Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹96 Cr.
Stock P/E
84.5
P/B
—
Current Price
₹29
Book Value
₹ 0
Face Value
10
52W High
₹45.5
52W Low
₹ 22.8
Dividend Yield
0%

Rajshree Sugars&Chem Overview

Business

Rajshree Sugars & Chemicals Ltd. (RSCL) is an India-based company primarily engaged in the manufacturing of sugar. Its core business model involves crushing sugarcane to produce crystal sugar. Complementing this, the company has an integrated business model that includes the operation of distilleries for manufacturing ethanol and rectified spirit from molasses (a byproduct of sugar production), and co-generation power plants that utilize bagasse (another sugar byproduct) to produce electricity, part of which is exported to the grid. The company makes money through the sale of sugar, ethanol, rectified spirit, and electricity.

Revenue Mix

RSCL's operations are typically divided into three main segments:

Sugar: Production and sale of various grades of crystal sugar. This remains a significant revenue contributor.

Distillery: Manufacturing and sale of ethanol (primarily for the Ethanol Blended Petrol program) and rectified spirit. This segment helps diversify revenue and mitigate sugar price volatility.

Co-generation: Generation and sale of power to the state grid using bagasse as fuel. This segment adds to profitability and efficient resource utilization.

While exact percentage breakdowns vary by fiscal year due to market prices and production volumes, the integrated nature ensures multiple revenue streams.

Industry

The Indian sugar industry is highly cyclical, fragmented, and heavily regulated by the government, influenced by factors like monsoon, cane pricing, and export/import policies. RSCL operates as an established regional player, particularly in Tamil Nadu, with an integrated model. This integration into distillery and co-generation segments positions it better than pure-play sugar mills by offering diversified revenue streams and reducing reliance solely on sugar price fluctuations. It competes with other regional and national sugar manufacturers, often differentiated by operational efficiency, cane procurement strength, and distillery capacities.

MOAT

Integrated Operations: The ability to produce sugar, ethanol, and co-generate power from sugarcane byproducts provides a significant advantage. This reduces waste, enhances resource utilization, and diversifies revenue, making the business less susceptible to the volatility of standalone sugar prices.

Regional Strength & Farmer Relationships: Established presence in its operating geographies (Tamil Nadu) often translates into strong relationships with sugarcane farmers, ensuring a relatively stable cane supply.

Operational Efficiency: Continuous focus on improving crushing efficiency, sugar recovery rates, and optimizing distillery and power plant operations contributes to cost competitiveness.

Proximity to Market/Ports: Location advantages can reduce logistics costs for raw material procurement and finished goods distribution.

Growth Drivers

Ethanol Blending Program (EBP): Government's aggressive targets for ethanol blending in petrol provides a sustained and growing demand for ethanol, a key product for RSCL's distillery segment.

Stable Sugar Consumption: Domestic sugar consumption generally exhibits a steady, albeit modest, growth trend driven by population and income growth.

Diversification & Value Addition: Expansion of distillery capacity or exploring new value-added products from by-products can drive future growth.

Operational Efficiencies: Continuous efforts to reduce costs and improve recovery rates can enhance profitability.

Government Support: Favorable government policies related to cane pricing, sugar exports, and ethanol procurement can support growth.

Risks

Regulatory Risks: Heavy government intervention in the sugar sector concerning minimum support price for sugar, cane pricing, export/import policies, and ethanol procurement prices can significantly impact profitability.

Climatic & Agricultural Risks: Dependence on monsoon and favorable weather conditions for sugarcane yield and quality. Droughts, floods, or pests can lead to cane shortages and higher raw material costs.

Commodity Price Volatility: Fluctuations in global and domestic sugar prices, as well as prices of molasses and ethanol, can impact revenue and margins.

Cane Availability & Cost: Competition for sugarcane with other mills, combined with fluctuations in farmer acreage and yield, can lead to variability in cane availability and procurement costs.

Environmental Regulations: Stringent environmental norms for sugar mills and distilleries (e.g., wastewater treatment, air emissions) require continuous investment and compliance, posing operational and financial risks.

