Baba Farid Sugar Mills Limited (BAFS) financial ratios

Baba Farid Sugar Mills Limited earned a net margin of 8.0% in FY2025 against a five-year average of -1.0% (Sugar & Allied Industries median 0.6%). Return on equity was 20.8%, compared with a sector median of 2.0%. The current ratio stood at 1.25× and debt was 8.8% of equity. Cash took about 59 days to cycle through receivables, inventory and payables.

FY2025 vs the Sugar & Allied Industries median

Gross margin: 15.9%; Sector median 9.9%
Operating margin: 13.8%; Sector median 6.4%
Net margin: 8.0%; Sector median 0.6%
Return on equity (ROE): 20.8%; Sector median 2.0%
Return on assets (ROA): 12.8%; Sector median 0.6%
Current ratio: 1.25×; Sector median 0.93×
Debt to equity: 8.8%; Sector median 60.7%
Asset turnover: 1.61×; Sector median 1.01×
Dividend payout ratio: 0.0%; Sector median 0.0%

Median of the 28 companies in the sector with the figure for their latest fiscal year.

BAFS financial ratios (annual) (Rs mn)
Rs mn	FY2025 Oct 2024 – Sep 2025	FY2024 * Oct 2023 – Sep 2024	FY2023 Oct 2022 – Sep 2023	FY2022 Oct 2021 – Sep 2022	FY2021 Oct 2020 – Sep 2021	FY2020 * Oct 2019 – Sep 2020	FY2019 * Oct 2018 – Sep 2019	FY2018 * Oct 2017 – Sep 2018	FY2017 Oct 2016 – Sep 2017	FY2016 * Oct 2015 – Sep 2016	FY2015 Oct 2014 – Sep 2015	FY2014 Oct 2013 – Sep 2014	FY2013 Oct 2012 – Sep 2013	FY2012 Oct 2011 – Sep 2012	FY2011 Oct 2010 – Sep 2011	FY2010 * Oct 2009 – Sep 2010	FY2009 Oct 2008 – Sep 2009	FY2008 * Oct 2007 – Sep 2008	FY2007 Oct 2006 – Sep 2007	FY2006 Oct 2005 – Sep 2006
Profitability
Gross margin	15.9%	4.4%	12.1%	(1.3%)	6.5%	1.6%	(293.6%)	(12.5%)	10.1%	11.0%	2.6%	15.2%	4.4%	2.5%	10.0%	(30.9%)	(5.0%)	5.0%	0.1%	12.0%
EBITDA margin	14.9%	5.5%	12.1%	3.6%	9.6%	0.5%	(313.5%)	(10.1%)	12.0%	13.4%	3.5%	17.0%	4.7%	4.1%	12.2%	(30.8%)	(4.2%)	2.1%	(5.2%)	8.4%
Operating margin	13.8%	3.6%	9.6%	0.9%	7.2%	(4.7%)	(375.8%)	(15.9%)	7.8%	7.8%	(0.8%)	13.1%	1.5%	0.6%	6.9%	(38.8%)	(13.4%)	1.0%	(7.3%)	7.0%
Pre-tax margin	8.0%	(10.7%)	0.8%	(4.3%)	4.3%	(15.5%)	(516.1%)	(28.9%)	1.2%	0.3%	(12.5%)	0.2%	(6.9%)	(12.1%)	(20.2%)	(46.5%)	(22.4%)	(2.3%)	(23.6%)	(2.5%)
Net margin	8.0%	(10.7%)	0.8%	(6.2%)	3.2%	(16.0%)	(561.3%)	(28.5%)	1.5%	1.0%	(12.1%)	0.5%	(6.8%)	(13.9%)	(23.6%)	(48.2%)	(18.3%)	(0.1%)	(26.1%)	(2.7%)
Effective tax rate	0.0%	—	0.2%	—	26.6%	—	—	—	(23.3%)	(285.6%)	—	(206.4%)	—	—	—	—	—	—	—	—
Returns
Return on equity (ROE)	20.8%	(21.5%)	1.1%	(9.7%)	7.8%	(25.8%)	(114.2%)	(73.1%)	4.4%	2.8%	(60.1%)	2.5%	(38.7%)	(48.1%)	(63.2%)	(152.1%)	(25.2%)	(0.3%)	(2,080.6%)	—
Return on assets (ROA)	12.8%	(11.2%)	0.7%	(5.9%)	3.4%	(8.4%)	(21.3%)	(11.0%)	0.9%	0.4%	(7.1%)	0.3%	(5.1%)	(9.1%)	(10.9%)	(26.6%)	(8.5%)	(0.1%)	(17.5%)	—
