K.M.Sugar Mills Limited (KMSUGAR)
₹28.55 +0.39% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, K.M.Sugar Mills' revenue was ₹190 Cr (-8.8% year on year, +79.2% on the previous quarter), and net profit ₹7.8 Cr (-40.4% year on year); the operating margin was 8.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹190 | -8.8% | +79.2% |
| Operating profit | ₹15.8 | -39.4% | -20.2% |
| Net profit | ₹7.8 | -40.4% | -15.3% |
| EPS (₹) | 0.85 | -40.6% | -15.0% |
| Operating margin | 8.3% | — | — |
KMSUGAR delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 50.95% of the KMSUGAR shares traded on NSE were taken to delivery, against the stock's own 20-session average of 53.79%. That is close to its usual level. Turnover was only ₹60 lakh, so a handful of trades can move this figure. It closed at a price band (circuit) on 3 sessions in about the last 20.
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
K.M. Sugar Mills Limited has announced that KM Spirits and Allied Industries Limited has ceased to be its subsidiary effective October 12, 2026, pursuant to the approved Scheme of Arrangement for the demerger of its distillery division. The board of KM Spirits approved the allotment of 1,84,00,034 fully paid-up equity shares of INR 10 each to eligible shareholders as on the record date of October 02, 2026. The parent company's pre-demerger 100% holding in the subsidiary has been cancelled to Nil as control ceases. KM Spirits is now applying for listing and trading approvals on the stock exchanges.
- KM Spirits and Allied Industries ceased to be a subsidiary of KMSUGAR effective October 12, 2026
- Allotment of 1,84,00,034 fully paid-up equity shares of INR 10 each approved by KM Spirits
- Parent shareholding in KM Spirits cancelled from 100% to Nil / no controlling interest
- Allotment includes 7,319 shares representing fractional entitlements to be disposed of within 90 days
- Record date for eligible shareholders was October 02, 2026
K.M. Sugar Mills announced that the Board of KM Spirits and Allied Industries Limited has approved the allotment of 1,84,00,034 equity shares of face value Rs 10 each to eligible shareholders under the demerger scheme. The record date for this corporate action was October 02, 2026. Following the allotment, the existing equity shares held by K.M. Sugar Mills in the resulting company stand cancelled, and it ceases to be a subsidiary. The resulting company is now applying for listing and trading approvals on BSE and NSE.
- Allotment of 1,84,00,034 fully paid-up equity shares of INR 10 each approved by KM Spirits and Allied Industries
- Record date was fixed as October 02, 2026 for eligible shareholders
- Allotment includes 7,319 equity shares for fractional entitlements to be monetized within 90 days
- KM Spirits ceases to be a subsidiary of K.M. Sugar Mills upon cancellation of prior inter-company shareholding
K.M. Sugar Mills 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 certificate, issued by Registrar and Transfer Agent MUFG Intime India Private Limited on October 7, 2026, confirms that securities received for dematerialisation were processed and confirmed within prescribed timelines. This is a standard regulatory submission with no financial or operational impact.
- Regulation 74(5) certificate submitted for the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited on October 7, 2026
- Confirmation of due verification, mutilation, and substitution of depository records within prescribed timelines
K.M. Sugar Mills Limited has announced that its Scheme of Arrangement for the demerger of its Distillery Division into KM Spirits and Allied Industries Limited became effective on October 01, 2026. This follows the submission of the certified true copy of the NCLT Allahabad Bench order with the Registrar of Companies, Uttar Pradesh. The demerged undertaking comprises the company's 50 KLPD distillery operations, separating it from the core 9,500 TCD sugar mill business. Investors should monitor subsequent filings regarding the record date, share allotment, and the listing of the resulting company.
- Scheme of Arrangement for Demerger became effective on October 01, 2026
- Certified order from Hon'ble NCLT Allahabad Bench submitted to ROC Uttar Pradesh on October 01, 2026
- Distillery Division (50 KLPD capacity) demerged into KM Spirits and Allied Industries Limited
- Follows previous intimation regarding effective date and record date dated September 19, 2026
K.M. Sugar Mills has fixed October 02, 2026 as the Record Date for the demerger of its Distillery Division into KM Spirits and Allied Industries Limited. Under the NCLT-approved scheme, shareholders will receive 1 equity share of face value Rs 10 each in KM Spirits for every 5 equity shares of Rs 2 each held in K.M. Sugar Mills. The Effective Date for the scheme is set as October 01, 2026, upon filing the order with the Registrar of Companies. The new equity shares of the resulting company will subsequently be listed on both BSE and NSE subject to regulatory approvals.
