Bannari Amman Sugars Limited (BANARISUG)
₹3,325.80 -1.62% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Bannari Amman's revenue was ₹172 Cr (-58.8% year on year, -38.8% on the previous quarter), and net profit ₹-10.9 Cr (against a profit a year earlier); the operating margin was -3.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹172 | -58.8% | -38.8% |
| Operating profit | ₹-5.2 | to loss | to loss |
| Net profit | ₹-10.9 | to loss | to loss |
| EPS (₹) | -8.70 | to loss | to loss |
| Operating margin | -3.0% | — | — |
BANARISUG delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 54.69% of the BANARISUG shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.34%. That is close to its usual level. Turnover was only ₹19 lakh, so a handful of trades can move this figure. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 48.0% · 24.9% · 19.5% · 48.9% · 54.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Bannari Amman Sugars Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The Registrar & Transfer Agent, Cameo Corporate Services Limited, confirmed that all dematerialization requests received during the quarter were processed, accepted, or rejected within 15 days of receipt. Furthermore, security certificates were mutilated and cancelled, and the depository names were updated in the Register of Members. This filing is a standard quarterly administrative requirement with zero financial or operational impact.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended 30th September, 2026
- RTA Cameo Corporate Services confirmed requests were processed within 15 days of receipt
- Dematerialized securities were confirmed listed on stock exchanges and certificates cancelled
- RTA confirmation reference CAM/BSL/74(5)/2026 dated 06th October, 2026
Bannari Amman Sugars Limited held its 42nd Annual General Meeting on September 23, 2026, where shareholders passed a special resolution to alter the Object Clause of the Memorandum of Association (MOA). The alteration aligns the company's charter, originally framed under the Companies Act 1956, with the Companies Act 2013. The company explicitly confirmed that the changes merely reflect and rationalise existing operational activities, resulting in no change to the general character or nature of its business.
- Shareholders approved the alteration via Special Resolution at the 42nd AGM on September 23, 2026
- Charter aligned from the Companies Act, 1956 to the provisions and terminology of the Companies Act, 2013
- Management confirmed zero change in the general character or nature of existing business operations
Bannari Amman Sugars Limited has fixed September 16, 2026 as the record date for determining shareholder eligibility for the FY26 dividend and AGM voting. The remote e-voting window for the Annual General Meeting will open on September 19, 2026 (9:00 AM) and conclude on September 22, 2026 (5:00 PM). The e-voting facility is being managed via Central Depository Services (India) Limited (CDSL). This is a routine administrative filing following the closure of the 2025-26 financial year.
- Record date for FY26 dividend and AGM voting set for September 16, 2026
- Remote e-voting starts on September 19, 2026 at 9:00 AM
- Remote e-voting closes on September 22, 2026 at 5:00 PM
- CDSL engaged to provide the electronic voting platform
Bannari Amman Sugars Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for the financial year ended March 31, 2026, pursuant to Regulation 34(2) of SEBI LODR Regulations. The filing contains mandatory ESG disclosures across Principles 1 through 9 under National Guidelines on Responsible Business Conduct. The announcement is a routine statutory annual compliance filing and does not contain any new financial results, order wins, or operational developments.
- Submitted Business Responsibility and Sustainability Report (BRSR) for FY ended March 31, 2026
- Filing made in compliance with Regulation 34(2) of SEBI LODR Regulations
- Covers non-financial ESG disclosures across 9 National Guidelines on Responsible Business Conduct principles
- No impact on ongoing financial performance or capital structure
Bannari Amman Sugars Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for the financial year ended March 31, 2026, pursuant to Regulation 34(2) of SEBI LODR Regulations. The report covers statutory ESG disclosures, employee metrics, environmental performance, and governance frameworks. As an annual regulatory compliance disclosure, it contains no new operational or financial surprises.