Return on invested capital (ROIC)	22.5%	—	9.5%	—	8.5%	—	—	—	7.2%	23.6%	—	37.9%	—	—	—	—	—	—	—	—
Liquidity
Current ratio	1.25×	0.85×	1.16×	0.96×	0.53×	0.82×	0.33×	0.39×	0.54×	0.45×	0.37×	0.54×	0.43×	0.54×	0.81×	0.61×	0.32×	0.52×	0.76×	0.93×
Quick ratio	0.92×	0.19×	0.40×	0.39×	0.40×	0.51×	0.27×	0.34×	0.22×	0.21×	0.19×	0.16×	0.15×	0.22×	0.19×	0.37×	0.18×	0.32×	0.15×	0.31×
Leverage
Debt to equity	8.8%	106.1%	23.4%	30.4%	36.0%	77.7%	135.1%	577.8%	294.8%	269.4%	660.4%	429.8%	435.4%	295.5%	140.7%	1,581.6%	95.4%	85.2%	—	791.7%
Debt to capital	8.1%	51.5%	19.0%	23.3%	26.5%	43.7%	57.5%	85.2%	74.7%	72.9%	86.8%	81.1%	81.3%	74.7%	58.5%	94.1%	48.8%	46.0%	108.3%	88.8%
Debt to assets	7.1%	44.2%	15.3%	20.5%	18.5%	28.2%	37.5%	57.7%	58.7%	53.8%	59.1%	61.0%	47.8%	44.9%	31.5%	67.5%	28.8%	31.3%	95.6%	82.8%
Assets to equity	1.62×	1.92×	1.51×	1.65×	2.29×	3.09×	5.37×	6.63×	5.01×	6.64×	8.52×	7.86×	7.61×	5.27×	5.80×	5.72×	2.98×	5.56×	119.02×	—
Efficiency
Asset turnover	1.61×	1.05×	0.94×	0.96×	1.07×	0.52×	0.04×	0.39×	0.57×	0.43×	0.58×	0.63×	0.75×	0.66×	0.46×	0.55×	0.46×	1.02×	0.67×	—
Receivable days days	18	28	25	24	23	43	1,396	154	71	93	59	42	40	48	55	34	27	10	26	—
Inventory days days	53	101	73	37	24	40	55	83	105	117	107	126	81	125	178	20	30	83	225	—
Payable days days	12	13	18	28	60	143	469	121	88	154	84	107	94	114	182	39	61	21	14	—
Cash conversion cycle days	59	115	79	34	(14)	(60)	982	115	88	55	83	61	26	59	51	15	(4)	72	237	—
Dividends
Dividend payout ratio	0.0%	—	0.0%	—	0.0%	—	—	—	0.0%	0.0%	—	0.0%	—	—	—	—	—	—	—	—
Earnings retention rate	1.00×	—	1.00×	—	1.00×	—	—	—	1.00×	1.00×	—	1.00×	—	—	—	—	—	—	—	—

Ratios as reported for each fiscal year; returns are on average equity / assets. Debt ratios are percentages; turnover in times; working-capital measures in days.

BAFS: frequently asked questions

What is BAFS's EPS?

Baba Farid Sugar Mills Limited reported basic earnings per share of Rs 86.22 for FY2025 (Oct 2024 – Sep 2025). Over the trailing twelve months (TTM to Jun 2026) EPS was Rs -11.24.

Does BAFS pay dividends?

Yes. Baba Farid Sugar Mills Limited declared a dividend of Rs 2.00 per share for FY2025. At Rs 430.21 that is a dividend yield of 0.5%.

What was BAFS's revenue and profit in FY2025?

Baba Farid Sugar Mills Limited reported revenue of Rs 10.2 bn and profit attributable to shareholders of Rs 814.8 mn for FY2025 (Oct 2024 – Sep 2025).

What is BAFS's book value per share?

Baba Farid Sugar Mills Limited's book value per share was Rs 555.96 at the end of FY2025. The shares trade at 0.84× book value.

Information only, not investment advice.