Bajaj Hindusthan Sugar
BAJAJHIND NSE
Bajaj Hindusthan Sugar
Consumer GoodsNSE: BAJAJHIND BSE: 500032 Sugar
Key Fundamentals
MicrocapSugarConsumer GoodsMarket Cap
₹4,987 Cr
Volatility
Moderate
P/E Ratio
116.33
EBITDA
₹388 Cr
Return on Equity
3.31%
Debt to Equity
6.36
Book Value
₹4
EPS
₹0
52W High
₹26
52W Low
₹14.85
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company has delivered good profit growth of 19.9% CAGR over last 5 years
Weaknesses
8- Stock is trading at 4.97 times its book value
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -3.93% over past five years.
- Promoter holding is low: 13.3%
- Company has a low return on equity of -9.85% over last 3 years.
- Company might be capitalizing the interest cost
- Promoters have pledged 100% of their holding.
- Promoter holding has decreased over last 3 years: -11.6%
Growth Rate
Revenue Growth
-2.07% higher than
3Y
Net Income Growth
-116% lower than
3Y
Cash Flow Change
-18.12% higher than
3Y
ROE
-101% higher than
3Y
ROCE
4.89% lower than
3Y
EBITDA Margin (Avg.)
28.73% lower than
3Y
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 69d agoAI opinion · based on fundamentals
Risk high
Bajaj Hindusthan Sugar Ltd, India's largest sugar manufacturer by capacity, trades at a market cap of Rs.4,284 Cr with a P/E of 33.8x and P/B of 1.12x. The company has shown a sharp profit recovery (703% TTM profit growth) but continues to face structural challenges including declining sales (-2% TTM), extremely low promoter holding at 13.4% with 100% pledging, and contingent liabilities of Rs.1,527 Cr.
Bull Case 7
- Stock trades at just 1.12x book value, suggesting limited downside from asset value perspective for a company with significant sugar manufacturing capacity
- Compounded profit growth of 45% CAGR over 3 years and 703% TTM growth indicates a strong earnings recovery trajectory
- 5-year compounded profit CAGR of 20% demonstrates sustained improvement in profitability from historically loss-making years
- ROE has turned positive at 4% in the last year after being negative (-2% over 5 years and -4% over 10 years), signalling an operational turnaround
- As India's largest sugar producer by installed capacity, the company benefits from scale advantages and government support policies including ethanol blending mandates
- 10-year compounded profit growth of 10% shows long-term earnings trajectory is improving despite cyclical headwinds
- P/E of 33.8x, while optically high, is against a depressed earnings base that is now recovering sharply as evidenced by 703% TTM profit growth
Bear Case 8
- Promoters have pledged 100% of their 13.4% holding, creating severe governance risk and potential forced selling pressure in a market downturn
- Promoter holding has declined by 11.5% in the last quarter alone, signalling lack of promoter confidence or financial distress at the promoter level
- Promoter holding at just 13.4% is extremely low, raising questions about management alignment with minority shareholders
- Contingent liabilities of Rs.1,527 Cr represent roughly 36% of the current market cap of Rs.4,284 Cr, posing material balance sheet risk if crystallized
- Sales have declined at -3.93% CAGR over 5 years and -5% over 3 years, indicating a shrinking revenue base despite profit recovery
- 3-year average ROE of just 0.25% (effectively zero) shows the company generates negligible returns on shareholder equity despite the recent uptick
- Stock has declined 35% over the past 1 year, significantly underperforming broader markets and reflecting market scepticism about sustainability of earnings
- Zero dividend yield despite recent profit recovery suggests the company is unable or unwilling to return cash to shareholders, likely due to debt servicing obligations
This is AI-generated analysis, not financial advice. Do your own due diligence.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,360 | 1,133 | 1,741 | 1,870 | 1,386 | 1,160 | 1,476 | 1,554 | 1,248 | 1,157 | 1,380 | 1,669 | 1,126 |
| Expenses | 1,338 | 1,189 | 1,630 | 1,701 | 1,358 | 1,159 | 1,500 | 1,268 | 1,275 | 1,211 | 1,307 | 1,295 | 1,246 |
| Operating Profit | 22 | -55 | 111 | 170 | 28 | 1 | -24 | 286 | -27 | -54 | 73 | 373 | -120 |
