# Sugar — company-by-company sector analysis

> Sugar: EID Parry (India) Ltd owns the largest revenue base; Andhra Sugars Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-08-05. Not investment advice.

## Bottom line

Sugar has underperformed NIFTY 500 by 9.6% over 52 weeks and 15.1% over 13 weeks. 6 of 20 covered companies beat NIFTY on Mansfield relative strength, while 8 of 19 beat the sector itself. EID Parry (India) Ltd leads with revenue of ₹38,542 crore, based on 19 of 20 comparable companies through Mar 2026.

## Sector relative strength

Sugar has underperformed NIFTY 500 by 9.6% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 15.1%. 6 of 20 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. M.V.K. Agro Food Product Ltd is the strongest against the sector itself at +33.8%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: -15%
52-week sector return versus NIFTY 500: -9.6%
Stocks leading NIFTY: 6/20
Stocks leading sector: 8/19

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 20
Combined market value: ₹73.4K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Andhra Sugars Ltd (ANDHRSUGAR): 66/100 — Favorable setup; evidence 83%
   - Growth & earnings 26.7/35 | Capital efficiency 12.9/25 | Valuation 13.0/20 | Relative strength 13.1/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks
   - Exact sum: 26.7 + 12.9 + 13 + 13.1 = 65.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. DCM Shriram Ltd (DCMSHRIRAM): 61/100 — Mixed-positive evidence; evidence 100%
   - Growth & earnings 23.8/35 | Capital efficiency 13.0/25 | Valuation 16.8/20 | Relative strength 6.9/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 23.8 + 13 + 16.8 + 6.9 = 60.5
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -6.5% and the one-year return is -26%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3. Uttam Sugar Mills Ltd (UTTAMSUGAR): 58/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 23.1/35 | Capital efficiency 17.1/25 | Valuation 11.2/20 | Relative strength 7.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of 10 weeks with a reading, within the last 12
   - Exact sum: 23.1 + 17.1 + 11.2 + 7 = 58.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. M.V.K. Agro Food Product Ltd (MVKAGRO): 57/100 — Thin evidence · provisional; evidence 52%
   - Growth & earnings 18.2/35 | Capital efficiency 17.6/25 | Valuation 8.8/20 | Relative strength 12.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 18.2 + 17.6 + 8.8 + 12 = 56.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. Bannari Amman Sugars Ltd (BANARISUG): 55/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 17.9/35 | Capital efficiency 14.9/25 | Valuation 9.6/20 | Relative strength 12.6/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 17.9 + 14.9 + 9.6 + 12.6 = 55
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Dalmia Bharat Sugar & Industries Ltd (DALMIASUG): 54/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 9.6/35 | Capital efficiency 13.1/25 | Valuation 14.3/20 | Relative strength 17.2/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of the last 12 weeks
   - Exact sum: 9.6 + 13.1 + 14.3 + 17.2 = 54.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 2.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
7. Dhampur Sugar Mills Ltd (DHAMPURSUG): 52/100 — Mixed-positive evidence; evidence 87%
   - Growth & earnings 20.5/35 | Capital efficiency 8.5/25 | Valuation 9.0/20 | Relative strength 14.4/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks
   - Exact sum: 20.5 + 8.5 + 9 + 14.4 = 52.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. EID Parry (India) Ltd (EIDPARRY): 51/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 19.9/35 | Capital efficiency 16.9/25 | Valuation 9.6/20 | Relative strength 4.5/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 19.9 + 16.9 + 9.6 + 4.5 = 50.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Balrampur Chini Mills Ltd (BALRAMCHIN): 50/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 15.3/35 | Capital efficiency 13.2/25 | Valuation 2.4/20 | Relative strength 19.4/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks
   - Exact sum: 15.3 + 13.2 + 2.4 + 19.4 = 50.3
   - Decision use: Price leads the evidence: RS versus the benchmark is 16.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
10. Dhampur Bio Organics Ltd (DBOL): 48/100 — Mixed-negative evidence; evidence 72%
   - Growth & earnings 21.0/35 | Capital efficiency 6.1/25 | Valuation 9.7/20 | Relative strength 11.3/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks
   - Exact sum: 21 + 6.1 + 9.7 + 11.3 = 48.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Avadh Sugar & Energy Ltd (AVADHSUGAR): 48/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 8.9/35 | Capital efficiency 11.6/25 | Valuation 8.1/20 | Relative strength 19.1/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks
   - Exact sum: 8.9 + 11.6 + 8.1 + 19.1 = 47.7
   - Decision use: Price leads the evidence: RS versus the benchmark is 16.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
12. Bajaj Hindusthan Sugar Ltd (BAJAJHIND): 48/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 22.4/35 | Capital efficiency 9.4/25 | Valuation 11.1/20 | Relative strength 4.7/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of 11 weeks with a reading, within the last 12
   - Exact sum: 22.4 + 9.4 + 11.1 + 4.7 = 47.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Godavari Biorefineries Ltd (GODAVARIB): 44/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 20.1/35 | Capital efficiency 9.2/25 | Valuation 8.7/20 | Relative strength 6.3/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks
   - Exact sum: 20.1 + 9.2 + 8.7 + 6.3 = 44.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Zuari Industries Ltd (ZUARIIND): 43/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 18.8/35 | Capital efficiency 8.1/25 | Valuation 11.5/20 | Relative strength 4.7/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of 10 weeks with a reading, within the last 12
   - Exact sum: 18.8 + 8.1 + 11.5 + 4.7 = 43.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Triveni Engineering and Industries Ltd (TRIVENI): 37/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 18.0/35 | Capital efficiency 9.6/25 | Valuation 6.8/20 | Relative strength 2.3/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 18 + 9.6 + 6.8 + 2.3 = 36.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Davangere Sugar Company Ltd (DAVANGERE): 36/100 — Mixed-negative evidence; evidence 70%
   - Growth & earnings 14.4/35 | Capital efficiency 8.9/25 | Valuation 8.5/20 | Relative strength 4.5/20
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of 8 weeks with a reading, within the last 12
   - Exact sum: 14.4 + 8.9 + 8.5 + 4.5 = 36.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. Magadh Sugar & Energy Ltd (MAGADSUGAR): 36/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 6.4/35 | Capital efficiency 11.9/25 | Valuation 10.1/20 | Relative strength 7.6/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of 10 weeks with a reading, within the last 12
   - Exact sum: 6.4 + 11.9 + 10.1 + 7.6 = 36
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18. Dwarikesh Sugar Industries Ltd (DWARKESH): 35/100 — Thin evidence · provisional; evidence 54%
   - Growth & earnings 16.7/35 | Capital efficiency 3.7/25 | Valuation 9.5/20 | Relative strength 5.2/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks
   - Exact sum: 16.7 + 3.7 + 9.5 + 5.2 = 35.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
19. Shree Renuka Sugars Ltd (RENUKA): 17/100 — Adverse evidence; evidence 76%
   - Growth & earnings 2.4/35 | Capital efficiency 0.6/25 | Valuation 10.0/20 | Relative strength 4.1/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 2.4 + 0.6 + 10 + 4.1 = 17.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
20. DCM Shriram Industries Ltd (DCMSRIND): 43/100 — Thin evidence · provisional; evidence 48%
   - Growth & earnings 12.3/35 | Capital efficiency 14.0/25 | Valuation 8.8/20 | Relative strength 8.0/20
   - Exact sum: 12.3 + 14 + 8.8 + 8 = 43.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

M.V.K. Agro Food Product Ltd has the strongest one-year price move in Sugar at +47.2%. Balrampur Chini Mills Ltd leads on Mansfield relative strength against NIFTY at +16.5%. 6 of 20 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

### Strongest one-year price performers
1. M.V.K. Agro Food Product Ltd (MVKAGRO): 47%
2. Dhampur Bio Organics Ltd (DBOL): 11%
3. Avadh Sugar & Energy Ltd (AVADHSUGAR): 8.5%
4. Andhra Sugars Ltd (ANDHRSUGAR): 2.2%
5. Balrampur Chini Mills Ltd (BALRAMCHIN): -0.5%

### Strongest relative strength versus NIFTY 500
1. Balrampur Chini Mills Ltd (BALRAMCHIN): 16%
2. Avadh Sugar & Energy Ltd (AVADHSUGAR): 16%
3. Dalmia Bharat Sugar & Industries Ltd (DALMIASUG): 2.8%
4. Andhra Sugars Ltd (ANDHRSUGAR): 1.9%
5. Dhampur Bio Organics Ltd (DBOL): 1.0%

## Revenue Scale & Growth Durability

What the numbers say: EID Parry (India) Ltd is the scale leader at ₹38,542 crore, 178.5% ahead of DCM Shriram Ltd. Andhra Sugars Ltd's growth is 22.1% from a ₹2,466 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: EID Parry (India) Ltd is the scale benchmark; Andhra Sugars Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: EID Parry (India) Ltd's growth falls below Andhra Sugars Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: EID Parry (India) Ltd · ₹38,542 crore | 178.5% versus #2 · DCM Shriram Ltd | 7/8 recent comparable periods | 19/20 companies · 285 observations

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

### Revenue — largest
1. EID Parry (India) Ltd (EIDPARRY): ₹38.5K Cr
2. DCM Shriram Ltd (DCMSHRIRAM): ₹13.8K Cr
3. Shree Renuka Sugars Ltd (RENUKA): ₹9.3K Cr
4. Balrampur Chini Mills Ltd (BALRAMCHIN): ₹6.3K Cr
5. Triveni Engineering and Industries Ltd (TRIVENI): ₹6.2K Cr

### Revenue growth — fastest growers
1. Andhra Sugars Ltd (ANDHRSUGAR): 22%
2. EID Parry (India) Ltd (EIDPARRY): 22%
3. Dwarikesh Sugar Industries Ltd (DWARKESH): 20%
4. Uttam Sugar Mills Ltd (UTTAMSUGAR): 19%
5. Balrampur Chini Mills Ltd (BALRAMCHIN): 16%

