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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Credit Rating (CRISIL)
CARE BB+
Rates the company's debt-servicing ability — not the quality or value of its shares.
Rated: 29 Aug 2022
This rating is over a year old.
View Full ReportValuation
Financials (FY2022)
Source: CRISILInvestment Thesis
Gobind Sugar Mills Limited is a 70-year-old sugar manufacturer and ethanol producer located in Lakhimpur Kheri, UP's sugar belt. While the ethanol blending programme and domestic sugar demand provide near-term positives, the company's regulatory environment, cyclical commodity risks, and lack of public financial transparency are key concerns for investors.
Pros
Cons
Business Segments
Sugar Manufacturing
Crushing of sugarcane and manufacture of khandsari/refined sugar; 10,000 TCD capacity at Aira Estate, Lakhimpur Kheri, UP.
Sulphur-Free Refined Sugar
Premium sulphur-free refined sugar manufacturing launched in 2016; higher-margin product targeting food processors.
Distillery (In Progress)
State-of-the-art distillery plant under installation for ethanol production — aligned with government blending mandates.
Revenue Model
Gobind Sugar Mills earns revenue by selling refined sugar to wholesalers and institutional buyers, and ethanol to oil marketing companies (OMCs) under the Government of India's Ethanol Blending Programme. Revenue is also derived from by-products such as molasses and bagasse (used for power co-generation).
Detailed Analysis
Growth Plans
Government of India's Ethanol Blending Programme targeting 20% blending by 2025-26, boosting ethanol off-take volumes and pricing for mills
Growing domestic sugar demand driven by India's expanding food processing industry
Co-generation of power from bagasse providing additional revenue streams
Industry Tailwinds
Government of India's Ethanol Blending Programme targeting 20% blending by 2025-26, boosting ethanol off-take volumes and pricing for mills
Comparable Companies
BALRAMCHIN · ~7000 Cr
Frequently Asked Questions
About Gobind Sugar Mills Limited
Gobind Sugar Mills Limited is one of India's established sugar manufacturing companies, incorporated on 18 August 1952 and headquartered in Aira, Lakhimpur Kheri, Uttar Pradesh. With CIN L15421DL1952PLC354222 and listed on MSEI, the company operates a sugar mill with 10,000 tonnes per day (TPD) sugarcane crushing capacity and has diversified into ethanol production, pharmaceutical sugar, and power co-generation. The company is part of the Adventz Group, a large Indian conglomerate with interests spanning fertilisers (Zuari Agro Chemicals), shipping, and real estate. This group backing provides Gobind Sugar with operational support and financial stability. The company manufactures sulphur-free refined sugar, double-refined pharmaceutical-grade sugar (500 TPD capacity), and produces ethanol (100 KLPD capacity from FY2020) from molasses as mandated under the government's ethanol blending programme. Gobind Sugar Mills supports approximately 64,000 farmers in Uttar Pradesh's sugarcane belt, making it a significant rural employment and income generator. The company commissioned a state-of-the-art distillery plant in December 2019 for ethanol production and operates a co-generation power plant since 2015. With authorised capital of Rs 200 crore and paid-up capital of Rs 131.07 crore, Gobind Sugar has a substantial capital base for a regional sugar company.
Key Milestones
Incorporated August 18, 1952 in Delhi (CIN: L15421DL1952PLC354222) — 73+ years old; nurtured by Dr. KK Birla
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
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Growing domestic sugar demand driven by India's expanding food processing industry
Co-generation of power from bagasse providing additional revenue streams
Industry Headwinds
Monsoon-dependent sugarcane availability could impact crushing volumes and revenue
Any revision in government ethanol pricing or blending targets could affect profitability
High cane arrears outstanding to farmers remain a systemic risk for UP sugar mills
Net profit margin is thin at 3.9% (FY2022) — limited buffer against revenue or cost shocks
Source: Financial data
Interest coverage ratio of 0.07x (FY2022) — EBIT does not fully cover interest expenses; risk of debt default
Source: Financial data
Sugar pricing in India is regulated by the central and state governments; Uttar Pradesh's State Advised Price (SAP) for sugarcane is among the highest in India, pressuring mill margins
Source: Company Financial Filings
Revenue and profitability are subject to fluctuations in global and domestic sugar prices, and seasonal variability in sugarcane crop output
Source: Company Financial Filings
Sugar mills typically carry high inventory and cane payment obligations to farmers, resulting in significant working capital requirements
Source: AlphaHub Research
Sugar pricing in India is regulated by the central and state governments; Uttar Pradesh's State Advised Price (SAP) for sugarcane is among the highest in India, pressuring mill margins
Revenue and profitability are subject to fluctuations in global and domestic sugar prices, and seasonal variability in sugarcane crop output
Sugar mills typically carry high inventory and cane payment obligations to farmers, resulting in significant working capital requirements
DALMIASUG · ~2500 Cr
TRIVENI · ~5000 Cr
Adventz Group became promoter and majority shareholder; listed on MSEI; ISIN INE246E01013
Sugar mill at Aira Estate, Lakhimpur Kheri, UP — 10,000 TCD crushing capacity
Sulphur-free refined sugar production from 2016; distillery plant under installation
Authorized ₹200 Cr; paid-up ₹131.07 Cr