Bannari Amman Sugars financials and balance sheet

NSE: BANARISUGBSE: 500041Agricultural Food & other ProductsSmall Cap

₹3,202.90₹20.50 (0.64%)BSE ₹3,170.25

Share price at the NSE close on 23 Oct 2026. Previous close ₹3,223.40.

52-week range of traded prices to 23 Oct 2026

₹3,175.20Low, 23 Oct 2026₹4,338.00High, 20 Aug 2026

Market cap: ₹4,016 Cr815th largest listed
P/E: 33.0
P/B: 2.1
Dividend yield: 0.39%
ROE: 6.6%
ROCE: 5.0%
Debt to equity: 0.00
Volume, NSE: 98978.4% delivered

10 years at a glance

Standalone: the listed company alone, without its subsidiaries. ₹ crore, years to March.Bannari Amman Sugars annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

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 0.1% 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

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

Revenue1,917
Materials and goods−1,317
Employee costs−151
Other expenses−251
Operating profit198
Depreciation−61
Other income+43
One-off items0.0
Finance costs−2.1
Profit before tax177
Tax−30
Net profit148

What the company owns

Plant, investments and other assets₹1,346 Cr
Inventory₹506 Cr
Current investments₹259 Cr
Receivables₹32 Cr
Cash and bank₹14 Cr

What pays for it: net worth and liabilities

Net worth₹1,913 Cr
Other liabilities₹202 Cr
Owed to suppliers₹33 Cr
Borrowings₹9 Cr

Bannari Amman Sugars business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Standalone, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Bannari Amman Sugars segment results by quarter

Revenue by segment

₹2,401 CrTotal

SUGAR₹1,823 Cr75.9% of total
POWER₹293 Cr12.2% of total
DISTILLERY₹270 Cr11.2% of total
Granite Products₹16 Cr0.6% of total

Profit by segment

SUGAR₹95.7 Cr57.2% of total
POWER₹27.0 Cr16.1% of total
DISTILLERY₹44.5 Cr26.6% of total

Segment results by year

Standalone, ₹ crore, years to March.

SUGAR
Revenue, ₹ crore
937
1,503
1,458
1,927
2,451
2,187
1,714
1,823
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−21
39
23
14
64
82
44
96
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
POWER
Revenue, ₹ crore
299
332
331
412
544
509
345
293
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
122
103
106
132
132
118
67
27
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
DISTILLERY
Revenue, ₹ crore
113
87
81
79
313
240
324
270
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
30
27
22
8
83
66
65
45
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Granite Products
Revenue, ₹ crore
22
27
16
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−15
−1
−4
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	1,414	1,957	1,911	2,456	3,332	2,958	2,410	2,401
Company revenue, as in its results	1,125	1,609	1,561	1,998	2,526	2,220	1,793	1,917
Revenue	937	1,503	1,458	1,927	2,451	2,187	1,714	1,823
Revenue growth	–	60.4%	−3.0%	32.2%	27.2%	−10.8%	−21.6%	6.3%
Profit	−21	39	23	14	64	82	44	96
Profit growth	–	–	−40.0%	−38.4%	344.8%	27.5%	−46.7%	119.5%
Margin	−2.2%	2.6%	1.6%	0.7%	2.6%	3.7%	2.5%	5.3%
Return on capital	−3.1%	6.2%	3.1%	1.7%	5.9%	7.4%	3.6%	8.3%
Assets	1,563	1,650	1,610	1,746	1,566	1,568	1,447	1,222
Liabilities	898	1,020	843	899	479	460	247	75
Capital employed	665	630	767	846	1,087	1,108	1,201	1,147
Revenue	299	332	331	412	544	509	345	293
Revenue growth	–	10.9%	−0.3%	24.5%	31.9%	−6.4%	−32.2%	−15.2%
Profit	122	103	106	132	132	118	67	27
Profit growth	–	−15.3%	2.6%	24.7%	−0.2%	−10.6%	−43.6%	−59.5%
Margin	40.8%	31.1%	32.1%	32.1%	24.3%	23.2%	19.3%	9.2%
Return on capital	57.0%	35.9%	42.4%	38.7%	66.5%	55.5%	36.8%	19.2%
Assets	293	344	290	360	337	297	199	144
Liabilities	79	56	40	18	139	84	18	3
Capital employed	214	288	250	342	198	213	181	140
Revenue	113	87	81	79	313	240	324	270
Revenue growth	–	−22.9%	−6.7%	−3.5%	298.8%	−23.4%	34.8%	−16.7%
Profit	30	27	22	8	83	66	65	45
Profit growth	–	−9.0%	−17.9%	−62.0%	887.7%	−20.5%	−1.8%	−31.6%
Margin	26.3%	31.0%	27.3%	10.7%	26.6%	27.6%	20.1%	16.5%
Return on capital	31.8%	17.7%	14.8%	4.8%	35.4%	18.5%	15.5%	11.4%
Assets	95	181	223	285	316	423	445	395
Liabilities	2	28	73	111	81	65	25	5
Capital employed	94	153	150	175	235	359	420	390
Revenue	–	–	–	–	–	22	27	16
Revenue growth	–	–	–	–	–	–	–	−42.5%
Profit	–	–	–	–	–	−15	−1	−4
Margin	–	–	–	–	–	−66.7%	−5.1%	−23.9%
Return on capital	–	–	–	–	–	−15.9%	−1.6%	−4.6%
Assets	–	–	–	–	–	95	89	82
Liabilities	–	–	–	–	–	4	2	2
Capital employed	–	–	–	–	–	92	88	81
Revenue	64	35	41	38	25	–	–	–
Revenue growth	–	−45.5%	17.9%	−6.9%	−35.7%	–	–	–
Profit	−12	−2	−4	−5	−14	–	–	–
Margin	−19.5%	−5.3%	−10.1%	−13.5%	−55.0%	–	–	–
Return on capital	−15.6%	−2.2%	−5.4%	−6.1%	−15.6%	–	–	–
Assets	87	86	82	88	89	–	–	–
Liabilities	7	5	5	3	2	–	–	–
Capital employed	80	82	77	86	87	–	–	–