### 20-quarter Revenue history
- DCMSHRIRAM: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.8K Cr | Jun 2022 ₹2.9K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.8K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 ₹3.6K Cr
- EIDPARRY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹9.9K Cr | Mar 2023 ₹6.9K Cr | Jun 2023 ₹7.0K Cr | Sep 2023 ₹9.1K Cr | Dec 2023 ₹7.8K Cr | Mar 2024 ₹5.6K Cr | Jun 2024 ₹6.7K Cr | Sep 2024 ₹9.3K Cr | Dec 2024 ₹8.7K Cr | Mar 2025 ₹6.8K Cr | Jun 2025 ₹8.7K Cr | Sep 2025 ₹11.6K Cr | Dec 2025 ₹10.3K Cr | Mar 2026 ₹7.9K Cr | Jun 2026 —
- BALRAMCHIN: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹981 Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- TRIVENI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 ₹1.6K Cr
- RENUKA: Sep 2021 ₹1.4K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹3.1K Cr | Mar 2024 ₹3.4K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- BANARISUG: Sep 2021 ₹447 Cr | Dec 2021 ₹714 Cr | Mar 2022 ₹464 Cr | Jun 2022 ₹427 Cr | Sep 2022 ₹510 Cr | Dec 2022 ₹932 Cr | Mar 2023 ₹656 Cr | Jun 2023 ₹431 Cr | Sep 2023 ₹600 Cr | Dec 2023 ₹768 Cr | Mar 2024 ₹421 Cr | Jun 2024 ₹404 Cr | Sep 2024 ₹474 Cr | Dec 2024 ₹421 Cr | Mar 2025 ₹494 Cr | Jun 2025 ₹419 Cr | Sep 2025 ₹572 Cr | Dec 2025 ₹644 Cr | Mar 2026 ₹282 Cr | Jun 2026 —
- BAJAJHIND: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- DALMIASUG: Sep 2021 ₹728 Cr | Dec 2021 ₹616 Cr | Mar 2022 ₹856 Cr | Jun 2022 ₹938 Cr | Sep 2022 ₹579 Cr | Dec 2022 ₹600 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹834 Cr | Sep 2023 ₹732 Cr | Dec 2023 ₹584 Cr | Mar 2024 ₹750 Cr | Jun 2024 ₹960 Cr | Sep 2024 ₹926 Cr | Dec 2024 ₹838 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹941 Cr | Sep 2025 ₹989 Cr | Dec 2025 ₹698 Cr | Mar 2026 ₹991 Cr | Jun 2026 —
- MVKAGRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹27 Cr | Mar 2025 ₹68 Cr | Jun 2025 — | Sep 2025 ₹42 Cr | Dec 2025 ₹112 Cr | Mar 2026 ₹134 Cr | Jun 2026 —
- GODAVARIB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹239 Cr | Dec 2023 ₹398 Cr | Mar 2024 ₹615 Cr | Jun 2024 ₹523 Cr | Sep 2024 ₹321 Cr | Dec 2024 ₹447 Cr | Mar 2025 ₹580 Cr | Jun 2025 ₹533 Cr | Sep 2025 ₹431 Cr | Dec 2025 ₹460 Cr | Mar 2026 ₹564 Cr | Jun 2026 —
- ANDHRSUGAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹559 Cr | Mar 2023 ₹539 Cr | Jun 2023 ₹492 Cr | Sep 2023 ₹518 Cr | Dec 2023 ₹451 Cr | Mar 2024 ₹433 Cr | Jun 2024 ₹480 Cr | Sep 2024 ₹528 Cr | Dec 2024 ₹511 Cr | Mar 2025 ₹500 Cr | Jun 2025 ₹600 Cr | Sep 2025 ₹597 Cr | Dec 2025 ₹631 Cr | Mar 2026 ₹637 Cr | Jun 2026 —
- AVADHSUGAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹675 Cr | Mar 2023 ₹846 Cr | Jun 2023 ₹682 Cr | Sep 2023 ₹798 Cr | Dec 2023 ₹594 Cr | Mar 2024 ₹620 Cr | Jun 2024 ₹708 Cr | Sep 2024 ₹632 Cr | Dec 2024 ₹617 Cr | Mar 2025 ₹679 Cr | Jun 2025 ₹717 Cr | Sep 2025 ₹668 Cr | Dec 2025 ₹638 Cr | Mar 2026 ₹671 Cr | Jun 2026 —
- DHAMPURSUG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹544 Cr | Mar 2023 ₹671 Cr | Jun 2023 ₹783 Cr | Sep 2023 ₹459 Cr | Dec 2023 ₹365 Cr | Mar 2024 ₹562 Cr | Jun 2024 ₹504 Cr | Sep 2024 ₹421 Cr | Dec 2024 ₹412 Cr | Mar 2025 ₹619 Cr | Jun 2025 ₹521 Cr | Sep 2025 ₹504 Cr | Dec 2025 ₹451 Cr | Mar 2026 ₹491 Cr | Jun 2026 ₹553 Cr
- UTTAMSUGAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹460 Cr | Sep 2023 ₹604 Cr | Dec 2023 ₹518 Cr | Mar 2024 ₹465 Cr | Jun 2024 ₹454 Cr | Sep 2024 ₹401 Cr | Dec 2024 ₹425 Cr | Mar 2025 ₹567 Cr | Jun 2025 ₹629 Cr | Sep 2025 ₹582 Cr | Dec 2025 ₹521 Cr | Mar 2026 ₹470 Cr | Jun 2026 —
- ZUARIIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹252 Cr | Mar 2023 ₹282 Cr | Jun 2023 ₹191 Cr | Sep 2023 ₹269 Cr | Dec 2023 ₹116 Cr | Mar 2024 ₹262 Cr | Jun 2024 ₹226 Cr | Sep 2024 ₹237 Cr | Dec 2024 ₹235 Cr | Mar 2025 ₹272 Cr | Jun 2025 ₹257 Cr | Sep 2025 ₹241 Cr | Dec 2025 ₹263 Cr | Mar 2026 ₹284 Cr | Jun 2026 —
- MAGADSUGAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹210 Cr | Mar 2023 ₹299 Cr | Jun 2023 ₹301 Cr | Sep 2023 ₹289 Cr | Dec 2023 ₹219 Cr | Mar 2024 ₹288 Cr | Jun 2024 ₹359 Cr | Sep 2024 ₹324 Cr | Dec 2024 ₹284 Cr | Mar 2025 ₹355 Cr | Jun 2025 ₹333 Cr | Sep 2025 ₹324 Cr | Dec 2025 ₹296 Cr | Mar 2026 ₹291 Cr | Jun 2026 —
- DBOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹594 Cr | Mar 2023 ₹803 Cr | Jun 2023 ₹583 Cr | Sep 2023 ₹538 Cr | Dec 2023 ₹280 Cr | Mar 2024 ₹463 Cr | Jun 2024 ₹467 Cr | Sep 2024 ₹466 Cr | Dec 2024 ₹464 Cr | Mar 2025 ₹464 Cr | Jun 2025 ₹492 Cr | Sep 2025 ₹558 Cr | Dec 2025 ₹486 Cr | Mar 2026 ₹460 Cr | Jun 2026 ₹533 Cr
- DAVANGERE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹95 Cr | Mar 2023 ₹88 Cr | Jun 2023 ₹48 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹78 Cr | Mar 2024 ₹64 Cr | Jun 2024 ₹46 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹73 Cr | Mar 2025 ₹57 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹83 Cr | Mar 2026 ₹84 Cr | Jun 2026 —
- DCMSRIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹533 Cr | Dec 2022 ₹574 Cr | Mar 2023 ₹535 Cr | Jun 2023 ₹522 Cr | Sep 2023 ₹580 Cr | Dec 2023 ₹468 Cr | Mar 2024 ₹512 Cr | Jun 2024 ₹554 Cr | Sep 2024 ₹533 Cr | Dec 2024 ₹493 Cr | Mar 2025 ₹472 Cr | Jun 2025 ₹499 Cr | Sep 2025 ₹527 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Revenue growth history
- DCMSHRIRAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 46% | Sep 2022 28% | Dec 2022 19% | Mar 2023 -2.7% | Jun 2023 -2.5% | Sep 2023 -1.2% | Dec 2023 -6.2% | Mar 2024 -12% | Jun 2024 3.5% | Sep 2024 9.2% | Dec 2024 11% | Mar 2025 20% | Jun 2025 13% | Sep 2025 11% | Dec 2025 13% | Mar 2026 11% | Jun 2026 9.3%
- EIDPARRY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -22% | Mar 2024 -19% | Jun 2024 -4.0% | Sep 2024 3.0% | Dec 2024 12% | Mar 2025 23% | Jun 2025 29% | Sep 2025 25% | Dec 2025 18% | Mar 2026 16% | Jun 2026 —
- BALRAMCHIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -5.3% | Sep 2022 -8.3% | Dec 2022 -19% | Mar 2023 17% | Jun 2023 29% | Sep 2023 38% | Dec 2023 25% | Mar 2024 -3.9% | Jun 2024 2.3% | Sep 2024 -16% | Dec 2024 -3.1% | Mar 2025 4.9% | Jun 2025 8.4% | Sep 2025 29% | Dec 2025 22% | Mar 2026 6.7% | Jun 2026 —
- TRIVENI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -10% | Mar 2024 -18% | Jun 2024 8.6% | Sep 2024 5.8% | Dec 2024 -3.3% | Mar 2025 25% | Jun 2025 19% | Sep 2025 14% | Dec 2025 17% | Mar 2026 -14% | Jun 2026 2.1%
- RENUKA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 135% | Sep 2022 55% | Dec 2022 27% | Mar 2023 7.1% | Jun 2023 17% | Sep 2023 17% | Dec 2023 20% | Mar 2024 45% | Jun 2024 34% | Sep 2024 0.4% | Dec 2024 -15% | Mar 2025 -20% | Jun 2025 -34% | Sep 2025 -5.6% | Dec 2025 -13% | Mar 2026 -5.3% | Jun 2026 —
- BANARISUG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 14% | Dec 2022 31% | Mar 2023 41% | Jun 2023 0.9% | Sep 2023 18% | Dec 2023 -18% | Mar 2024 -36% | Jun 2024 -6.3% | Sep 2024 -21% | Dec 2024 -45% | Mar 2025 17% | Jun 2025 3.7% | Sep 2025 21% | Dec 2025 53% | Mar 2026 -43% | Jun 2026 —
- BAJAJHIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 -1.6% | Dec 2022 14% | Mar 2023 27% | Jun 2023 -11% | Sep 2023 -14% | Dec 2023 22% | Mar 2024 -9.0% | Jun 2024 1.9% | Sep 2024 2.4% | Dec 2024 -15% | Mar 2025 -17% | Jun 2025 -10.0% | Sep 2025 -0.3% | Dec 2025 -6.5% | Mar 2026 7.4% | Jun 2026 —
- DALMIASUG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 -20% | Dec 2022 -2.6% | Mar 2023 34% | Jun 2023 -11% | Sep 2023 26% | Dec 2023 -2.7% | Mar 2024 -35% | Jun 2024 15% | Sep 2024 27% | Dec 2024 43% | Mar 2025 35% | Jun 2025 -2.0% | Sep 2025 6.8% | Dec 2025 -17% | Mar 2026 -2.5% | Jun 2026 —
- MVKAGRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 315% | Mar 2026 97% | Jun 2026 —
- GODAVARIB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 34% | Dec 2024 12% | Mar 2025 -5.7% | Jun 2025 1.9% | Sep 2025 34% | Dec 2025 2.9% | Mar 2026 -2.8% | Jun 2026 —
- ANDHRSUGAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -19% | Mar 2024 -20% | Jun 2024 -2.4% | Sep 2024 2.0% | Dec 2024 13% | Mar 2025 15% | Jun 2025 25% | Sep 2025 13% | Dec 2025 24% | Mar 2026 27% | Jun 2026 —
- AVADHSUGAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -12% | Mar 2024 -27% | Jun 2024 3.8% | Sep 2024 -21% | Dec 2024 3.9% | Mar 2025 9.5% | Jun 2025 1.3% | Sep 2025 5.7% | Dec 2025 3.4% | Mar 2026 -1.2% | Jun 2026 —
- DHAMPURSUG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -33% | Mar 2024 -16% | Jun 2024 -36% | Sep 2024 -8.3% | Dec 2024 13% | Mar 2025 10% | Jun 2025 3.4% | Sep 2025 20% | Dec 2025 9.5% | Mar 2026 -21% | Jun 2026 6.0%
- UTTAMSUGAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -1.3% | Sep 2024 -34% | Dec 2024 -18% | Mar 2025 22% | Jun 2025 39% | Sep 2025 45% | Dec 2025 23% | Mar 2026 -17% | Jun 2026 —
- ZUARIIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -54% | Mar 2024 -7.1% | Jun 2024 18% | Sep 2024 -12% | Dec 2024 103% | Mar 2025 3.8% | Jun 2025 14% | Sep 2025 1.7% | Dec 2025 12% | Mar 2026 4.4% | Jun 2026 —
- MAGADSUGAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.3% | Mar 2024 -3.7% | Jun 2024 19% | Sep 2024 12% | Dec 2024 30% | Mar 2025 23% | Jun 2025 -7.2% | Sep 2025 0.0% | Dec 2025 4.2% | Mar 2026 -18% | Jun 2026 —
- DBOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -53% | Mar 2024 -42% | Jun 2024 -20% | Sep 2024 -13% | Dec 2024 66% | Mar 2025 0.2% | Jun 2025 5.4% | Sep 2025 20% | Dec 2025 4.7% | Mar 2026 -0.9% | Jun 2026 8.3%
- DAVANGERE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -17% | Mar 2024 -28% | Jun 2024 -4.5% | Sep 2024 46% | Dec 2024 -6.6% | Mar 2025 -10% | Jun 2025 -47% | Sep 2025 23% | Dec 2025 13% | Mar 2026 47% | Jun 2026 —
- DCMSRIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 9.0% | Dec 2023 -18% | Mar 2024 -4.3% | Jun 2024 6.0% | Sep 2024 -8.2% | Dec 2024 5.3% | Mar 2025 -7.8% | Jun 2025 -10.0% | Sep 2025 -1.2% | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Magadh Sugar & Energy Ltd leads opm at 27%; M.V.K. Agro Food Product Ltd leads margin change at +17 percentage points.

