Avadh Sugar & Energy financials: balance sheet, profit and loss, cash flow

NSE: AVADHSUGARBSE: 540649Agricultural Food & other ProductsSmall Cap

Avadh Sugar & Energy Limited · Face value ₹10 · Listed Jul 2017

₹824.60₹10.35 (1.27%)BSE ₹824.95

Share price at the NSE close on 28 Oct 2026. Previous close ₹814.25.

28 Oct: open ₹802.00, high ₹852.65, low ₹791.30

52-week range of traded prices to 28 Oct 2026

₹306.05Low, 21 Jan 2026₹1,023.15High, 14 Oct 2026

Under NSE's long-term additional surveillance, stage I, on the list for 28 Oct 2026. The exchange puts a share here when its price has moved unusually, and trading in it carries extra conditions.

Market cap: ₹1,651 Cr1,575th largest listed
P/E: 25.03
P/B: 1.47
Dividend yield: 1.21%
ROE: 5.9%
ROCE: 6.6%
Debt to equity: 1.25
Volume, NSE: 82,74834.4% delivered

Avadh Sugar & Energy's financial statements for the 9 years to Mar 2026, standalone: the listed company alone, without its subsidiaries, with the twelve months to Jun 2026 after them.

9 years at a glance

₹ crore, years to March.Avadh Sugar & Energy annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹2,798 Cr, year to Mar 2023; lowest ₹2,130 Cr, year to Mar 2019

Operating and net margin, per cent

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.1% of operating profit in the first full year.

Results for the year to Mar 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

Revenue2,694
Materials and goods−2,111
Employee costs−122
Other expenses−239
Operating profit221
Depreciation−62
Other income+5.1
One-off items−2.1
Finance costs−74
Profit before tax88
Tax−31
Net profit57

What the company owns

Inventory₹1,433 Cr
Plant, investments and other assets₹1,385 Cr
Receivables₹59 Cr
Cash and bank₹4 Cr

What pays for it: net worth and liabilities

Borrowings₹1,406 Cr
Net worth₹1,124 Cr
Owed to suppliers₹177 Cr
Other liabilities₹172 Cr

Avadh Sugar & Energy business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Standalone, ₹ crore, as the company reports them.Avadh Sugar & Energy segment results by quarter

Revenue by segment

₹3,344 CrTotal

SUGAR₹2,572 Cr76.9% of total
DISTILLERY₹530 Cr15.8% of total
CO-GENERATION₹227 Cr6.8% of total
OTHERS₹16 Cr0.5% of total

Profit by segment

SUGAR₹102 Cr57.0% of total
DISTILLERY₹42 Cr23.5% of total
CO-GENERATION₹34 Cr19.3% of total
OTHERS₹0 Cr0.2% of total

Segment results by year

Standalone, ₹ crore, years to March.

SUGAR
Revenue, ₹ crore
1,912
2,492
2,563
2,607
2,713
2,503
2,557
2,572
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
68
121
93
128
122
160
160
102
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
DISTILLERY
Revenue, ₹ crore
254
236
347
484
560
586
485
530
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
142
108
127
147
113
123
63
42
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
CO-GENERATION
Revenue, ₹ crore
195
156
157
168
208
201
190
227
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
55
11
12
2
−2
10
15
34
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
OTHERS
Revenue, ₹ crore
13
14
15
21
25
23
18
16
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
0
0
0
1
0
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	2,375	2,897	3,082	3,280	3,506	3,312	3,249	3,344
Company revenue, as in its results	2,130	2,559	2,711	2,744	2,798	2,694	2,636	2,694
Revenue	1,912	2,492	2,563	2,607	2,713	2,503	2,557	2,572
Revenue growth	–	30.3%	2.8%	1.7%	4.1%	−7.8%	2.2%	0.6%
Profit	68	121	93	128	122	160	160	102
Profit growth	–	77.9%	−23.4%	38.2%	−4.5%	31.1%	0.0%	−36.5%
Margin	3.6%	4.9%	3.6%	4.9%	4.5%	6.4%	6.3%	4.0%
Return on capital	4.3%	7.5%	6.5%	9.5%	9.5%	9.2%	8.7%	5.2%
Assets	2,104	2,252	2,002	1,717	1,691	2,151	2,116	2,177
Liabilities	520	648	580	366	400	413	283	215
Capital employed	1,584	1,604	1,422	1,351	1,291	1,738	1,833	1,962
Revenue	254	236	347	484	560	586	485	530
Revenue growth	–	−7.2%	46.9%	39.5%	15.6%	4.7%	−17.2%	9.2%
Profit	142	108	127	147	113	123	63	42
Profit growth	–	−24.1%	17.5%	15.7%	−23.1%	8.6%	−48.4%	−33.5%
Margin	55.9%	45.7%	36.5%	30.3%	20.2%	20.9%	13.0%	7.9%
Return on capital	85.0%	42.5%	63.5%	56.3%	37.4%	46.8%	21.0%	15.4%
Assets	180	267	210	273	313	272	313	282
Liabilities	13	13	10	12	11	10	12	10
Capital employed	167	254	200	261	302	262	300	272
Revenue	195	156	157	168	208	201	190	227
Revenue growth	–	−20.2%	0.7%	7.3%	23.9%	−3.7%	−5.5%	19.6%
Profit	55	11	12	2	−2	10	15	34
Profit growth	–	−79.3%	2.0%	−86.4%	–	–	41.0%	135.3%
Margin	28.0%	7.3%	7.4%	0.9%	−1.0%	5.2%	7.7%	15.2%
Return on capital	18.9%	4.1%	3.0%	0.4%	−0.6%	3.2%	4.4%	10.9%
Assets	290	275	384	376	346	330	335	318
Liabilities	2	1	6	3	3	3	3	3
Capital employed	289	274	379	373	343	327	332	315
Revenue	13	14	15	21	25	23	18	16
Profit	0	0	0	0	1	0	0	0
Margin	3.1%	2.8%	2.6%	2.3%	2.1%	1.8%	1.8%	1.8%
Return on capital	123.7%	179.2%	74.1%	95.4%	88.8%	129.9%	103.2%	56.4%
Assets	0	0	1	1	1	0	0	1
Liabilities	0	0	0	0	0	0	0	0
Capital employed	0	0	1	1	1	0	0	1