- Share entitlement ratio fixed at 1 equity share (FV Rs 10) of KM Spirits for every 5 equity shares (FV Rs 2) held in K.M. Sugar Mills
- Record Date determined as Friday, October 02, 2026
- Effective Date of the Scheme of Arrangement set as Thursday, October 01, 2026
- Shares of the Resulting Company (KM Spirits and Allied Industries) to be listed on NSE and BSE
K.M. Sugar Mills Limited has received the certified true copy of the NCLT Allahabad Bench order dated August 19, 2026, sanctioning the Scheme of Arrangement. The scheme provides for the demerger of its Distillery Division into KM Spirits and Allied Industries Limited. The appointed date for the approved scheme is April 01, 2026, while the effective date and share entitlement record date will be determined by the Board shortly.
- NCLT Allahabad Bench sanctioned the Scheme of Arrangement on August 19, 2026; certified copy issued on September 14, 2026
- Appointed date fixed as April 01, 2026
- Demerged undertaking includes the Distillery Division, which holds a 50 KLPD capacity
- Scheme was approved by 99.99% of equity shareholder votes (5,80,99,694 valid votes cast) and 100% of unsecured creditors
K.M. Sugar Mills Limited disclosed that 19,20,000 equity shares, representing 2.09% of the total paid-up share capital, were transmitted to Mrs. Naina Devi Jhunjhunwala (Promoter Group). The transmission occurred from Lakshmikant Dwarkadas HUF (Promoter) pursuant to the dissolution of the HUF. The filing explicitly confirms that there is no net change in the aggregate shareholding of the promoter and promoter group pre- and post-transmission. The transaction is exempt from open offer obligations under Regulation 10(1)(g) of the SEBI SAST Regulations.
- 19,20,000 equity shares transmitted to Mrs. Naina Devi Jhunjhunwala
- Shares represent 2.09% of the total paid-up equity share capital
- Transmission from Lakshmikant Dwarkadas HUF pursuant to dissolution
- No change in overall aggregate promoter and promoter group shareholding
K.M. Sugar Mills submitted a machine-readable/legible OCR copy of its financial results for the quarter ended June 30, 2026, following communication from the NSE on September 7, 2026. Standalone revenue from operations for the quarter stood at ₹189.93 Cr, down 8.8% YoY from ₹208.23 Cr in Q1 FY26. Standalone net profit for the quarter was ₹7.83 Cr compared to ₹13.13 Cr in the corresponding period of the previous year. This resubmission is purely an administrative compliance step, as the financial results had already been approved by the board on August 7, 2026.
- Resubmission of Q1 FY27 (quarter ended June 30, 2026) financial results in OCR format per NSE directive.
- Quarterly revenue from operations reported at ₹18,993 lakhs (₹189.93 Cr) vs ₹20,823 lakhs (₹208.23 Cr) in Q1 FY26.
- Quarterly net profit after tax recorded at ₹783 lakhs (₹7.83 Cr) vs ₹1,313 lakhs (₹13.13 Cr) in Q1 FY26.
- Diluted EPS for the quarter was ₹0.85 per share compared to ₹1.43 in the previous year's corresponding quarter.
K.M. Sugar Mills Limited has received the final order from NCLT Allahabad Bench sanctioning the Scheme of Arrangement for the demerger of its Distillery Division into KM Spirits and Allied Industries Limited. Under the approved scheme, eligible shareholders of K.M. Sugar Mills will receive 1 equity share of face value Rs 10 each in the resulting company for every 5 equity shares of face value Rs 2 each held. The Appointed Date for the demerger is set as April 1, 2026. The demerger separates the company's 50 KLPD distillery operations into an independent entity, providing direct exposure to the ethanol/spirits segment.
- Share entitlement ratio approved at 1 equity share (FV Rs 10) of KM Spirits for every 5 equity shares (FV Rs 2) held in K.M. Sugar Mills.
- Appointed Date for the Scheme of Demerger is fixed as April 1, 2026.
- Shareholders overwhelmingly supported the scheme with 99.99% votes cast in favour (5,80,99,694 valid votes).
- Certified copy of the order to be delivered to RoC Kanpur within 30 days of receipt to make the scheme effective.
K.M. Sugar Mills Limited announced that the Hon'ble NCLT Allahabad Bench pronounced an order on August 19, 2026, sanctioning the Scheme of Arrangement for the demerger of its Distillery Division into KM Spirits and Allied Industries Limited. The demerger separates the company's distillery business (current capacity of 50 KLPD) from core sugar operations (9,500 TCD) to create focused standalone entities. A formal copy of the NCLT order is awaited and will be submitted once available. Investors should track subsequent disclosures regarding the record date, share entitlement ratio, and listing timelines for the resulting company.
