Rana Sugars Limited (RANASUG) share price

₹13.46 on NSE as of 2026-10-08. -2.60% on the day. market cap ₹207 Cr. P/E 36.4. 52-week range ₹10.64 to ₹15.92. Fast Moving Consumer Goods.

ranagroup.com

What the company does

RSL was incorporated in 1991 . RSL operates in Punjab and Uttar Pradesh, and is primarily engaged in the manufacturing of sugar, ethanol and co -generation of power. Power is used captively as well as sold to the State Grids of Punjab and Uttar Pradesh respectively under long term PPAs. RSL has sugar manufacturing facilities at three locations in India viz. Buttar (Punjab), Moradabad (Uttar Pradesh) and Rampur (Uttar Pradesh). Financials (Standalone) : (Rs. crore) For the year ended*/As on 31-03-2022 31-03-2023 Audited Audited Total Operating Income 1400.29 1627.48 EBITDA 177.69 113.32 PAT 85.21 63.40 Total debt 189.00 374.01 Tangible Net worth 448.99 512.41 Ratios EBITDA Margin (%) 12.69 6.96 PAT Margin (%) 6.07 3.84 Overall Gearing Ratio (x) 0.42 0.

Filed by Infomerics, page 6.

Rana Sugars FY26: Other Income ₹63 Cr, Operating Profit ₹41 Cr — When the Side Table Outweighs the Main Course

At a glance

Rana Sugars crushes sugarcane in Punjab and Uttar Pradesh, and sells sugar, power and alcohol. Revenue for the year to March 2026 came in at ₹1,743 crore. The year before brought ₹1,713 crore, so the rise works out at 1.8%. That is growth of the sort that barely clears a rounding error.

Underneath the flat top line, the operating engine cooled sharply. Operating profit fell to ₹41 crore from ₹75 crore. The operating margin, which is operating profit as a share of sales, thinned to 2.3%. It stood at 13% as recently as the year to March 2022.

The number that frames the whole year sits one row lower. Other income, meaning earnings from outside the main business, came in at ₹63 crore. That is larger than the ₹41 crore the sugar, power and ethanol operations earned at the operating level. Reported net profit for the year was ₹23.81 crore. A profit and loss account in which the operations are the supporting act is unusual.

The balance sheet moved the other way. Borrowings dropped to ₹321 crore from ₹435 crore, the cleanest line in the file. Proceedings brought by SEBI, the Enforcement Directorate and the Income Tax Department are still running. SEBI is the securities regulator, and the Enforcement Directorate investigates financial crime. The credit rating is parked on watch, which means the agency has flagged it for review.

Introduction

Rana Sugars was incorporated in 1991 and belongs to the Rana Group. It was formed as a joint venture with Punjab Agro Industrial Corporation, a state body.

The company runs an integrated sugar operation across Punjab and Uttar Pradesh. Integrated here means one group of plants turns cane into sugar, power and alcohol. Cane crushing capacity runs to 20,500 tonnes a day. That capacity sits across units at Buttar in Amritsar, Moradabad and Rampur.

The board approved the year's results on 29 May 2026. The auditor, Ashwani K. Gupta & Associates, gave an unmodified opinion. An unmodified opinion means the auditor found nothing it needed to qualify in the accounts. That clean opinion sits alongside a busier legal file than most integrated sugar mills carry.

Over roughly fifteen months to November 2025, the company and its promoters faced search and seizure action. The three bodies involved were SEBI, the Enforcement Directorate and the Income Tax Department. Promoters, in Indian usage, are the founding family and the companies they control.

A SEBI order dated 27 August 2024 alleged diversion of funds to promoter-group companies. The regulator's order named the company, promoter directors and family members. SEBI's allegation covers the years to March 2015 through March 2021.

The company appealed to the Securities Appellate Tribunal, the forum that hears appeals against SEBI. It secured a stay against coercive action, and the matter is listed for hearing.

Business model

Three products come out of one stalk, and that is the whole of the model. Cane goes in, and sugar, power and alcohol come out. Management's pitch for the arrangement is that nothing is wasted.

Sugar is the headline product: refined white, plantation white, raw and beet sugar. Sugar brought in ₹900 crore of segment revenue for the year. The same segment posted a loss before interest of ₹47 crore.

Crushing leaves behind bagasse, the dry fibre that remains once the cane has been pressed. Bagasse fuels a 102 MW cogeneration plant, which burns one fuel to make both steam and electricity. The surplus power goes to the Punjab and Uttar Pradesh state grids. Those sales run under long-term Power Purchase Agreements, which fix a buyer and a tariff for years. Power turned in ₹165 crore of revenue and a segment profit of ₹47 crore. It is the quiet room in the house that actually pays rent.

Distillery is the segment management leans on for growth. It makes ethanol, along with Rectified Spirit and Extra Neutral Alcohol, which are grades of refined alcohol. The company also holds a market-leading position in Punjab Medium Liquor. Distillery revenue reached ₹904 crore, running neck and neck with sugar on the top line. Its segment result came to ₹74 crore.

The buyers differ by product. State grids take the power, while fuel blending and liquor markets take the alcohol. Sugar beet pulp is sold on as cattle feed. In an integrated mill even the leftovers have a price list.

The main thing the model must spend on is cane, and cane pricing is set by the state. Segment results for the year were a loss in sugar, a profit in power and a profit in distillery.

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

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