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Standalone, ₹ crore, years to March. The last column is the twelve months to Jun 2026, the latest four quarters added.Avadh Sugar & Energy quarterly results

₹ crore	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 12 May	Jun 2026Twelve monthsFiled 3 Aug
Revenue from operations	2,368	2,130	2,559	2,711	2,744	2,798	2,694	2,636	2,694	2,756
	2,100	1,839	2,298	2,451	2,441	2,543	2,363	2,360	2,472	2,527
Materials and goods bought	1,805	1,527	1,974	2,128	2,114	2,196	1,995	2,028	2,111	2,172
Employee costs	–	85	92	97	100	120	117	114	122	124
Other expenses	–	226	232	226	226	227	251	218	239	231
Operating profit before depreciation	269	291	261	259	303	255	330	276	221	229
Operating margin	11.4%	13.7%	10.2%	9.6%	11.0%	9.1%	12.3%	10.5%	8.2%	8.3%
Materials, % of revenue	–	71.7%	77.1%	78.5%	77.1%	78.5%	74.1%	76.9%	78.4%	78.8%
Employee costs, % of revenue	–	4.0%	3.6%	3.6%	3.6%	4.3%	4.4%	4.3%	4.5%	4.5%
Other expenses, % of revenue	–	10.6%	9.1%	8.3%	8.2%	8.1%	9.3%	8.3%	8.9%	8.4%
Depreciation and amortisation	44	44	45	48	51	51	55	58	62	62
Operating profit after depreciation	224	248	217	211	252	204	275	218	160	167
Other income	4	4	6	6	4	9	3	4	5	7
Finance costs	114	97	116	116	88	69	82	86	74	70
Profit before one-off items and tax	114	154	106	101	167	144	197	136	91	103
One-off items	–	0	0	0	0	0	0	0	−2	−2
Profit before tax	114	154	106	101	167	144	197	136	88	101
	26	34	18	24	43	43	69	48	31	35
Current tax	–	34	19	17	29	25	34	24	15	15
Deferred tax	–	0	−1	6	14	18	34	24	16	20
Net profit	88	120	89	78	124	100	128	88	57	66
Other comprehensive income	–	−1	−2	5	28	0	28	5	−14	−27
Total comprehensive income	–	119	87	83	152	100	157	93	43	39
Net margin	3.7%	5.6%	3.5%	2.9%	4.5%	3.6%	4.8%	3.3%	2.1%	2.4%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank.