Investor read: Magadh Sugar & Energy Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

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

Evidence: Magadh Sugar & Energy Ltd · 27% | 22.7% versus #2 · Bajaj Hindusthan Sugar Ltd | 2/8 recent comparable periods | 20/20 companies · 365 observations

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

### OPM — highest
1. Magadh Sugar & Energy Ltd (MAGADSUGAR): 27%
2. Bajaj Hindusthan Sugar Ltd (BAJAJHIND): 22%
3. M.V.K. Agro Food Product Ltd (MVKAGRO): 22%
4. Uttam Sugar Mills Ltd (UTTAMSUGAR): 21%
5. Avadh Sugar & Energy Ltd (AVADHSUGAR): 18%

### Margin change — fastest expanders
1. M.V.K. Agro Food Product Ltd (MVKAGRO): +17.0 pp
2. Bajaj Hindusthan Sugar Ltd (BAJAJHIND): +4.0 pp
3. Dhampur Sugar Mills Ltd (DHAMPURSUG): +1.3 pp
4. Uttam Sugar Mills Ltd (UTTAMSUGAR): +1.0 pp
5. Zuari Industries Ltd (ZUARIIND): +1.0 pp

### 20-quarter OPM history
- DCMSHRIRAM: Sep 2021 14% | Dec 2021 21% | Mar 2022 22% | Jun 2022 15% | Sep 2022 9.9% | Dec 2022 17% | Mar 2023 13% | Jun 2023 6.0% | Sep 2023 4.2% | Dec 2023 15% | Mar 2024 11% | Jun 2024 9.0% | Sep 2024 6.0% | Dec 2024 15% | Mar 2025 14% | Jun 2025 9.0% | Sep 2025 9.0% | Dec 2025 14% | Mar 2026 11% | Jun 2026 9.0%
- EIDPARRY: Sep 2021 11% | Dec 2021 9.4% | Mar 2022 11% | Jun 2022 9.7% | Sep 2022 8.4% | Dec 2022 9.0% | Mar 2023 9.0% | Jun 2023 9.0% | Sep 2023 12% | Dec 2023 5.0% | Mar 2024 8.0% | Jun 2024 7.0% | Sep 2024 10% | Dec 2024 8.0% | Mar 2025 8.0% | Jun 2025 9.0% | Sep 2025 10% | Dec 2025 8.0% | Mar 2026 8.0% | Jun 2026 —
- BALRAMCHIN: Sep 2021 11% | Dec 2021 8.2% | Mar 2022 26% | Jun 2022 4.1% | Sep 2022 -1.4% | Dec 2022 8.0% | Mar 2023 27% | Jun 2023 12% | Sep 2023 11% | Dec 2023 9.0% | Mar 2024 24% | Jun 2024 12% | Sep 2024 3.8% | Dec 2024 10% | Mar 2025 24% | Jun 2025 9.0% | Sep 2025 7.0% | Dec 2025 14% | Mar 2026 18% | Jun 2026 —
- TRIVENI: Sep 2021 10% | Dec 2021 18% | Mar 2022 16% | Jun 2022 9.3% | Sep 2022 3.4% | Dec 2022 13% | Mar 2023 17% | Jun 2023 10% | Sep 2023 4.5% | Dec 2023 15% | Mar 2024 19% | Jun 2024 6.6% | Sep 2024 0.3% | Dec 2024 6.1% | Mar 2025 19% | Jun 2025 2.4% | Sep 2025 3.9% | Dec 2025 10% | Mar 2026 17% | Jun 2026 3.4%
- RENUKA: Sep 2021 2.5% | Dec 2021 8.5% | Mar 2022 13% | Jun 2022 2.7% | Sep 2022 2.1% | Dec 2022 8.0% | Mar 2023 11% | Jun 2023 3.1% | Sep 2023 2.5% | Dec 2023 8.0% | Mar 2024 8.0% | Jun 2024 2.7% | Sep 2024 9.0% | Dec 2024 -0.1% | Mar 2025 11% | Jun 2025 -4.3% | Sep 2025 -8.0% | Dec 2025 11% | Mar 2026 1.5% | Jun 2026 —
- BANARISUG: Sep 2021 12% | Dec 2021 9.2% | Mar 2022 15% | Jun 2022 8.2% | Sep 2022 13% | Dec 2022 10% | Mar 2023 16% | Jun 2023 10% | Sep 2023 15% | Dec 2023 16% | Mar 2024 12% | Jun 2024 7.0% | Sep 2024 14% | Dec 2024 15% | Mar 2025 11% | Jun 2025 9.0% | Sep 2025 13% | Dec 2025 13% | Mar 2026 1.3% | Jun 2026 —
- BAJAJHIND: Sep 2021 0.1% | Dec 2021 -4.2% | Mar 2022 9.5% | Jun 2022 2.2% | Sep 2022 -6.0% | Dec 2022 6.0% | Mar 2023 11% | Jun 2023 1.6% | Sep 2023 -4.9% | Dec 2023 6.0% | Mar 2024 9.0% | Jun 2024 2.0% | Sep 2024 0.1% | Dec 2024 -1.7% | Mar 2025 18% | Jun 2025 -2.1% | Sep 2025 -4.7% | Dec 2025 5.0% | Mar 2026 22% | Jun 2026 —
- DALMIASUG: Sep 2021 12% | Dec 2021 14% | Mar 2022 15% | Jun 2022 8.7% | Sep 2022 -3.6% | Dec 2022 19% | Mar 2023 18% | Jun 2023 14% | Sep 2023 9.0% | Dec 2023 19% | Mar 2024 16% | Jun 2024 12% | Sep 2024 7.0% | Dec 2024 12% | Mar 2025 19% | Jun 2025 10% | Sep 2025 6.0% | Dec 2025 16% | Mar 2026 17% | Jun 2026 —
- MVKAGRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 22% | Dec 2023 — | Mar 2024 13% | Jun 2024 — | Sep 2024 18% | Dec 2024 22% | Mar 2025 5.0% | Jun 2025 — | Sep 2025 19% | Dec 2025 13% | Mar 2026 22% | Jun 2026 —
- GODAVARIB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -13% | Dec 2023 11% | Mar 2024 18% | Jun 2024 -2.3% | Sep 2024 -10% | Dec 2024 8.0% | Mar 2025 19% | Jun 2025 1.1% | Sep 2025 -1.8% | Dec 2025 9.0% | Mar 2026 15% | Jun 2026 —
- ANDHRSUGAR: Sep 2021 11% | Dec 2021 13% | Mar 2022 16% | Jun 2022 16% | Sep 2022 12% | Dec 2022 12% | Mar 2023 9.9% | Jun 2023 8.2% | Sep 2023 5.4% | Dec 2023 3.3% | Mar 2024 7.0% | Jun 2024 2.3% | Sep 2024 3.9% | Dec 2024 3.2% | Mar 2025 9.3% | Jun 2025 8.6% | Sep 2025 9.2% | Dec 2025 7.6% | Mar 2026 7.5% | Jun 2026 —
- AVADHSUGAR: Sep 2021 12% | Dec 2021 9.8% | Mar 2022 11% | Jun 2022 9.3% | Sep 2022 0.1% | Dec 2022 7.0% | Mar 2023 17% | Jun 2023 11% | Sep 2023 10% | Dec 2023 10% | Mar 2024 20% | Jun 2024 8.0% | Sep 2024 5.0% | Dec 2024 6.0% | Mar 2025 22% | Jun 2025 3.9% | Sep 2025 2.7% | Dec 2025 9.0% | Mar 2026 18% | Jun 2026 —
- DHAMPURSUG: Sep 2021 13% | Dec 2021 18% | Mar 2022 15% | Jun 2022 12% | Sep 2022 5.7% | Dec 2022 16% | Mar 2023 16% | Jun 2023 12% | Sep 2023 4.8% | Dec 2023 15% | Mar 2024 17% | Jun 2024 5.4% | Sep 2024 -0.1% | Dec 2024 10% | Mar 2025 16% | Jun 2025 4.4% | Sep 2025 1.9% | Dec 2025 12% | Mar 2026 17% | Jun 2026 5.7%
- UTTAMSUGAR: Sep 2021 5.5% | Dec 2021 12% | Mar 2022 20% | Jun 2022 13% | Sep 2022 1.3% | Dec 2022 11% | Mar 2023 21% | Jun 2023 14% | Sep 2023 7.0% | Dec 2023 14% | Mar 2024 18% | Jun 2024 8.0% | Sep 2024 0.8% | Dec 2024 14% | Mar 2025 20% | Jun 2025 8.0% | Sep 2025 3.9% | Dec 2025 11% | Mar 2026 21% | Jun 2026 —
- ZUARIIND: Sep 2021 -6.9% | Dec 2021 -17% | Mar 2022 16% | Jun 2022 -0.0% | Sep 2022 -12% | Dec 2022 -2.0% | Mar 2023 17% | Jun 2023 -27% | Sep 2023 -5.0% | Dec 2023 -9.0% | Mar 2024 46% | Jun 2024 11% | Sep 2024 1.7% | Dec 2024 -3.0% | Mar 2025 10% | Jun 2025 10% | Sep 2025 4.5% | Dec 2025 -2.9% | Mar 2026 11% | Jun 2026 —
- MAGADSUGAR: Sep 2021 5.4% | Dec 2021 21% | Mar 2022 18% | Jun 2022 6.2% | Sep 2022 1.1% | Dec 2022 22% | Mar 2023 23% | Jun 2023 13% | Sep 2023 11% | Dec 2023 28% | Mar 2024 28% | Jun 2024 10% | Sep 2024 6.0% | Dec 2024 14% | Mar 2025 32% | Jun 2025 6.0% | Sep 2025 0.6% | Dec 2025 16% | Mar 2026 27% | Jun 2026 —
- DWARKESH: Sep 2021 15% | Dec 2021 9.2% | Mar 2022 22% | Jun 2022 11% | Sep 2022 5.2% | Dec 2022 6.9% | Mar 2023 16% | Jun 2023 13% | Sep 2023 6.5% | Dec 2023 8.3% | Mar 2024 19% | Jun 2024 0.7% | Sep 2024 -9.4% | Dec 2024 8.7% | Mar 2025 23% | Jun 2025 1.0% | Sep 2025 -17% | Dec 2025 12% | Mar 2026 20% | Jun 2026 -7.2%
- DBOL: Sep 2021 3.5% | Dec 2021 10% | Mar 2022 20% | Jun 2022 6.4% | Sep 2022 4.3% | Dec 2022 6.0% | Mar 2023 14% | Jun 2023 7.0% | Sep 2023 3.6% | Dec 2023 -1.6% | Mar 2024 18% | Jun 2024 7.0% | Sep 2024 -2.1% | Dec 2024 3.4% | Mar 2025 21% | Jun 2025 1.8% | Sep 2025 -1.4% | Dec 2025 9.0% | Mar 2026 17% | Jun 2026 1.7%
- DAVANGERE: Sep 2021 35% | Dec 2021 29% | Mar 2022 28% | Jun 2022 20% | Sep 2022 22% | Dec 2022 18% | Mar 2023 21% | Jun 2023 15% | Sep 2023 43% | Dec 2023 20% | Mar 2024 17% | Jun 2024 21% | Sep 2024 37% | Dec 2024 25% | Mar 2025 17% | Jun 2025 47% | Sep 2025 32% | Dec 2025 16% | Mar 2026 10% | Jun 2026 —
- DCMSRIND: Sep 2021 6.3% | Dec 2021 7.7% | Mar 2022 5.6% | Jun 2022 5.9% | Sep 2022 2.8% | Dec 2022 4.8% | Mar 2023 11% | Jun 2023 11% | Sep 2023 7.9% | Dec 2023 11% | Mar 2024 14% | Jun 2024 11% | Sep 2024 8.6% | Dec 2024 8.7% | Mar 2025 10% | Jun 2025 8.7% | Sep 2025 1.8% | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Margin change history
- DCMSHRIRAM: Sep 2021 +2.7 pp | Dec 2021 +2.4 pp | Mar 2022 +5.6 pp | Jun 2022 +0.8 pp | Sep 2022 −3.7 pp | Dec 2022 −4.1 pp | Mar 2023 −9.1 pp | Jun 2023 −9.3 pp | Sep 2023 −5.7 pp | Dec 2023 −2.0 pp | Mar 2024 −2.0 pp | Jun 2024 +3.0 pp | Sep 2024 +1.8 pp | Dec 2024 0.0 pp | Mar 2025 +3.0 pp | Jun 2025 0.0 pp | Sep 2025 +3.0 pp | Dec 2025 −1.0 pp | Mar 2026 −3.0 pp | Jun 2026 0.0 pp
