Rana Sugars financials and balance sheet

NSE: RANASUGBSE: 507490Diversified FMCGSmall Cap

₹11.72₹0.43 (3.54%)BSE ₹11.75

Share price at the NSE close on 23 Oct 2026. Previous close ₹12.15.

52-week range of traded prices to 23 Oct 2026

₹10.21Low, 27 Jan 2026₹16.45High, 24 Aug 2026

Under NSE's long-term additional surveillance, stage I, on the list for 23 Oct 2026. The exchange puts a share here when its price has moved unusually, and trading in it carries extra conditions.

Market cap: ₹180 Cr2,449th largest listed
P/E: 31.6
P/E without one-offs: Lossover the last 12 months
P/B: 0.3
Dividend yield: Nonein the last 12 months
ROE: 1.0%
ROE without one-offs: −4.5%
ROCE: −1.7%
Debt to equity: 0.54
Volume, NSE: 1,62,27073.0% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 3 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

The years either side of a change of basis do not compare. From the year to Mar 2018, the company's revenue for that year, ₹988 Cr, differs from its quarters added, ₹977 Cr.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue1,743
Materials and goods−1,362
Employee costs−73
Other expenses−268
Operating profit41
Depreciation−38
Other income+31
One-off items+32
Finance costs−30
Profit before tax36
Tax−13
Net profit24

What the company owns

Plant, investments and other assets₹731 Cr
Inventory₹390 Cr
Receivables₹151 Cr
Cash and bank₹46 Cr

What pays for it: net worth and liabilities

Net worth₹600 Cr
Borrowings₹321 Cr
Owed to suppliers₹282 Cr
Other liabilities₹115 Cr

Rana 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.Rana Sugars segment results by quarter

Revenue by segment

₹1,970 CrTotal

Distillery₹904 Cr45.9% of total
Sugar₹900 Cr45.7% of total
Power₹166 Cr8.4% of total

Profit by segment

Distillery₹74.1 Cr61.0% of total
Power₹47.4 Cr39.0% of total

Segment results by year

Standalone, ₹ crore, years to March.

Distillery
Revenue, ₹ crore
126
256
409
628
701
594
840
904
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
46
55
73
75
67
11
−10
74
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Sugar
Revenue, ₹ crore
1,056
1,234
1,014
1,107
1,190
1,090
911
900
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−97
272
6
51
−4
19
35
−47
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Power
Revenue, ₹ crore
283
212
176
211
230
215
195
166
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
76
−56
21
24
19
18
19
47
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	1,465	1,703	1,599	1,946	2,120	1,899	1,945	1,970
Company revenue, as in its results	1,092	1,311	1,222	1,400	1,627	1,593	1,713	1,743
Revenue	126	256	409	628	701	594	840	904
Revenue growth	–	103.8%	59.6%	53.5%	11.6%	−15.3%	41.4%	7.7%
Profit	46	55	73	75	67	11	−10	74
Profit growth	–	21.1%	31.4%	3.9%	−11.2%	−83.9%	–	–
Margin	36.2%	21.5%	17.7%	12.0%	9.6%	1.8%	−1.2%	8.2%
Return on capital	52.8%	30.2%	33.3%	27.3%	19.8%	3.3%	−3.7%	24.9%
Assets	136	257	280	328	411	468	483	473
Liabilities	50	74	62	52	73	147	210	175
Capital employed	86	183	218	276	338	321	273	297
Revenue	1,056	1,234	1,014	1,107	1,190	1,090	911	900
Revenue growth	–	16.9%	−17.8%	9.2%	7.4%	−8.3%	−16.5%	−1.2%
Profit	−97	272	6	51	−4	19	35	−47
Profit growth	–	–	−97.8%	762.3%	–	–	85.1%	–
Margin	−9.2%	22.1%	0.6%	4.6%	−0.4%	1.7%	3.8%	−5.2%
Return on capital	–	320.1%	3.1%	18.2%	−1.6%	5.9%	8.5%	−16.1%
Assets	1,025	724	773	885	956	923	937	669
Liabilities	1,206	639	584	607	676	605	531	379
Capital employed	−181	85	189	278	280	318	406	289
Revenue	283	212	176	211	230	215	195	166
Revenue growth	–	−25.1%	−17.1%	20.0%	9.1%	−6.5%	−9.4%	−14.8%
Profit	76	−56	21	24	19	18	19	47
Profit growth	–	–	–	14.5%	−19.0%	−7.8%	7.4%	145.8%
Margin	27.0%	−26.3%	11.9%	11.4%	8.5%	8.4%	9.9%	28.6%
Return on capital	69.6%	–	27.7%	37.5%	25.1%	24.2%	25.8%	140.5%
Assets	186	88	84	77	95	112	102	119
Liabilities	76	91	8	13	17	37	27	85
Capital employed	110	−3	76	64	77	74	75	34
	0	0	0	0	–	0	0	–
Profit	0	0	0	0	–	0	34	–
Assets	0	0	0	0	–	0	0	–
Liabilities	0	0	0	0	–	0	0	–

