BAJAJHIND

Bajaj Hindusthan Sugar Limited

Integrated sugar producer with distillery and co-generation operations

Fast Moving Consumer Goods›Fast Moving Consumer Goods›Agricultural Food & other Products›Sugar

bajajhindusthan.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹21.25
Market cap
5,080 Cr
Stock P/E
43.9
P/B
1.32
Dividend yield
0.0%
ROE (FY26)
3.3%
ROCE (FY26)
2.2%
Operating margin (FY26)
2.8%
Debt / equity (FY26)
0.93
OCF / EBITDA (FY26)
62.8%
OCF / EBITDA (3Y)
127.8%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Bajaj Hindusthan (Bajaj Hindusthan Sugar) makes sugar and runs distillery and co-generation power units alongside its sugar mills in India.

Company snapshot

3rdBy market cap

Ranked among 27 companies in Sugar.

Segment mix

Reportable segments as of 2024-12-31 (Standalone). Revenue share = segment revenue ÷ total revenue.

Largest segment: 117.5% of revenue

SegmentRevenue shareRevenuePBTAssets
Distillery
10.7%
157 Cr5 Cr918 Cr
Others
0.0%
0.72 Cr-1 Cr186 Cr
Power
24.3%
357 Cr0.83 Cr802 Cr
Sugar
117.5%
1,722 Cr-75 Cr6,369 Cr

Shares add up to 153% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓128% of operating profit came in as cash over the last three years — profits are backed by real cash.
Concerns
  • ✗Net margin is very thin at 2.3% — little room for error if costs rise.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales1,133 Cr1,741 Cr1,870 Cr1,386 Cr1,160 Cr1,476 Cr1,554 Cr1,248 Cr1,157 Cr1,380 Cr1,669 Cr1,126 Cr
Operating expenses (approx.)1,189 Cr1,630 Cr1,701 Cr1,358 Cr1,159 Cr1,500 Cr1,268 Cr1,275 Cr1,211 Cr1,307 Cr1,295 Cr1,246 Cr
EBITDA-55 Cr111 Cr170 Cr28 Cr1 Cr-24 Cr286 Cr-27 Cr-54 Cr73 Cr373 Cr-120 Cr
OPM %-4.9%6.4%9.1%2.0%0.1%-1.7%18.4%-2.2%-4.7%5.3%22.4%-10.6%
Other income30 Cr4 Cr5 Cr5 Cr4 Cr1 Cr9 Cr3 Cr5 Cr3 Cr11 Cr2 Cr
Interest42 Cr39 Cr37 Cr29 Cr26 Cr24 Cr24 Cr6 Cr3 Cr7 Cr18 Cr11 Cr
Depreciation56 Cr56 Cr55 Cr54 Cr54 Cr54 Cr53 Cr54 Cr54 Cr54 Cr53 Cr56 Cr
Profit before tax-123 Cr20 Cr82 Cr-62 Cr-76 Cr-102 Cr220 Cr-83 Cr-106 Cr15 Cr299 Cr-185 Cr
Tax %0.0%-0.0%-9.8%-8.8%0.3%0.2%-0.1%-110.4%0.3%-1.2%-30.7%0.1%
Net profit-123 Cr20 Cr91 Cr-67 Cr-76 Cr-102 Cr220 Cr-174 Cr-105 Cr15 Cr391 Cr-185 Cr
EPS (₹)₹-0.99₹0.17₹0.73₹-0.53₹-0.61₹-0.82₹1.77₹-1.40₹-0.83₹0.12₹2.30₹-0.23