- EIDPARRY: Sep 2021 −4.3 pp | Dec 2021 −2.6 pp | Mar 2022 +3.9 pp | Jun 2022 −0.3 pp | Sep 2022 −2.3 pp | Dec 2022 −0.4 pp | Mar 2023 −1.9 pp | Jun 2023 −0.7 pp | Sep 2023 +3.6 pp | Dec 2023 −4.0 pp | Mar 2024 −1.0 pp | Jun 2024 −2.0 pp | Sep 2024 −2.0 pp | Dec 2024 +3.0 pp | Mar 2025 0.0 pp | Jun 2025 +2.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- BALRAMCHIN: Sep 2021 +1.2 pp | Dec 2021 +4.8 pp | Mar 2022 −6.8 pp | Jun 2022 −7.6 pp | Sep 2022 −12.5 pp | Dec 2022 −0.2 pp | Mar 2023 +1.2 pp | Jun 2023 +7.9 pp | Sep 2023 +12.4 pp | Dec 2023 +1.0 pp | Mar 2024 −3.0 pp | Jun 2024 0.0 pp | Sep 2024 −7.2 pp | Dec 2024 +1.0 pp | Mar 2025 0.0 pp | Jun 2025 −3.0 pp | Sep 2025 +3.2 pp | Dec 2025 +4.0 pp | Mar 2026 −6.0 pp | Jun 2026 —
- TRIVENI: Sep 2021 +3.5 pp | Dec 2021 +3.9 pp | Mar 2022 +3.0 pp | Jun 2022 −5.1 pp | Sep 2022 −6.7 pp | Dec 2022 −5.2 pp | Mar 2023 +0.7 pp | Jun 2023 +1.1 pp | Sep 2023 +1.1 pp | Dec 2023 +1.7 pp | Mar 2024 +1.9 pp | Jun 2024 −3.8 pp | Sep 2024 −4.1 pp | Dec 2024 −8.6 pp | Mar 2025 +0.1 pp | Jun 2025 −4.3 pp | Sep 2025 +3.6 pp | Dec 2025 +4.1 pp | Mar 2026 −2.1 pp | Jun 2026 +1.0 pp
- RENUKA: Sep 2021 −5.7 pp | Dec 2021 +0.7 pp | Mar 2022 −6.3 pp | Jun 2022 +13.2 pp | Sep 2022 −0.4 pp | Dec 2022 −0.5 pp | Mar 2023 −1.6 pp | Jun 2023 +0.4 pp | Sep 2023 +0.4 pp | Dec 2023 0.0 pp | Mar 2024 −3.0 pp | Jun 2024 −0.4 pp | Sep 2024 +6.5 pp | Dec 2024 −8.1 pp | Mar 2025 +3.0 pp | Jun 2025 −7.0 pp | Sep 2025 −17.0 pp | Dec 2025 +11.1 pp | Mar 2026 −9.5 pp | Jun 2026 —
- BANARISUG: Sep 2021 −2.8 pp | Dec 2021 −4.8 pp | Mar 2022 +3.0 pp | Jun 2022 +0.7 pp | Sep 2022 +1.8 pp | Dec 2022 +0.9 pp | Mar 2023 +0.8 pp | Jun 2023 +1.8 pp | Sep 2023 +1.6 pp | Dec 2023 +6.0 pp | Mar 2024 −4.0 pp | Jun 2024 −3.0 pp | Sep 2024 −1.0 pp | Dec 2024 −1.0 pp | Mar 2025 −1.0 pp | Jun 2025 +2.0 pp | Sep 2025 −1.0 pp | Dec 2025 −2.0 pp | Mar 2026 −9.7 pp | Jun 2026 —
- BAJAJHIND: Sep 2021 +2.8 pp | Dec 2021 −0.0 pp | Mar 2022 −1.2 pp | Jun 2022 −2.9 pp | Sep 2022 −6.1 pp | Dec 2022 +10.2 pp | Mar 2023 +1.5 pp | Jun 2023 −0.6 pp | Sep 2023 +1.1 pp | Dec 2023 0.0 pp | Mar 2024 −2.0 pp | Jun 2024 +0.4 pp | Sep 2024 +5.0 pp | Dec 2024 −7.7 pp | Mar 2025 +9.0 pp | Jun 2025 −4.1 pp | Sep 2025 −4.8 pp | Dec 2025 +6.7 pp | Mar 2026 +4.0 pp | Jun 2026 —
- DALMIASUG: Sep 2021 −0.8 pp | Dec 2021 +4.8 pp | Mar 2022 −11.0 pp | Jun 2022 −8.5 pp | Sep 2022 −15.6 pp | Dec 2022 +5.0 pp | Mar 2023 +3.0 pp | Jun 2023 +5.3 pp | Sep 2023 +12.6 pp | Dec 2023 0.0 pp | Mar 2024 −2.0 pp | Jun 2024 −2.0 pp | Sep 2024 −2.0 pp | Dec 2024 −7.0 pp | Mar 2025 +3.0 pp | Jun 2025 −2.0 pp | Sep 2025 −1.0 pp | Dec 2025 +4.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- MVKAGRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −4.0 pp | Jun 2024 — | Sep 2024 −3.3 pp | Dec 2024 — | Mar 2025 −8.1 pp | Jun 2025 — | Sep 2025 +0.8 pp | Dec 2025 −9.0 pp | Mar 2026 +17.0 pp | Jun 2026 —
- GODAVARIB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +3.0 pp | Dec 2024 −3.0 pp | Mar 2025 +1.0 pp | Jun 2025 +3.4 pp | Sep 2025 +8.2 pp | Dec 2025 +1.0 pp | Mar 2026 −4.0 pp | Jun 2026 —
- ANDHRSUGAR: Sep 2021 −4.7 pp | Dec 2021 +1.3 pp | Mar 2022 +1.5 pp | Jun 2022 +1.7 pp | Sep 2022 +0.9 pp | Dec 2022 −0.6 pp | Mar 2023 −5.7 pp | Jun 2023 −7.4 pp | Sep 2023 −6.3 pp | Dec 2023 −8.7 pp | Mar 2024 −2.9 pp | Jun 2024 −5.9 pp | Sep 2024 −1.5 pp | Dec 2024 −0.1 pp | Mar 2025 +2.3 pp | Jun 2025 +6.3 pp | Sep 2025 +5.3 pp | Dec 2025 +4.4 pp | Mar 2026 −1.8 pp | Jun 2026 —
- AVADHSUGAR: Sep 2021 +3.4 pp | Dec 2021 +3.6 pp | Mar 2022 −1.7 pp | Jun 2022 −2.0 pp | Sep 2022 −12.0 pp | Dec 2022 −2.8 pp | Mar 2023 +5.8 pp | Jun 2023 +1.7 pp | Sep 2023 +9.9 pp | Dec 2023 +3.0 pp | Mar 2024 +3.0 pp | Jun 2024 −3.0 pp | Sep 2024 −5.0 pp | Dec 2024 −4.0 pp | Mar 2025 +2.0 pp | Jun 2025 −4.1 pp | Sep 2025 −2.3 pp | Dec 2025 +3.0 pp | Mar 2026 −4.0 pp | Jun 2026 —
- DHAMPURSUG: Sep 2021 +5.7 pp | Dec 2021 +7.8 pp | Mar 2022 −0.2 pp | Jun 2022 −1.0 pp | Sep 2022 −7.7 pp | Dec 2022 −1.9 pp | Mar 2023 +1.5 pp | Jun 2023 +0.4 pp | Sep 2023 −0.9 pp | Dec 2023 −1.3 pp | Mar 2024 +1.1 pp | Jun 2024 −6.7 pp | Sep 2024 −4.9 pp | Dec 2024 −4.6 pp | Mar 2025 −0.8 pp | Jun 2025 −1.0 pp | Sep 2025 +2.0 pp | Dec 2025 +2.3 pp | Mar 2026 +1.0 pp | Jun 2026 +1.3 pp
- UTTAMSUGAR: Sep 2021 +1.8 pp | Dec 2021 +1.8 pp | Mar 2022 +4.5 pp | Jun 2022 −3.6 pp | Sep 2022 −4.2 pp | Dec 2022 −1.2 pp | Mar 2023 +1.5 pp | Jun 2023 +1.5 pp | Sep 2023 +5.7 pp | Dec 2023 +3.2 pp | Mar 2024 −3.2 pp | Jun 2024 −6.0 pp | Sep 2024 −6.2 pp | Dec 2024 0.0 pp | Mar 2025 +2.0 pp | Jun 2025 0.0 pp | Sep 2025 +3.1 pp | Dec 2025 −3.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- ZUARIIND: Sep 2021 +4.9 pp | Dec 2021 −20.6 pp | Mar 2022 −0.4 pp | Jun 2022 +11.4 pp | Sep 2022 −5.6 pp | Dec 2022 +15.1 pp | Mar 2023 +0.9 pp | Jun 2023 −27.0 pp | Sep 2023 +7.4 pp | Dec 2023 −7.0 pp | Mar 2024 +29.0 pp | Jun 2024 +38.0 pp | Sep 2024 +6.7 pp | Dec 2024 +6.0 pp | Mar 2025 −36.0 pp | Jun 2025 −1.0 pp | Sep 2025 +2.8 pp | Dec 2025 +0.1 pp | Mar 2026 +1.0 pp | Jun 2026 —
- MAGADSUGAR: Sep 2021 +3.3 pp | Dec 2021 +2.4 pp | Mar 2022 +1.9 pp | Jun 2022 +2.1 pp | Sep 2022 −4.3 pp | Dec 2022 +1.3 pp | Mar 2023 +5.1 pp | Jun 2023 +6.8 pp | Sep 2023 +9.9 pp | Dec 2023 +6.0 pp | Mar 2024 +5.0 pp | Jun 2024 −3.0 pp | Sep 2024 −5.0 pp | Dec 2024 −14.0 pp | Mar 2025 +4.0 pp | Jun 2025 −4.0 pp | Sep 2025 −5.4 pp | Dec 2025 +2.0 pp | Mar 2026 −5.0 pp | Jun 2026 —
- DWARKESH: Sep 2021 +3.9 pp | Dec 2021 +3.1 pp | Mar 2022 +7.8 pp | Jun 2022 −3.6 pp | Sep 2022 −9.5 pp | Dec 2022 −2.3 pp | Mar 2023 −5.3 pp | Jun 2023 +2.2 pp | Sep 2023 +1.2 pp | Dec 2023 +1.4 pp | Mar 2024 +3.0 pp | Jun 2024 −12.8 pp | Sep 2024 −15.8 pp | Dec 2024 +0.4 pp | Mar 2025 +4.1 pp | Jun 2025 +0.3 pp | Sep 2025 −7.4 pp | Dec 2025 +2.9 pp | Mar 2026 −3.0 pp | Jun 2026 −8.2 pp
- DBOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.0 pp | Sep 2022 +0.9 pp | Dec 2022 −4.2 pp | Mar 2023 −6.1 pp | Jun 2023 +0.6 pp | Sep 2023 −0.7 pp | Dec 2023 −7.6 pp | Mar 2024 +4.0 pp | Jun 2024 0.0 pp | Sep 2024 −5.7 pp | Dec 2024 +5.0 pp | Mar 2025 +3.0 pp | Jun 2025 −5.2 pp | Sep 2025 +0.7 pp | Dec 2025 +5.6 pp | Mar 2026 −4.0 pp | Jun 2026 −0.1 pp
- DAVANGERE: Sep 2021 +1.0 pp | Dec 2021 −4.3 pp | Mar 2022 +25.0 pp | Jun 2022 +8.7 pp | Sep 2022 −12.6 pp | Dec 2022 −11.0 pp | Mar 2023 −6.7 pp | Jun 2023 −4.5 pp | Sep 2023 +20.6 pp | Dec 2023 +2.5 pp | Mar 2024 −4.2 pp | Jun 2024 +5.6 pp | Sep 2024 −5.5 pp | Dec 2024 +4.6 pp | Mar 2025 +0.2 pp | Jun 2025 +26.5 pp | Sep 2025 −5.2 pp | Dec 2025 −8.7 pp | Mar 2026 −6.9 pp | Jun 2026 —
- DCMSRIND: Sep 2021 −3.3 pp | Dec 2021 +0.5 pp | Mar 2022 −2.3 pp | Jun 2022 −1.6 pp | Sep 2022 −3.6 pp | Dec 2022 −3.0 pp | Mar 2023 +5.4 pp | Jun 2023 +5.0 pp | Sep 2023 +5.1 pp | Dec 2023 +6.3 pp | Mar 2024 +2.6 pp | Jun 2024 +0.2 pp | Sep 2024 +0.7 pp | Dec 2024 −2.4 pp | Mar 2025 −3.3 pp | Jun 2025 −2.4 pp | Sep 2025 −6.8 pp | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: DCM Shriram Ltd leads with ₹1,436 crore of TTM profit, 4.1% above EID Parry (India) Ltd. Andhra Sugars Ltd shows ≥100% on the scoring scale (228% uncapped) growth from a ₹87 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: DCM Shriram Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

