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SBEC Sugar financials and balance sheet

BSE: 532102Agricultural Food & other ProductsSmall Cap

Last close ₹59.75down ₹5.25 (8.08%)

Share price at the BSE close on 23 Oct 2026. Previous close ₹65.00.

52-week range of traded prices to 23 Oct 2026
₹26.85Low, 21 Jan 2026₹88.84High, 19 Jun 2026
Market cap
₹285 Cr2,502nd largest listed
P/E
5.3
P/E without one-offs
Lossover the last 12 months
P/B
1.7
Dividend yield
Nonein the last 12 months
ROE
32.2%
ROE without one-offs
−27.8%
ROCE
−0.5%
Debt to equity
1.63
Volume, BSE
5,059

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

  • Revenue
  • Net profit
  • Borrowings
  • Loss
Peak revenue ₹658 Cr, year to Mar 2023Back to profit in the year to Mar 2026, ₹19 Cr

Operating and net margin, per cent

  • Operating margin
  • Net margin

Results for the year to Mar 2026

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

From revenue to net profit

  1. Revenue548
  2. Materials and goods−458
  3. Employee costs−22
  4. Other expenses−73
  5. Operating profit−4.8
  6. Depreciation−19
  7. Other income+4.1
  8. One-off items+83
  9. Finance costs−45
  10. Profit before tax19
  11. Tax−0.7
  12. Net profit19

What the company owns

  • Plant, investments and other assets₹623 Cr
  • Inventory₹252 Cr
  • Receivables₹25 Cr
  • Cash and bank₹5 Cr

What pays for it: net worth and liabilities

  • Owed to suppliers₹394 Cr
  • Borrowings₹273 Cr
  • Net worth₹167 Cr
  • Other liabilities₹70 Cr

Profit and loss

Consolidated, ₹ crore, years to March.SBEC Sugar quarterly results

₹ croreMar 2017Mar 2018Mar 2019Filed 29 MayMar 2020Filed 31 JulMar 2021Filed 14 MayMar 2022Filed 3 JunMar 2023Filed 27 MayMar 2024Filed 30 JulMar 2025Filed 16 JunMar 2026Filed 29 May
Revenue from operations290486417482580614658655630548
278535436442564589638610591553
Materials and goods bought230479375376493500551517499458
Employee costs13–1618181922232222
Other expenses35–4548537065706973
Operating profit before depreciation12−50−19401525214540−5
Operating margin4.0%−10.2%−4.4%8.3%2.6%4.1%3.1%6.8%6.3%−0.9%
Materials, % of revenue79.5%–89.8%77.9%85.1%81.4%83.7%79.0%79.2%83.5%
Employee costs, % of revenue4.5%–3.9%3.7%3.1%3.1%3.4%3.4%3.6%4.1%
Other expenses, % of revenue12.0%–10.8%10.0%9.2%11.3%9.8%10.7%10.9%13.3%
Depreciation and amortisation3202020212121211919
Operating profit after depreciation8−70−3920−64−12321−23
Other income31001711114
Finance costs15161221221818233945
Profit before one-off items and tax−3−85−51−1−27−7−82−18−64
One-off items−250000000083
Profit before tax−28−85−51−1−27−7−82−1819
−100−2012511
−26−85−511−27−9−10−3−1919
Other comprehensive income––000−10005
Total comprehensive income––−510−27−9−10−3−1924
Net margin−8.8%−17.6%−12.2%0.2%−4.7%−1.4%−1.6%−0.5%−3.0%3.4%
Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ croreMar 2019Filed 29 MayMar 2020Filed 31 JulMar 2021Filed 14 MayMar 2022Filed 3 JunMar 2023Filed 27 MayMar 2024Filed 30 JulMar 2025Filed 16 JunMar 2026Filed 29 May
525225166−38−57167
1719−5−14−22−38−57167
Share capital4848484848484848
Reserves−31−28−53−61−70−85−104120
Belonging to outside owners of subsidiaries35333030280––
242222169168120232202273
395504577651657691682641
1951861196026618996
642743722727689714714904
473466451451443430411619
169277270277245283303285
Net debt229215165162115230201269
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

Consolidated, ₹ crore, years to March.

₹ croreMar 2021Filed 14 MayMar 2022Filed 3 JunMar 2023Filed 27 MayMar 2024Filed 30 JulMar 2025Filed 16 JunMar 2026Filed 29 May
799968−4770−27
7910081−4670−27
637349−9130−25
Receivables−713−3−5−74
Inventories14−2327−36−1418
Payables47604−24−1−94
Other working capital92321−255248
Tax paid0−1−2−200
Capital spending721151122
Free cash flow737854−5868−29
−7−15−3−51−22
−75−82−6695−6927
Dividends paid000000
Shares bought back000000
Shares issued000000
Net change in cash−310−3−11
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.

Per share

Consolidated, ₹ per share, years to March.

