Sugar industry
40 companies · ₹52,664 cr · 3 with AI deep dives · Q1FY27 report
Branded foods post record quarters while Hormuz shipping and grain-price spikes mark the next margin test.
- Revenue YoY
- +0.6%
- EBITDA margin
- 0.9%
- -190bps YoY
- Price, 1 year
- +6.5%
- 69% of names up
- P/E vs own 5y
- +48.5%
- 20.7x now
Exhibit 1The quarter in numbers
constant panel of 15 companies above ₹500 cr- 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%
- Jun 26
- 0.9%
- Mar 26
- 14.4%
- QoQ
- -1350bps
- Jun 25
- 2.8%
- YoY
- -190bps
- Peak
- 16.8%
- vs peak
- -1590bps
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
15.53x - 33.65x across the panel todayThe median name trades at 20.7x, +48.5% against this industry's own 5-year median of 13.9x, and -2.8% against its own peak of 21.3x.
Exhibit 3Structure
₹52,664 crBalrampur Chini Mills Ltd is 26.9% of this industry by market cap. The top 5 are 67.4% and the top 10 are 83.7%.
Exhibit 4Screen
P/E below the sub-industry median of 20.71x, 5y ROCE above its median of 11.18%, 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.
See plans →Exhibit 5Coverage (25 of 40)
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
- Mcap
- ₹5,652 cr
- P/E
- 20.6x
- EV/EBITDA
- 12.8x
- ROCE
- 11.9%
- Margin
- 7.8%
- Rev YoY
- -0.2%
- Mcap
- ₹3,377 cr
- P/E
- 19.2x
- EV/EBITDA
- 10.0x
- ROCE
- 9.6%
- Margin
- 14.0%
- Rev YoY
- -
- Mcap
- ₹830 cr
- P/E
- 58.3x
- EV/EBITDA
- 12.4x
- ROCE
- 5.9%
- Margin
- 6.7%
- Rev YoY
- -11.7%
- Mcap
- ₹351 cr
- P/E
- 9.3x
- EV/EBITDA
- 16.3x
- ROCE
- 10.2%
- Margin
- 10.2%
- Rev YoY
- +31.4%
- Mcap
- ₹238 cr
- P/E
- 58.6x
- EV/EBITDA
- 18.7x
- ROCE
- 0.1%
- Margin
- 7.7%
- Rev YoY
- +25.1%
Exhibit 6What managements said
from Agricultural Food & other Products earnings calls · as of 2026-06-30Seven managements flagged rising input costs. Marico cited liquid paraffin +97% and HDPE +65% YoY. Patanjali called out packaging, freight and HPC ingredient inflation…
- MARICO (Q1FY27): “On both these items, the cost increase has been anywhere in the range of 60% to 70%.”
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.
Create a free account →AppendixThe other 15 companies
1-15- Mcap
- ₹119 cr
- P/E
- 19.1x
- EV/EBITDA
- -
- ROCE
- 17.4%
- Margin
- 13.3%
- Rev YoY
- +74.7%
- Mcap
- ₹118 cr
- P/E
- -
- EV/EBITDA
- -143.6x
- ROCE
- -6.0%
- Margin
- -1.6%
- Rev YoY
- -19.5%
- Mcap
- ₹104 cr
- P/E
- -
- EV/EBITDA
- -16.3x
- ROCE
- -9.6%
- Margin
- -40.2%
- Rev YoY
- +1218.5%
- Mcap
- ₹52 cr
- P/E
- 8.3x
- EV/EBITDA
- 8.1x
- ROCE
- 7.7%
- Margin
- 10.4%
- Rev YoY
- +222.3%
- Mcap
- ₹7 cr
- P/E
- -
- EV/EBITDA
- -71.1x
- ROCE
- -0.6%
- Margin
- -20.6%
- Rev YoY
- -