- Submitted Business Responsibility and Sustainability Report (BRSR) for the year ended 31st March, 2026
- Filing submitted in compliance with Regulation 34(2) of SEBI LODR Regulations, 2015
- Discloses statutory reporting across 9 National Guidelines on Responsible Business Conduct (NGRBC) principles
Bannari Amman Sugars Limited has issued notice for its 42nd Annual General Meeting (AGM), scheduled for September 23, 2026, via video conferencing. The company set September 16, 2026, as the cut-off date for reckoning voting rights and dividend eligibility. Remote e-voting will be available to shareholders from September 19 to September 22, 2026. Key special business items include the alteration of the object clause of the Memorandum of Association and ratification of cost auditor remuneration.
- 42nd AGM scheduled for September 23, 2026 at 4:15 PM via VC/OAVM
- Cut-off date fixed as September 16, 2026 for dividend eligibility and voting
- Remote e-voting window runs from September 19 (9:00 AM) to September 22, 2026 (5:00 PM)
- Special business includes alteration of the object clause of the Memorandum of Association
Bannari Amman Sugars Limited has received a Show Cause Notice (SCN) dated August 18, 2026, from the Karnataka GST Authority for FY 2020-21. The notice demands a total of ₹29.76 crore, comprising ₹10.14 crore in tax, ₹9.48 crore in interest, and ₹10.14 crore in penalty. The issue pertains to alleged excess Input Tax Credit (ITC) claimed in Form GSTR-9 versus records. The total demand represents ~24.4% of the company's TTM net profit of ₹122 crore, and the company plans to contest the notice.
- Received SCN dated August 18, 2026, from Deputy Commissioner of Commercial Taxes (Audit)-3, Mysuru, Karnataka.
- Total demand stands at ₹29,75,98,313 (~₹29.76 crore) covering FY 2020-21 (April 2020 to March 2021).
- Breakdown includes ₹10,13,78,852 in proposed tax, ~₹9,48,40,609 in interest, and ₹10,13,78,852 in penalty.
- Subject relates to alleged excess availment of Input Tax Credit (ITC) in Form GSTR-9 vs GST records.
Bannari Amman Sugars Limited's Board approved a proposal on August 14, 2026, to alter the Object Clause of its Memorandum of Association (MOA). The alteration is intended to align the legacy clause framed under the Companies Act, 1956 with the Companies Act, 2013 and rationalize it to reflect existing operations. The company confirmed that this amendment results in no change in the general character or nature of its business. The proposal will be placed for shareholder approval via a Special Resolution at the upcoming AGM on September 23, 2026.
- Board approved alteration of the MOA Object Clause at its meeting on August 14, 2026.
- Updates and aligns legacy Object Clause under Companies Act, 1956 with Companies Act, 2013.
- Management confirms zero change in the general character or nature of existing business operations.
- Subject to shareholder approval via Special Resolution at the AGM scheduled for September 23, 2026.
Bannari Amman Sugars reported a sharp downturn for Q1 FY27 (ended June 30, 2026), posting a net loss of ₹10.92 Cr compared to a net profit of ₹15.25 Cr in Q1 FY26. Revenue from operations declined 58.8% YoY to ₹172.45 Cr from ₹418.62 Cr in the year-ago period. Operational performance weakened across all operating divisions, with the core sugar business swinging to a segmental loss of ₹5.68 Cr from a profit of ₹26.06 Cr in Q1 FY26. Diluted EPS for the quarter dropped to ₹(8.70) against ₹12.16 in Q1 FY26.
- Revenue from operations plunged 58.8% YoY to ₹172.45 Cr (₹17,244.99 Lakhs) vs ₹418.62 Cr in Q1 FY26.
- Swung to a net loss of ₹10.92 Cr (₹1,091.54 Lakhs) compared to a net profit of ₹15.25 Cr in Q1 FY26.
- Sugar segment revenue dropped 60.2% YoY to ₹150.15 Cr, registering a segmental loss of ₹5.68 Cr vs a profit of ₹26.06 Cr in Q1 FY26.
