Top Sugar Stocks to Buy in India in 2025
- Share.Market
- 12 min read
- 08 Sep 2025
India’s sugar industry is one of the largest in the world, both in terms of production and consumption. As the sector evolves with new government policies, ethanol blending initiatives, and global price trends, sugar stocks have become a compelling opportunity for investors seeking exposure to the country’s agribusiness and renewable energy growth stories.
In this blog, we will explore the top sugar stocks to buy in India.
Understanding the Sugar Industry in India
India is the world’s largest consumer and second-largest producer of sugar, after Brazil. In India, sugarcane is planted three times a year, in October, March, and July. The majority of the sugar industry in India is located in Uttar Pradesh, Maharashtra, and Karnataka, employing 5,00,000 workers in sugar mills.
In the 2024-25 Sugar season, as of May 15, 2025, the production has declined by 18.38% to 25.74 million tonnes, compared to 31.54 million tonnes last year. The total cane crushed dropped to 276.77 million tonnes (from 312.26 million tonnes), and the recovery rate fell to 9.30% (from 10.10%). This season’s major highlight has been the conversion of sugar into ethanol. After accounting for sugar diverted to ethanol (expected at 35 lakh tonnes), the season’s overall sugar output is projected at 26.11 million tonnes.
As of April 30, 27 lakh tonnes of sugar had already been diverted for the manufacturing of ethanol, with another 6 to 7 lakh tonnes to be diverted till the end to support India’s clean energy goals. In this season, Ethanol blending with petrol has increased by 18.61%, with the industry projecting a target of 5 million tonnes of sugar to be diverted for ethanol in the 2025-26 season.
In the 2024-25 sugar season, the Fair and Remunerative Price (FRP) for sugarcane has increased by 11.5% to ₹340/quintal from ₹305/quintal in the 2022-23 season.
Retail prices of sugar have also risen by 5%, from ₹42.52/kg in 2022 to ₹44.70/kg in 2024. For farmers’ financial stability, nearly 80% of cane payment dues for the current season had been cleared by March 2025. With timely farmer payments, steady prices, and increasing government support, the sugar sector is an attractive investment opportunity for the long term.
Top Sugar Stocks in India (2025)
Here’s a list of sugar companies in India, ranked by market capitalisation for investors.
| S. No. | Stock Name | Market Cap (₹ Cr) |
| 1 | EID Parry (India) Ltd. | 17,488 |
| 2 | Balrampur Chini Mills Ltd. | 12,011 |
| 3 | Triveni Engineering and Industries Ltd. | 9,454 |
| 4 | Shree Renuka Sugars Ltd. | 6,998 |
| 5 | Bannari Amman Sugars Ltd. | 4,961 |
| 6 | Dalmia Bharat Sugar & Industries Ltd. | 3,523 |
| 7 | Uttam Sugar Mills Ltd. | 1,200 |
An Overview of India’s Top Sugar Stocks
Here is a thorough description of the top sugar stocks in India for long-term investment:
1. E.I.D. Parry (India) Ltd
E.I.D. Parry (India) Ltd, a flagship company of the Murugappa Group, stands as a leading force in sugar manufacturing companies in India, with a legacy spanning over two centuries. Headquartered in Chennai, the company operates 7 sugar mills across South India with a total sugarcane crushing capacity of 40,300 TCD and has a significant presence in both domestic and export markets.
In Q4FY25 results, E.I.D. Parry’s distillery segment, which focuses on producing ethanol, was a standout performer, with revenues rising 38% year-on-year to Rs. 1,102 crore, driven by robust ethanol demand. Consumer products like sweeteners and nutraceuticals also saw strong momentum, growing 65% to Rs. 884 crore due to an expanded product portfolio. E.I.D. Parry Parry also posted a consolidated profit after tax (PAT) of Rs 539.44 crore in Q4FY25.
To further strengthen E.I.D. Parry’s position in the sugar industry, its board has authorised an investment of up to ₹350 crore in its fully owned subsidiary, Parry Sugars Refinery India Pvt. Ltd. (PSRIPL). E.I.D. Parry’s focus on innovation, sustainability, and value addition makes it the top sugar stock for long-term investment in the Indian sugar sector.
2. Balrampur Chini Mills Ltd.
Balrampur Chini Mills Ltd, headquartered in Kolkata, operates 10 sugar mills, primarily in Uttar Pradesh, with a total crushing capacity of 80,000 TCD. Balrampur Chini Mills has developed a highly integrated business model that spans sugar manufacturing, ethanol production, and power generation from bagasse.
In the 2024-25 sugar season, the company crushed approximately 99.16 lac million tonnes of sugar. In Q4FY25 results, Balrampur Chini Mills reported a 12.65% year-on-year surge in consolidated net profit to Rs. 229.12 crore, driven by higher margins in its sugar business. While its Profit before tax increased 7.72% YoY to Rs. 311.70 crore, and EBITDA increased 5.95% to Rs. 365.24 crore.
