Sugar Stocks and Companies in India

The largest Sugar stocks in India by market value are DCM Shriram (₹14,090 crore), Balrampur Chini Mills (₹14,257 crore) and EID Parry (India) (₹11,546 crore), at prices of 4 Nov 2026.

• DCM Shriram: ₹903.55 | market value ₹14,090 crore | P/E 10.8
• Balrampur Chini Mills: ₹673.65 | market value ₹14,257 crore | P/E 38.4
• EID Parry (India): ₹648.85 | market value ₹11,546 crore | P/E 14.3
• Triveni Engineering and Industries: ₹245.61 | market value ₹5,413 crore | P/E 20.7
• Bajaj Hindusthan Sugar: ₹18.83 | market value ₹4,502 crore | P/E 34.7
• Bannari Amman Sugars: ₹3,459.10 | market value ₹4,338 crore | P/E 35.6
• Shree Renuka Sugars: ₹18.49 | market value ₹3,936 crore
• Dalmia Bharat Sugar & Industries: ₹483.55 | market value ₹3,914 crore | P/E 19.1
• Avadh Sugar & Energy: ₹894.80 | market value ₹1,791 crore | P/E 26.6
• Uttam Sugar Mills: ₹366.65 | market value ₹1,398 crore | P/E 15.2

The other 11 Sugar companies are in the full list below.

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 4 Nov 2026; the score list below uses the weekly figures.

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 30 Oct 2026.

The largest 15 of 21 listed Indian Sugar companies are named here; all 21 are ranked in the scorecard. This is the set of companies people mean when they search for a Nifty Sugar index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. One large company cannot set the reading.

1. DCM Shriram Ltd₹13,600 cr
2. Balrampur Chini Mills Ltd₹12,500 cr
3. EID Parry (India) Ltd₹10,700 cr
4. Triveni Engineering and Industries Ltd₹4,970 cr
5. Bajaj Hindusthan Sugar Ltd₹4,120 cr
6. Bannari Amman Sugars Ltd₹3,890 cr
7. Shree Renuka Sugars Ltd₹3,690 cr
8. Dalmia Bharat Sugar & Industries Ltd₹3,200 cr
9. Avadh Sugar & Energy Ltd₹1,610 cr
10. Uttam Sugar Mills Ltd₹1,250 cr
11. M.V.K. Agro Food Product Ltd₹1,160 cr
12. Andhra Sugars Ltd₹1,070 cr
13. Godavari Biorefineries Ltd₹1,040 cr
14. Dhampur Sugar Mills Ltd₹1,030 cr
15. Dhampur Bio Organics Ltd₹779 cr

The remaining 6 Sugar companies are named and ranked in the scorecard.

21 Sugar companies in the Sugar industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 21 are listed below, largest first. The largest is DCM Shriram (₹13,629 crore) and the smallest with a market value is Ugar Sugar Works.

Download all 21 Sugar companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 1% behind NIFTY 500. Earnings across its companies grew 7% on average over the last four reported quarters, close to flat. It has been ahead of NIFTY 500 on a rolling three-month view for 11 weeks running.

1 of the 18 companies with a long enough price record pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high). 1 is 20% or more behind over a year while earnings grew 20% or more.

Ahead of NIFTY 500 on the three-month view for 11 weeks running; 7 of the 18 companies in the industry index above their 200-day average (3 fewer than four weeks earlier); 1 of those 18 pass the momentum test (5 fewer than four weeks earlier); earnings rising at 11 of the 17 that report earnings.

Participation is shrinking, 6 → 1 of 18 over four weeks, after being ahead of NIFTY 500. Earnings mixed, 11 of 17 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of 18 of its 21 companies (the 3 with too short a price record are ranked in the scorecard but cannot sit in this line). The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

Sugar has done better than the NIFTY 500 by 5.9% over the last 52 weeks. Over 13 weeks the gap is a lead of 11.3%. Avadh Sugar & Energy Ltd is the strongest against the sector itself at +60.6%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 51.8 as of 30 October 2026 (narrowing, rising).

Sugar has done better than the NIFTY 500 by 5.9% over 52 weeks and by 11.3% over 13 weeks. 1 of 21 companies we track is beating the NIFTY on relative strength (how a share price has done against the index over recent months) (2 have no relative-strength reading yet), and 7 of the 13 with a long enough price history are ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Andhra Sugars Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 95.6% evidence confidence.

Dwarikesh Sugar Industries Ltd scores well on valuation against its peers or its own history, but its earnings have not yet improved enough to back that up.

Ranked last: too little evidence (1 company)

Under 60% of the evidence behind this score is available, so it ranks after every company above, whatever the score.

Avadh Sugar & Energy Ltd has the strongest one-year price move in Sugar at +85.9%. It also leads on relative strength against the NIFTY, at +62.0%. 9 of 21 companies we track are ahead of the index on that measure (2 have no relative-strength reading yet). Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Sugar itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

1 of 19 Sugar companies held a results call for July to September 2026. DCM Shriram guided: 40MW peak solar plant at Kota for ₹145 crore for cost and carbon optimisation.

From the results calls for July to September 2026.

Big funds, foreign and Indian, kept their stake about the same over the last two quarters. Founders and promoters kept theirs about the same.