Management & Ownership

Rajshree Sugars & Chemicals Ltd. is promoted by the S. Rajaratnam group, with Mr. R. Rajasekharan as the Chairman and Managing Director. Like many Indian companies, it is a promoter-led organization, suggesting a long-term vision and commitment from the founding family. The management team typically has extensive experience within the sugar and allied industries. Ownership structure often involves a significant stake held by the promoter group, along with institutional and public shareholders.

Outlook

RSCL's outlook is a blend of opportunities and challenges. The bull case hinges on the continued strong demand for ethanol driven by the government's blending program, which provides a critical cushion against cyclical sugar price volatility. A stable cane supply, improved operational efficiencies, and favorable sugar realizations due to balanced supply-demand dynamics would further support profitability. The integrated business model is a key strength, allowing the company to extract value from multiple revenue streams.

Conversely, the bear case involves risks from adverse climatic conditions impacting sugarcane availability and quality, leading to higher cane costs. Unfavorable government policy interventions on sugar or ethanol pricing, intense competition, and global sugar price crashes could compress margins. High debt levels (if any) or significant capital expenditure without corresponding returns could also pose financial stress. Overall, the company's performance will largely be influenced by government policies, agricultural cycles, and its ability to maintain efficient integrated operations.

Rajshree Sugars&Chem Share Price

Live · BSE / NSE · Inception: 1985
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Rajshree Sugars&Chem Quarterly Results

#(Fig in Cr.)
Net Sales
Other Income
Total Income
Total Expenditure
Operating Profit
Interest
Depreciation
Exceptional Income / Expenses
Profit Before Tax
Provision for Tax
Profit After Tax
Adjustments
Profit After Adjustments
Adjusted Earnings Per Share

Rajshree Sugars&Chem Profit & Loss

#(Fig in Cr.) Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
Net Sales 738 836 951 923 711 713 667 552
Other Income 2 8 4 4 7 4 6 63
Total Income 740 844 954 927 717 717 672 616
Total Expenditure 671 734 828 860 708 673 529 518
Operating Profit 69 110 126 67 9 44 143 97
Interest 57 67 85 79 72 72 72 60
Depreciation 25 28 37 38 32 28 26 25
Exceptional Income / Expenses -25 -15 0 0 0 28 0 0
Profit Before Tax -38 0 5 -50 -95 -28 45 12
Provision for Tax -4 1 -1 -15 -29 -9 16 -14
Profit After Tax -34 -0 6 -34 -66 -19 29 27
Adjustments 0 0 0 0 0 0 0 0
Profit After Adjustments -34 -0 6 -34 -66 -19 29 27
Adjusted Earnings Per Share -14.1 -0.1 2.3 -14.4 -27.6 -7.7 10.5 9.4

Rajshree Sugars&Chem Balance Sheet

#(Fig in Cr.) Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
Shareholder's Funds 112 111 119 84 14 -2 105 132
Minority's Interest 0 0 0 0 0 0 0 0
Borrowings 285 384 312 520 484 451 352 285
Other Non-Current Liabilities 43 44 43 28 -1 -10 6 -8
Total Current Liabilities 368 427 581 481 476 500 649 343
Total Liabilities 808 966 1055 1113 973 940 1112 752
Fixed Assets 481 504 636 621 588 562 551 528
Other Non-Current Assets 42 146 21 10 11 17 14 13
Total Current Assets 285 315 398 483 374 361 548 211
Total Assets 808 966 1055 1113 973 940 1112 752

Rajshree Sugars&Chem Cash Flow

#(Fig in Cr.) Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
Opening Cash & Cash Equivalents 33 19 12 10 92 5 2 57
Cash Flow from Operating Activities 73 122 136 21 12 15 204 129
Cash Flow from Investing Activities -42 -163 -51 -10 2 -0 1 32
Cash Flow from Financing Activities -45 34 -87 71 -100 -16 -151 -215
Net Cash Inflow / Outflow -14 -7 -2 82 -86 -2 55 -54
Closing Cash & Cash Equivalent 19 12 10 92 5 3 57 3