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

Profit and loss

Standalone, ₹ crore, years to March.Bannari Amman Sugars quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 24 Jun	Mar 2021Filed 25 May	Mar 2022Filed 31 May	Mar 2023Filed 25 May	Mar 2024Filed 7 Jun	Mar 2025Filed 18 Nov	Mar 2026Filed 27 May
Revenue from operations	1,832	1,497	1,125	1,609	1,561	1,998	2,526	2,220	1,793	1,917
	1,484	1,286	943	1,378	1,351	1,783	2,221	1,914	1,583	1,719
Materials and goods bought	1,169	1,049	658	1,074	1,086	1,460	1,756	1,513	1,180	1,317
Employee costs	–	–	102	112	112	117	144	149	148	151
Other expenses	–	–	184	192	152	206	321	252	254	251
Operating profit before depreciation	348	210	182	231	211	215	304	306	210	198
Operating margin	19.0%	14.0%	16.1%	14.4%	13.5%	10.8%	12.0%	13.8%	11.7%	10.3%
Materials, % of revenue	–	–	58.4%	66.8%	69.6%	73.1%	69.5%	68.2%	65.8%	68.7%
Employee costs, % of revenue	–	–	9.1%	7.0%	7.2%	5.8%	5.7%	6.7%	8.3%	7.9%
Other expenses, % of revenue	–	–	16.3%	11.9%	9.7%	10.3%	12.7%	11.3%	14.2%	13.1%
Depreciation and amortisation	69	70	67	65	66	68	74	58	59	61
Operating profit after depreciation	278	141	115	167	145	148	230	249	152	137
Other income	6	6	8	4	9	6	39	7	26	43
Finance costs	97	34	30	44	39	31	49	32	16	2
One-off items	–	–	0	0	0	0	0	0	0	0
Profit before tax	187	112	93	126	115	122	220	224	162	177
	42	25	17	30	22	42	77	72	58	30
Current tax	–	–	17	22	21	22	44	41	25	35
Deferred tax	–	–	0	9	2	20	33	31	33	−6
Net profit	145	87	76	96	92	80	143	152	105	148
Other comprehensive income	–	–	−2	−1	2	0	−2	0	1	2
Total comprehensive income	–	–	74	94	94	80	141	152	106	150
Net margin	7.9%	5.8%	6.8%	5.9%	5.9%	4.0%	5.7%	6.9%	5.8%	7.7%

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.