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

Profit and loss

Standalone, ₹ crore, years to March.Rana Sugars quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 13 Jun	Mar 2020Filed 5 Aug	Mar 2021Filed 22 Jun	Mar 2022Filed 11 Jun	Mar 2023Filed 31 May	Mar 2024Filed 29 Jun	Mar 2025Filed 21 Jun	Mar 2026Filed 16 Jul
Revenue from operations	1,102	988	1,092	1,311	1,222	1,400	1,627	1,593	1,713	1,743
	1,022	952	1,051	1,229	1,096	1,223	1,514	1,510	1,642	1,703
Materials and goods bought	886	864	935	1,101	962	1,023	1,263	1,287	1,338	1,362
Employee costs	–	–	34	38	42	49	64	67	69	73
Other expenses	–	–	83	90	92	151	187	155	234	268
Operating profit before depreciation	80	36	40	82	126	178	113	83	71	41
Operating margin	7.2%	3.7%	3.7%	6.3%	10.3%	12.7%	7.0%	5.2%	4.1%	2.3%
Materials, % of revenue	–	–	85.6%	84.0%	78.7%	73.0%	77.6%	80.8%	78.1%	78.1%
Employee costs, % of revenue	–	–	3.1%	2.9%	3.4%	3.5%	3.9%	4.2%	4.0%	4.2%
Other expenses, % of revenue	–	–	7.6%	6.9%	7.6%	10.8%	11.5%	9.8%	13.7%	15.3%
Depreciation and amortisation	28	31	33	34	27	28	31	35	27	38
Operating profit after depreciation	51	5	8	48	99	150	82	47	44	3
Other income	–	7	17	9	5	4	23	18	34	31
Finance costs	89	99	94	22	18	29	23	28	34	30
Profit before one-off items and tax	–	−87	−69	35	86	125	82	37	44	4
One-off items	–	–	0	224	71	−16	0	0	0	32
Profit before tax	−37	−87	−69	258	158	109	82	37	44	36
	−11	−1	6	−7	0	24	19	9	10	13
Current tax	–	–	0	0	0	0	10	6	3	1
Deferred tax	–	–	6	−7	0	24	9	3	6	12
Net profit	−26	−86	−75	266	158	85	63	28	34	24
Other comprehensive income	–	–	0	0	0	1	0	0	0	1
Total comprehensive income	–	–	−75	266	158	86	63	28	35	24
Net margin	−2.4%	−8.8%	−6.9%	20.3%	12.9%	6.1%	3.9%	1.8%	2.0%	1.4%

