Kothari Sugars and Chemicals financials and balance sheet

NSE: KOTARISUGAgricultural Food & other ProductsSmall Cap

₹23.71₹0.82 (3.34%)

Share price at the NSE close on 23 Oct 2026. Previous close ₹24.53.

52-week range of traded prices to 23 Oct 2026

₹22.50Low, 30 Mar 2026₹39.94High, 24 Aug 2026

Delivery only: shares bought must be paid for in full, with no selling on the same day.
Next results date: the board meets on 5 Nov 2026 to consider: financial results.

Market cap: ₹197 Cr2,367th largest listed
P/E: 36.1
P/E without one-offs: Lossover the last 12 months
P/B: 0.7
Dividend yield: Nonein the last 12 months
ROE: 1.9%
ROE without one-offs: −7.6%
ROCE: −10.3%
Debt to equity: 0.24
Volume, NSE: 33,034

9 years at a glance

Standalone: the listed company alone, without its subsidiaries. ₹ crore, years to March.Kothari Sugars and Chemicals annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹610 Cr, year to Mar 2023

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

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

From revenue to net profit

Revenue247
Materials and goods−186
Employee costs−28
Other expenses−48
Operating profit−16
Depreciation−15
Other income+11
One-off items+21
Finance costs−4.5
Profit before tax−2.6
Tax+9.2
Net profit6.6

What the company owns

Plant, investments and other assets₹208 Cr
Inventory₹118 Cr
Current investments₹105 Cr
Receivables₹14 Cr
Cash and bank₹0 Cr

What pays for it: net worth and liabilities

Net worth₹296 Cr
Borrowings₹70 Cr
Owed to suppliers₹43 Cr
Other liabilities₹38 Cr

Kothari Sugars and Chemicals 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.Kothari Sugars and Chemicals segment results by quarter

Revenue by segment

₹268 CrTotal

Distillery₹124 Cr46.1% of total
Sugar₹104 Cr38.7% of total
Power₹41 Cr15.2% of total

Profit by segment

Distillery₹25.5 Cr87.4% of total
Power₹3.7 Cr12.6% of total

Segment results by year

Standalone, ₹ crore, years to March.

Distillery
Revenue, ₹ crore
55
89
91
84
106
105
114
106
124
Mar 18Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
33
36
46
35
54
52
54
43
25
Mar 18Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Sugar
Revenue, ₹ crore
230
212
245
317
262
403
310
185
104
Mar 18Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−20
−18
−21
−5
−14
−9
−20
−18
−20
Mar 18Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Power
Revenue, ₹ crore
39
69
58
63
109
164
130
46
41
Mar 18Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−1
5
2
6
13
34
27
2
4
Mar 18Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	324	370	394	465	476	672	555	337	268
Company revenue, as in its results	290	332	353	420	423	610	503	310	247
Revenue	55	89	91	84	106	105	114	106	124
Revenue growth	–	62.6%	1.6%	−7.0%	25.2%	−0.3%	8.2%	−6.8%	16.3%
Profit	33	36	46	35	54	52	54	43	25
Profit growth	–	8.2%	30.0%	−24.6%	53.8%	−3.3%	4.1%	−20.3%	−40.8%
Margin	59.8%	39.8%	50.9%	41.2%	50.7%	49.2%	47.3%	40.4%	20.6%
Return on capital	62.1%	72.0%	77.9%	61.3%	121.3%	101.8%	83.9%	46.7%	25.7%
Assets	55	52	69	65	49	52	66	94	102
Liabilities	2	2	10	8	5	1	2	2	3
Capital employed	53	49	59	57	44	51	64	92	99
Revenue	230	212	245	317	262	403	310	185	104
Revenue growth	–	−8.0%	15.5%	29.5%	−17.3%	53.8%	−23.0%	−40.4%	−43.9%
Profit	−20	−18	−21	−5	−14	−9	−20	−18	−20
Margin	−8.6%	−8.4%	−8.6%	−1.6%	−5.4%	−2.3%	−6.6%	−9.8%	−19.4%
Return on capital	−16.3%	−12.7%	−17.7%	−6.0%	−10.3%	−6.8%	−12.4%	−17.7%	−18.4%
Assets	205	217	195	152	202	207	228	148	138
Liabilities	83	77	76	66	64	71	64	46	28
Capital employed	121	141	119	85	137	135	165	102	110
Revenue	39	69	58	63	109	164	130	46	41
Revenue growth	–	76.7%	−15.6%	8.9%	71.5%	50.7%	−20.6%	−64.6%	−11.1%
Profit	−1	5	2	6	13	34	27	2	4
Profit growth	–	–	−55.3%	176.8%	108.6%	154.9%	−21.1%	−91.9%	68.8%
Margin	−3.4%	7.5%	4.0%	10.0%	12.2%	20.7%	20.5%	4.7%	9.0%
Return on capital	−2.5%	12.3%	4.4%	16.1%	32.4%	63.0%	74.6%	11.0%	23.0%
Assets	69	60	70	59	61	78	62	44	36
Liabilities	15	18	18	19	20	24	26	24	20
Capital employed	54	42	52	40	41	54	36	20	16
	–	–	–	–	–	–	–	0	–
Profit	–	–	–	–	–	–	–	0	–
Assets	–	–	–	–	–	–	–	163	–
Liabilities	–	–	–	–	–	–	–	88	–