- NCLT Allahabad Bench sanctioned the Scheme of Arrangement for demerger on August 19, 2026
- Demerged Undertaking consists of the Distillery Division of K M Sugar Mills Limited
- Resulting entity receiving the distillery business is KM Spirits and Allied Industries Limited
- Detailed copy of the sanctioned NCLT Order is awaited and will be uploaded upon receipt
K.M. Sugar Mills Limited concluded its 53rd Annual General Meeting on July 28, 2026, where shareholders approved all 11 proposed resolutions. Key outcomes include the adoption of FY26 audited financial statements and the re-appointment of Managing Directors Aditya and Sanjay Jhunjhunwala. Additionally, Smt. Naina Devi Jhunjhunwala was appointed as a Whole-Time Director. The resolutions were passed with high majorities, generally exceeding 99.8% assent, ensuring management continuity.
- 11 resolutions were passed by shareholders during the 53rd AGM held on July 28, 2026
- Adoption of FY26 standalone and consolidated financial statements received 99.9994% assent
- Re-appointment of Managing Director Aditya Jhunjhunwala approved with 99.8269% of total votes
- Remuneration changes for Vatsal Jhunjhunwala (Vice President) approved with 99.8086% assent
- Shareholders approved the continuation of Mr. Sushil Solomon as Independent Director beyond 75 years of age
K.M. Sugar Mills Limited has appointed Mr. Pawan Kumar Chaturvedi as Chief General Manager (Cane), a Senior Management Personnel (SMP) role, effective July 10, 2026. Mr. Chaturvedi brings over 30 years of experience in cane development and marketing, which is critical for the company's integrated operations. This appointment comes at a time when the company's sugar recovery rate has seen a slight decline to 11.01% in SY25 from 11.35% in SY24. Given the TTM revenue of ₹658 Cr, efficient cane management is essential for maintaining the current operating profit margin of 13.2%.
- Appointment of Mr. Pawan Kumar Chaturvedi as Chief General Manager (Cane) effective July 10, 2026
- Appointee brings over 30 years of experience in the sugar industry across cane development and marketing
- Company's sugar recovery rate stood at 11.01% in SY25, down from 11.35% in SY24
- KMSUGAR operates a 9,500 TCD sugar plant and a 50 KLPD distillery
- Crushing period decreased to 121 days in SY25 from 144 days in SY24
K.M. Sugar Mills Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the quarter ended June 30, 2026. The report confirms that 99.99% of the company's equity is held in electronic form, with 4,39,50,015 shares in NSDL and 4,80,49,125 shares in CDSL. Only 1,030 shares remain in physical mode. No new dematerialization or rematerialization requests were processed during this period.
- 4,39,50,015 shares held in NSDL accounts as of June 30, 2026
- 4,80,49,125 shares held in CDSL accounts as of June 30, 2026
- Only 1,030 shares remain in physical mode out of over 9.2 crore total shares
- Nil transfers, demat, or remat requests were processed during the quarter ended June 30, 2026
K.M. Sugar Mills has scheduled its 53rd Annual General Meeting for July 28, 2026, to adopt FY26 financial statements and approve several leadership mandates. Key proposals include the appointment of Smt. Naina Devi Jhunjhunwala (80 years old) as a Whole-Time Director and the re-appointment of Aditya Jhunjhunwala as Managing Director for a 3-year term starting April 2027. Notably, the MD's FY26 remuneration of Rs 5.30 Cr represents approximately 10% of the company's TTM PAT of Rs 53 Cr. The company is also seeking shareholder approval to pay remuneration even in the event of inadequate profits.
- 53rd AGM scheduled for July 28, 2026, to adopt audited standalone and consolidated FY26 financial statements.
- Proposed appointment of Smt. Naina Devi Jhunjhunwala (80 years) as Whole-Time Director for 3 years from August 1, 2026.
- Re-appointment of Aditya Jhunjhunwala as Managing Director for 3 years effective April 1, 2027.
- MD Aditya Jhunjhunwala's FY26 remuneration was Rs 529.68 Lakhs, while Joint MD Sanjay Jhunjhunwala's was Rs 201.60 Lakhs.
- Special resolutions proposed to allow managerial remuneration exceeding statutory limits in case of profit inadequacy.
K.M. Sugar Mills Limited has issued a notice for its 53rd Annual General Meeting (AGM) to be held on July 28, 2026. The accompanying FY26 annual report reveals a gross revenue of ₹548.34 crore, a decline from ₹658.38 crore in FY25. Despite lower revenue, EBITDA improved significantly to ₹106.27 crore (up from ₹89.05 crore) and Profit Before Tax rose to ₹72.56 crore. The company is emphasizing a shift toward digital transformation and AI-driven analytics to optimize its integrated sugar, ethanol, and power operations.
- Gross Revenue for FY26 stood at ₹548.34 crore compared to ₹658.38 crore in the previous year.