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 13 Jun	Mar 2020Filed 5 Aug	Mar 2021Filed 22 Jun	Mar 2022Filed 11 Jun	Mar 2023Filed 31 May	Mar 2024Filed 29 Jun	Mar 2025Filed 21 Jun	Mar 2026Filed 16 Jul
	−62	–	363	449	512	540	575	600
Share capital	154	–	154	154	154	154	154	154
Reserves	−215	–	210	295	359	387	422	446
	732	–	179	189	374	403	389	321
Repayable after a year	155	–	111	115	115	98	87	78
Repayable within a year	577	–	68	74	259	305	302	243
	1,236	–	654	682	776	809	797	580
Trade payables	496	–	498	527	429	437	406	282
Other financial liabilities	114	–	0	1	3	7	10	2
Other liabilities	48	–	86	77	83	55	76	50
Provisions	1	–	1	2	2	3	3	3
Tax owed	0	–	0	0	0	1	1	–
	171	–	119	160	174	154	149	138
Other financial liabilities	0	–	0	15	18	12	14	–
Other liabilities	1	–	0	1	3	2	1	1
Provisions	8	–	7	5	5	5	4	3
Deferred tax	7	–	0	24	34	37	43	56
	1,346	–	1,136	1,290	1,462	1,503	1,522	1,318
Held for sale or for a demerger	16	–	1	1	0	0	0	0
	462	–	452	537	603	640	629	614
Plant in use, after depreciation	431	–	421	451	520	578	568	560
Plant being built	30	–	28	57	14	6	6	6
Property held to earn rent	0	–	0	0	2	0	0	0
Investments	0	–	0	0	0	0	0	0
Loans given	1	–	0	20	52	38	26	14
Other financial assets	0	–	2	6	9	12	24	27
Other assets	1	–	1	2	5	5	5	7
	868	–	684	752	859	862	892	704
Inventories	509	–	373	514	585	592	571	390
Trade receivables	134	–	141	111	128	139	214	151
Cash and cash equivalents	3	–	67	33	12	12	41	34
Other bank balances	37	–	10	10	19	19	13	12
Loans given	67	–	31	3	24	8	10	10
Other financial assets	116	–	0	–	17	18	17	28
Tax paid in advance	0	–	0	1	0	73	0	2
Other assets	3	–	62	81	74	–	27	77
Net debt	692	–	102	146	344	371	335	275

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

Cash flow

Standalone, ₹ crore, years to March.

₹ crore	Mar 2021Filed 22 Jun	Mar 2022Filed 11 Jun	Mar 2023Filed 31 May	Mar 2024Filed 29 Jun	Mar 2025Filed 21 Jun	Mar 2026Filed 16 Jul
	145	92	−84	44	55	92
	146	92	−74	48	58	95
	14	−90	−195	−40	−35	41
Receivables	40	28	−33	−13	−46	2
Inventories	−71	−141	−71	−7	22	181
Payables	45	19	0	−20	−11	−142
Other working capital	0	3	−91	0	0	0
Tax paid	0	0	−10	−4	−4	−3
Interest paid	0	−1	0	0	0	0
Capital spending	62	106	63	85	18	11
Free cash flow	83	−14	−147	−41	37	81
	−52	−123	−98	−51	8	14
Plant and property sold	0	0	5	0	9	6
Interest received	1	1	4	5	7	4
	−76	−3	170	8	−40	−115
Borrowings raised	1	16	189	45	0	0
Borrowings repaid	−59	−4	−2	−13	−11	−89
Interest paid	−18	−15	−18	−24	−29	−25
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	17	−34	−12	1	22	−8

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.

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 13 Jun	Mar 2020Filed 5 Aug	Mar 2021Filed 22 Jun	Mar 2022Filed 11 Jun	Mar 2023Filed 31 May	Mar 2024Filed 29 Jun	Mar 2025Filed 21 Jun	Mar 2026Filed 16 Jul
Earnings per share	−₹1.70	−₹5.63	−₹4.88	₹17.30	–	–	–	₹1.82	₹2.24	₹1.55
Diluted earnings per share	−₹1.70	−₹5.63	−₹4.88	₹17.30	–	–	–	₹1.82	₹2.24	₹1.55
Book value per share	–	–	−₹4.01	–	₹23.64	₹29.24	₹33.37	₹35.20	₹37.47	₹39.06
Shareholder yield	–	–	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	153	64	51	49	148	442	338	298	187	181

Earnings per share is left blank for the years to Mar 2021, Mar 2022 and Mar 2023: the earnings per share stated does not match any profit the filing states over the shares in issue, and the share count barely moved during the period.

