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Employees: 2,278
Size Bannari Amman Sugars (BANARISUG.NS) is an India Consumer Staples company (Agricultural Commodities/Milling) with a market value of $423M, the 917th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹3,196 on 6 Nov 2026.
Performance Over six months the shares fell 13.3%, against -4.9% for the median peer and 0.0% for the India market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue fell 7.6% over the last twelve months (peer median -1.0%); the operating margin is 5.7% (peer median 0.6%).
Valuation It trades at 2.4× enterprise value to sales against a peer median of 1.2× (5th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 27% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +22 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 11.0 points below its cost of capital (14.7% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹16.7B | ₹19.1B | ₹17.9B | ₹22.2B | ₹25.2B |
| Revenue growth | — | +7% | -19% | -12% | — |
| Gross profit | ₹3.19B | ₹1.88B | ₹2.13B | ₹3.00B | ₹3.09B |
| EBITDA | ₹1.56B | ₹2.16B | ₹2.35B | ₹3.10B | ₹3.04B |
| Net income | ₹1.22B | ₹1.48B | ₹1.05B | ₹1.52B | ₹1.43B |
| Free cash flow | n/a | ₹4.11B | ₹3.46B | ₹1.10B | ₹3.94B |
| Capital expenditure | n/a | ₹1.14B | ₹756M | ₹1.41B | ₹651M |
| Total debt | n/a | ₹92.5M | ₹1.50B | ₹4.86B | ₹5.81B |
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| Measure | BANARISUG.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.3% | -4.8% | 11th highest of 21 |
| 6-month return | -13.3% | -4.9% | 8th lowest of 21 |
| Distance from 52-week high | -26.3% | -29.3% | 10th highest of 21 |
| Revenue growth (TTM) | -7.6% | -1.0% | 4th lowest of 21 |
| Operating margin | 5.7% | 0.6% | 6th highest of 20 |
| EV / Sales | 2.4× | 1.2× | 5th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 26.7% | 12.6% | 3rd most demanding of 10 |
| Growth delivered (Del g) | +4.9% | +4.6% | 5th highest of 10 |
| Hurdle (Req g minus delivered) | +21.9 pp | +3.4 pp | 2nd most demanding of 10 |
| ROIC minus cost of capital | -11.0 pp | -5.3 pp | 6th lowest of 20 |
| EV / EBITDA | 25.6× | 10.2× | most expensive of 8 |
| Net debt / EBITDA | -1.7× | 4.2× | 3rd least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bannari Amman Sugars BANARISUG.NS | India | $423M | -13% | -8% | 6% | 2.4× | 26.7% | +4.9% |
| Shenzhen Kingsino Technology 002548.SZ | China | $428M | -35% | -2% | -12% | 1.2× | 12.6% | +3.2% |
| Tilray Brands TLRY.TO | Canada | $433M | -47% | +17% | -6% | 0.6× | n/a | n/a |
| Ningxia Xiaoming Agriculture & Animal Husbandry 300967.SZ | China | $435M | -7% | -17% | -2% | 3.0× | 21.1% | +17.7% |
| Hokuto 1379.T | Japan | $411M | +13% | +4% | 8% | 0.8× | -7.8% | +3.1% |
| Xinjiang Tianshan Animal Husbandry Bio-engineering 300313.SZ | China | $411M | +32% | +187% | -4% | 7.6× | n/a | n/a |
| Shree Renuka Sugars RENUKA.NS | India | $410M | -36% | -10% | 4% | 1.2× | n/a | n/a |
| Dalmia Bharat Sugar & Industries DALMIASUG.NS | India | $409M | +23% | -5% | 7% | 1.1× | 15.7% | +7.7% |
| Vital Farms VITL | United States | $409M | +6% | +5% | -3% | 0.7× | n/a | n/a |
| Shanghai Xuerong Bio-Technology 300511.SZ | China | $408M | -46% | +29% | 4% | 1.6× | 0.6% | -1.9% |
| Zuming Bean Products 003030.SZ | China | $405M | -2% | +12% | -2% | 1.6× | n/a | n/a |
| Xinjiang Sayram Modern Agriculture 600540.SS | China | $399M | -18% | -4% | n/a | 1.1× | n/a | n/a |
| Nippon Beet Sugar Manufacturing 2108.T | Japan | $391M | +24% | 0% | 1% | 0.8× | 40.4% | +4.6% |
| Select Harvests SHV.AX | Australia | $390M | +13% | -6% | -6% | 2.7× | 27.3% | +16.3% |
| Royal 002329.SZ | China | $467M | -15% | -2% | -25% | 3.1× | n/a | n/a |
| Bajaj Hindusthan Sugar BAJAJHIND.NS | India | $470M | -8% | -2% | 1% | 0.8× | n/a | n/a |
| CNFC Overseas Fisheries 000798.SZ | China | $470M | -8% | -2% | -2% | 1.4× | n/a | n/a |
| MGP Ingredients CASK | United States | $380M | +3,438% | -16% | 11% | 1.5× | 2.4% | +6.3% |
| Raisio RAIKV.HE | Finland | $379M | -17% | 0% | 11% | 1.2× | -4.1% | -0.8% |
| J-Oil Mills 2613.T | Japan | $474M | +15% | +1% | 2% | 0.4× | n/a | n/a |
| Okamura Foods 2938.T | Japan | $377M | -3% | +21% | 9% | 2.0× | n/a | n/a |