- EBITDA increased by 19.3% year-on-year to ₹106.27 crore in FY26.
- Profit Before Tax (PBT) grew to ₹72.56 crore in FY26 from ₹48.98 crore in FY25.
- Market capitalization as of March 31, 2026, was reported at ₹243 crore on the NSE.
- Maintains integrated capacity of 9,500 TCD sugar crushing, 50 KLPD distillery, and 25 MW power.
Financial Performance
Revenue Growth by Segment
Total Operating Income grew marginally by 0.28% to INR 659.01 Cr in FY25 from INR 657.16 Cr in FY24. The Sugar segment results grew 34.4% to INR 64.86 Cr, while the Distillery segment results declined 69.8% to INR 2.23 Cr.
Geographic Revenue Split
Not disclosed in available documents, but the company's primary operations and plants are located in Motinagar, Faizabad, Uttar Pradesh.
Profitability Margins
Net profit ratio improved by 112 bps to 5.39% in FY25 from 4.27% in FY24. Return on Equity (ROE) increased to 11.08% from 9.71% YoY, and Return on Capital Employed (ROCE) rose to 17.79% from 15.76%.
EBITDA Margin
Not explicitly stated as a percentage, but Profit Before Tax (PBT) grew 25.08% to INR 48.92 Cr in FY25 from INR 39.11 Cr in FY24, indicating improved core profitability.
Capital Expenditure
Not disclosed in available documents for future plans; however, the company maintained a Tangible Net Worth (TNW) of INR 214.54 Cr as of March 31, 2023.
Credit Rating & Borrowing
Credit rating reaffirmed at IVR A-/Stable for long-term facilities and IVR A2+ for short-term facilities as of July 11, 2025. Finance costs were INR 18.17 Cr in FY25, up 9.85% from INR 16.54 Cr in FY24.
Operational Drivers
Raw Materials
Sugarcane is the primary raw material, with procurement governed by the Sugarcane (Control) Order, 1966. Bagasse is used as a secondary raw material for power generation.
Import Sources
Sourced locally from the command area allocated to the mill in Uttar Pradesh, as mandated by government regulations.
Key Suppliers
Sourced from local farmers within the Masodha, Ayodhya, and Faizabad command areas.
Capacity Expansion
Current installed capacity includes a sugar plant of 9,500 TCD, a distillery of 50 KLPD, and a cogeneration plant of 25 MW. No specific expansion timeline was disclosed.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but performance is highly dependent on sugarcane availability and recovery rates, which stood at 11.01% in SY25 compared to 11.35% in SY24.
Manufacturing Efficiency
Sugar recovery rate was 11.01% in SY25 (down from 11.35% in SY24). The crushing period decreased to 121 days in SY25 from 144 days in SY24.
Strategic Growth
Growth Strategy
Growth is driven by integrated operations that allow for multiple revenue streams (sugar, ethanol, and power). The company focuses on improving recovery rates and maintaining a comfortable capital structure to support financial flexibility.
Products & Services
Sugar, industrial alcohol, ethanol, and surplus power supplied to the Uttar Pradesh Power Corporation Limited.
External Factors
Industry Trends
The industry is moving toward integrated models to mitigate cyclicality, with a strong focus on ethanol blending programs supported by government policy.
Competitive Landscape
The company operates in a cyclical and fragmented industry with competition from other sugar mills in the Uttar Pradesh region.
Competitive Moat
The moat is derived from integrated operations (9,500 TCD sugar + 50 KLPD distillery + 25 MW power) and experienced management, providing a sustainable cost advantage over non-integrated mills.
Macro Economic Sensitivity
Highly sensitive to monsoon and climatic conditions, which influence the crushing period and sugar recovery levels.
Regulatory & Governance
Industry Regulations
Operations are governed by the Sugarcane (Control) Order, 1966, which regulates sugarcane sourcing areas and pricing. Sugar trade and by-product pricing are also subject to government acts.
Taxation Policy Impact
Current tax for FY25 was INR 13.54 Cr, up from INR 10.48 Cr in FY24. Deferred tax was a credit of INR 0.17 Cr.
Risk Analysis
Key Uncertainties
High exposure to group entity Sonar Casting Limited (SCL) with corporate guarantees of INR 68.66 Cr and preference share investments of INR 49.60 Cr, which constrains financial flexibility.
Geographic Concentration Risk
100% of manufacturing operations are concentrated in Uttar Pradesh, making the company vulnerable to state-specific policy changes and local weather patterns.
Third Party Dependencies
High dependency on local farmers for sugarcane supply and the Uttar Pradesh Power Corporation Limited for power revenue.
Credit & Counterparty Risk
Trade receivable turnover ratio was 34.94x in FY25, indicating efficient collection, though it decreased by 5.97% from 37.16x in FY24.