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

Profit and loss

Standalone, ₹ crore, years to March.Kothari Sugars and Chemicals quarterly results

₹ crore	Mar 2018Filed 22 Jun	Mar 2019Filed 21 May	Mar 2020Filed 17 Jun	Mar 2021Filed 26 May	Mar 2022Filed 25 May	Mar 2023Filed 30 May	Mar 2024Filed 17 May	Mar 2025Filed 29 May	Mar 2026Filed 4 May
Revenue from operations	290	332	353	420	423	610	503	310	247
	262	302	325	387	374	549	458	298	263
Materials and goods bought	208	234	253	312	284	427	342	223	186
Employee costs	18	20	22	25	26	33	34	29	28
Other expenses	36	48	49	50	64	89	83	46	48
Operating profit before depreciation	28	30	28	33	50	61	44	12	−16
Operating margin	9.6%	9.0%	8.0%	7.8%	11.7%	9.9%	8.8%	4.0%	−6.4%
Materials, % of revenue	71.7%	70.4%	71.7%	74.2%	67.2%	70.1%	68.0%	71.9%	75.6%
Employee costs, % of revenue	6.3%	6.2%	6.3%	6.1%	6.1%	5.5%	6.7%	9.3%	11.2%
Other expenses, % of revenue	12.4%	14.4%	14.0%	12.0%	15.0%	14.5%	16.5%	14.9%	19.6%
Depreciation and amortisation	14	13	13	14	14	14	14	15	15
Operating profit after depreciation	14	17	15	19	36	47	30	−2	−30
Other income	5	17	4	5	7	9	15	16	11
Finance costs	6	7	7	5	4	4	4	4	4
Profit before one-off items and tax	13	27	13	18	38	51	42	10	−24
One-off items	−10	−5	6	5	1	4	0	6	21
Profit before tax	3	23	19	23	39	55	42	17	−3
	2	10	0	4	5	13	12	6	−9
Current tax	1	5	7	7	7	10	7	7	0
Deferred tax	1	5	−7	−2	−2	3	5	0	−9
	0	13	19	19	34	42	29	10	7
Belonging to the company's shareholders	0	9	14	14	25	42	29	10	7
Belonging to outside owners of subsidiaries	0	3	5	5	9	–	–	–	–
Other comprehensive income	0	0	0	1	0	0	0	0	0
Total comprehensive income	0	13	19	20	34	42	29	11	6
Net margin	0.2%	3.8%	5.5%	4.5%	8.0%	6.9%	5.9%	3.4%	2.7%

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ crore	Mar 2023Filed 30 May	Mar 2024Filed 17 May	Mar 2025Filed 29 May	Mar 2026Filed 4 May
	258	278	289	296
Share capital	83	83	83	83
Reserves	175	196	206	213
Borrowings	38	69	49	70
	143	168	124	124
Trade payables	85	87	67	43
Other financial liabilities	4	2	2	3
Other liabilities	7	5	2	6
Provisions	8	4	3	2
Tax owed	1	0	0	0
	32	37	36	27
Other financial liabilities	1	1	1	1
Deferred tax	31	36	36	26
Total assets	432	483	450	446
	177	188	179	182
Plant in use, after depreciation	150	162	149	153
Plant being built	9	0	0	0
Intangible assets	1	1	1	1
Intangible assets being developed	0	0	5	10
Property held to earn rent	1	1	1	1
Investments	0	13	17	17
Other financial assets	1	1	5	1
Trade receivables	15	9	2	0
Other assets	0	0	0	0
	254	295	271	263
Inventories	136	168	97	118
Trade receivables	28	22	17	14
Cash and cash equivalents	0	0	1	0
Other bank balances	0	0	0	0
Current investments	72	87	116	105
Other financial assets	12	11	5	5
Tax paid in advance	0	0	0	0
Other assets	6	7	34	21
Net debt	−35	−18	−68	−35

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 2018, Mar 2019, Mar 2020, Mar 2021 and Mar 2022, so its lines and the ratios worked from it are blank there.