Rajshree Sugars&Chem Ratios

# Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
Earnings Per Share (Rs) -14.11 -0.06 2.32 -14.44 -27.61 -7.73 10.46 9.42
CEPS(Rs) -3.53 11.71 17.88 1.73 -14.23 3.5 19.74 18.4
DPS(Rs) 0 0 0 0 0 0 1 0
Book NAV/Share(Rs) 46.9 46.85 49.17 34.73 5.99 -0.7 37.08 46.62
Core EBITDA Margin(%) 8.78 11.82 12.58 6.66 0.36 5.4 19.83 6.05
EBIT Margin(%) 2.52 7.75 9.16 3.04 -3.09 5.92 16.88 12.84
Pre Tax Margin(%) -4.93 0.05 0.5 -5.21 -12.95 -3.79 6.52 2.14
PAT Margin (%) -4.39 -0.02 0.56 -3.6 -8.97 -2.62 4.24 4.72
Cash Profit Margin (%) -1.1 3.22 4.36 0.43 -4.62 1.19 8 9.23
ROA(%) -4.17 -0.02 0.55 -3.17 -6.3 -2.02 2.87 2.85
ROE(%) -26.86 -0.12 4.83 -34.43 -135.6 -308.63 57.39 22.51
ROCE(%) 3.03 9.61 11.89 3.73 -2.93 5.7 15.66 11.01
Receivable days 15.37 23.96 25.22 17.68 17.05 22.47 29.31 34.03
Inventory Days 94.29 73.41 87.51 118.49 152.93 138.84 154.32 147.14
Payable days 54.93 51.49 62.39 84.85 124.33 108.43 134.9 138.21
PER(x) 0 0 19.59 0 0 0 5.95 3.26
Price/Book(x) 1.14 0.81 0.92 0.76 3.18 -55.16 1.68 0.66
Dividend Yield(%) 0 0 0 0 0 0 1.61 0
EV/Net Sales(x) 0.87 0.85 0.78 0.74 1.09 1.22 1.1 0.98
EV/Core EBITDA(x) 9.29 6.49 5.83 10.15 84.54 19.84 5.11 5.56
Net Sales Growth(%) 26.89 13.32 13.68 -2.87 -23.04 0.32 -6.5 -17.15
EBIT Growth(%) -84.06 247.86 33.4 -67.62 -178.17 292.41 169.16 -38.5
PAT Growth(%) -172.98 99.59 4116.81 -722.55 -91.16 70.61 252.67 -9.97
EPS Growth(%) -169.6 99.59 4113.49 -722.53 -91.16 72 235.35 -9.97
Debt/Equity(x) 4.81 5.71 5.46 8.63 51.65 -446.93 5.89 3.49
Current Ratio(x) 0.77 0.74 0.68 1 0.79 0.72 0.84 0.61
Quick Ratio(x) 0.31 0.32 0.18 0.32 0.19 0.17 0.36 0.21
Interest Cover(x) 0.34 1.01 1.06 0.37 -0.31 0.61 1.63 1.2
Total Debt/Mcap(x) 4.2 7.05 5.91 11.31 16.25 8.1 3.51 5.3

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -17% -8% -10% —
Operating Profit CAGR -32% +121% -5% —
PAT CAGR -7% — +35% —
Share Price CAGR -24% -18% +3% -7%
ROE Average +23% -76% -80% -53%
ROCE Average +11% +11% +7% +7%

Rajshree Sugars&Chem Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 40.72 %
FII 0 %
DII (MF + Insurance) 2.88 %
Public (retail) 56.4 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 40.6640.6640.6640.6640.7240.7240.7240.7240.7240.72
FII 0.0400.290.090.010.140.04000
DII 2.882.882.882.882.882.882.882.882.882.88
Public 56.4256.4656.1756.3756.3956.2656.3756.456.456.4
Others 0000000000
Total 100100100100100100100100100100

Rajshree Sugars&Chem Peer Comparison

Rajshree Sugars&Chem Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Rajshree Sugars&Chem Pros & Cons

Pros

  • Company has delivered good profit growth of 35% CAGR over last 5 years
  • Company has reduced debt.

Cons

  • Promoter holding is low: 40.72%.
  • Company has a low return on equity of -76% over the last 3 years.
  • Debtor days have increased from 134.9 to 138.21days.
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