| OPM % | 1.6% | -4.9% | 6% | 9% | 2% | 0.1% | -1.7% | 18% | -2.1% | -4.7% | 5% | 22% | -11% |
| Other Income | 3 | 30 | 4 | 4 | -6 | 3 | 0 | 11 | 3 | 5 | 3 | -3 | 2 |
| Interest | 45 | 42 | 39 | 37 | 29 | 26 | 24 | 24 | 6 | 3 | 7 | 18 | 11 |
| Depreciation | 55 | 56 | 56 | 55 | 54 | 54 | 54 | 53 | 54 | 54 | 54 | 53 | 56 |
| PBT | -75 | -123 | 20 | 82 | -62 | -76 | -102 | 220 | -83 | -106 | 15 | 299 | -185 |
| Tax % | 0% | 0% | 0% | -10% | 9% | 0% | 0% | 0% | 110% | 0% | -1% | -31% | 0% |
| Net Profit | -75 | -123 | 20 | 91 | -67 | -76 | -102 | 220 | -174 | -105 | 15 | 391 | -185 |
| EPS in Rs | -0.58 | -0.96 | 0.16 | 0.71 | -0.52 | -0.59 | -0.8 | 1.72 | -1.36 | -0.82 | 0.12 | 1.65 | -0.77 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,535 | 4,690 | 4,399 | 5,847 | 6,806 | 6,669 | 6,666 | 5,576 | 6,338 | 6,104 | 5,573 | 5,455 | 5,332 |
| Expenses | 4,704 | 3,906 | 3,548 | 5,575 | 6,510 | 6,216 | 6,503 | 5,403 | 6,075 | 5,855 | 5,285 | 5,089 | 5,060 |
| Operating Profit | -168 | 785 | 851 | 272 | 297 | 454 | 163 | 172 | 263 | 249 | 288 | 366 | 273 |
| OPM % | -3.7% | 17% | 19% | 4.7% | 4.4% | 7% | 2.5% | 3.1% | 4.2% | 4.1% | 5% | 7% | 5% |
| Other Income | 124 | 90 | 96 | 101 | 96 | 11 | 22 | 25 | 22 | 40 | 10 | 8 | 7 |
| Interest | 889 | 848 | 802 | 680 | 322 | 301 | 264 | 254 | 210 | 162 | 858 | 33 | 39 |
| Depreciation | 258 | 242 | 243 | 197 | 204 | 216 | 216 | 215 | 213 | 222 | 216 | 216 | 218 |
| PBT | -1,191 | -216 | -98 | -505 | -134 | -52 | -294 | -272 | -138 | -95 | -776 | 125 | 23 |
| Tax % | 0% | -2% | -6% | -1% | 2% | -5% | -1% | -1% | -2% | -9% | 1% | -1% | — |
| Net Profit | -1,192 | -212 | -92 | -500 | -137 | -50 | -291 | -268 | -135 | -87 | -780 | 126 | 115 |
| EPS in Rs | -14.72 | -1.9 | -0.81 | -4.41 | -1.2 | -0.44 | -2.57 | -2.09 | -1.05 | -0.68 | -6.1 | 0.53 | 0.18 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 81 | 108 | 110 | 110 | 110 | 110 | 110 | 124 | 124 | 124 | 124 | 237 |
| Reserves | 1,439 | 3,470 | 3,355 | 2,832 | 2,682 | 2,587 | 2,262 | 2,135 | 4,300 | 4,351 | 27 | 763 |
| Borrowings | 7,285 | 6,914 | 7,010 | 6,796 | 6,026 | 5,493 | 5,409 | 4,817 | 4,303 | 3,840 | 3,575 | 6,356 |
| Other Liabilities | 3,001 | 3,095 | 3,861 | 4,312 | 4,987 | 5,358 | 5,354 | 5,974 | 7,212 | 7,591 | 11,558 | 6,948 |
| Total Liabilities | 11,806 | 13,588 | 14,337 | 14,049 | 13,806 | 13,548 | 13,136 | 13,050 | 15,939 | 15,906 | 15,284 | 14,304 |
| Fixed Assets | 4,944 | 7,974 | 7,736 | 7,543 | 7,397 | 7,194 | 6,993 | 6,805 | 7,800 | 7,582 | 7,326 | 7,136 |
| CWIP | 18 | 29 | 46 | 75 | 26 | 53 | 35 | 8 | 5 | 8 | 13 | 41 |
| Investments | 2,451 | 1,302 | 1,278 | 1,225 | 1,191 | 1,136 | 1,085 | 1,918 | 4,480 | 4,596 | 4,269 | 3,569 |
| Other Assets | 4,393 | 4,283 | 5,277 | 5,206 | 5,192 | 5,165 | 5,022 | 4,318 | 3,654 | 3,720 | 3,677 | 3,557 |
| Total Assets | 11,806 | 13,588 | 14,337 | 14,049 | 13,806 | 13,548 | 13,136 | 13,050 | 15,939 | 15,906 | 15,284 | 14,304 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -365 | 379 | 700 | 953 | 1,118 | 910 | 332 | 619 | 792 | 646 | 280 | 230 |
| Investing | -179 | -2 | -14 | -29 | -4 | -21 | 22 | 13 | 12 | -3 | 20 | 562 |
| Financing | 476 | -386 | -707 | -918 | -1,098 | -839 | -384 | -654 | -833 | -615 | -281 | -776 |
| Net Cash Flow | -68 | -9 | -20 | 6 | 16 | 50 | -30 | -22 | -29 | 29 | 19 | 16 |
| Free Cash Flow | -372 | 367 | 675 | 920 | 1,109 | 882 | 339 | 613 | 786 | 638 | 291 | 113 |
| CFO/OP | 224 | 48 | 83 | 338 | 377 | 201 | 204 | 357 | 301 | 259 | 98 | 65 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 13 | 22 | 12 | 11 | 11 | 9 | 12 | 14 | 8 | 9 | 7 | 7 |
| Inventory Days | 192 | 206 | 366 | 212 | 175 | 182 | 169 | 228 | 184 | 204 | 221 | 203 |
| Days Payable | 246 | 235 | 339 | 251 | 264 | 299 | 297 | 340 | 321 | 270 | 292 | 267 |
| Cash Conversion Cycle | -41 | -7 | 39 | -29 | -78 | -107 | -116 | -98 | -129 | -56 | -64 | -58 |
| Working Capital Days | 67 | 62 | 17 | 22 | -4 | -12 | -38 | -119 | -160 | -175 | -445 | -184 |
| ROCE % | -4% | 7% | 7% | 2% | 2% | 3% | 0% | 0% | 1% | 1% | 2% | 3% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Bajaj Hindusthan Sugar insights
61 extracted metrics + investor summaries across FY11–FY26.