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

Evidence: DCM Shriram Ltd · ₹1,436 crore | 4.1% versus #2 · EID Parry (India) Ltd | 7/8 recent comparable periods | 19/20 companies · 285 observations

Definition: 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 — largest
1. DCM Shriram Ltd (DCMSHRIRAM): ₹1.4K Cr
2. EID Parry (India) Ltd (EIDPARRY): ₹1.4K Cr
3. Balrampur Chini Mills Ltd (BALRAMCHIN): ₹379 Cr
4. Triveni Engineering and Industries Ltd (TRIVENI): ₹270 Cr
5. Dalmia Bharat Sugar & Industries Ltd (DALMIASUG): ₹236 Cr

### Profit growth — fastest growers
1. Andhra Sugars Ltd (ANDHRSUGAR): 100%
2. Bajaj Hindusthan Sugar Ltd (BAJAJHIND): 100%
3. DCM Shriram Ltd (DCMSHRIRAM): 100%
4. Godavari Biorefineries Ltd (GODAVARIB): 100%
5. Bannari Amman Sugars Ltd (BANARISUG): 42%

### 20-quarter Net profit history
- DCMSHRIRAM: Sep 2021 ₹159 Cr | Dec 2021 ₹350 Cr | Mar 2022 ₹401 Cr | Jun 2022 ₹254 Cr | Sep 2022 ₹128 Cr | Dec 2022 ₹342 Cr | Mar 2023 ₹187 Cr | Jun 2023 ₹57 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹240 Cr | Mar 2024 ₹118 Cr | Jun 2024 ₹100 Cr | Sep 2024 ₹63 Cr | Dec 2024 ₹262 Cr | Mar 2025 ₹179 Cr | Jun 2025 ₹114 Cr | Sep 2025 ₹159 Cr | Dec 2025 ₹213 Cr | Mar 2026 ₹371 Cr | Jun 2026 ₹693 Cr
- EIDPARRY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹482 Cr | Mar 2023 ₹287 Cr | Jun 2023 ₹325 Cr | Sep 2023 ₹782 Cr | Dec 2023 ₹217 Cr | Mar 2024 ₹294 Cr | Jun 2024 ₹226 Cr | Sep 2024 ₹592 Cr | Dec 2024 ₹416 Cr | Mar 2025 ₹539 Cr | Jun 2025 ₹464 Cr | Sep 2025 ₹766 Cr | Dec 2025 ₹437 Cr | Mar 2026 ₹-287 Cr | Jun 2026 —
- BALRAMCHIN: Sep 2021 ₹83 Cr | Dec 2021 ₹64 Cr | Mar 2022 ₹240 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹-29 Cr | Dec 2022 ₹46 Cr | Mar 2023 ₹254 Cr | Jun 2023 ₹74 Cr | Sep 2023 ₹166 Cr | Dec 2023 ₹91 Cr | Mar 2024 ₹203 Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹67 Cr | Dec 2024 ₹70 Cr | Mar 2025 ₹229 Cr | Jun 2025 ₹52 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹113 Cr | Mar 2026 ₹160 Cr | Jun 2026 —
- TRIVENI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹147 Cr | Mar 2023 ₹190 Cr | Jun 2023 ₹68 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹137 Cr | Mar 2024 ₹161 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹-22 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹187 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹78 Cr | Mar 2026 ₹167 Cr | Jun 2026 ₹4 Cr
- RENUKA: Sep 2021 ₹-98 Cr | Dec 2021 ₹43 Cr | Mar 2022 ₹159 Cr | Jun 2022 ₹-114 Cr | Sep 2022 ₹-142 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹45 Cr | Jun 2023 ₹-139 Cr | Sep 2023 ₹-206 Cr | Dec 2023 ₹-172 Cr | Mar 2024 ₹-111 Cr | Jun 2024 ₹-166 Cr | Sep 2024 ₹-23 Cr | Dec 2024 ₹-204 Cr | Mar 2025 ₹93 Cr | Jun 2025 ₹-264 Cr | Sep 2025 ₹-369 Cr | Dec 2025 ₹-38 Cr | Mar 2026 ₹-121 Cr | Jun 2026 —
- BANARISUG: Sep 2021 ₹21 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹24 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹41 Cr | Mar 2023 ₹50 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹49 Cr | Dec 2023 ₹68 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹35 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹43 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹42 Cr | Jun 2026 —
- BAJAJHIND: Sep 2021 ₹-113 Cr | Dec 2021 ₹-165 Cr | Mar 2022 ₹60 Cr | Jun 2022 ₹-45 Cr | Sep 2022 ₹-162 Cr | Dec 2022 ₹-58 Cr | Mar 2023 ₹131 Cr | Jun 2023 ₹-75 Cr | Sep 2023 ₹-123 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹91 Cr | Jun 2024 ₹-67 Cr | Sep 2024 ₹-76 Cr | Dec 2024 ₹-102 Cr | Mar 2025 ₹220 Cr | Jun 2025 ₹-174 Cr | Sep 2025 ₹-105 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹391 Cr | Jun 2026 —
- DALMIASUG: Sep 2021 ₹59 Cr | Dec 2021 ₹57 Cr | Mar 2022 ₹56 Cr | Jun 2022 ₹49 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹65 Cr | Mar 2023 ₹124 Cr | Jun 2023 ₹61 Cr | Sep 2023 ₹55 Cr | Dec 2023 ₹65 Cr | Mar 2024 ₹91 Cr | Jun 2024 ₹55 Cr | Sep 2024 ₹66 Cr | Dec 2024 ₹59 Cr | Mar 2025 ₹199 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹70 Cr | Mar 2026 ₹104 Cr | Jun 2026 —
- MVKAGRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹3 Cr | Mar 2025 ₹5 Cr | Jun 2025 — | Sep 2025 ₹2 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹31 Cr | Jun 2026 —
- GODAVARIB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹-65 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹65 Cr | Jun 2024 ₹-26 Cr | Sep 2024 ₹-75 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹72 Cr | Jun 2025 ₹-16 Cr | Sep 2025 ₹-42 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹53 Cr | Jun 2026 —
- ANDHRSUGAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹40 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹-0 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- AVADHSUGAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹18 Cr | Mar 2023 ₹79 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹55 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹72 Cr | Jun 2025 ₹-8 Cr | Sep 2025 ₹-7 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹56 Cr | Jun 2026 —
- DHAMPURSUG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹46 Cr | Mar 2023 ₹61 Cr | Jun 2023 ₹45 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹-13 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹49 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹-8 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹46 Cr | Jun 2026 ₹6 Cr
- UTTAMSUGAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹31 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹43 Cr | Mar 2024 ₹42 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹-14 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹64 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹55 Cr | Jun 2026 —
- ZUARIIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-4 Cr | Mar 2023 ₹102 Cr | Jun 2023 ₹-48 Cr | Sep 2023 ₹-32 Cr | Dec 2023 ₹729 Cr | Mar 2024 ₹63 Cr | Jun 2024 ₹-34 Cr | Sep 2024 ₹-15 Cr | Dec 2024 ₹-25 Cr | Mar 2025 ₹-21 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹164 Cr | Dec 2025 ₹-26 Cr | Mar 2026 ₹-32 Cr | Jun 2026 —
- MAGADSUGAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹22 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹72 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹-10 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹49 Cr | Jun 2026 —
- DBOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹15 Cr | Mar 2023 ₹80 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹-6 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹-23 Cr | Dec 2024 ₹-7 Cr | Mar 2025 ₹45 Cr | Jun 2025 ₹-22 Cr | Sep 2025 ₹-16 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹46 Cr | Jun 2026 ₹37 Cr
- DAVANGERE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- DCMSRIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹1 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹-3 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Profit growth history
- DCMSHRIRAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 61% | Sep 2022 -20% | Dec 2022 -2.3% | Mar 2023 -53% | Jun 2023 -78% | Sep 2023 -75% | Dec 2023 -30% | Mar 2024 -37% | Jun 2024 75% | Sep 2024 97% | Dec 2024 9.2% | Mar 2025 52% | Jun 2025 14% | Sep 2025 152% | Dec 2025 -19% | Mar 2026 107% | Jun 2026 508%
- EIDPARRY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -55% | Mar 2024 2.4% | Jun 2024 -30% | Sep 2024 -24% | Dec 2024 92% | Mar 2025 83% | Jun 2025 105% | Sep 2025 29% | Dec 2025 5.1% | Mar 2026 -153% | Jun 2026 —
- BALRAMCHIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -84% | Sep 2022 -135% | Dec 2022 -28% | Mar 2023 5.8% | Jun 2023 517% | Sep 2023 — | Dec 2023 98% | Mar 2024 -20% | Jun 2024 -5.4% | Sep 2024 -60% | Dec 2024 -23% | Mar 2025 13% | Jun 2025 -26% | Sep 2025 -19% | Dec 2025 61% | Mar 2026 -30% | Jun 2026 —
- TRIVENI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -6.5% | Mar 2024 -15% | Jun 2024 -54% | Sep 2024 -177% | Dec 2024 -69% | Mar 2025 16% | Jun 2025 -93% | Sep 2025 — | Dec 2025 83% | Mar 2026 -11% | Jun 2026 74%
- RENUKA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -67% | Mar 2023 -72% | Jun 2023 — | Sep 2023 — | Dec 2023 -1,329% | Mar 2024 -347% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -230% | Jun 2026 —
- BANARISUG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 420% | Sep 2022 29% | Dec 2022 37% | Mar 2023 108% | Jun 2023 -46% | Sep 2023 81% | Dec 2023 66% | Mar 2024 -56% | Jun 2024 -57% | Sep 2024 -31% | Dec 2024 -57% | Mar 2025 59% | Jun 2025 150% | Sep 2025 26% | Dec 2025 66% | Mar 2026 20% | Jun 2026 —
- BAJAJHIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 118% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -31% | Jun 2024 — | Sep 2024 — | Dec 2024 -610% | Mar 2025 142% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 78% | Jun 2026 —
- DALMIASUG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -60% | Sep 2022 -80% | Dec 2022 14% | Mar 2023 121% | Jun 2023 24% | Sep 2023 358% | Dec 2023 0.0% | Mar 2024 -27% | Jun 2024 -9.8% | Sep 2024 20% | Dec 2024 -9.2% | Mar 2025 119% | Jun 2025 -29% | Sep 2025 -65% | Dec 2025 19% | Mar 2026 -48% | Jun 2026 —
- MVKAGRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 233% | Mar 2026 520% | Jun 2026 —
- GODAVARIB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -84% | Mar 2025 11% | Jun 2025 — | Sep 2025 — | Dec 2025 33% | Mar 2026 -26% | Jun 2026 —
- ANDHRSUGAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -78% | Mar 2024 -23% | Jun 2024 -27% | Sep 2024 -74% | Dec 2024 -105% | Mar 2025 -76% | Jun 2025 56% | Sep 2025 567% | Dec 2025 — | Mar 2026 -4.4% | Jun 2026 —
- AVADHSUGAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 22% | Mar 2024 -30% | Jun 2024 -59% | Sep 2024 -97% | Dec 2024 -68% | Mar 2025 31% | Jun 2025 -189% | Sep 2025 -800% | Dec 2025 143% | Mar 2026 -22% | Jun 2026 —
- DHAMPURSUG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -31% | Mar 2024 -15% | Jun 2024 -96% | Sep 2024 -347% | Dec 2024 -52% | Mar 2025 -5.4% | Jun 2025 -43% | Sep 2025 — | Dec 2025 75% | Mar 2026 -6.8% | Jun 2026 569%
- UTTAMSUGAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -81% | Sep 2024 -188% | Dec 2024 -30% | Mar 2025 52% | Jun 2025 150% | Sep 2025 — | Dec 2025 0.0% | Mar 2026 -14% | Jun 2026 —
- ZUARIIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -38% | Jun 2024 — | Sep 2024 — | Dec 2024 -103% | Mar 2025 -133% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MAGADSUGAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 77% | Mar 2024 34% | Jun 2024 -31% | Sep 2024 -67% | Dec 2024 -46% | Mar 2025 53% | Jun 2025 -100% | Sep 2025 -300% | Dec 2025 19% | Mar 2026 -32% | Jun 2026 —
- DBOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -140% | Mar 2024 -51% | Jun 2024 -100% | Sep 2024 — | Dec 2024 — | Mar 2025 15% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2.2% | Jun 2026 —
- DAVANGERE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 144% | Mar 2024 -47% | Jun 2024 -15% | Sep 2024 33% | Dec 2024 21% | Mar 2025 -57% | Jun 2025 38% | Sep 2025 104% | Dec 2025 -61% | Mar 2026 0.5% | Jun 2026 —
- DCMSRIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2,116% | Dec 2023 157% | Mar 2024 23% | Jun 2024 16% | Sep 2024 11% | Dec 2024 -19% | Mar 2025 -39% | Jun 2025 -46% | Sep 2025 -114% | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Return On Capital Employed

What the numbers say: EID Parry (India) Ltd leads ROCE at 17%, 2.6 percentage points above M.V.K. Agro Food Product Ltd. Dhampur Bio Organics Ltd has the strongest latest improvement at +8.1 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: EID Parry (India) Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

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

Evidence: EID Parry (India) Ltd · 17% | 18.1% versus #2 · M.V.K. Agro Food Product Ltd | Not enough history | 20/20 companies · 223 observations

Definition: 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.