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 12 May
	509	592	666	810	891	1,028	1,101	1,124
Share capital	10	20	20	20	20	20	20	20
Reserves	499	572	646	790	871	1,008	1,081	1,104
	1,432	1,482	1,215	1,213	1,067	1,316	1,370	1,406
Repayable after a year	478	585	495	403	306	262	296	327
Repayable within a year	954	897	720	810	761	1,054	1,073	1,079
	1,600	1,664	1,471	1,189	1,177	1,485	1,377	1,310
Trade payables	475	599	539	310	365	379	257	177
Other financial liabilities	135	140	177	1	29	29	24	22
Other liabilities	19	19	24	44	16	14	11	20
Provisions	7	7	6	17	7	8	10	10
Tax owed	9	2	5	7	0	0	0	0
	500	603	512	431	350	341	402	446
Other financial liabilities	1	3	3	1	1	1	0	1
Other liabilities	20	12	6	2	0	0	0	–
Provisions	2	3	4	2	2	1	0	1
Deferred tax	0	0	4	22	40	78	105	118
Trade payables	0	–	0	2	1	0	0	0
Total assets	2,609	2,859	2,649	2,430	2,418	2,854	2,880	2,880
	997	1,064	1,122	1,156	1,241	1,293	1,339	1,357
Plant in use, after depreciation	974	966	1,084	1,077	1,165	1,187	1,221	1,269
Plant being built	4	69	14	9	13	10	12	3
Intangible assets	0	1	1	0	0	0	0	0
Investments	12	0	15	47	47	80	88	72
Stakes in joint ventures and associates	0	10	0	–	0	0	0	0
Loans given	0	0	0	0	0	0	0	0
Other financial assets	0	1	0	1	2	2	2	2
Deferred tax	3	6	4	2	4	0	0	–
Other assets	2	12	3	20	10	14	15	11
	1,612	1,796	1,527	1,274	1,177	1,561	1,541	1,524
Inventories	1,427	1,485	1,351	1,170	1,085	1,495	1,455	1,433
Trade receivables	126	109	55	86	73	48	56	59
Cash and cash equivalents	3	5	5	1	2	1	4	2
Other bank balances	2	2	2	2	3	1	1	2
Current investments	0	0	0	0	0	0	0	0
Loans given	1	1	0	0	1	0	0	1
Other financial assets	0	8	6	0	3	4	3	2
Tax paid in advance	–	0	0	0	0	0	8	13
Other assets	53	185	108	15	11	11	14	12
Net debt	1,427	1,475	1,208	1,210	1,063	1,314	1,365	1,403

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the year to Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Standalone, ₹ crore, years to March.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 12 May
	465	314	364	−77	154	158
	481	345	390	−41	185	181
	217	40	134	−375	−94	−48
Receivables	55	−25	13	25	−8	−3
Inventories	135	181	85	−410	40	22
Payables	−58	−229	55	16	−121	−79
Other working capital	85	113	−18	−5	−5	13
Tax paid	−16	−32	−26	−34	−28	−21
Capital spending	111	55	133	79	107	109
Free cash flow	355	258	230	−156	47	49
	−108	−54	−124	−70	−99	−98
Plant and property sold	1	1	9	4	5	8
Interest received	0	0	0	1	0	1
Dividends received	1	1	1	1	2	2
	−358	−264	−239	147	−53	−61
Borrowings raised	95	175	35	65	165	136
Borrowings repaid	−326	−340	−185	181	−111	−91
Interest paid	−119	−91	−68	−79	−86	−76
Lease payments	0	0	−1	0	0	−1
Dividends paid	8	8	20	20	20	20
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	0	−4	1	0	2	−2

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2018, Mar 2019 and Mar 2020.

Standalone, ₹ per share, years to March.Avadh Sugar & Energy dividend history

₹ per share	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 12 May
	₹44.04	₹59.88	₹44.27	₹38.76	₹62.15	₹50.07	₹64.00	₹43.93	₹28.63
As stated that year	₹88.08	₹119.76	₹44.27	₹38.76	₹62.15	₹50.07	₹64.00	₹43.93	₹28.63
	₹44.04	₹59.88	₹44.27	₹38.76	₹62.15	₹50.07	₹64.00	₹43.93	₹28.63
As stated that year	₹88.08	₹119.76	₹44.27	₹38.76	₹62.15	₹50.07	₹64.00	₹43.93	₹28.63
	₹0.50	₹1.50	₹4.00	₹4.00	₹10.00	₹10.00	₹10.00	₹10.00	₹10.00
As declared that year	₹1.00	₹3.00	₹4.00	₹4.00	₹10.00	₹10.00	₹10.00	₹10.00	₹10.00
	–	₹254.02	₹295.62	₹332.57	₹404.83	₹445.17	₹513.69	₹550.06	₹561.71
On that year's share count	–	₹508.05	₹295.62	₹332.57	₹404.83	₹445.17	₹513.69	₹550.06	₹561.71
Dividend payout	1.1%	2.5%	9.0%	10.3%	16.1%	20.0%	15.6%	22.8%	34.9%
Shareholder yield	–	–	–	2.2%	0.6%	2.3%	1.9%	2.2%	2.1%
Market cap at the year end (₹ crore)	453	478	237	371	1,455	873	1,063	898	940

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Standalone, years to March.Avadh Sugar & Energy PE ratio and valuation

