	20	–	28	27	9	15
Other assets	807	–	677	665	665	–
Net debt	3,703	–	4,277	3,788	3,501	3,457

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017, Mar 2018, Mar 2019, Mar 2020 and Mar 2022, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 8 Jun	Mar 2022Filed 20 May	Mar 2023Filed 29 May	Mar 2024Filed 11 May	Mar 2025Filed 13 Jun	Mar 2026Filed 14 Jul
	340	619	792	644	280	230
	341	362	583	483	181	238
	162	413	519	280	−18	−130
Receivables	−60	−11	−23	−17	46	6
Inventories	170	−204	138	−108	38	255
Payables	52	650	410	428	−49	−387
Other working capital	0	−21	−6	−24	−54	−3
Tax paid	−1	4	1	1	−1	−8
Interest paid	0	254	210	162	103	0
Capital spending	3	9	6	8	21	116
Free cash flow	337	611	786	635	260	113
	11	2	12	0	20	562
Plant and property sold	0	2	0	0	31	10
Interest received	1	1	2	2	2	3
	−382	−643	−833	−615	−281	−776
Borrowings raised	14	4	2	15	0	390
Borrowings repaid	−226	−471	−544	−472	−273	−284
Interest paid	−169	−185	−288	−155	−8	−882
Lease payments	0	0	−3	−3	0	0
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−30	−22	−29	29	19	16

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Bajaj Hindusthan Sugar dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020Filed 2 Jul	Mar 2021Filed 8 Jun	Mar 2022Filed 20 May	Mar 2023Filed 29 May	Mar 2024Filed 11 May	Mar 2025Filed 13 Jun	Mar 2026Filed 14 Jul
Earnings per share	−₹0.84	–	−₹1.24	−₹0.45	−₹2.64	−₹2.23	−₹1.08	−₹0.69	−₹0.05	₹0.93
Diluted earnings per share	−₹0.84	–	−₹1.24	−₹0.45	−₹2.64	−₹2.23	–	−₹0.69	–	₹0.86
Book value per share	–	–	–	–	₹20.93	–	₹34.64	₹35.03	₹33.05	₹16.05
Shareholder yield	–	–	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	1,513	998	896	300	703	1,814	1,648	3,711	2,487	3,849

Earnings per share is left blank for the year to Mar 2018: the earnings per share stated has the opposite sign to the profit stated beside it, so it is not shown.

Ratios

Consolidated, years to March.Bajaj Hindusthan Sugar PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020Filed 2 Jul	Mar 2021Filed 8 Jun	Mar 2022Filed 20 May	Mar 2023Filed 29 May	Mar 2024Filed 11 May	Mar 2025Filed 13 Jun	Mar 2026Filed 14 Jul
Revenue growth	−1.2%	–	–	−2.0%	−0.1%	−16.4%	13.7%	−3.7%	−8.7%	−2.2%
Operating profit growth	8.3%	−68.0%	8.8%	52.9%	−64.0%	5.2%	53.3%	−5.9%	17.2%	26.2%
	–	–	–	–	−12.3%	–	−3.0%	−1.9%	−0.5%	3.2%
	–	–	–	–	–	–	–	1.1 pts	1.4 pts	3.7 pts
From the net margin	–	–	–	–	–	–	–	1.0 pts	–	–
From asset turnover	–	–	–	–	–	–	–	0.1 pts	–	–
From borrowing	–	–	–	–	–	–	–	0.0 pts	–	–
Return on capital employed	–	–	–	–	−0.7%	–	0.6%	0.3%	1.0%	2.0%
Cash conversion	–	–	–	–	–	–	–	–	–	182.0%
Interest cover	0.8	0.1	0.3	0.8	–	–	0.2	0.2	0.7	4.5
Debt to equity	–	–	–	–	2.03	–	0.97	0.86	0.84	0.93
Receivable days	–	–	–	–	12	–	8	9	7	7
Inventory days	–	–	–	–	169	–	184	204	223	203
Payable days	–	–	–	–	297	–	321	272	295	267
Cash conversion cycle, days	–	–	–	–	−116	–	−129	−59	−65	−58
Working capital days	–	–	–	–	−31	–	−134	−156	−178	−163
Asset turnover	–	–	–	–	0.51	–	0.40	0.38	0.36	0.37
Assets per rupee of net worth	–	–	–	–	5.54	–	3.60	3.58	3.59	3.68
Sales per rupee of plant	–	–	–	–	0.95	–	0.81	0.81	0.76	0.76
Capital spending to depreciation	–	–	–	–	0.01	0.04	0.03	0.04	0.10	0.54
Plant being built, % of plant in use	–	–	–	–	0.5%	–	0.1%	0.1%	0.2%	0.6%

Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. Interest cover is left blank for the years to Mar 2021 and Mar 2022: operating profit after depreciation is a loss, and a loss covers no interest bill. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2025 and Mar 2026: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. No balance sheet is on record for the years to Mar 2017, Mar 2018, Mar 2019, Mar 2020 and Mar 2022, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 0.9%
Cash from operations against operating profit: 62.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	1.5%	−3.9%	−4.9%
Return on equity, average	–	−0.6%	0.2%
Return on capital employed, average	–	1.0%	1.1%
Operating margin, average	6.0%	4.6%	5.3%
Net margin, average	−2.6%	−1.5%	0.4%
Asset turnover, average	–	0.38	0.37
Cash conversion cycle, days, average	–	−78	−61
Interest cover, average	–	1.4	1.8
Debt to equity, average	–	0.90	0.88

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	2,565	1,154	230
Cash from investing	596	581	562
Cash from financing	−3,147	−1,671	−776
Capital spending	160	145	116
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	412	406	390
Borrowings repaid	2,044	1,029	284

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	6
Altman Z-scorePublished threshold 1.81	0.83	–	0.67	0.76	0.69	0.49
Beneish M-scorePublished threshold −1.78	–	–	–	−2.83	−2.68	−2.27
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	−4.59	−2.08	−4.50
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	79.90
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	14.38	−22.36	−6.12
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	10.25	8.25	−8.96
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.21	−0.33	1.23
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	2.11	–	1.57
Effective tax ratePublished threshold 17.16 per cent	–	–	–	–	–	−0.73
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−7.09

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
29 May 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Optionally Fully Convertible Debenture	WithdrawnReview, Other

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.