### ROCE — highest
1. EID Parry (India) Ltd (EIDPARRY): 17%
2. M.V.K. Agro Food Product Ltd (MVKAGRO): 14%
3. DCM Shriram Industries Ltd (DCMSRIND): 14% — older report
4. DCM Shriram Ltd (DCMSHRIRAM): 12%
5. Uttam Sugar Mills Ltd (UTTAMSUGAR): 12%

### ROCE change — fastest improvers
1. Dhampur Bio Organics Ltd (DBOL): +8.1 pp
2. Andhra Sugars Ltd (ANDHRSUGAR): +4.9 pp
3. Godavari Biorefineries Ltd (GODAVARIB): +1.2 pp
4. Bajaj Hindusthan Sugar Ltd (BAJAJHIND): +1.0 pp
5. Uttam Sugar Mills Ltd (UTTAMSUGAR): +0.6 pp

### 20-quarter ROCE history
- DCMSHRIRAM: Sep 2021 18% | Dec 2021 — | Mar 2022 22% | Jun 2022 — | Sep 2022 22% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 11% | Dec 2023 11% | Mar 2024 7.8% | Jun 2024 10% | Sep 2024 8.8% | Dec 2024 11% | Mar 2025 9.9% | Jun 2025 12% | Sep 2025 11% | Dec 2025 13% | Mar 2026 9.6% | Jun 2026 —
- BALRAMCHIN: Sep 2021 18% | Dec 2021 — | Mar 2022 20% | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 18% | Dec 2023 26% | Mar 2024 16% | Jun 2024 22% | Sep 2024 13% | Dec 2024 16% | Mar 2025 12% | Jun 2025 15% | Sep 2025 12% | Dec 2025 16% | Mar 2026 10% | Jun 2026 —
- RENUKA: Sep 2021 7.4% | Dec 2021 — | Mar 2022 9.5% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 18% | Dec 2023 23% | Mar 2024 21% | Jun 2024 18% | Sep 2024 31% | Dec 2024 18% | Mar 2025 20% | Jun 2025 13% | Sep 2025 -13% | Dec 2025 8.0% | Mar 2026 3.6% | Jun 2026 —
- BANARISUG: Sep 2021 7.9% | Dec 2021 — | Mar 2022 9.5% | Jun 2022 — | Sep 2022 9.9% | Dec 2022 — | Mar 2023 13% | Jun 2023 — | Sep 2023 15% | Dec 2023 17% | Mar 2024 13% | Jun 2024 13% | Sep 2024 11% | Dec 2024 8.7% | Mar 2025 9.0% | Jun 2025 9.9% | Sep 2025 9.9% | Dec 2025 12% | Mar 2026 8.8% | Jun 2026 —
- BAJAJHIND: Sep 2021 -0.1% | Dec 2021 — | Mar 2022 -0.6% | Jun 2022 — | Sep 2022 -2.4% | Dec 2022 — | Mar 2023 0.5% | Jun 2023 0.6% | Sep 2023 0.7% | Dec 2023 1.6% | Mar 2024 0.3% | Jun 2024 0.7% | Sep 2024 1.0% | Dec 2024 -0.5% | Mar 2025 0.8% | Jun 2025 0.4% | Sep 2025 -0.4% | Dec 2025 1.0% | Mar 2026 1.8% | Jun 2026 —
- DALMIASUG: Sep 2021 8.6% | Dec 2021 — | Mar 2022 14% | Jun 2022 — | Sep 2022 8.1% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 12% | Dec 2023 15% | Mar 2024 7.8% | Jun 2024 12% | Sep 2024 7.6% | Dec 2024 10% | Mar 2025 9.4% | Jun 2025 10% | Sep 2025 8.4% | Dec 2025 10% | Mar 2026 7.1% | Jun 2026 —
- MVKAGRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 8.6% | Sep 2023 17% | Dec 2023 13% | Mar 2024 16% | Jun 2024 13% | Sep 2024 12% | Dec 2024 — | Mar 2025 10% | Jun 2025 — | Sep 2025 6.8% | Dec 2025 — | Mar 2026 7.0% | Jun 2026 —
- GODAVARIB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 6.2% | Jun 2024 7.1% | Sep 2024 7.9% | Dec 2024 9.7% | Mar 2025 5.0% | Jun 2025 9.0% | Sep 2025 8.8% | Dec 2025 8.8% | Mar 2026 6.2% | Jun 2026 —
- ANDHRSUGAR: Sep 2021 8.8% | Dec 2021 — | Mar 2022 11% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 13% | Jun 2023 — | Sep 2023 6.5% | Dec 2023 5.8% | Mar 2024 2.1% | Jun 2024 4.4% | Sep 2024 0.1% | Dec 2024 3.0% | Mar 2025 1.4% | Jun 2025 3.0% | Sep 2025 5.3% | Dec 2025 6.6% | Mar 2026 6.3% | Jun 2026 —
- AVADHSUGAR: Sep 2021 20% | Dec 2021 — | Mar 2022 20% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 16% | Jun 2023 — | Sep 2023 21% | Dec 2023 24% | Mar 2024 20% | Jun 2024 20% | Sep 2024 16% | Dec 2024 14% | Mar 2025 15% | Jun 2025 13% | Sep 2025 12% | Dec 2025 13% | Mar 2026 11% | Jun 2026 —
- DHAMPURSUG: Sep 2021 10% | Dec 2021 — | Mar 2022 21% | Jun 2022 — | Sep 2022 16% | Dec 2022 — | Mar 2023 19% | Jun 2023 — | Sep 2023 19% | Dec 2023 19% | Mar 2024 15% | Jun 2024 13% | Sep 2024 9.1% | Dec 2024 9.4% | Mar 2025 7.7% | Jun 2025 8.9% | Sep 2025 7.8% | Dec 2025 10% | Mar 2026 7.6% | Jun 2026 —
- UTTAMSUGAR: Sep 2021 32% | Dec 2021 — | Mar 2022 35% | Jun 2022 — | Sep 2022 33% | Dec 2022 — | Mar 2023 29% | Jun 2023 — | Sep 2023 29% | Dec 2023 — | Mar 2024 25% | Jun 2024 25% | Sep 2024 16% | Dec 2024 16% | Mar 2025 16% | Jun 2025 20% | Sep 2025 20% | Dec 2025 21% | Mar 2026 17% | Jun 2026 —
- ZUARIIND: Sep 2021 2.2% | Dec 2021 — | Mar 2022 1.0% | Jun 2022 — | Sep 2022 1.4% | Dec 2022 — | Mar 2023 1.3% | Jun 2023 — | Sep 2023 0.2% | Dec 2023 26% | Mar 2024 0.8% | Jun 2024 23% | Sep 2024 1.9% | Dec 2024 4.6% | Mar 2025 0.6% | Jun 2025 3.2% | Sep 2025 0.7% | Dec 2025 5.5% | Mar 2026 0.8% | Jun 2026 —
- MAGADSUGAR: Sep 2021 14% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 13% | Dec 2022 — | Mar 2023 13% | Jun 2023 — | Sep 2023 20% | Dec 2023 22% | Mar 2024 22% | Jun 2024 22% | Sep 2024 18% | Dec 2024 17% | Mar 2025 17% | Jun 2025 17% | Sep 2025 15% | Dec 2025 16% | Mar 2026 10% | Jun 2026 —
- DWARKESH: Sep 2021 26% | Dec 2021 — | Mar 2022 27% | Jun 2022 — | Sep 2022 21% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 17% | Dec 2023 — | Mar 2024 15% | Jun 2024 — | Sep 2024 2.9% | Dec 2024 — | Mar 2025 6.4% | Jun 2025 — | Sep 2025 5.3% | Dec 2025 — | Mar 2026 5.0% | Jun 2026 —
- DBOL: Sep 2021 — | Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 14% | Jun 2023 — | Sep 2023 14% | Dec 2023 12% | Mar 2024 7.2% | Jun 2024 8.1% | Sep 2024 4.2% | Dec 2024 6.2% | Mar 2025 6.0% | Jun 2025 4.0% | Sep 2025 3.5% | Dec 2025 8.2% | Mar 2026 6.0% | Jun 2026 12%

