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Bajaj Hindusthan Sugar

BAJAJHIND NSE
₹18.83 +0.76 (+4.21%)
P/E
104.61
View as Markdown
MCP
Close 4 Nov 2026 ₹18.83 −2.43 −11.4% 1Y
Start ₹21.26

Key Fundamentals

MicrocapConsumer GoodsFMCG

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
3.11%
Debt to Equity
6.36
EPS (TTM)
₹0.18
Book Value
₹4.00
Market Cap
—
P/E (TTM)
104.61
P/B
4.71
ROE
24.40%
Dividend Yield
0.00%
EBITDA
₹388 Cr
52W High
₹26.00
52W Low
₹14.85
Day Range
₹17.90 – ₹18.98
Volume
96,55,983

Peer Comparison

Fast Moving Consumer Goods › Consumer Goods › Sugar

Bajaj Hindusthan Sugar peer comparison
Balrampur Chini Mills
₹673.6536.85₹14,183 Cr3.110.53%9.51%9.27%₹6,366 Cr₹371 Cr
Triveni Engineering & Industries
₹245.6119.57₹5,499 Cr1.751.14%8.68%9.02%₹6,173 Cr₹270 Cr
Bajaj Hindusthan Sugar (this company)
₹18.83104.61₹4,423 Cr4.710.00%24.40%3.11%₹5,332 Cr₹116 Cr
Bannari Amman Sugars
₹3,459.1035.63₹4,389 Cr2.270.36%7.26%8.75%₹1,670 Cr₹122 Cr
Shree Renuka Sugars
₹18.49—₹3,865 Cr—0.00%—−3.06%₹9,365 Cr−₹780 Cr
Dalmia Bharat Sugar & Industries
₹483.5518.89₹3,739 Cr1.211.45%7.33%8.25%₹3,525 Cr₹207 Cr
Avadh Sugar & Energy
₹894.8027.16₹1,708 Cr1.591.20%5.63%6.83%₹2,756 Cr₹66 Cr
Median 7 companies₹483.5531.40₹4,389 Cr2.010.53%8.00%8.25%₹5,332 Cr₹122 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

26 Poor

Data confidence 100/100

pledge:99%

Category scores

Quality
45
Weak
Returns, margins, earnings quality 22% weight
Valuation
18
Poor
Cheap vs sector & own history 24% weight
Growth
25
Poor
Sales & profit trajectory 9% weight
Financial Health
14
Poor
Solvency, leverage, coverage 9% weight
Momentum
39
Weak
Trend strength, vol-adjusted 12% weight
Ownership
33
Poor
FII/DII/promoter flows 24% weight
Capped: a governance trigger overrides the fundamentals here (pledge>75% ≤ 40).

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company has delivered good profit growth of 19.9% CAGR over last 5 years

Weaknesses

8
  • Stock is trading at 4.74 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%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish973
OscillatorsBearish270
Moving AveragesStrong Bearish703

Key readings

RSI (14)
47.07
Neutral
MACD (12,26,9)
−0.68
Bearish
SMA (50)
20.41
Bearish
SMA (200)
18.35
Bullish

As of

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+1.52%
5Y−3.93%
3Y−4.88%
1Y−2.12%
TTM−1.95%

Net profit

Net profit growth by window
10YTurned to profit
5YTurned to profit
3YTurned to profit
1YTurned to profit
TTMTurned to profit

Operating cash flow

Operating cash flow growth by window
10Y−4.87%
5Y−7.08%
3Y−33.78%
1Y−17.86%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−10.03 pp
5Y+4.26 pp
3Y+2.56 pp
1Y+1.54 pp
TTM+0.76 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹4,399 Cr
Mar 2018₹5,847 Cr
Mar 2019₹6,806 Cr
Mar 2020₹6,669 Cr
Mar 2021₹6,666 Cr
Mar 2022₹5,576 Cr
Mar 2023₹6,338 Cr
Mar 2024₹6,104 Cr
Mar 2025₹5,573 Cr
Mar 2026₹5,455 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017−₹92.00 Cr
Mar 2018−₹500 Cr
Mar 2019−₹137 Cr
Mar 2020−₹50.00 Cr
Mar 2021−₹291 Cr
Mar 2022−₹268 Cr
Mar 2023−₹135 Cr
Mar 2024−₹87.00 Cr
Mar 2025−₹780 Cr
Mar 2026₹126 Cr

AI Analysis — Bull vs Bear

Generated 6 Jul 2026
AI 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 6
  • 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

₹ Cr
BAJAJHIND quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
3.59
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 (₹)
−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

₹ Cr
BAJAJHIND profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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 (₹)
−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

₹ Cr
BAJAJHIND balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
BAJAJHIND cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

BAJAJHIND financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Bajaj Hindusthan Sugar insights

67 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • DIIs 50.59%
  • Public 30.79%
  • Promoters 13.33%
  • Others 4.17%
  • FIIs 1.11%

99.44% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

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.
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 PE ratio of Bajaj Hindusthan Sugar Ltd?
Bajaj Hindusthan Sugar Ltd trades at a PE ratio of 104.61 as of 4 Nov 2026, on earnings per share of ₹0.18, 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 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Bajaj Hindusthan Sugar Ltd?
Bajaj Hindusthan Sugar Ltd reported a return on equity of 24.40%. 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.

Website bajajhindusthan.com
CEO Mr. Ajay Kumar Sharma
Employees 2,819
Listed 10 May 1995
Face Value ₹1

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