- Power and Distillery segments recorded segmental losses of ₹9.02 Cr and ₹4.31 Cr respectively.
- Basic and diluted EPS contracted to ₹(8.70) per share from ₹12.16 in Q1 FY26.
Bannari Amman Sugars has secured an interim stay from the Madras High Court against recovery proceedings for ₹12.72 crore. The dispute involves alleged unpaid tax and interest under the Tamil Nadu Tax on Consumption or Sale of Electricity Act, 2003. The District Collector, Erode, had initiated recovery on June 22, 2026, which is now paused following the court's order on July 30, 2026. While the amount is relatively small at 0.66% of TTM revenue, it represents approximately 8.6% of the company's TTM PAT of ₹148 crore.
- Disputed recovery amount totals ₹12,72,30,170 (approx. ₹12.72 Cr) including tax and interest.
- Madras High Court granted an interim stay on July 30, 2026, halting the recovery process.
- The recovery was initiated under the Revenue Recovery Act, 1864, by the District Collector, Erode.
- The dispute pertains to the Tamil Nadu Tax on Consumption or Sale of Electricity Act, 2003.
- The company has filed a Writ Petition to challenge the legality of the tax demand.
Bannari Amman Sugars Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that all share certificates received for dematerialization during the quarter ended June 30, 2026, were processed within the mandated 15-day window. This process includes the cancellation of physical certificates and updating the Register of Members with the depositories as the registered owners. This is a standard administrative filing required for all listed companies in India.
- Compliance certificate issued for the quarter ended June 30, 2026
- Dematerialization requests were confirmed or rejected within 15 days of receipt
- Registrar & Transfer Agent (RTA) confirmed as M/s Cameo Corporate Services Limited
- Physical security certificates were mutilated and cancelled after due verification
Bannari Amman Sugars has received a recovery notice for Rs 12.72 Cr from the District Collector, Erode, concerning electricity consumption tax and interest for the period 2003-2016. This amount represents approximately 8.6% of the company's TTM Net Profit (Rs 148 Cr) and 0.66% of its TTM Revenue (Rs 1,917 Cr). While the company previously won a High Court challenge in 2012 and proceedings were stayed in 2019, the current administration has re-initiated the demand. The matter is linked to ongoing litigation in the Supreme Court involving other affected parties.
- Recovery demand of Rs 12,72,30,170 towards electricity tax and interest under the Tamil Nadu Tax on Consumption or Sale of Electricity Act, 2003.
- The demand covers a 13-year period from June 2003 to March 2016.
- The amount is equivalent to ~8.6% of the company's TTM PAT of Rs 148 Cr.
- Recovery proceedings were previously withdrawn in 2019 but have been re-initiated by the current District Collector.
- The company is evaluating legal remedies, including fresh appeals to the High Court or Supreme Court.
Bannari Amman Sugars Limited reported a cyber security incident at its Distillery Unit in Tamil Nadu on June 27, 2026. The company stated that the attack was addressed immediately and there has been no impact on routine operations. The incident was reported to the company by CERT-In (Indian Computer Emergency Response Team). Given that operations remain unaffected, the immediate financial impact is expected to be negligible.
- Cyber security incident occurred on June 27, 2026, at approximately 4:40 P.M. IST
- Affected unit is the Distillery Unit located in Tamil Nadu with a capacity of 127.50 KLPD
- Company confirms zero impact on routine operations of the unit
- Details of the incident were received from CERT-In under the Information Technology Act, 2000
Bannari Amman Sugars Limited has announced the closure of its trading window for designated persons starting July 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the Q1 FY27 results. The window will remain closed until 48 hours after the financial results for the quarter ended June 30, 2026, are declared. This is a standard regulatory procedure for all listed companies to prevent insider trading before earnings releases.
- Trading window closure begins on July 1, 2026, for all designated persons.
