Sugar industry

39 companies · ₹47,691 cr · 11 with AI deep dives · Q1FY27 report

Sugar prices firm 1-3% on a tight season, but stalled ethanol offtake and cane-cost hikes absorb it

Turning upmargin troughed at 0.6% and has risen for 3 quarters to 0.9%, on positive revenue growth

Revenue YoY: +0.6%
EBITDA margin: 0.9%; -190bps YoY
Price, 1 year: +6.0%; 56% of names up
P/E vs own 5y: +53.6%; 22.7x now

Exhibit 1The quarter in numbers

constant panel of 15 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	12,821 cr	13,301 cr	-3.6%	12,747 cr	+0.6%	13,871 cr	-7.6%
EBITDA margin	0.9%	14.4%	-1350bps	2.8%	-190bps	16.8%	-1590bps

Revenue

Jun 26: 12,821 cr
Mar 26: 13,301 cr
QoQ: -3.6%
Jun 25: 12,747 cr
YoY: +0.6%
Peak: 13,871 cr
vs peak: -7.6%

EBITDA margin

Jun 26: 0.9%
Mar 26: 14.4%
QoQ: -1350bps
Jun 25: 2.8%

Sept 26: 0 of 17 reported so far, so it is not in the trend above.

Breadth: 53% of 15 companies grew revenue year on year (was 33% a quarter earlier) and 33% expanded margin (was 27%).

Exhibit 2What it costs

15.77x - 33.84x across the panel today

The median name trades at 22.7x, +53.6% against this industry's own 5-year median of 14.8x, and -12.9% against its own peak of 26.1x.

Exhibit 3Structure

₹47,691 cr

Balrampur Chini Mills Ltd is 28.4% of this industry by market cap. The top 5 are 64.7% and the top 10 are 83%.

mid 1small 9micro 2917 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 22.73x, 5y ROCE above its median of 8.75%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (25 of 39)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Balrampur Chini Mills Ltd	₹13,259 cr	34.3x	21.1x	9.3%	11.8%	+6.1%	Unlock
Triveni Engineering and Industries Ltd

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

tailwindSugar realisations firming on a tight SS2025-26 balance8 managements

Every name that gave a year-on-year figure reported higher realisations, roughly 1-3%: Triveni ₹41,525/MT (+2.7%), Avadh ₹4,088/qtl (+2%), Magadh ₹4,149 (+1%), Zuari ₹4,116 (+2%)…

BALRAMCHIN (Q1FY27): “The season 2025-26 has turned out to be tighter than anticipated, with lower than…”

headwind6 managements headwind4 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 14 companies

1-14

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Dollex Agrotech Ltd	₹154 cr	19.7x	18.0x	5.6%	7.6%	+10.3%	Unlock