• Spending on new plants and equipment was ₹6,086 crore in the last 12 months, 2% less than a year before.
• Projects still being built grew 68% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 21 Sugar companies, in percentage points.

Ownership and spending as of 10 October 2026.

This is the written read behind the Sugar figures above: what is actually happening in the industry, in words, with the evidence each claim rests on. It is dated 25 Jul 2026, so the words are older than the numbers. 4 themes are live here, 2 of them rated high severity.

The Sugar sector, represented by BAJAJHIND for this reporting week, exhibits a dichotomy of operational recovery and persistent governance overhangs. BAJAJHIND reported consolidated revenue of ₹1,679.71 crore for Q4 FY26, a 7.5% increase YoY.

How old this read is: OLD: this read comes from our Sugar sector brief dated 25 Jul 2026, about 3 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs.

What is live in this sector right now

Sources: our Sugar sector brief, 25 Jul 2026 · company earnings-call transcripts.

EID Parry (India) Ltd has the highest Revenue among the 21 Sugar companies compared here, at ₹38,836 crore. DCM Shriram Ltd is next at ₹14,545 crore. M.V.K. Agro Food Product Ltd has the highest Revenue growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: EID Parry (India) Ltd is the largest at ₹38,836 crore, 167% ahead of DCM Shriram Ltd. M.V.K. Agro Food Product Ltd's growth is capped at 100% on the scoring scale; the full change over the last 12 months is 127.3% from a ₹354 crore base, with 13 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: EID Parry (India) Ltd is the size to compare against; M.V.K. Agro Food Product Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

This conclusion weakens if: EID Parry (India) Ltd's growth falls below M.V.K. Agro Food Product Ltd's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

Davangere Sugar Company Ltd has the highest OPM among the 21 Sugar companies compared here, at 23%. Andhra Sugars Ltd is next at 12%. Dwarikesh Sugar Industries Ltd has the highest Margin change at +11 percentage points, so level and change sit with different companies. 21 of 21 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Davangere Sugar Company Ltd leads opm at 23%; Dwarikesh Sugar Industries Ltd leads margin change at +11 percentage points.

What this means: Davangere Sugar Company Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

DCM Shriram Ltd has the highest Net profit among the 21 Sugar companies compared here, at ₹1,383 crore. EID Parry (India) Ltd is next at ₹1,228 crore. M.V.K. Agro Food Product Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: DCM Shriram Ltd earns the most, ₹1,383 crore of profit over the last 12 months, 12.6% above EID Parry (India) Ltd. M.V.K. Agro Food Product Ltd shows at least 100% on the scoring scale (267.2% in full) growth from a profit base of ₹50 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: DCM Shriram Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

Net profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

EID Parry (India) Ltd has the highest ROCE among the 21 Sugar companies compared here, at 17%. M.V.K. Agro Food Product Ltd is next at 14.4%. Shree Renuka Sugars Ltd has the highest ROCE change at +63 percentage points, so level and change sit with different companies. 21 of 21 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: EID Parry (India) Ltd leads ROCE at 17%, 2.6 percentage points above M.V.K. Agro Food Product Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: EID Parry (India) Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

Return on capital · company comparison

Withheld from this chart: EID Parry (India) Ltd (EIDPARRY): its two data sources disagree by up to 66% on reported income across 15 comparable periods, so its derived ratios are withheld; Triveni Engineering and Industries Ltd (TRIVENI): its two data sources disagree by up to 86% on reported income across 15 comparable periods, so its derived ratios are withheld; Zuari Industries Ltd (ZUARIIND): its two data sources disagree by up to 94% on reported income across 15 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn, the gap is a decision, not missing data.

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

Dwarikesh Sugar Industries Ltd has the lowest PEG among the 21 Sugar companies compared here, at 0.25×. DCM Shriram Ltd is next at 0.44×. Zuari Industries Ltd has the lowest P/E at 6.11×, so level and change sit with different companies. 11 of 21 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Dwarikesh Sugar Industries Ltd has the lowest comparable PEG at 0.25×, 43.2% below DCM Shriram Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

Sugar companies show up on 7 of our India lists. The most are on the penny stocks list (4 companies).

This Sugar comparison names 5 specific ways its own evidence can mislead, all listed below. All 21 companies here report on comparable dates, so no rank carries a stale marker. 3 have second-source figures left out because the two sources disagree. A high growth rate can still come from a very small starting figure.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
• 3 companies are missing from the second-source figures on purpose: the two sources disagree, so nothing from the second is drawn. Those rows have less evidence; that does not make the business weaker.

This comparison is built from the reported filings of 21 Sugar companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Sep 2026 and market data through 30 October 2026.

3 of 21 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: EID Parry (India) Ltd (EIDPARRY): its two data sources disagree by up to 66% on reported income across 15 comparable periods, so its derived ratios are withheld; Triveni Engineering and Industries Ltd (TRIVENI): its two data sources disagree by up to 86% on reported income across 15 comparable periods, so its derived ratios are withheld; Zuari Industries Ltd (ZUARIIND): its two data sources disagree by up to 94% on reported income across 15 comparable periods, so its derived ratios are withheld.

These 24 answers restate the Sugar comparison above in question form. Every one is computed from the same 21 companies and the same reported filings as the rankings and charts, current through Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.