- Closure is related to the consideration of financial results for the quarter ended June 30, 2026.
- The window will reopen 48 hours after the official declaration of the quarterly results.
- The specific date for the Board Meeting to approve results will be announced separately.
Bannari Amman Sugars Limited reported a robust financial performance for the fiscal year ended March 31, 2026, with revenue from operations growing 6.9% YoY to ₹1,916.67 crore. Net profit saw a significant surge of 41.3%, reaching ₹147.92 crore compared to ₹104.67 crore in the previous year. The company's board has recommended a dividend of ₹12.50 per share (125%) and announced a capacity expansion at its Alaganchi unit from 7,500 TCD to 10,000 TCD.
- Net profit for FY26 increased to ₹147.92 crore from ₹104.67 crore in FY25.
- Revenue from operations rose to ₹1,91,667.27 Lakhs (approx ₹1,916.7 crore) for the full year.
- Board recommended a dividend of ₹12.50 per equity share of ₹10 face value.
- Crushing capacity expansion from 7,500 TCD to 10,000 TCD underway at Alaganchi Village unit.
- Earnings Per Share (EPS) improved to ₹117.96 from ₹83.47 YoY.
Financial Performance
Revenue Growth by Segment
In H1FY26, total segment revenue before eliminations was INR 1,109.71 Cr. The Sugar segment contributed INR 806.73 Cr (72.7%), Power INR 136.42 Cr (12.3%), Distillery INR 153.87 Cr (13.9%), and Granite Products INR 12.68 Cr (1.1%). Overall revenue in FY25 declined 19% to INR 1,794 Cr from INR 2,222 Cr in FY24 due to lower sugar production volumes (28 lakh quintals vs 44 lakh quintals).
Geographic Revenue Split
Operations are primarily concentrated in Southern India, specifically Tamil Nadu and Karnataka, where the company's sugar mills and distilleries are located. Specific percentage splits by state are not disclosed, but the company is noted as a major player in the southern states.
Profitability Margins
PBILDT margins have shown volatility due to raw material availability: 12.09% in FY23, improving to 13.97% in FY24, then contracting to 11.78% in FY25. Net Profit (PAT) for H1FY26 stood at INR 57.95 Cr compared to INR 40.70 Cr in H1FY25, representing a 42.4% YoY increase.
EBITDA Margin
The PBILDT margin was 11.26% in H1FY26. Core profitability is sensitive to sugar realizations, which rose 4.4% from INR 3,670/quintal in FY24 to INR 3,833/quintal in FY25, partially offsetting volume declines.
Capital Expenditure
The company plans maintenance-related capital expenditure of approximately INR 40-50 Cr for FY25, to be funded entirely through internal accruals. No major debt-funded capex is planned for the medium term.
Credit Rating & Borrowing
CareEdge Ratings maintains a 'Stable' outlook. The company has significantly reduced leverage, with overall gearing improving from 0.37x in FY23 to 0.08x by March 31, 2025. Term loans were reduced from INR 157.56 Cr in March 2024 to INR 68.09 Cr by September 2024 through prepayments.
Operational Drivers
Raw Materials
Sugarcane is the primary raw material, accounting for the bulk of the INR 1,109.71 Cr cost of materials consumed in H1FY26. Other inputs include granite blocks for the granite division.
Import Sources
Sugarcane is sourced locally from catchment areas surrounding the mills in Tamil Nadu and Karnataka to ensure freshness and high recovery rates.
Key Suppliers
Raw materials are primarily sourced from a large network of individual farmers in the rural communities surrounding the manufacturing units.
Capacity Expansion
Current installed capacities include 23,700 TCD in the sugar division, 127.50 KLPD in distilleries, 129.80 MW of co-generation power, and 8.75 MW of wind power capacity.
Raw Material Costs
Cost of materials consumed represented approximately 112% of net revenue in H1FY26 (INR 1,109.71 Cr against INR 990.27 Cr net revenue) before accounting for inventory changes of INR 1,139.33 Cr. Procurement is driven by Fair and Remunerative Price (FRP) and State Advised Price (SAP) regulations.