₹ per shareMar 2017Mar 2018Mar 2019Filed 29 MayMar 2020Filed 31 JulMar 2021Filed 14 MayMar 2022Filed 3 JunMar 2023Filed 27 MayMar 2024Filed 30 JulMar 2025Filed 16 JunMar 2026Filed 29 May
Earnings per share−₹5.36−₹17.91−₹10.67₹0.17−₹5.70−₹1.63−₹2.20−₹0.69−₹3.90₹3.91
Diluted earnings per share−₹5.36−₹17.91−₹10.67₹0.17−₹5.70−₹1.63−₹2.20−₹0.69−₹3.90₹3.91
Book value per share––₹3.56₹4.05−₹1.08−₹2.85−₹4.66−₹7.93−₹11.91₹35.13
Shareholder yield––––0.0%0.0%0.0%0.0%0.0%0.0%
Market cap at the year end (₹ crore)6133451829139160181176139

Ratios

Consolidated, years to March.SBEC Sugar PE ratio and valuation

RatioMar 2017Mar 2018Mar 2019Filed 29 MayMar 2020Filed 31 JulMar 2021Filed 14 MayMar 2022Filed 3 JunMar 2023Filed 27 MayMar 2024Filed 30 JulMar 2025Filed 16 JunMar 2026Filed 29 May
Revenue growth−27.4%67.7%−14.0%15.4%20.3%6.0%7.2%−0.6%−3.7%−13.0%
Operating profit growth9.4%–––−62.3%66.2%−18.2%117.4%−11.0%–
––−291.2%14.8%−345.5%83.5%48.7%40.3%39.4%33.7%
–––306.0 pts−360.3 pts429.0 pts−34.8 pts−8.4 pts−1.0 pts−5.6 pts
From the net margin–––304.9 pts−126.9 pts241.0 pts3.3 pts19.3 pts24.0 pts−84.7 pts
From asset turnover–––1.0 pts−15.4 pts−7.4 pts8.5 pts0.3 pts−3.5 pts10.5 pts
From borrowing–––0.1 pts−217.9 pts195.3 pts−46.5 pts−27.9 pts−21.5 pts68.5 pts
Return on capital employed––−13.3%7.2%−3.1%2.4%−0.5%12.1%14.1%−5.3%
Cash conversion–––––––––−146.5%
Interest cover0.6––0.9–0.2–1.00.5–
Debt to equity––4.644.236.6710.3820.89––1.63
Receivable days––11151789121616
Inventory days––133230165180145180197201
Payable days––289390332371340345356314
Cash conversion cycle, days––−145−145−150−183−186−153−143−97
Working capital days––−165−146−161−159−175−129−135−89
Asset turnover––0.650.700.790.850.930.930.880.68
Assets per rupee of net worth––37.9038.23103.55−77.28−39.51−23.36−15.1014.62
Sales per rupee of plant––1.491.772.252.542.662.792.832.67
Capital spending to depreciation––––0.310.990.690.500.110.09
Plant being built, % of plant in use––1.1%0.8%0.8%7.3%1.4%2.5%0.3%0.4%
Interest cover is left blank for the years to Mar 2018, Mar 2019, Mar 2021, Mar 2023 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. Debt to equity is left blank for the years to Mar 2024 and Mar 2025: 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 and Mar 2018, 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
2.3%
Measure10 years5 years3 years
Revenue growth, yearly rate3.2%−1.1%−5.9%
Profit growth, yearly rate17.5%––
Return on equity, average–49.1%37.8%
Return on capital employed, average–4.6%7.0%
Operating margin, average2.0%3.9%4.1%
Net margin, average−4.6%−0.6%0.0%
Asset turnover, average–0.850.83
Cash conversion cycle, days, average–−152−131
Interest cover, average––0.8

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.

₹ crore5 years3 yearsLatest year
Cash from operations163−5−27
Cash from investing−69−512
Cash from financing−945327
Capital spending50152
Dividends paid000
Shares bought back000
Shares issued for cash000
Borrowings raised18918971
Borrowings repaid140300

Accounting checks

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

CheckMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9–575545
Altman Z-scorePublished threshold 1.810.330.190.280.290.320.270.67
Beneish M-scorePublished threshold −1.78–−2.62−3.72−2.77−2.15−2.73−2.43
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets–−13.62−12.69−10.6913.54−12.145.41
Receivables growth less revenue growthOur threshold 0 percentage points45.0014.86−54.2811.7326.1537.59−0.65
Inventory growth less cost-of-goods growthOur threshold 0 percentage points73.82−37.148.90−21.3422.828.921.82
Other current assets growth less revenue growthOur threshold 5 per cent of revenue1.210.34−0.67−1.060.18−0.120.15
Assets under construction, years of additionsOur threshold 2 years of additions0.170.333.620.130.740.080.54
Effective tax ratePublished threshold 17.16 per cent––––316.87–3.82
Tax charged less tax paid, % of profitOur threshold 10 percentage points––––204.97–3.82
A threshold marked as ours has no published figure; it is the line we read the check against.