Broker research reports for stocks which have been upgraded by brokers. Both recommendation upgrades,
as well as share price target upgrades are available for companies in Industry - Sugar.
Broker Research reports: latest Upgrades
for Industry - Sugar
Triveni Engineering & Industries (TEIL) has approved a composite scheme of arrangement among Triveni Engineering & Industries (TEIL), Sir Shadi Lal Enterprises (SSEL) and Triveni Power Transmission business (PTB). Under the scheme, for every 137 equity shares of SSEL of a face value of Rs. 10 each will receive 100 equity shares of face value of Rs. 1 each of TEIL.
Balrampur Chini Mills’ (BCML’s) Q2FY2025 numbers were affected by government restrictions in distillery operations and lower crushing volumes. Revenues fell by 16% y-o-y and EBIDTA fell by 70% y-o-y (EBIDTA margins decreased to 3.8%).
Triveni Engineering and Industries Ltd’s (TEIL’s) Q2FY2025 performance was affected by a decline in profitability of sugar and alcohol divisions, resulting in a 93% y-o-y decline in EBIDTA; it registered loss of Rs. 22.4 crore.
Balrampur Chini Mills’ (BCML’s) Q1FY2025 numbers were muted due regulatory issues in distillery operations. Its revenues in Q1FY2025 grew by just 2% and reported PAT fell by 5% (EBIDTA margins stood flat at 11.7%).
The company would be increasing its sugarcane crushing by 5-10% in next one year. This would help it utilise the additional sugarcane for the production of ethanol through sugarcane juice We expect cumulative free cash flow of | 731 crore in the next three years,...
With the increasing profitability and reduction in sugar inventories, DBS would be generating cumulative free cash flow of | 718 crore in the next three years despite ~| 700 crore capex...
KLD distillery capacity and 74 MW saleable power capacity. The company produces 6.0 lakh tonnes (lt) of sugar, 8 crore litre of ethanol & 15 crore units of saleable power. Avadh has increased its distillery capacity from 240 KLD to 325 KLD with a...
With increasing profitability & reduction in sugar inventory, the company would be able to generate cumulative | 517 crore free cash flows in the next three years. It would completely de-leverage the balance sheet...
Dhampur Sugar is undertaking a capacity expansion of 100 KLD distillery in its Asmoli plant with a capex of | 130 crore. Further, it has also announced capex of 150 KLD distillery at Dhampur (including 50 KLD grain)...
Distillery expansion, surging sugar prices to drive PAT in India with sugar crushing capacity of 60,000 TCD, distillery capacity of 320 KLD & co-generation power of 100 MW. It also has power transmission & waste water business contributing 10% to revenues. The company is increasing its distillery capacity from current 11 crore litre per annum to 22 crore litre per annum by FY24 to utilise B-heavy, grain & sugarcane juice route to produce ethanol...
Massive capex; distillery to contribute 1/3 to revenue sugar crushing capacity of 76000 TCD, distillery capacity of 520 KLD & co-generation capacity of 91 MW. It is undertaking a distillery capex of 530 KLD & modernisation, de-bottlenecking of its sugarcane crushing capacity at multiple plants. The company would be able to increase distillery volumes to 35 crore litre in FY24 from 16 crore litre in FY21. Moreover, the modernisation plan would...
Alternate Stock Idea: We like Balrampur Chini in our Sugar coverage. The company is the second largest & one of the most efficient sugar companies in India. Along with sugarcane juice, B-heavy, the company is...
BCML is the most efficient sugar company with sustainable earnings and strong cash flow generation. We believe the company would increase shareholder's payout (buybacks, dividend) to ~60% from current 40% payout. We believe the market recognises the big opportunity in ethanol blending programme and the stock is poised to command better valuation multiples. We value the stock at 10x FY23E earnings with a target price of...