At its sugar mill in Kumbhi, Uttar Pradesh, BCML is investing Rs. 2,850 crore to build a PLA (Polylactic Acid) biopolymer plant. This facility will be the first large-scale biopolymer plant in India to run solely on renewable energy. With its consistent financial performance, diversified revenue streams, and commitment to innovation and sustainability, Balrampur Chini Mills Ltd is an ideal long-term investment opportunity in the Indian sugar industry.
3. Triveni Engineering and Industries Ltd.
Triveni Engineering and Industries Ltd is one of the top sugar manufacturers in India’s sugar sector, recognised for its integrated operations, technological innovation, and strong financial performance. Headquartered in Noida, Triveni Engineering operates 8 sugar manufacturing units and multiple distilleries across Uttar Pradesh with 70,500 tonnes per day sugar crushing capacity.
In Q4FY25 results, Triveni Engineering reported a consolidated net profit increase of 13.63% year-on-year (YoY) to Rs 183 crore. Its EBITDA increased by 21.51% to Rs 317.4 crore. Also, its revenue from the sugar business in Q4FY25 grew by 16.29% to Rs 1,078.69 crore from Rs 927.51 crore in Q4 FY24.
With a growing presence in ethanol and green power, a strong focus on digital transformation, and a commitment to sustainable practices, Triveni Engineering and Industries Ltd is an ideal long-term investment opportunity in the Indian sugar industry.
4. Shree Renuka Sugars Ltd.
Shree Renuka Sugars Ltd is among the top sugar companies in India, recognised for its integrated operations, global presence, and strong focus on value addition. Headquartered in Mumbai, the company operates 8 sugar mills in Uttar Pradesh, Maharashtra, and Karnataka. Shree Renuka Sugars produced 431,167 million tonnes of sugar and 196 million litres of ethanol last year.
Shree Renuka Sugars Ltd is one of India’s biggest exporters of refined sugar. Their modern refineries process more than 1.38 million metric tons of raw sugar. In Q4FY25 results, the company reported a net profit of Rs 91.60 crore. Its EBITDA for the year increased from Rs. 7,560 million to Rs. 7,675 million. Additionally, its PAT loss for the year decreased from Rs. 6,272 million to Rs. 2,999 million, a 52% decrease.
At its Anamika Sugar Mills, Shree Renuka Sugars is increasing the daily crushing capacity from 4,000 to 7,000 tons. The company will be able to produce more sugar after this modification in the 2025–2026 crushing season, making it an ideal long-term investment opportunity in the Indian sugar industry.
5. Bannari Amman Sugars Ltd.
Bannari Amman Sugars Ltd. is among the top sugar shares in India, renowned for its robust operational footprint, diversified revenue streams, and consistent financial performance. Headquartered in Coimbatore, the company operates multiple sugar mills across Tamil Nadu, Karnataka, and Andhra Pradesh, with 23,700 tonnes per day of sugar-crushing capacity.
In Q4FY25 results, Bannari Amman Sugars reported a net profit of Rs. 35.16 crore, which is a 61.06% increase from its previous same quarter results of Rs. 21.83 crore, reflecting a steady year-on-year growth driven by higher sugar realisations and robust ethanol sales. Also in Q4FY25 results, the company’s sales increased 17.26% to Rs. 493.87 crore from Rs. 421.16 crore.
Bannari Amman Sugars is expanding its existing sugar and distillery capacity at Alaganchi village in Nanjangud taluk, Karnataka. The proposed plan involves expanding the distillery’s production capacity from 150 kiloliters per day (KLPD) to 200 KLPD and boosting the sugar plant’s crushing capacity from 7,500 TCD to 10,000 TCD, making it an ideal long-term investment opportunity in the listed sugar stocks in India.
6. Dalmia Bharat Sugar & Industries Ltd.
Dalmia Bharat Sugar & Industries Ltd. is one of the top sugar companies in India, recognised for its integrated operations, consistent financial strength, and commitment to sustainable growth. Headquartered in New Delhi, the company operates five modern sugar mills across Uttar Pradesh and Maharashtra with a total cane crushing capacity of 43,200 tonnes per day (TCD) and a distillery capacity of 850 kilo litres per day (KLPD).
Dalmia Bharat Sugar sold 1.5 lakh metric tons (LMT) of sugar, with 0.1 LMT coming from exports, or roughly 9% of the entire volume. In Q4FY25 results, the company reported a 126.0% year-on-year (YoY) increase in its net profit to ₹206.3 crore. The company’s revenue from operations also increased 35.7% from ₹750 to ₹1,018 crore in Q4 results.
Dalmia Bharat Sugar and Industries Limited delivered a strong financial performance in Q4FY25, with its average sugar net sales realisation reaching an all-time high of ₹38.9 per kg, a 5% YoY increase, making Dalmia Bharat Sugar & Industries Ltd stocks one of the top sugar shares in the Indian sugar industry.
7. Uttam Sugar Mills Ltd.
Uttam Sugar Mills Ltd. is among the top sugar brands in India’s sugar sector, known for its integrated operations, strong financial discipline, and commitment to value creation for stakeholders. Based in Noida, the company operates 4 modern sugar mills across Uttar Pradesh and Uttarakhand, with a sugarcane crushing capacity of 26,200 TCD and a distillery capacity of 300 KLPD.
