Bannari Amman Sugars 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.

Bannari Amman Sugars Ltd trades at ₹3,518, in a downtrend and 10 weeks into that stage. That is −2.7% against its own 200-day average. It sits at 22% of a 52-week range of ₹3,378 to ₹4,020. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 4 straight weeks.

Today the stock is in a downtrend — week 10 of stage 4. At ₹3,518 it trades −2.7% versus its 200-day average and sits at 22% of its 52-week range (₹3,378–₹4,020).

Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +190% while the NIFTY 500 moved +267% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 4 straight weeks — 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.

Bannari Amman Sugars Ltd trades at 36.2× P/E, at the pricey end of its own range (82nd percentile). Its long-run median P/E is 24.9×, measured across 10.4 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 36.2× is at the pricey end of its own range (82nd percentile), against a long-run median of 24.9× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +41.3% against a −5.8% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +14.6%/yr price move, ~+7.6%/yr came from earnings growth and ~+7.0 pp from the multiple (expanding); over 10y, of the +6.2%/yr price move, ~−0.3%/yr came from earnings growth and ~+6.5 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

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

Stage: Turning around 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).

Bannari Amman Sugars Ltd reads as turning around on its fundamental arc. Turning around — profit growth swung from −32.0% at the trough to +8.0% off a 5-quarter-old trough, ROCE holding at 9.0%. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.

4-Factor Sector Score

35.4/100 — rank 16 of 21 in Sugar · 100% evidence confidence

Bannari Amman Sugars Ltd scores 35.4 out of 100 against the 21 companies it is compared with in Sugar, ranking 16. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 11 + 10.2 + 9.3 + 4.9 = 35.4. 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.

Bannari Amman Sugars Ltd reported ₹172 Cr of revenue in the Jun 26 quarter, −58.9% year on year. Over 10 years it has compounded at 2.8% a year. The last full year, FY26, came in at ₹1,917 Cr. The last four reported quarters add to ₹1,670 Cr.

FY26 revenue came in at ₹1,917 Cr (+6.9% on the year), capping 10 years at 2.8% compound. The latest quarter (Jun 26) printed ₹172 Cr, −58.9% year on year.

Pace check: the last four quarters averaged −7.0% growth against the decade's 2.8% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −7.6% over the last 4 quarters against −12.7%/yr over the last 8 — accelerating; TTM profit +8.0% vs −8.3%/yr — 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.

Bannari Amman Sugars Ltd's operating margin is −3.0% in the Jun 26 quarter, −12.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0% to 23.0%. The current quarter is running below every full year in that window.

The latest quarter's operating margin is −3.0%, −12.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0%–23.0%.

🚨 Why the margin moved: operating margin went −11.7 pp year on year while gross margin went +3.5 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

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

Bannari Amman Sugars Ltd posted a net loss of ₹11.0 Cr in the Jun 26 quarter. Full-year FY26 profit was ₹148 Cr. The 10-year compound rate is 16.5%. That loss is 6.4% of the quarter's revenue. The same quarter a year earlier earned ₹15.0 Cr. 1 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹−11.0 Cr, −173.3% year on year. On the full year, FY26 printed ₹148 Cr (+41.0%), and the 10-year compound rate is 16.5%.

🚨 Why profit moved: revenue contributed −58.9% and the margin −12.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit −15.3% vs revenue −7.0%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

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.

Over the last 3 fiscal years 301% of Bannari Amman Sugars Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹514 Cr of operating cash against ₹148 Cr of profit. After ₹112 Cr of capital spending, ₹402 Cr was left as free cash.

FY26: operating cash of ₹514 Cr against reported profit of ₹148 Cr, leaving free cash of ₹402 Cr after ₹112 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 301% of profit.

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

Why conversion sits at 301%: the cash cycle tightened 218 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 1.8× depreciation over three years, so the next section's job is to check what that build-out is buying.

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).

Bannari Amman Sugars Ltd's cash conversion cycle runs 138 days in FY26, down from 356 days in FY21. Capital spending ran ₹329 Cr over the last 3 years. At FY26 sales of ₹1,917 Cr each day of that cycle holds about ₹5.3 Cr, so roughly ₹725 Cr sits inside the business at any moment.

FY26: debtors at 6 days, inventory at 142 days — roughly 4.7 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 138 days, tighter than FY21's 356.

The full loop: cash goes out to suppliers and production on day 0; stock waits 142 days to sell; customers pay about 6 days after that; and suppliers themselves are paid at 9 days — netting out to the 138-day cycle.

In money terms: at FY26 sales of ₹1,917 Cr, each day of the cycle holds about ₹5.3 Cr — so the 138-day loop keeps roughly ₹725 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹329 Cr over the last 3 fiscal years against ₹178 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹106 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

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.

Bannari Amman Sugars Ltd earns a ROCE of 9% in FY26. That is up from a trough of 4% in FY15. Return on invested capital clears the cost of that capital by −4.5 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 7.7% net margin on 0.89× asset turns.

FY26 ROCE is 9%, recovered from a FY15 trough of 4% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 7.7% net margin × 0.89× asset turns × 1.13× balance-sheet leverage ≈ 7.7% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 7.5% − 12.0% = a −4.5 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.

Bannari Amman Sugars Ltd carries total debt of ₹9.0 Cr against shareholder equity of ₹1,913 Cr as of Mar 26, a debt-to-equity of 0.00 — effectively unlevered. On the annual view that ratio went from 0.68 in FY22 to 0.00 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹9.0 Cr against shareholder equity of ₹1,913 Cr — a debt-to-equity of 0.00. On the annual view, debt-to-equity went from 0.68 (FY22) to 0.00 (FY26). The returns on this page are earned, not borrowed.

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.

No holder of Bannari Amman Sugars Ltd moved a full percentage point over the last two years — the register is quiet. Foreign institutions moved +0.0 points over the same window, to 0.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: +0.0 points over 8 quarters to 58.7%; Foreign institutions: +0.0 points over 8 quarters to 0.3%; Domestic institutions: +0.0 points over 8 quarters to 0.0%.

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.

Bannari Amman Sugars Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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