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales4,633 Cr5,943 Cr6,806 Cr6,669 Cr6,666 Cr5,576 Cr6,338 Cr6,104 Cr5,575 Cr5,455 CrSign in free for the trailing twelve months
Operating expenses (approx.)3,782 Cr5,671 Cr6,510 Cr6,216 Cr6,503 Cr5,404 Cr6,075 Cr5,857 Cr5,285 Cr5,089 CrSign in free for the trailing twelve months
EBITDA851 Cr272 Cr296 Cr453 Cr163 Cr171 Cr263 Cr247 Cr290 Cr366 CrSign in free for the trailing twelve months
OPM %18.4%4.6%4.4%6.8%2.4%3.1%4.1%4.1%5.2%6.7%Sign in free for the trailing twelve months
Other income96 Cr101 Cr96 Cr12 Cr23 Cr32 Cr22 Cr42 Cr18 Cr22 CrSign in free for the trailing twelve months
Interest802 Cr680 Cr322 Cr301 Cr264 Cr254 Cr210 Cr162 Cr103 Cr33 CrSign in free for the trailing twelve months
Depreciation243 Cr197 Cr204 Cr216 Cr216 Cr215 Cr213 Cr222 Cr216 Cr216 CrSign in free for the trailing twelve months
Profit before tax-98 Cr-505 Cr-134 Cr-52 Cr-294 Cr-272 Cr-138 Cr-95 Cr-20 Cr125 CrSign in free for the trailing twelve months
Tax %5.9%1.0%-2.0%4.5%1.0%1.5%2.5%8.6%-23.8%-0.7%Sign in free for the trailing twelve months
Net profit-92 Cr-500 Cr-137 Cr-50 Cr-291 Cr-268 Cr-135 Cr-87 Cr-25 Cr126 CrSign in free for the trailing twelve months
EPS (₹)₹-0.84₹-4.54₹-1.24₹-0.45₹-2.64₹-2.23₹-1.08₹-0.69₹-0.05₹0.93Sign in free for the trailing twelve months
Dividend payout %—————————0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital110 Cr110 Cr110 Cr113 Cr110 Cr124 Cr124 Cr124 Cr124 Cr237 Cr
Reserves3,355 Cr2,832 Cr3,295 Cr0 Cr2,262 Cr2,135 Cr4,300 Cr4,351 Cr4,097 Cr763 Cr
Borrowings5,705 Cr6,054 Cr5,382 Cr—4,823 Cr4,812 Cr4,301 Cr3,840 Cr3,575 Cr3,545 Cr
Other liabilities5,170 Cr5,059 Cr5,619 Cr13,435 Cr5,941 Cr5,979 Cr7,204 Cr7,581 Cr7,479 Cr6,947 Cr
Total liabilities14,341 Cr14,054 Cr14,406 Cr13,548 Cr13,136 Cr13,050 Cr15,939 Cr15,906 Cr15,284 Cr14,304 Cr
Fixed assets (net)7,736 Cr7,543 Cr7,390 Cr—6,993 Cr6,801 Cr7,800 Cr7,582 Cr7,325 Cr7,136 Cr
CWIP46 Cr75 Cr17 Cr—35 Cr8 Cr5 Cr8 Cr13 Cr41 Cr
Investments1,278 Cr1,225 Cr1,021 Cr—1,085 Cr1,918 Cr4,480 Cr4,596 Cr4,269 Cr3,569 Cr
Loans & advances——2,147 Cr—1,092 Cr—0.03 Cr0.01 Cr0 Cr0 Cr
Inventories3,010 Cr2,848 Cr2,765 Cr—2,541 Cr2,746 Cr2,613 Cr2,721 Cr2,680 Cr2,425 Cr
Trade receivables150 Cr169 Cr206 Cr—213 Cr214 Cr141 Cr156 Cr108 Cr99 Cr
Cash & bank32 Cr38 Cr48 Cr—74 Cr52 Cr23 Cr52 Cr71 Cr87 Cr
Other assets2,090 Cr2,155 Cr812 Cr13,548 Cr1,102 Cr1,311 Cr877 Cr792 Cr819 Cr947 Cr
Total assets14,341 Cr14,054 Cr14,406 Cr13,548 Cr13,136 Cr13,050 Cr15,939 Cr15,906 Cr15,284 Cr14,304 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity700 Cr953 Cr1,118 Cr910 Cr340 Cr619 Cr792 Cr644 Cr280 Cr230 Cr
Cash from investing-14 Cr-29 Cr-4 Cr-21 Cr11 Cr2 Cr12 Cr-0.36 Cr20 Cr562 Cr
Cash from financing-707 Cr-918 Cr-1,098 Cr-839 Cr-382 Cr-643 Cr-833 Cr-615 Cr-281 Cr-776 Cr
Net cash flow-20 Cr6 Cr16 Cr50 Cr-30 Cr-22 Cr-29 Cr29 Cr19 Cr16 Cr
Free cash flow (OCF − Capex)674 Cr919 Cr1,101 Cr881 Cr337 Cr611 Cr786 Cr635 Cr260 Cr113 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %7.7%2.0%2.9%—-0.4%-0.2%0.8%0.8%1.1%2.2%
ROE %-2.7%-17.0%-1.9%—-12.3%-11.8%-3.0%-1.9%-0.6%3.3%
Debtor days121011—12148977
Inventory days271212178—175217187200224213
Days payable251251268—307323327267296281
Cash conversion cycle32-29-79—-120-93-131-58-65-61
OCF / EBITDA %82.2%350.3%377.4%201.0%n.m.361.2%301.4%260.4%96.8%62.8%
OCF / EBITDA % (3 years)——195.2%291.9%259.6%237.4%293.2%301.6%214.6%127.8%
Debt / equity1.652.061.580.002.032.130.970.860.850.93
Current ratio1.121.151.37—1.101.030.560.560.570.55
Net debt / EBITDA6.67—0.000.0029.15—16.2715.3212.099.46