Cash flow

Standalone, ₹ crore, years to March.

₹ crore	Mar 2021Filed 26 May	Mar 2022Filed 25 May	Mar 2023Filed 30 May	Mar 2024Filed 17 May	Mar 2025Filed 29 May	Mar 2026Filed 4 May
	81.7	−2.7	45.1	15.6	52.5	−14.0
	90.9	5.7	59.8	37.9	72.1	19.0
	48.6	−49.4	−13.0	−21.8	37.2	2.6
Receivables	6.2	−4.2	−18.6	14.1	13.7	5.5
Inventories	38.7	−42.4	−7.7	−32.1	70.7	−21.1
Payables	4.7	−4.1	8.1	1.6	−19.8	−24.7
Other working capital	−1.0	1.3	5.2	−5.4	−27.5	42.9
Tax paid	−4.1	−6.8	−8.2	−7.2	−5.3	−1.1
Interest paid	−0.4	−1.2	0.0	0.0	0.0	0.0
Capital spending	4.3	4.3	21.5	17.4	5.4	24.4
Free cash flow	77.4	−6.9	23.6	−1.8	47.0	−38.4
	−29.0	−13.4	−18.7	−35.6	−27.7	−2.4
Plant and property sold	0.0	0.0	0.0	0.0	0.3	0.2
Interest received	0.4	1.2	0.7	3.6	2.7	3.1
Dividends received	0.0	0.0	0.1	0.1	0.1	0.1
	−1.2	−11.3	−15.1	−12.4	−3.7	−4.6
Borrowings raised	10.7	0.0	0.0	0.0	0.0	0.0
Borrowings repaid	−6.8	−7.3	−7.0	−0.5	0.0	0.0
Interest paid	−5.1	−3.9	−3.9	−3.5	−3.6	−4.5
Lease payments	0.0	−0.1	0.0	0.0	0.0	0.0
Dividends paid	0.0	0.0	4.1	8.3	0.0	0.0
Shares bought back	0.0	0.0	0.0	0.0	0.0	0.0
Shares issued	0.0	0.0	0.0	0.0	0.0	0.0
Net change in cash	51.5	−27.4	11.3	−32.4	21.0	−21.1

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 2018, Mar 2019 and Mar 2020.

Standalone, ₹ per share, years to March.Kothari Sugars and Chemicals dividend history

₹ per share	Mar 2018Filed 22 Jun	Mar 2019Filed 21 May	Mar 2020Filed 17 Jun	Mar 2021Filed 26 May	Mar 2022Filed 25 May	Mar 2023Filed 30 May	Mar 2024Filed 17 May	Mar 2025Filed 29 May	Mar 2026Filed 4 May
Earnings per share	₹0.06	₹1.53	₹2.34	₹2.29	₹4.11	₹5.06	₹3.56	₹1.26	₹0.80
Diluted earnings per share	₹0.06	₹1.53	₹2.34	₹2.29	₹4.11	₹5.06	₹3.56	₹1.26	₹0.80
Dividend per share	–	₹0.50	–	–	–	₹1.00	₹0.50	–	–
Book value per share	–	–	–	–	–	₹31.07	₹33.60	₹34.90	₹35.67
Dividend payout	–	–	–	–	–	19.8%	14.1%	–	–
Shareholder yield	–	–	–	–	0.0%	1.4%	1.9%	0.0%	0.0%
Market cap at the year end (₹ crore)	99	–	–	–	295	289	426	268	190

