The Andhra Sugars Limited (ANDHRSUGAR) share price

₹99.51 on NSE as of 2026-09-04. -1.76% on the day. market cap ₹1,349 Cr. P/E 13.0. 52-week range ₹67.05 to ₹103.95. Chemicals.

Andhra Sugars Q1 FY27: Revenue ₹627 Cr, Operating Profit Up 41%, and a Sugar Segment That Billed Zero

At a glance

Quarter ended June 2026: consolidated revenue ₹627.11 crore, operating profit ₹72.28 crore, net profit ₹45.61 crore, EPS ₹3.37. Against the June 2025 quarter, revenue moved up 4.6%, operating profit up 40.7%, and net profit up 94.1%. Against the March 2026 quarter, revenue slipped 1.6% while net profit went from ₹4.70 crore to ₹45.61 crore — the same top line arriving in a considerably better mood.

Operating margin printed 12% for the quarter, the highest in the ten quarters on the sheet, where the run has been 2.3%, 3.9%, 3.2%, 9%, 9%, 9%, 8%, 7%. Management attributes the increase in profit during the period mainly to an increase in the selling prices of chemical products.

The Sugar segment reported no revenue this quarter, against ₹36.13 crore in the June 2025 quarter. A company named after sugar billing zero rupees of sugar is the kind of thing that makes a segment table worth reading to the end.

Borrowings on the March 2026 balance sheet stand at ₹0.56 crore against total assets of ₹2,174.20 crore — a debt line that has been reduced to roughly the price of a decent flat in the city its lenders live in. Market capitalisation is ₹1,340 crore, book value ₹123 per share, promoter holding 50.49%.

And the associate that isn't producing anything at all still has a court case, a propylene supplier and a shutdown that ran until 4 August 2026. More on that below.

Introduction

Incorporated in 1947 — the year the country itself was incorporated — The Andhra Sugars Limited operates from Venkatarayapuram, Tanuku, Andhra Pradesh, and manufactures Sugar, Industrial Alcohol, Chlor Alkali Products, Aspirin, Sulphuric Acid, and Liquid & Solid Propellants. It also generates power for captive use. That is one company, one CIN, and a product list that reads like three different companies filed their paperwork on the same day and nobody noticed.

The rocket propellants are not a flourish. The industrial chemicals arm supplies liquid and solid rocket propellants to the Indian Space Research Organisation, which means a business that began by crushing cane in coastal Andhra now has a line item pointed at low earth orbit.

Over ten years, sales compounded at 7% and profit at 8%. Over five years, sales compounded 10% and profit at -6%. FY26 closed at revenue ₹2,466 crore against ₹2,019.69 crore in FY25 and ₹1,894.04 crore in FY24, with net profit of ₹83.22 crore, ₹25.88 crore and ₹75.10 crore respectively. The profit line does not walk; it pogo-sticks.

The group consolidates JOCIL Limited, Hindustan Allied Chemicals Limited and Andhra Farm Chemicals Corporation Limited as subsidiaries, plus The Andhra Petro Chemicals Limited as an associate. The associate contributed a share of net loss of ₹1.11 crore this quarter.

Capacity has been added steadily. Caustic soda capacity moved from 400 TPD to 600 TPD across the FY16–FY25 record; sulphuric acid installed capacity moved from 300 TPD to 800 TPD in the same run. A 2,640 TPA salicylic acid plant at Tanuku was set up for ₹36.31 crore and began commercial operations in Q4 FY24; a 500 TPD sulphuric acid plant at Saggonda was built for ₹118 crore, financed entirely through internal accruals, and commissioned in Q1 FY25. A planned 100 TPD sodium hypochlorite plant at J.N. Pharmacity, Visakhapatnam, budgeted at ₹18 crore, is on hold: APIIC cancelled the 42.28-acre site allocation over alleged non-compliance, the company is contesting it in the High Court, and construction waits on the bench.

Business model

Five segments, and they share almost nothing except a chairman and a pincode.

**Chlor-alkali** is the spine — caustic soda, caustic potash and co-products, 37% of FY24 revenue against 38% in FY22. This quarter it billed ₹214.54 crore of the ₹760.70 crore gross segment revenue. Chlor-alkali is chemistry's most committed multitasker: you run electricity through salt water, and out come three products you must then find three separate markets for, whether or not all three markets happen to want them that week.

**Industrial Chemicals** — sulphuric acid, chlorine, hydrochloric acid, industrial alcohol, and the ISRO propellants — was 36% of FY24 revenue and billed ₹346.50 crore this quarter, the largest segment on the consolidated table. Aspirin lives here too, which means the same division that fuels rockets also supplies the thing you take after reading about rockets.

**Soap**, run through subsidiary Jocil Ltd, produces oleochemicals — stearic acids, distilled fatty acids, refined glycerine and soap products — 13% of FY24 revenue versus 17% in FY22, billing ₹157.59 crore this quarter.

**Power Generation** supplies electricity from the Tamil Nadu wind mills to the state electricity board grid, alongside a 33 MW captive thermal plant at Saggonda and a 2.5 MW solar captive plant at Kovvur. It billed ₹12.08 crore.

**Sugar**, the founding act, has a crushing capacity of 16,000 TCD across three units at Tanuku, Taduvai and Bhimadole, with operations suspended at Tanuku and Bhimadole due to non-availability of cane. Total cane crushed fell from 3,37,492 MT in FY22 to 1,63,920 MT in the latest year on the operational sheet, and sugar produced from 34,890 MT to 14,961 MT, with recovery at the Taduvai unit slipping from 10.34% to 9.13%. Cane is the one raw material a chemical company cannot order by tanker; it has to be grown, by farmers, who get a vote in the matter.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for The Andhra Sugars Limited.

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