### 20-quarter ROCE change history
- DCMSHRIRAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.4 pp | Dec 2022 — | Mar 2023 −5.7 pp | Jun 2023 — | Sep 2023 −11.4 pp | Dec 2023 — | Mar 2024 −8.7 pp | Jun 2024 — | Sep 2024 −2.0 pp | Dec 2024 0.0 pp | Mar 2025 +2.1 pp | Jun 2025 +1.7 pp | Sep 2025 +2.4 pp | Dec 2025 +1.6 pp | Mar 2026 −0.3 pp | Jun 2026 —
- BALRAMCHIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.2 pp | Dec 2022 — | Mar 2023 −8.5 pp | Jun 2023 — | Sep 2023 +6.8 pp | Dec 2023 — | Mar 2024 +4.3 pp | Jun 2024 — | Sep 2024 −5.2 pp | Dec 2024 −9.7 pp | Mar 2025 −4.0 pp | Jun 2025 −7.6 pp | Sep 2025 −1.0 pp | Dec 2025 0.0 pp | Mar 2026 −1.2 pp | Jun 2026 —
- RENUKA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +10.3 pp | Dec 2022 — | Mar 2023 +7.1 pp | Jun 2023 — | Sep 2023 +0.7 pp | Dec 2023 — | Mar 2024 +4.1 pp | Jun 2024 — | Sep 2024 +12.1 pp | Dec 2024 −4.4 pp | Mar 2025 −1.0 pp | Jun 2025 −4.7 pp | Sep 2025 −43.3 pp | Dec 2025 −10.3 pp | Mar 2026 −16.1 pp | Jun 2026 —
- BANARISUG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.0 pp | Dec 2022 — | Mar 2023 +3.4 pp | Jun 2023 — | Sep 2023 +5.1 pp | Dec 2023 — | Mar 2024 +0.5 pp | Jun 2024 — | Sep 2024 −3.7 pp | Dec 2024 −8.7 pp | Mar 2025 −4.4 pp | Jun 2025 −3.4 pp | Sep 2025 −1.4 pp | Dec 2025 +2.8 pp | Mar 2026 −0.2 pp | Jun 2026 —
- BAJAJHIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.3 pp | Dec 2022 — | Mar 2023 +1.1 pp | Jun 2023 — | Sep 2023 +3.1 pp | Dec 2023 — | Mar 2024 −0.2 pp | Jun 2024 +0.1 pp | Sep 2024 +0.3 pp | Dec 2024 −2.1 pp | Mar 2025 +0.5 pp | Jun 2025 −0.3 pp | Sep 2025 −1.4 pp | Dec 2025 +1.5 pp | Mar 2026 +1.0 pp | Jun 2026 —
- DALMIASUG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 — | Mar 2023 −2.3 pp | Jun 2023 — | Sep 2023 +4.1 pp | Dec 2023 — | Mar 2024 −3.5 pp | Jun 2024 — | Sep 2024 −4.6 pp | Dec 2024 −4.5 pp | Mar 2025 +1.6 pp | Jun 2025 −2.2 pp | Sep 2025 +0.8 pp | Dec 2025 +0.3 pp | Mar 2026 −2.3 pp | Jun 2026 —
- MVKAGRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +4.8 pp | Sep 2024 −4.7 pp | Dec 2024 — | Mar 2025 −6.1 pp | Jun 2025 — | Sep 2025 −5.6 pp | Dec 2025 — | Mar 2026 −3.2 pp | Jun 2026 —
- GODAVARIB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −1.2 pp | Jun 2025 +1.9 pp | Sep 2025 +0.9 pp | Dec 2025 −0.9 pp | Mar 2026 +1.2 pp | Jun 2026 —
- ANDHRSUGAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.0 pp | Dec 2022 — | Mar 2023 +1.7 pp | Jun 2023 — | Sep 2023 −8.3 pp | Dec 2023 — | Mar 2024 −10.7 pp | Jun 2024 — | Sep 2024 −6.4 pp | Dec 2024 −2.8 pp | Mar 2025 −0.7 pp | Jun 2025 −1.4 pp | Sep 2025 +5.2 pp | Dec 2025 +3.6 pp | Mar 2026 +4.9 pp | Jun 2026 —
- AVADHSUGAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.0 pp | Dec 2022 — | Mar 2023 −3.9 pp | Jun 2023 — | Sep 2023 +6.4 pp | Dec 2023 — | Mar 2024 +3.7 pp | Jun 2024 — | Sep 2024 −5.7 pp | Dec 2024 −9.5 pp | Mar 2025 −5.6 pp | Jun 2025 −6.6 pp | Sep 2025 −3.9 pp | Dec 2025 −1.0 pp | Mar 2026 −3.9 pp | Jun 2026 —
- DHAMPURSUG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.5 pp | Dec 2022 — | Mar 2023 −1.6 pp | Jun 2023 — | Sep 2023 +3.2 pp | Dec 2023 — | Mar 2024 −3.8 pp | Jun 2024 — | Sep 2024 −9.9 pp | Dec 2024 −9.3 pp | Mar 2025 −7.6 pp | Jun 2025 −3.6 pp | Sep 2025 −1.3 pp | Dec 2025 +1.0 pp | Mar 2026 −0.1 pp | Jun 2026 —
- UTTAMSUGAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 — | Mar 2023 −6.4 pp | Jun 2023 — | Sep 2023 −4.0 pp | Dec 2023 — | Mar 2024 −3.5 pp | Jun 2024 — | Sep 2024 −13.1 pp | Dec 2024 — | Mar 2025 −8.9 pp | Jun 2025 −5.6 pp | Sep 2025 +4.4 pp | Dec 2025 +4.9 pp | Mar 2026 +0.6 pp | Jun 2026 —
- ZUARIIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.8 pp | Dec 2022 — | Mar 2023 +0.3 pp | Jun 2023 — | Sep 2023 −1.2 pp | Dec 2023 — | Mar 2024 −0.5 pp | Jun 2024 — | Sep 2024 +1.7 pp | Dec 2024 −20.9 pp | Mar 2025 −0.2 pp | Jun 2025 −19.4 pp | Sep 2025 −1.2 pp | Dec 2025 +0.9 pp | Mar 2026 +0.2 pp | Jun 2026 —
- MAGADSUGAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.4 pp | Dec 2022 — | Mar 2023 −0.4 pp | Jun 2023 — | Sep 2023 +7.1 pp | Dec 2023 — | Mar 2024 +8.7 pp | Jun 2024 — | Sep 2024 −1.5 pp | Dec 2024 −5.4 pp | Mar 2025 −4.5 pp | Jun 2025 −4.8 pp | Sep 2025 −3.6 pp | Dec 2025 −1.1 pp | Mar 2026 −6.8 pp | Jun 2026 —
- DWARKESH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.2 pp | Dec 2022 — | Mar 2023 −10.4 pp | Jun 2023 — | Sep 2023 −4.9 pp | Dec 2023 — | Mar 2024 −2.3 pp | Jun 2024 — | Sep 2024 −13.6 pp | Dec 2024 — | Mar 2025 −8.3 pp | Jun 2025 — | Sep 2025 +2.4 pp | Dec 2025 — | Mar 2026 −1.4 pp | Jun 2026 —
- DBOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −0.9 pp | Jun 2023 — | Sep 2023 −0.5 pp | Dec 2023 — | Mar 2024 −7.2 pp | Jun 2024 — | Sep 2024 −10.2 pp | Dec 2024 −5.9 pp | Mar 2025 −1.2 pp | Jun 2025 −4.1 pp | Sep 2025 −0.7 pp | Dec 2025 +2.0 pp | Mar 2026 0.0 pp | Jun 2026 +8.1 pp

## Valuation Against Growth & Quality

What the numbers say: DCM Shriram Ltd has the lowest comparable PEG at 0.44×, 8.3% below Dalmia Bharat Sugar & Industries Ltd. Only 5 of 20 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

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

Evidence: DCM Shriram Ltd · 0.44× | 8.3% versus #2 · Dalmia Bharat Sugar & Industries Ltd | 0/8 recent comparable periods | 5/20 companies · 30 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. 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.

### PEG — lowest PEG
1. DCM Shriram Ltd (DCMSHRIRAM): 0.4
2. Dalmia Bharat Sugar & Industries Ltd (DALMIASUG): 0.5
3. Bajaj Hindusthan Sugar Ltd (BAJAJHIND): 1.3
4. Bannari Amman Sugars Ltd (BANARISUG): 1.8
5. Balrampur Chini Mills Ltd (BALRAMCHIN): 2.2

### P/E — lowest P/E
1. Zuari Industries Ltd (ZUARIIND): 6.6
2. DCM Shriram Industries Ltd (DCMSRIND): 8.2 — older report
3. Uttam Sugar Mills Ltd (UTTAMSUGAR): 8.4
4. Magadh Sugar & Energy Ltd (MAGADSUGAR): 11.1
5. Andhra Sugars Ltd (ANDHRSUGAR): 11.2

### 20-quarter PEG history
- DCMSHRIRAM: Sep 2021 0.6 | Dec 2021 0.5 | Mar 2022 0.5 | Jun 2022 0.2 | Sep 2022 0.3 | Dec 2022 0.3 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 5.9 | Jun 2025 0.7 | Sep 2025 1.1 | Dec 2025 0.7 | Mar 2026 0.9 | Jun 2026 0.4
- BALRAMCHIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.5 | Dec 2024 — | Mar 2025 2.2 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BANARISUG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.8 | Dec 2022 1.0 | Mar 2023 — | Jun 2023 — | Sep 2023 0.8 | Dec 2023 0.5 | Mar 2024 — | Jun 2024 4.2 | Sep 2024 3.0 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.8 | Jun 2026 —
- BAJAJHIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.3 | Jun 2026 —
- DALMIASUG: Sep 2021 — | Dec 2021 0.2 | Mar 2022 — | Jun 2022 0.9 | Sep 2022 1.0 | Dec 2022 0.7 | Mar 2023 — | Jun 2023 0.4 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.8 | Dec 2024 — | Mar 2025 — | Jun 2025 0.2 | Sep 2025 — | Dec 2025 0.5 | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- DCMSHRIRAM: Sep 2021 20.9 | Dec 2021 18.6 | Mar 2022 18.4 | Jun 2022 13.6 | Sep 2022 13.4 | Dec 2022 12.4 | Mar 2023 10.4 | Jun 2023 15.5 | Sep 2023 23.8 | Dec 2023 26.0 | Mar 2024 25.8 | Jun 2024 37.3 | Sep 2024 32.9 | Dec 2024 32.6 | Mar 2025 31.0 | Jun 2025 30.5 | Sep 2025 29.1 | Dec 2025 27.2 | Mar 2026 24.8 | Jun 2026 18.9
- EIDPARRY: Sep 2021 13.0 | Dec 2021 15.7 | Mar 2022 12.8 | Jun 2022 9.8 | Sep 2022 10.2 | Dec 2022 9.7 | Mar 2023 7.9 | Jun 2023 8.8 | Sep 2023 11.9 | Dec 2023 10.0 | Mar 2024 11.3 | Jun 2024 15.1 | Sep 2024 17.0 | Dec 2024 21.7 | Mar 2025 17.2 | Jun 2025 25.2 | Sep 2025 20.4 | Dec 2025 18.7 | Mar 2026 13.4 | Jun 2026 —
- BALRAMCHIN: Sep 2021 18.1 | Dec 2021 18.3 | Mar 2022 21.8 | Jun 2022 16.4 | Sep 2022 17.8 | Dec 2022 28.0 | Mar 2023 29.8 | Jun 2023 27.3 | Sep 2023 25.5 | Dec 2023 15.3 | Mar 2024 12.5 | Jun 2024 16.2 | Sep 2024 24.9 | Dec 2024 24.3 | Mar 2025 26.9 | Jun 2025 27.2 | Sep 2025 21.8 | Dec 2025 21.9 | Mar 2026 22.4 | Jun 2026 —
- TRIVENI: Sep 2021 8.4 | Dec 2021 8.9 | Mar 2022 11.3 | Jun 2022 8.1 | Sep 2022 9.2 | Dec 2022 11.0 | Mar 2023 10.1 | Jun 2023 8.5 | Sep 2023 11.2 | Dec 2023 10.8 | Mar 2024 9.7 | Jun 2024 13.2 | Sep 2024 17.3 | Dec 2024 21.2 | Mar 2025 22.9 | Jun 2025 20.8 | Sep 2025 21.7 | Dec 2025 21.1 | Mar 2026 17.4 | Jun 2026 27.4
- RENUKA: Sep 2021 — | Dec 2021 -18.9 | Mar 2022 -54.7 | Jun 2022 — | Sep 2022 — | Dec 2022 -148.2 | Mar 2023 -47.7 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -19.6 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BANARISUG: Sep 2021 32.1 | Dec 2021 42.0 | Mar 2022 36.8 | Jun 2022 33.7 | Sep 2022 35.4 | Dec 2022 32.9 | Mar 2023 28.9 | Jun 2023 24.1 | Sep 2023 25.3 | Dec 2023 20.9 | Mar 2024 16.0 | Jun 2024 25.9 | Sep 2024 31.3 | Dec 2024 35.1 | Mar 2025 49.9 | Jun 2025 47.1 | Sep 2025 40.3 | Dec 2025 37.1 | Mar 2026 31.9 | Jun 2026 —
- BAJAJHIND: Sep 2021 — | Dec 2021 — | Mar 2022 -6.6 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -11.9 | Jun 2023 — | Sep 2023 — | Dec 2023 -74.7 | Mar 2024 -41.8 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -102.8 | Jun 2025 — | Sep 2025 — | Dec 2025 -52.7 | Mar 2026 30.5 | Jun 2026 —
- DALMIASUG: Sep 2021 12.4 | Dec 2021 11.4 | Mar 2022 13.8 | Jun 2022 8.5 | Sep 2022 9.0 | Dec 2022 10.6 | Mar 2023 9.4 | Jun 2023 10.3 | Sep 2023 12.5 | Dec 2023 11.4 | Mar 2024 9.4 | Jun 2024 13.8 | Sep 2024 16.2 | Dec 2024 10.8 | Mar 2025 10.8 | Jun 2025 12.4 | Sep 2025 10.4 | Dec 2025 8.9 | Mar 2026 11.6 | Jun 2026 —
- MVKAGRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 8.9 | Jun 2024 7.7 | Sep 2024 8.7 | Dec 2024 7.7 | Mar 2025 8.8 | Jun 2025 25.1 | Sep 2025 80.8 | Dec 2025 169.7 | Mar 2026 121.3 | Jun 2026 —
- GODAVARIB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 541.7 | Mar 2025 420.8 | Jun 2025 — | Sep 2025 — | Dec 2025 31.9 | Mar 2026 28.7 | Jun 2026 —
- ANDHRSUGAR: Sep 2021 9.6 | Dec 2021 9.7 | Mar 2022 9.2 | Jun 2022 6.9 | Sep 2022 7.1 | Dec 2022 7.1 | Mar 2023 6.2 | Jun 2023 7.8 | Sep 2023 11.5 | Dec 2023 13.2 | Mar 2024 15.0 | Jun 2024 20.1 | Sep 2024 20.6 | Dec 2024 21.9 | Mar 2025 18.7 | Jun 2025 26.7 | Sep 2025 18.6 | Dec 2025 12.7 | Mar 2026 9.6 | Jun 2026 —
- AVADHSUGAR: Sep 2021 9.7 | Dec 2021 8.7 | Mar 2022 11.2 | Jun 2022 8.5 | Sep 2022 8.0 | Dec 2022 13.1 | Mar 2023 12.0 | Jun 2023 10.8 | Sep 2023 13.4 | Dec 2023 9.1 | Mar 2024 7.0 | Jun 2024 9.9 | Sep 2024 14.0 | Dec 2024 12.0 | Mar 2025 12.6 | Jun 2025 11.5 | Sep 2025 12.0 | Dec 2025 11.7 | Mar 2026 12.1 | Jun 2026 —
- DHAMPURSUG: Sep 2021 8.3 | Dec 2021 8.6 | Mar 2022 14.4 | Jun 2022 9.5 | Sep 2022 9.3 | Dec 2022 11.9 | Mar 2023 11.7 | Jun 2023 11.4 | Sep 2023 12.4 | Dec 2023 10.7 | Mar 2024 9.7 | Jun 2024 11.0 | Sep 2024 16.5 | Dec 2024 14.7 | Mar 2025 14.2 | Jun 2025 19.2 | Sep 2025 16.9 | Dec 2025 14.0 | Mar 2026 12.7 | Jun 2026 13.5
- UTTAMSUGAR: Sep 2021 9.5 | Dec 2021 6.8 | Mar 2022 6.1 | Jun 2022 6.7 | Sep 2022 — | Dec 2022 9.6 | Mar 2023 7.1 | Jun 2023 11.0 | Sep 2023 11.2 | Dec 2023 9.7 | Mar 2024 9.0 | Jun 2024 9.9 | Sep 2024 10.4 | Dec 2024 7.5 | Mar 2025 15.4 | Jun 2025 13.0 | Sep 2025 9.6 | Dec 2025 8.7 | Mar 2026 8.1 | Jun 2026 —
- ZUARIIND: Sep 2021 -116.9 | Dec 2021 18.2 | Mar 2022 23.5 | Jun 2022 1.8 | Sep 2022 1.9 | Dec 2022 2.3 | Mar 2023 1.4 | Jun 2023 1.4 | Sep 2023 66.2 | Dec 2023 30.1 | Mar 2024 52.5 | Jun 2024 50.8 | Sep 2024 66.4 | Dec 2024 18.5 | Mar 2025 21.9 | Jun 2025 27.9 | Sep 2025 9.0 | Dec 2025 7.3 | Mar 2026 5.0 | Jun 2026 —
- MAGADSUGAR: Sep 2021 17.5 | Dec 2021 12.1 | Mar 2022 13.1 | Jun 2022 9.6 | Sep 2022 8.2 | Dec 2022 9.9 | Mar 2023 9.3 | Jun 2023 11.5 | Sep 2023 15.0 | Dec 2023 11.0 | Mar 2024 7.2 | Jun 2024 9.2 | Sep 2024 11.8 | Dec 2024 8.8 | Mar 2025 8.2 | Jun 2025 8.1 | Sep 2025 7.1 | Dec 2025 6.6 | Mar 2026 7.4 | Jun 2026 —
- DWARKESH: Sep 2021 10.9 | Dec 2021 9.4 | Mar 2022 15.2 | Jun 2022 11.3 | Sep 2022 13.3 | Dec 2022 16.8 | Mar 2023 15.4 | Jun 2023 16.1 | Sep 2023 18.2 | Dec 2023 15.3 | Mar 2024 15.7 | Jun 2024 — | Sep 2024 — | Dec 2024 -6,216.8 | Mar 2025 29.3 | Jun 2025 — | Sep 2025 — | Dec 2025 35.3 | Mar 2026 27.6 | Jun 2026 —
- DBOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 9.5 | Dec 2022 13.2 | Mar 2023 8.6 | Jun 2023 10.2 | Sep 2023 10.1 | Dec 2023 9.4 | Mar 2024 8.8 | Jun 2024 25.7 | Sep 2024 31.3 | Dec 2024 72.5 | Mar 2025 39.6 | Jun 2025 34.8 | Sep 2025 241.5 | Dec 2025 55.0 | Mar 2026 22.3 | Jun 2026 29.5
- DAVANGERE: Sep 2021 136.5 | Dec 2021 — | Mar 2022 — | Jun 2022 78.8 | Sep 2022 108.0 | Dec 2022 177.0 | Mar 2023 218.0 | Jun 2023 166.8 | Sep 2023 196.4 | Dec 2023 186.6 | Mar 2024 129.6 | Jun 2024 176.6 | Sep 2024 165.4 | Dec 2024 111.9 | Mar 2025 79.8 | Jun 2025 81.2 | Sep 2025 47.4 | Dec 2025 39.7 | Mar 2026 63.5 | Jun 2026 —
- DCMSRIND: Sep 2021 3.5 | Dec 2021 4.0 | Mar 2022 3.8 | Jun 2022 3.2 | Sep 2022 3.1 | Dec 2022 3.5 | Mar 2023 3.8 | Jun 2023 3.6 | Sep 2023 5.9 | Dec 2023 4.7 | Mar 2024 4.7 | Jun 2024 5.1 | Sep 2024 4.7 | Dec 2024 4.1 | Mar 2025 3.8 | Jun 2025 4.5 | Sep 2025 5.2 | Dec 2025 — | Mar 2026 — | Jun 2026 —


## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
- 10 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 2 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.

## Every company
- DCM Shriram Ltd (DCMSHRIRAM) — market value ₹16.1K Cr; latest fundamentals Jun 2026
- EID Parry (India) Ltd (EIDPARRY) — market value ₹13.5K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Balrampur Chini Mills Ltd (BALRAMCHIN) — market value ₹12.4K Cr; latest fundamentals Mar 2026
- Triveni Engineering and Industries Ltd (TRIVENI) — market value ₹4.9K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Shree Renuka Sugars Ltd (RENUKA) — market value ₹4.7K Cr; latest fundamentals Mar 2026
- Bannari Amman Sugars Ltd (BANARISUG) — market value ₹4.4K Cr; latest fundamentals Mar 2026
- Bajaj Hindusthan Sugar Ltd (BAJAJHIND) — market value ₹4.0K Cr; latest fundamentals Mar 2026
- Dalmia Bharat Sugar & Industries Ltd (DALMIASUG) — market value ₹2.8K Cr; latest fundamentals Mar 2026
- M.V.K. Agro Food Product Ltd (MVKAGRO) — market value ₹1.7K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Godavari Biorefineries Ltd (GODAVARIB) — market value ₹1.3K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Andhra Sugars Ltd (ANDHRSUGAR) — market value ₹1.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Avadh Sugar & Energy Ltd (AVADHSUGAR) — market value ₹1.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Dhampur Sugar Mills Ltd (DHAMPURSUG) — market value ₹871 Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Uttam Sugar Mills Ltd (UTTAMSUGAR) — market value ₹848 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Zuari Industries Ltd (ZUARIIND) — market value ₹771 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Magadh Sugar & Energy Ltd (MAGADSUGAR) — market value ₹705 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Dwarikesh Sugar Industries Ltd (DWARKESH) — market value ₹686 Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Dhampur Bio Organics Ltd (DBOL) — market value ₹650 Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Davangere Sugar Company Ltd (DAVANGERE) — market value ₹499 Cr; latest fundamentals Mar 2026
- DCM Shriram Industries Ltd (DCMSRIND) — market value ₹498 Cr; latest fundamentals Sep 2025

## Source standing of each company

Cross-checked: 6. Unverified: 12. Withheld: 2. Graded companies: 20.

10 of 20 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

2 of 20 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 14 comparable periods, so its derived ratios are withheld; Triveni Engineering and Industries Ltd (TRIVENI) — its two data sources disagree by up to 96% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | EIDPARRY | EID Parry (India) Ltd | diff_gt_2pct | disagreement up to 66.35% over 14 comparable periods
- WITHHELD | TRIVENI | Triveni Engineering and Industries Ltd | diff_gt_2pct | disagreement up to 95.5% over 14 comparable periods

- UNVERIFIED | MVKAGRO | M.V.K. Agro Food Product Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | GODAVARIB | Godavari Biorefineries Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ANDHRSUGAR | Andhra Sugars Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | AVADHSUGAR | Avadh Sugar & Energy Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | DHAMPURSUG | Dhampur Sugar Mills Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | UTTAMSUGAR | Uttam Sugar Mills Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ZUARIIND | Zuari Industries Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | MAGADSUGAR | Magadh Sugar & Energy Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | DWARKESH | Dwarikesh Sugar Industries Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | DBOL | Dhampur Bio Organics Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-31.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Is the Sugar sector outperforming NIFTY 500?

Sugar has underperformed NIFTY 500 by 9.6% over 52 weeks and 15.1% over 13 weeks. 6 of 20 covered companies beat NIFTY on Mansfield relative strength, while 8 of 19 beat the sector itself.

### Which Sugar company is largest by revenue?

EID Parry (India) Ltd leads with revenue of ₹38,542 crore, based on 19 of 20 comparable companies through Mar 2026.

### Which Sugar company is growing fastest?

Andhra Sugars Ltd has the fastest current revenue growth at 22.1%, across 19 of 20 comparable companies.

### Which Sugar company has the strongest 4-Factor Sector Score?

Andhra Sugars Ltd ranks first at 65.7/100 with 82.8% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Sugar company has the lowest comparable PEG?

DCM Shriram Ltd has the lowest comparable PEG at 0.44, among 5 of 20 companies whose earnings and growth are steady enough for the ratio to mean anything.

### How much history does this Sugar comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

### What is the Nifty Sugar index?

The Nifty Sugar index tracks India's listed Sugar companies as a single basket. This page follows the same 20 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Sugar sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Sugar stocks in India?

Ranked by this page's four-factor score, Andhra Sugars Ltd places first among 20 listed Sugar companies, followed by DCM Shriram Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Sugar stocks are listed in India?

This comparison covers 20 listed Sugar companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Sugar company is the biggest?

EID Parry (India) Ltd is the largest, with trailing-twelve-month revenue of ₹38,542 crore, ahead of DCM Shriram Ltd at ₹13,840 crore. That covers 19 of 20 companies with comparable reporting through Mar 2026.

### Which Sugar company has the best profit margins?

Magadh Sugar & Energy Ltd has the highest operating margin at 27%, from 20 of 20 comparable companies. M.V.K. Agro Food Product Ltd shows the biggest recent improvement, at +17 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Sugar company makes the most profit?

DCM Shriram Ltd earns the most, at ₹1,436 crore of trailing-twelve-month net profit, from 19 of 20 comparable companies. Andhra Sugars Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Sugar company earns the highest return on capital?

EID Parry (India) Ltd leads on return on capital employed at 17%, across 20 of 20 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Sugar stock is the cheapest?

On PEG — where a LOWER number is cheaper — DCM Shriram Ltd screens cheapest at 0.44×. Only 5 of 20 companies have earnings and growth steady enough for the ratio to mean anything, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Is the Sugar sector beating the market?

Sugar has underperformed NIFTY 500 by 9.6% over the last 52 weeks and 15.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 6 of 20 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Sugar stock has the strongest price momentum?

Balrampur Chini Mills Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Sugar company scores highest for research priority?

Andhra Sugars Ltd scores 65.7 out of 100 with 82.8% evidence confidence, from 26.7 points on growth and earnings, 12.9 on capital efficiency, 13 on valuation and 13.1 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Sugar companies does this comparison cover, and over what period?

It compares 20 listed companies over up to 20 reported quarters of fundamentals, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Sugar sector?

The 20 Sugar companies on this page carry ₹73,423 crore of combined market value. DCM Shriram Ltd is the largest at ₹16,123 crore, about 22% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

### What is the Sugar sector's P/E ratio?

The median price-to-earnings ratio across the 20 Sugar companies on this page is 18.6×, measured on the 19 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-08-05.

### How is the Sugar sector performing?

6 of the 20 covered Sugar companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 9.6% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.