Manufacturing Efficiency
Efficiency is measured by sugarcane recovery rates, which have been lower in southern states recently due to agro-climatic conditions. Sugar production fell by 36% YoY in FY25 due to these factors.
Logistics & Distribution
Distribution costs are included within other expenses; however, the company benefits from proximity to sugarcane growing regions which minimizes inbound logistics costs.
Strategic Growth
Expected Growth Rate
8-10%
Growth Strategy
Growth will be driven by the recovery of sugarcane availability following better monsoons in FY26, increasing the scale of distillery operations, and maintaining an integrated model to capture value from by-products. The company is also focusing on debt-free operations by prepaying term loans to improve net margins.
Products & Services
Refined sugar, industrial alcohol, potable alcohol, bio-compost, granite slabs/tiles, and surplus power sold to the grid.
Brand Portfolio
Bannari Amman Sugars.
New Products/Services
The company continues to focus on its core integrated segments; no specific new product launches with revenue % were disclosed in the provided documents.
Market Expansion
The company maintains its established market position in Southern India; specific expansion timelines for new regions were not disclosed.
Market Share & Ranking
BASL is the flagship company of the Bannari Amman Group and is one of the largest sugar producers in South India.
External Factors
Industry Trends
The industry is shifting toward an ethanol-heavy model supported by the government's ethanol blending program, which aims to reduce sugar surpluses and improve mill liquidity.
Competitive Landscape
The industry is highly fragmented and competitive, consisting of both private mills and cooperative societies, all regulated by state and central policies.
Competitive Moat
The company's moat is built on its 40-year operational track record and its fully integrated manufacturing setup, which provides a cushion against the cyclicality of the standalone sugar business.
Macro Economic Sensitivity
Highly sensitive to the Wholesale Price Index (WPI) as sugar is a critical food commodity, leading to frequent government price interventions.
Consumer Behavior
Increasing demand for ethanol as a green fuel is a significant trend shift benefiting the company's distillery division.
Geopolitical Risks
Global sugar price volatility impacts domestic pricing and export feasibility, particularly during surplus production years.
Regulatory & Governance
Industry Regulations
Operations are heavily regulated by the Essential Commodities Act, including Fair and Remunerative Price (FRP) for cane, sugar release quotas, and ethanol procurement prices set by the government.
Environmental Compliance
The company spent INR 4.21 Cr on CSR activities in FY25, exceeding its statutory obligation of INR 4.09 Cr. It focuses on rural community development and environmental mitigation in its labor-intensive operations.
Taxation Policy Impact
The company provided for a current tax of INR 31.35 Cr for H1FY26. The effective tax rate is subject to standard corporate tax norms in India.
Legal Contingencies
The company affirmed compliance with all Corporate Governance requirements under SEBI (LODR) Regulations 2015, as certified by independent auditors. No specific pending litigation values were disclosed.
Risk Analysis
Key Uncertainties
Agro-climatic risk is the highest uncertainty; scanty rainfall can reduce revenue by nearly 20% as seen in the FY24-FY25 transition. Regulatory risk regarding ethanol pricing and export bans also poses significant margin threats.
Geographic Concentration Risk
High concentration in Southern India (Tamil Nadu and Karnataka), making the company vulnerable to regional weather patterns and state-specific sugarcane pricing (SAP).
Third Party Dependencies
High dependency on local sugarcane farmers for raw material supply; any shift in farmer preference toward alternate crops directly impacts capacity utilization.
Technology Obsolescence Risk
Low risk in core sugar processing, but the company must keep pace with evolving distillery technologies for ethanol production.
Credit & Counterparty Risk
The company maintains a strong liquidity position with free cash of INR 18.72 Cr and low working capital utilization (9.06%), suggesting low counterparty risk.