Uttam Sugar Mills has developed a diversified business model that spans sugar manufacturing, ethanol production, and cogeneration of green power from bagasse. In Q4FY25, Uttam Sugar Mills Ltd. reported a net profit of Rs 65.85 crore from Rs 42.14 crore, marking a 56.26% increase. Also, its sales rose 21.85% to Rs 566.79 crore in the Q4, reflecting a steady year-on-year growth, driven by higher sugar realisations and robust ethanol sales.
This makes Uttam Sugar Mills Ltd. stand out as an ideal long-term investment opportunity in the Indian sugar sector.
Factors to Consider Before Investing in Sugar Stocks
You should consider the following factors before picking your basket of top-performing sugar stocks in India:
Industry Cyclicality and Price Volatility
The sugar industry is highly cyclical, with profitability closely tied to sugarcane production, monsoon patterns, and global supply-demand dynamics. Fluctuations in sugar share price are common, impacting revenue and margins. Investors should be prepared for periods of volatility and understand the cyclical nature of this sector.
Operational Efficiency & Raw Material Management
A sugar company’s efficiency in processing sugarcane is critical. Key metrics include the sugar recovery rate and daily crushing capacity. Consistent access to quality sugarcane, influenced by monsoon patterns and farmer relationships, is vital for uninterrupted operations and impacts the ‘quality’ of the primary input.
Diversification of Revenue Streams
Companies with diversified revenue streams, such as ethanol production, power cogeneration from bagasse, and value-added products, tend to be more resilient. Ethanol blending and by-product sales can help offset the impact of weak sugar prices.
Regulatory Environment and Policy Changes
The sugar sector is highly regulated, with government controls on the Ethanol Blending Programme (EBP) targets, procurement prices, the Fair and Remunerative Price (FRP) for sugarcane, the Minimum Selling Price (MSP) for sugar, and export/import duties or restrictions. These policies directly dictate raw material costs, product pricing, and market access, heavily influencing industry profitability and sugar stock price in India.
Financial Strength
Investors should assess sugar companies’ financial metrics such as manageable debt levels, return ratios, profit margins, and working capital management. The industry’s capital-intensive and seasonal nature demands efficient inventory and liquidity management. Companies with better operating efficiency, technology adoption, and strong farmer relationships perform better during cycles.
Geographical Location and Scale
Sugar mills located in regions with longer crushing seasons and proximity to high-yielding sugarcane farms and ports tend to have lower production costs and better export potential. Larger, well-integrated mills with capacity expansions often have competitive advantages over smaller, fragmented mills.
To Wrap Up
India’s sugar industry is transforming from a cyclical sector to a more stable and diversified agro-industrial sector. With ethanol blending targets and export opportunities opening up, top sugar stocks in India offer significant growth potential in the upcoming years.
Whether you’re a seasoned investor or a beginner, start exploring the top sugar stocks by opening a demat account with Share.Market.
FAQs
Investing in sugar stocks in 2025 can offer potential rewards, especially with the positive outlook for the 2025-26 sugar season and the strong government focus on ethanol blending. However, the sugar share price is subject to cyclicality and policy risks. However, a thorough analysis of market conditions, government policies, company financials, and risk appetite is crucial before investing in sugar shares in India.
Look for sugar companies with strong integrated operations (sugar, ethanol, cogeneration), high operational efficiency (good recovery rates), significant and expanding ethanol production capacity, manageable debt levels, consistent financial performance, and experienced management. Also, comparing valuation metrics like P/E, P/B, and EV/EBITDA against peers to find the top stocks.
Investing in well-chosen sugar stocks allows investors to participate in India’s agricultural growth story and its green energy transition (via ethanol). These companies can offer good returns during upcycles in the sugar market and benefit from the structural demand for ethanol.
The long-term attractiveness of the sugar sector in 2025 hinges significantly on the sustained success and expansion of the ethanol blending program and continued supportive government policies. While the traditional sugar business remains cyclical, the ethanol story adds a structural growth dimension, making the sugar sector a good long-term option.
Global prices impact export opportunities and domestic realisations. Companies with export capabilities benefit from higher international prices.
Weather plays a critical role in the Indian sugar industry, directly impacting sugarcane yield, sugar recovery, and ultimately, the profitability of sugar companies and the movement of sugar stock prices in India. As sugarcane is a water-intensive, long-duration crop, it’s highly susceptible to variations in weather patterns.
You can invest in listed sugar company shares through any SEBI-registered brokerage platform like Share.Market by opening a demat account. Before investing, it is recommended to conduct thorough research on the sector and individual companies or consult a certified financial advisor.
Disclaimer: Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Registration granted by SEBI, enlistment as a Research Analyst with the Exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. The securities are quoted as an example and not as a recommendation.
This is for informational purposes and should not be considered as recommendations. Kindly refer to https://share.market/ for more details. PhonePe Wealth Broking Private Limited, Research Analyst with SEBI Regn No: INH000013387, BSE RA Enlistment Number: 5887.