Ratios

Standalone, years to March.Rana Sugars PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 13 Jun	Mar 2020Filed 5 Aug	Mar 2021Filed 22 Jun	Mar 2022Filed 11 Jun	Mar 2023Filed 31 May	Mar 2024Filed 29 Jun	Mar 2025Filed 21 Jun	Mar 2026Filed 16 Jul
Revenue growth	–	–	10.5%	20.1%	−6.8%	14.6%	16.2%	−2.1%	7.5%	1.8%
Operating profit growth	–	–	11.8%	102.6%	54.1%	40.6%	−36.2%	−27.0%	−14.2%	−42.7%
Net profit growth	–	–	–	–	−40.6%	−46.0%	−25.6%	−55.9%	22.9%	−30.7%
Earnings per share growth	–	–	–	–	–	–	–	–	23.1%	−30.8%
	–	–	121.8%	–	43.4%	21.0%	13.2%	5.3%	6.2%	4.1%
	–	–	–	–	–	−22.4 pts	−7.8 pts	−7.9 pts	0.9 pts	−2.1 pts
From the net margin	–	–	–	–	–	−22.9 pts	−7.6 pts	−7.2 pts	0.8 pts	−2.0 pts
From asset turnover	–	–	–	–	–	1.5 pts	0.3 pts	−0.5 pts	0.3 pts	0.4 pts
From borrowing	–	–	–	–	–	−1.0 pts	−0.6 pts	−0.1 pts	−0.2 pts	−0.5 pts
Return on capital employed	–	–	1.2%	–	18.3%	23.5%	9.2%	5.0%	4.6%	0.3%
Cash conversion	–	–	–	–	92.1%	107.5%	−132.2%	158.3%	158.7%	387.1%
Interest cover	0.6	0.0	0.1	2.1	5.4	5.2	3.6	1.7	1.3	0.1
Debt to equity	–	–	–	–	0.49	0.42	0.73	0.75	0.68	0.54
Receivable days	–	–	45	–	42	29	29	32	46	32
Inventory days	–	–	199	–	142	184	169	168	156	104
Payable days	–	–	194	–	189	188	124	124	111	76
Cash conversion cycle, days	–	–	50	–	−5	24	74	76	91	61
Working capital days	–	–	56	–	6	27	70	75	73	67
Asset turnover	–	–	0.81	–	1.08	1.15	1.18	1.07	1.13	1.23
Assets per rupee of net worth	–	–	−21.88	–	3.13	2.99	2.86	2.82	2.71	2.42
Sales per rupee of plant	–	–	2.53	–	2.90	3.10	3.13	2.75	3.02	3.11
Capital spending to depreciation	–	–	–	–	2.29	3.81	2.01	2.40	0.66	0.30
Plant being built, % of plant in use	–	–	6.9%	–	6.6%	12.7%	2.7%	1.1%	1.0%	1.0%

Revenue growth and operating profit growth are left blank for the year to Mar 2018: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. Debt to equity is left blank for the year to Mar 2019: net worth is below zero, so there is no shareholders' money to set the borrowings against. No balance sheet is on record for the years to Mar 2017, Mar 2018 and Mar 2020, 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: 1.7%
Cash from operations against operating profit: 226.5%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	7.4%	2.3%
Profit growth, yearly rate	–	−31.5%	−27.8%
Return on equity, average	–	9.9%	5.2%
Return on capital employed, average	–	8.5%	3.3%
Operating margin, average	6.3%	6.3%	3.9%
Net margin, average	3.0%	3.0%	1.7%
Asset turnover, average	–	1.15	1.14
Cash conversion cycle, days, average	–	65	76
Interest cover, average	2.0	2.4	1.0
Debt to equity, average	–	0.62	0.65

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	199	191	92
Cash from investing	−250	−29	14
Cash from financing	21	−146	−115
Capital spending	283	114	11
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	250	45	0
Borrowings repaid	119	113	89

Accounting checks

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

Check	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	5	9	7
Altman Z-scorePublished threshold 1.81	0.34	–	1.99	2.14	1.98	1.79	1.88	2.23
Beneish M-scorePublished threshold −1.78	–	–	–	−2.24	−1.89	−2.46	−2.16	−2.99
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	9.60	17.83	2.36	−1.84	−5.84
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	0.50	0.29	0.12	2.22
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−36.05	−0.37	10.79	46.05	−30.97
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	31.41	−9.64	−0.77	−7.63	−33.49
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.46	0.53	0.01	−2.77	3.58
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.98	0.14	0.07	0.34	0.19
Effective tax ratePublished threshold 17.16 per cent	–	−2.75	−0.08	21.83	23.13	24.37	22.05	34.55
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	21.83	11.19	14.05	13.41	26.32

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	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Long Term Facilities	IVR BBB- / RWDIReview, Re-affirm		161.15
10 Dec 2025	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Short Term Facilities	IVR A3 / RWDIReview, Re-affirm		2

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