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 6 Jun	Mar 2020Filed 24 Jun	Mar 2021Filed 25 May	Mar 2022Filed 31 May	Mar 2023Filed 25 May	Mar 2024Filed 7 Jun	Mar 2025Filed 18 Nov	Mar 2026Filed 27 May
	1,196	1,275	1,356	1,423	1,552	1,688	1,779	1,913
Share capital	13	13	13	13	13	13	13	13
Reserves	1,183	1,262	1,344	1,411	1,539	1,676	1,766	1,901
	737	971	844	960	581	486	150	9
Repayable after a year	246	249	169	124	157	67	9	3
Repayable within a year	491	723	675	836	424	418	141	5
	751	889	843	980	573	571	300	112
Trade payables	167	62	60	87	81	79	87	33
Other financial liabilities	34	26	29	20	14	21	20	36
Other liabilities	54	72	70	28	42	43	42	30
Provisions	5	5	6	7	10	10	10	8
Tax owed	0	1	3	2	3	–	–	–
	256	271	191	166	234	175	147	131
Other financial liabilities	–	1	6	7	5	4	2	1
Other liabilities	2	4	–	–	–	–	–	–
Provisions	6	8	4	4	9	11	10	6
Deferred tax	1	9	11	31	62	93	126	121
Total assets	2,202	2,434	2,390	2,569	2,359	2,435	2,226	2,157
	1,093	1,133	1,130	1,140	1,192	1,242	1,227	1,277
Plant in use, after depreciation	1,026	1,003	953	1,048	1,077	1,070	1,188	1,144
Plant being built	24	90	145	61	22	112	11	106
Intangible assets	0	0	0	0	0	0	0	1
Investments	1	1	1	1	2	3	4	0
Other financial assets	41	38	31	29	16	10	2	4
Trade receivables	–	–	–	–	53	31	10	–
Other assets	–	1	1	1	21	16	11	22
	1,109	1,302	1,260	1,429	1,167	1,193	999	881
Inventories	934	960	996	1,006	972	1,009	885	506
Trade receivables	129	189	161	346	141	134	66	32
Cash and cash equivalents	3	8	3	3	6	6	1	13
Other bank balances	1	1	1	1	1	1	1	1
Current investments	0	0	0	0	0	0	0	259
Loans given	6	1	1	1	1	1	1	2
Other financial assets	–	143	49	7	10	9	9	65
Tax paid in advance	–	–	–	–	–	0	4	2
Other assets	35	–	50	66	36	32	31	0
Net debt	733	963	840	957	574	479	148	−264

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 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Standalone, ₹ crore, years to March.

₹ crore	Mar 2021Filed 25 May	Mar 2022Filed 31 May	Mar 2023Filed 25 May	Mar 2024Filed 7 Jun	Mar 2025Filed 18 Nov	Mar 2026Filed 27 May
	236	32	502	274	430	514
	253	56	547	318	459	551
	38	−166	238	7	224	332
Receivables	27	−190	134	17	108	61
Inventories	−35	−10	34	−37	123	379
Payables	−4	27	−6	−2	8	−54
Other working capital	51	8	76	29	−16	−55
Tax paid	−17	−23	−44	−44	−29	−37
Capital spending	69	78	65	141	76	114
Free cash flow	167	−46	437	133	354	400
	−61	−75	−57	−130	−65	−341
Plant and property sold	6	0	1	1	1	5
Interest received	2	2	8	10	10	15
Dividends received	0	0	0	0	0	0
	−179	43	−443	−144	−369	−161
Borrowings raised	−125	89	84	−92	−114	0
Borrowings repaid	0	0	−463	−3	−222	−141
Interest paid	−42	−33	−51	−33	−18	−4
Lease payments	0	0	0	0	0	0
Dividends paid	13	13	13	16	16	16
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−5	0	3	1	−5	12

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.

Standalone, ₹ per share, years to March.Bannari Amman Sugars dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 24 Jun	Mar 2021Filed 25 May	Mar 2022Filed 31 May	Mar 2023Filed 25 May	Mar 2024Filed 7 Jun	Mar 2025Filed 18 Nov	Mar 2026Filed 27 May
Earnings per share	₹125.35	₹69.60	₹60.56	₹76.27	₹73.48	₹63.78	₹114.35	₹121.46	₹83.47	₹117.96
Diluted earnings per share	₹125.35	₹69.60	₹60.56	₹76.27	₹73.48	₹63.78	₹114.35	₹121.46	₹83.47	₹117.96
Dividend per share	₹12.50	₹10.00	₹10.00	₹10.00	₹10.00	₹10.00	₹12.50	₹12.50	₹12.50	₹12.50
Book value per share	–	–	₹953.68	₹1,016.72	₹1,081.43	₹1,135.11	₹1,237.58	₹1,346.45	₹1,418.60	₹1,525.87
Dividend payout	10.8%	14.4%	16.5%	13.1%	13.6%	15.7%	10.9%	10.3%	15.0%	10.6%
Shareholder yield	–	–	–	–	0.6%	0.4%	0.4%	0.5%	0.3%	0.3%
Market cap at the year end (₹ crore)	2,262	2,161	1,896	1,088	1,987	3,332	3,400	2,888	4,558	4,508