Ratios

Standalone, years to March.Kothari Sugars and Chemicals PE ratio and valuation

Ratio	Mar 2018Filed 22 Jun	Mar 2019Filed 21 May	Mar 2020Filed 17 Jun	Mar 2021Filed 26 May	Mar 2022Filed 25 May	Mar 2023Filed 30 May	Mar 2024Filed 17 May	Mar 2025Filed 29 May	Mar 2026Filed 4 May
Revenue growth	–	14.6%	6.2%	19.0%	0.8%	44.0%	−17.6%	−38.3%	−20.4%
Operating profit growth	–	7.3%	−5.7%	15.5%	52.1%	22.1%	−26.9%	−72.4%	–
Net profit growth	–	2,546.9%	52.8%	−2.0%	78.9%	23.2%	−29.7%	−64.7%	−36.6%
Earnings per share growth	–	2,450.0%	52.9%	−2.1%	79.5%	23.1%	−29.6%	−64.6%	−36.5%
	–	–	–	–	–	16.3%	11.0%	3.7%	2.3%
	–	–	–	–	–	–	−5.3 pts	−7.3 pts	−1.4 pts
From the net margin	–	–	–	–	–	–	−2.4 pts	−4.7 pts	−0.7 pts
From asset turnover	–	–	–	–	–	–	−3.1 pts	−2.5 pts	−0.5 pts
From borrowing	–	–	–	–	–	–	0.2 pts	−0.1 pts	−0.2 pts
Return on capital employed	–	–	–	–	–	15.8%	8.6%	−0.7%	−8.3%
Cash conversion	–	–	–	429.4%	−7.9%	107.6%	52.8%	503.1%	−212.1%
Interest cover	2.2	2.4	2.2	3.7	8.7	12.0	8.5	–	–
Debt to equity	–	–	–	–	–	0.15	0.25	0.17	0.24
Receivable days	–	–	–	–	–	17	16	20	21
Inventory days	–	–	–	–	–	116	179	159	231
Payable days	–	–	–	–	–	73	93	110	83
Cash conversion cycle, days	–	–	–	–	–	60	102	69	169
Working capital days	–	–	–	–	–	46	80	93	154
Asset turnover	–	–	–	–	–	1.41	1.10	0.67	0.55
Assets per rupee of net worth	–	–	–	–	–	1.68	1.71	1.64	1.53
Sales per rupee of plant	–	–	–	–	–	4.06	3.10	2.09	1.62
Capital spending to depreciation	–	–	–	0.31	0.30	1.53	1.22	0.37	1.68
Plant being built, % of plant in use	–	–	–	–	–	5.9%	0.2%	0.0%	0.0%

Interest cover is left blank for the years to Mar 2025 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2018, Mar 2019, Mar 2020, Mar 2021 and Mar 2022, 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: 1.5%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	−10.1%	−26.0%
Profit growth, yearly rate	–	−13.9%	−46.0%
Return on equity, average	–	8.3%	5.6%
Return on capital employed, average	–	3.9%	−0.1%
Operating margin, average	6.9%	5.6%	2.1%
Net margin, average	4.5%	5.4%	4.0%
Asset turnover, average	–	0.93	0.77
Cash conversion cycle, days, average	–	100	113
Debt to equity, average	–	0.20	0.22

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	96.5	54.0	−14.0
Cash from investing	−97.9	−65.7	−2.4
Cash from financing	−47.1	−20.7	−4.6
Capital spending	73.0	47.3	24.4
Dividends paid	12.4	8.3	0.0
Shares bought back	0.0	0.0	0.0
Shares issued for cash	0.0	0.0	0.0
Borrowings raised	0.0	0.0	0.0
Borrowings repaid	14.8	0.5	0.0

Accounting checks

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

Check	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	–	–	–	–	–	–	–	5	2
Altman Z-scorePublished threshold 1.81	–	–	–	–	–	3.73	3.49	2.88	2.37
Beneish M-scorePublished threshold −1.78	–	–	–	–	–	–	−2.91	−2.82	−2.43
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	–	–	10.82	−3.07	5.15
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	1.31	0.55	1.38	1.16
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	–	–	–	−5.09	17.03	1.89
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	–	–	–	43.71	−7.29	38.07
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	–	–	–	0.03	6.70	−5.34
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	–	–	0.01	0.00	0.00
Effective tax ratePublished threshold 17.16 per cent	82.01	44.29	−2.11	18.88	13.54	23.56	29.64	37.82	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	−3.72	8.67	12.40	6.04	–

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
26 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A2/Watch DevelopingReview, Re-affirm		3
26 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil BBB+/Watch DevelopingReview, Re-affirm		100

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