Documents
1
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
6 Apr - Submission of certificate pursuant to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026 6 Apr - Submission of certificate pursuant to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026
2
Announcement under Regulation 30 (LODR)-Allotment
1 Apr - Allotted 1,67,23,565 shares at Rs5.12 each to lenders on April 1, 2026; Rs8.56 Cr conversion. 1 Apr - Allotted 1,67,23,565 shares at Rs5.12 each to lenders on April 1, 2026; Rs8.56 Cr conversion.
3
Announcement under Regulation 30 (LODR)-Allotment
1 Apr - Allotted 44,56,67,369 CCPS at Re.1 each (Rs.44.57 Cr) to Bank of India on April 1, 2026. 1 Apr - Allotted 44,56,67,369 CCPS at Re.1 each (Rs.44.57 Cr) to Bank of India on April 1, 2026.
4
Closure of Trading Window
30 Mar - Trading window closed from April 1, 2026 until 48 hours after audited March 31, 2026 results. 30 Mar - Trading window closed from April 1, 2026 until 48 hours after audited March 31, 2026 results.
5
Announcement under Regulation 30 (LODR)-Allotment
28 Mar - Allotted 36,988,476 shares at Rs.5.12 each on March 28, 2026; aggregate Rs.18.94 Crore., UCO Bank recipient, paid-up capital increased, one lender remaining to convert further … 28 Mar - Allotted 36,988,476 shares at Rs.5.12 each on March 28, 2026; aggregate Rs.18.94 Crore., UCO Bank recipient, paid-up capital increased, one lender remaining to convert further …
Frequently Asked Questions about Bajaj Hindusthan Sugar
What does Bajaj Hindusthan Sugar Ltd do?
Bajaj Hindusthan Sugar Limited (BHSL) was incorporated in 1931 under the name ''The Hindustan Sugar Mills Limited''. The Company is engaged in the manufacture of sugar, alcohol, ethanol, and the generation of power. [1][2]
Where is Bajaj Hindusthan Sugar Ltd (BAJAJHIND) listed?
Bajaj Hindusthan Sugar Ltd trades as BAJAJHIND on the NSE and under code 500032 on the BSE.
Which sector does Bajaj Hindusthan Sugar Ltd belong to?
Bajaj Hindusthan Sugar Ltd is classified under the Consumer Goods sector, in the Sugar industry.
What is the market capitalisation of Bajaj Hindusthan Sugar Ltd?
Bajaj Hindusthan Sugar Ltd has a market capitalisation of ₹4,987 Cr, which places it in the Small Cap band.
What is the PE ratio of Bajaj Hindusthan Sugar Ltd?
Bajaj Hindusthan Sugar Ltd trades at a PE ratio of 116.33, on earnings per share of ₹0, against a book value of ₹4 per share.
What is the 52-week high and low of Bajaj Hindusthan Sugar Ltd?
Over the last 52 weeks Bajaj Hindusthan Sugar Ltd has traded between ₹14.85 and ₹26.
What is the Return on Equity (ROE) of Bajaj Hindusthan Sugar Ltd?
Bajaj Hindusthan Sugar Ltd reported a return on equity of 3.31%. Its debt-to-equity ratio is 6.36.
Company Information
Bajaj Hindusthan Sugar Limited (BHSL) was incorporated in 1931 under the name ''The Hindustan Sugar Mills Limited''. The Company is engaged in the manufacture of sugar, alcohol, ethanol, and the generation of power. [1][2]
Website bajajhindusthan.com
CEO Mr. Ajay Kumar Sharma
Employees 2,819
Listed 1995-05-10
Face Value ₹ 1
Issued Size 1,27,73,59,942
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