Ratios

Standalone, years to March.Bannari Amman Sugars PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 24 Jun	Mar 2021Filed 25 May	Mar 2022Filed 31 May	Mar 2023Filed 25 May	Mar 2024Filed 7 Jun	Mar 2025Filed 18 Nov	Mar 2026Filed 27 May
Revenue growth	–	–	–	43.0%	−3.0%	28.0%	26.4%	−12.1%	−19.2%	6.9%
Operating profit growth	–	−39.5%	−13.6%	27.5%	−9.0%	2.3%	41.2%	0.7%	−31.4%	−6.0%
Net profit growth	–	−39.9%	−13.0%	25.9%	−3.7%	−13.2%	79.3%	6.2%	−31.3%	41.3%
Earnings per share growth	–	−44.5%	−13.0%	25.9%	−3.7%	−13.2%	79.3%	6.2%	−31.3%	41.3%
	–	–	6.4%	7.7%	7.0%	5.8%	9.6%	9.4%	6.0%	8.0%
	–	–	–	1.4 pts	−0.7 pts	−1.2 pts	3.9 pts	−0.2 pts	−3.4 pts	2.0 pts
From the net margin	–	–	–	−0.8 pts	−0.1 pts	−2.3 pts	2.4 pts	2.0 pts	−1.4 pts	1.9 pts
From asset turnover	–	–	–	2.0 pts	−0.5 pts	1.2 pts	2.2 pts	−1.1 pts	−1.4 pts	1.1 pts
From borrowing	–	–	–	0.1 pts	−0.2 pts	−0.2 pts	−0.7 pts	−1.1 pts	−0.6 pts	−1.1 pts
Return on capital employed	–	–	5.9%	7.4%	6.6%	6.2%	10.8%	11.4%	7.9%	7.1%
Cash conversion	–	–	–	–	255.9%	40.3%	350.3%	180.1%	410.4%	347.7%
Interest cover	2.9	4.2	3.9	3.8	3.7	4.7	4.7	7.9	9.6	65.5
Debt to equity	–	–	0.62	0.76	0.62	0.67	0.37	0.29	0.08	0.00
Receivable days	–	–	42	43	38	63	20	22	14	6
Inventory days	–	–	519	326	335	251	202	243	274	140
Payable days	–	–	93	21	20	22	17	19	27	9
Cash conversion cycle, days	–	–	468	348	352	293	206	246	260	137
Working capital days	–	–	274	256	254	234	146	170	171	95
Asset turnover	–	–	0.51	0.69	0.65	0.81	1.03	0.93	0.77	0.87
Assets per rupee of net worth	–	–	1.84	1.88	1.83	1.78	1.66	1.48	1.34	1.19
Sales per rupee of plant	–	–	1.10	1.60	1.64	1.91	2.34	2.08	1.51	1.68
Capital spending to depreciation	–	–	–	–	1.05	1.15	0.88	2.45	1.29	1.87
Plant being built, % of plant in use	–	–	2.4%	8.9%	15.2%	5.8%	2.0%	10.5%	0.9%	9.3%

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. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

Return on assets, latest year: 6.7%
Cash from operations against operating profit: 260.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	4.2%	−8.8%
Profit growth, yearly rate	–	9.9%	1.0%
Return on equity, average	–	7.8%	7.8%
Return on capital employed, average	–	8.7%	8.8%
Operating margin, average	13.6%	11.7%	11.9%
Net margin, average	6.2%	6.0%	6.8%
Asset turnover, average	–	0.88	0.86
Cash conversion cycle, days, average	–	228	215
Interest cover, average	11.1	18.5	27.7
Debt to equity, average	–	0.29	0.13

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,752	1,218	514
Cash from investing	−668	−537	−341
Cash from financing	−1,074	−674	−161
Capital spending	474	331	114
Dividends paid	72	47	16
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	–	–	0
Borrowings repaid	830	367	141

Accounting checks

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

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	5	8	8	7	8
Altman Z-scorePublished threshold 1.81	–	–	2.77	2.38	3.01	3.70	5.19	4.85	8.67	13.92
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.66	−1.67	−3.42	−2.51	−3.90	−2.22
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−3.42	4.96	−12.27	0.33	−11.15	−1.13
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	2.44	2.15	3.01	3.01
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	3.55	−12.13	86.96	−85.61	7.27	−31.22	−58.71
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−60.64	2.59	−33.35	−23.64	17.59	9.78	−54.45
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	6.68	−2.82	−1.29	−1.05	−0.22	0.14	1.23
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	2.14	9.74	0.37	0.21	2.25	0.06	6.42
Effective tax ratePublished threshold 17.16 per cent	22.31	22.34	18.20	24.12	19.55	34.29	34.89	31.97	35.49	16.65
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	15.11	14.78	12.50	17.50	−4.26

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
10 Dec 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	WithdrawnReview, Other
10 Dec 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - ST-EPC/PSC	WithdrawnReview, Other
10 Dec 2025	CARE Ratings Limited (opens in a new tab)	Non-fund-based - LT/ ST-Letter of credit	CARE AA- / CARE A1+Review, Re-affirm	Stable	5
10 Dec 2025	CARE Ratings Limited (opens in a new tab)	Non-fund-based - LT/ ST-Bank Guarantee	CARE AA- / CARE A1+Review, Re-affirm	Stable	10
10 Dec 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE AA-Review, Re-affirm	Stable	500

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