Bajaj Hindusthan Sugar Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Bajaj Hindusthan Sugar Ltd trades at ₹16.8, in a downtrend and 87 weeks into that stage. That is −11.6% against its own 200-day average. It sits at 17% of a 52-week range of ₹16 to ₹22. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (8 weeks and counting).

Today the stock is in a downtrend — week 87 of stage 4, confirmed. At ₹16.8 it trades −11.6% versus its 200-day average and sits at 17% of its 52-week range (₹16–₹22).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved −19% while the NIFTY 500 moved +268% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (8 weeks and counting; last ahead the week of 2026-06-19) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Bajaj Hindusthan Sugar Ltd trades at 28.5× P/E, mid-range by its own standards (67th percentile). Its long-run median P/E is 24.3×, measured across 7.0 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 28.5× is mid-range by its own standards (67th percentile), against a long-run median of 24.3× measured over 7.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Bajaj Hindusthan Sugar Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 12 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

The latest quarter’s profit carries a one-off item larger than the operating base, so the profit curve is shown but does not vote in the stage call.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

47.6/100 — rank 12 of 20 in Sugar · 90% evidence confidence

Bajaj Hindusthan Sugar Ltd scores 47.6 out of 100 against the 20 companies it is compared with in Sugar, ranking 12. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 22.4 + 9.4 + 11.1 + 4.7 = 47.6. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Bajaj Hindusthan Sugar Ltd reported ₹1,669 Cr of revenue in the Mar 26 quarter, +7.4% year on year. Over 10 years it has compounded at 1.5% a year. The last full year, FY26, came in at ₹5,455 Cr. The last four reported quarters add to ₹5,454 Cr.

FY26 revenue came in at ₹5,455 Cr (−2.2% on the year), capping 10 years at 1.5% compound. The latest quarter (Mar 26) printed ₹1,669 Cr, +7.4% year on year.

Pace check: the last four quarters averaged −2.4% growth against the decade's 1.5% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −2.2% over the last 4 quarters against −5.5%/yr over the last 8 — accelerating.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Bajaj Hindusthan Sugar Ltd's operating margin is 22.0% in the Mar 26 quarter, +4.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −3.7% to 19.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 22.0%, +4.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −3.7%–19.0%.

Why the margin moved: operating margin went +4.0 pp year on year while gross margin went −8.1 pp — the gain came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Bajaj Hindusthan Sugar Ltd earned ₹391 Cr of net profit in the Mar 26 quarter, +77.7% year on year. Full-year FY26 profit was ₹126 Cr. That is 23.4% of the quarter's revenue. The same quarter a year earlier earned ₹220 Cr. 7 of the last 12 reported quarters were loss-making.

Mar 26 profit was ₹391 Cr, +77.7% year on year. On the full year, FY26 printed ₹126 Cr (null).

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Bajaj Hindusthan Sugar Ltd's cash-flow history is too thin to judge how much reported profit converts into cash. In FY26 that was ₹230 Cr of operating cash against ₹126 Cr of profit. After ₹54.0 Cr of capital spending, ₹176 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY26: operating cash of ₹230 Cr against reported profit of ₹126 Cr, leaving free cash of ₹176 Cr after ₹54.0 Cr of capital spending.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Bajaj Hindusthan Sugar Ltd's cash conversion cycle runs −58 days in FY26, up from −116 days in FY21. Capital spending ran ₹26.0 Cr over the last 3 years. At FY26 sales of ₹5,455 Cr each day of that cycle holds about ₹14.9 Cr, so roughly ₹−867 Cr sits inside the business at any moment.

FY26: debtors at 7 days, inventory at 203 days — roughly 6.7 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −58 days, looser than FY21's −116.

The full loop: cash goes out to suppliers and production on day 0; stock waits 203 days to sell; customers pay about 7 days after that; and suppliers themselves are paid at 267 days — netting out to the −58-day cycle.

In money terms: at FY26 sales of ₹5,455 Cr, each day of the cycle holds about ₹14.9 Cr — so the −58-day loop keeps roughly ₹−867 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹26.0 Cr over the last 3 fiscal years against ₹654 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹41.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Bajaj Hindusthan Sugar Ltd earns a ROCE of 2% in FY26. That is up from a trough of −5% in FY14. Return on invested capital clears the cost of that capital by −9.9 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 2.3% net margin on 0.38× asset turns.

FY26 ROCE is 2%, recovered from a FY14 trough of −5% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 2.3% net margin × 0.38× asset turns × 3.75× balance-sheet leverage ≈ 3.3% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 2.1% − 12.0% = a −9.9 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Bajaj Hindusthan Sugar Ltd carries total debt of ₹3,545 Cr against shareholder equity of ₹3,812 Cr as of Mar 26, a debt-to-equity of 0.93. On the annual view that ratio went from 2.13 in FY22 to 0.93 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹3,545 Cr against shareholder equity of ₹3,812 Cr — a debt-to-equity of 0.93. On the annual view, debt-to-equity went from 2.13 (FY22) to 0.93 (FY26). Read the returns on this page with that leverage in mind.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 42.2 points of Bajaj Hindusthan Sugar Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 50.7% of the company. Promoters moved −11.6 points over the same window, to 13.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +42.2 points over 8 quarters to 50.7%; Promoters: −11.6 points over 8 quarters to 13.3%; Foreign institutions: −1.5 points over 8 quarters to 1.1%. Note the structure: promoters hold under 20% — this is a widely-held company where institutions, not a family, set the direction.

Why the register moved: rotation — foreign institutions −1.5 points against domestic institutions +42.2 points over 8 quarters, with promoters −11.6 points — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Bajaj Hindusthan Sugar Ltd: the Z-score reads −0.22. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits inside the distress zone. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

🚨 Why it matters: a Z-score of −0.22 is inside the distress zone — the balance sheet is a real risk, not a detail.

The safety line in one sentence: the Z-score reads −0.22.

Frequently asked questions