Ratio	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 12 May
Revenue growth	–	−10.1%	20.2%	5.9%	1.2%	2.0%	−3.7%	−2.2%	2.2%
Operating profit growth	–	8.4%	−10.3%	−0.8%	16.8%	−15.9%	29.5%	−16.4%	−19.9%
Net profit growth	–	36.0%	−26.1%	−12.4%	60.4%	−19.4%	27.8%	−31.4%	−34.8%
Earnings per share growth	–	36.0%	−26.1%	−12.4%	60.3%	−19.4%	27.8%	−31.4%	−34.8%
	–	23.6%	16.1%	12.3%	16.9%	11.8%	13.3%	8.3%	5.1%
	–	–	−7.5 pts	−3.8 pts	4.5 pts	−5.1 pts	1.6 pts	−5.1 pts	−3.1 pts
From the net margin	–	–	−9.1 pts	−2.8 pts	7.2 pts	−3.5 pts	3.9 pts	−4.0 pts	−3.0 pts
From asset turnover	–	–	2.1 pts	0.7 pts	1.9 pts	0.9 pts	−1.8 pts	−0.9 pts	0.1 pts
From borrowing	–	–	−0.5 pts	−1.7 pts	−4.6 pts	−2.4 pts	−0.5 pts	−0.2 pts	−0.2 pts
Return on capital employed	–	12.8%	10.4%	11.2%	12.4%	10.4%	11.7%	8.8%	6.3%
Cash conversion	–	–	–	600.0%	252.2%	362.7%	−60.1%	175.1%	275.0%
Interest cover	2.0	2.6	1.9	1.8	2.8	2.9	3.4	2.5	2.2
Debt to equity	–	2.82	2.50	1.83	1.50	1.20	1.28	1.24	1.25
Receivable days	–	22	16	7	11	9	6	8	8
Inventory days	–	341	275	232	202	180	274	262	248
Payable days	–	114	111	93	54	61	69	46	31
Cash conversion cycle, days	–	249	179	147	160	129	211	223	225
Working capital days	–	165	146	103	119	99	153	171	175
Asset turnover	–	0.82	0.94	0.98	1.08	1.15	1.02	0.92	0.94
Assets per rupee of net worth	–	5.13	4.97	4.38	3.44	2.85	2.75	2.69	2.59
Sales per rupee of plant	–	2.19	2.65	2.50	2.55	2.40	2.27	2.16	2.12
Capital spending to depreciation	–	–	–	2.30	1.08	2.61	1.42	1.84	1.77
Plant being built, % of plant in use	–	0.5%	7.1%	1.3%	0.8%	1.1%	0.8%	1.0%	0.2%

No balance sheet is on record for the year to Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

Return on assets, latest year: 2.0%
Cash from operations against operating profit: 71.3%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	−0.1%	−1.3%
Profit growth, yearly rate	–	−5.9%	−17.0%
Return on equity, average	–	11.1%	8.9%
Return on capital employed, average	–	9.9%	8.9%
Operating margin, average	10.7%	10.2%	10.3%
Net margin, average	3.8%	3.7%	3.4%
Asset turnover, average	–	1.02	0.96
Cash conversion cycle, days, average	–	190	220
Interest cover, average	2.4	2.8	2.7
Debt to equity, average	–	1.29	1.26

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	912	235	158
Cash from investing	−444	−267	−98
Cash from financing	−471	32	−61
Capital spending	483	294	109
Dividends paid	88	60	20
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	577	366	136
Borrowings repaid	908	383	91

Accounting checks

Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	5	9	6	6	5	6
Altman Z-scorePublished threshold 1.81	–	1.54	1.55	1.77	2.51	2.29	2.14	2.07	2.07
Beneish M-scorePublished threshold −1.78	–	–	–	−3.82	−2.13	−3.12	−2.69	−2.29	−2.75
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	−10.16	−5.35	−5.76	10.43	1.15	−0.08
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	3.78	1.70	1.39	0.86
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	−33.94	−55.35	54.38	−17.22	−30.41	19.56	2.71
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	−25.12	−16.86	−12.77	−11.11	46.96	−4.37	−5.60
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	5.47	−2.90	−3.59	−0.04	0.06	0.36	0.10
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	1.87	0.08	0.20	0.09	0.12	0.13	0.03
Effective tax ratePublished threshold 17.16 per cent	22.83	22.34	16.53	23.46	25.60	30.20	34.86	35.30	35.19
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	6.62	11.86	17.63	14.36	11.68

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
14 Jul 2026	CARE Ratings Limited	Fund-based - ST-Working Capital Limits	CARE A1New, New		100
8 May 2026	India Ratings and Research Private Limited	Bank loan facilities	IND A+; IND A1Review, Re-affirm	Stable	1,817.89

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.