Bannari Amman Sugars Ltd

₹ 3,667 -2.19%

17 Sep - close price

About

Bannari Amman Sugars Limited is one of the leading sugar manufacturers in India. It has three sugar factories with cogeneration plants in Tamilnadu and two sugar factories with co-generation plants in Karnataka. It has two distillery units one in Tamilnadu and another in Karnataka. It has a Granite Processing unit in Tamilnadu. The company also has windmills which are located in the southern part of Tamilnadu. ^[1]

Key Points

FY22 Business Segments
Sugar (84% of revenue)- ^[1]
It has an installed capacity of 23700 Tons per day (TCD) for cane crushing across all 5 units. 3 facilities are located in Tamilnadu and 2 in Karnataka. It established its first sugar factory in the year 1986 with a crushing capacity of 1250 TCPD.^[2]^[3] In the sugar business it sells sugar (77% revenue) and other by-products like Molasses, Bagasse, Bioproducts, fertilizer & pesticides. (together generates 7% of total revenue). ^[4]

Website BSE NSE

Market Cap ₹ 4,607 Cr.
Current Price ₹ 3,667
High / Low ₹ 4,675 / 3,000
Stock P/E 40.6
Book Value ₹ 1,419
Dividend Yield 0.34 %
ROCE 8.68 %
ROE 6.04 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company is almost debt free.

Cons

Stock is trading at 2.58 times its book value
The company has delivered a poor sales growth of 2.19% over past five years.
Company has a low return on equity of 8.26% over last 3 years.
Dividend payout has been low at 12.1% of profits over last 3 years

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025
	427	510	932	656	431	600	768	421	404	474	421	494	419
	392	442	835	553	387	508	649	370	375	406	360	441	382
Operating Profit	35	68	98	103	44	92	119	51	29	67	61	53	37
OPM %	8%	13%	10%	16%	10%	15%	16%	12%	7%	14%	15%	11%	9%
	34	2	2	2	1	2	2	2	1	2	1	21	4
Interest	13	13	13	10	10	7	7	8	6	2	4	3	1
Depreciation	18	19	19	18	14	14	14	15	14	14	14	16	15
Profit before tax	38	38	68	76	20	73	100	31	10	53	45	55	24
Tax %	33%	29%	40%	35%	33%	33%	32%	30%	35%	35%	35%	36%	37%
	26	27	41	50	14	49	68	22	6	34	29	35	15
EPS in Rs	20.49	21.48	32.58	39.81	10.84	38.92	54.28	17.41	5.13	27.33	22.98	28.04	12.16
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Profit & Loss

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	651	930	1,456	1,752	1,481	1,125	1,609	1,563	1,998	2,526	2,220	1,793	1,808
	503	802	1,251	1,404	1,270	943	1,378	1,352	1,780	2,221	1,914	1,583	1,589
Operating Profit	148	128	204	348	211	182	231	211	218	304	306	210	218
OPM %	23%	14%	14%	20%	14%	16%	14%	13%	11%	12%	14%	12%	12%
	-2	16	3	6	5	8	4	9	3	39	7	26	28
Interest	62	93	116	97	34	30	44	39	32	49	32	16	10
Depreciation	52	51	62	69	70	67	65	66	68	74	58	59	60
Profit before tax	32	0	30	187	112	93	126	115	122	220	224	162	177
Tax %	11%	-209%	-7%	22%	22%	18%	24%	20%	34%	35%	32%	35%
	29	1	32	145	87	76	96	92	80	143	152	105	113
EPS in Rs	25.08	0.90	27.73	115.77	69.59	60.56	76.27	73.48	63.78	114.35	121.45	83.47	90.51
Dividend Payout %	50%	278%	27%	11%	14%	17%	13%	14%	16%	11%	10%	15%

Compounded Sales Growth
10 Years:	7%
5 Years:	2%
3 Years:	-4%
TTM:	-18%

Compounded Profit Growth
10 Years:	64%
5 Years:	2%
3 Years:	9%
TTM:	-22%

Stock Price CAGR
10 Years:	19%
5 Years:	23%
3 Years:	7%
1 Year:	12%

Return on Equity
10 Years:	8%
5 Years:	8%
3 Years:	8%
Last Year:	6%

Balance Sheet

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	11	11	11	13	13	13	13	13	13	13	13	13
Reserves	943	940	920	1,055	1,123	1,183	1,262	1,344	1,411	1,539	1,676	1,766
	1,052	1,221	1,534	1,038	508	769	996	872	961	581	486	150
	274	232	355	297	143	237	164	163	184	226	260	297
Total Liabilities	2,281	2,405	2,821	2,402	1,786	2,202	2,434	2,390	2,569	2,359	2,435	2,226
	632	917	1,138	1,103	1,082	1,026	1,004	954	1,049	1,078	1,071	1,189
CWIP	268	22	15	34	4	24	90	145	61	22	112	11
Investments	0	0	1	2	1	1	1	1	1	2	3	4
	1,381	1,466	1,667	1,263	699	1,151	1,340	1,291	1,458	1,257	1,249	1,022
Total Assets	2,281	2,405	2,821	2,402	1,786	2,202	2,434	2,390	2,569	2,359	2,435	2,226

Cash Flows

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-255	20	178	645	588	-192	-57	236	33	502	274	430
	-253	-74	-275	-52	-16	-27	-106	-61	-75	-57	-130	-65
	509	61	107	-604	-579	219	167	-179	42	-443	-144	-369
Net Cash Flow	0	7	10	-11	-6	0	4	-5	-0	3	1	-5

Ratios

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	23	16	33	24	17	42	43	38	63	20	22	14
Inventory Days	1,542	757	485	296	188	529	330	339	255	205	247	277
Days Payable	97	39	50	27	28	95	21	20	22	17	19	27
Cash Conversion Cycle	1,468	734	468	293	176	476	352	356	296	209	249	263
Working Capital Days	164	109	98	68	71	115	91	96	81	85	101	142
ROCE %	6%	4%	6%	12%	8%	7%	8%	7%	7%	12%	12%	9%

Shareholding Pattern

Numbers in percentages

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025
	58.69%	58.69%	58.69%	58.69%	58.69%	58.69%	58.69%	58.69%	58.69%	58.69%	58.69%	58.69%
	0.27%	0.26%	0.26%	0.26%	0.26%	0.26%	0.25%	0.25%	0.27%	0.27%	0.27%	0.28%
	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	41.04%	41.05%	41.04%	41.04%	41.03%	41.04%	41.04%	41.05%	41.04%	41.03%	41.04%	41.01%
No. of Shareholders	8,290	8,177	7,895	7,861	8,462	8,766	8,694	8,662	8,718	8,297	7,816	7,763

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Jun 2025
	58.70%	58.70%	58.70%	58.70%	58.70%	58.70%	58.69%	58.69%	58.69%	58.69%
	0.16%	0.17%	0.17%	0.17%	0.15%	0.23%	0.26%	0.25%	0.27%	0.28%
	0.02%	0.03%	0.10%	0.09%	0.09%	0.06%	0.01%	0.00%	0.00%	0.00%
	41.12%	41.11%	41.03%	41.04%	41.06%	41.01%	41.04%	41.04%	41.04%	41.01%
No. of Shareholders	7,100	6,395	6,332	6,300	6,024	8,643	7,895	8,694	7,816	7,763

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Bannari Amman Sugars Ltd

Bannari Amman Sugars Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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