Noon Sugar Mills Limited (NONS) financial ratios

Noon Sugar Mills Limited earned a net margin of 5.7% in FY2025 against a five-year average of 2.3% (Sugar & Allied Industries median 0.6%). Return on equity was 38.8%, compared with a sector median of 2.0%. The current ratio stood at 0.75× and debt was 206.3% of equity. Cash took about 94 days to cycle through receivables, inventory and payables.

FY2025 vs the Sugar & Allied Industries median

Gross margin: 12.5%; Sector median 9.9%
Operating margin: 7.0%; Sector median 6.4%
Net margin: 5.7%; Sector median 0.6%
Return on equity (ROE): 38.8%; Sector median 2.0%
Return on assets (ROA): 7.6%; Sector median 0.6%
Current ratio: 0.75×; Sector median 0.93×
Debt to equity: 206.3%; Sector median 60.7%
Asset turnover: 1.34×; 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.

NONS 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
Profitability
Gross margin	12.5%	10.0%	20.4%	13.0%	11.0%	15.6%	15.3%	11.3%	11.8%	9.1%	4.1%	4.7%	5.6%	9.1%
EBITDA margin	8.8%	6.4%	13.7%	8.3%	7.9%	12.6%	13.0%	9.1%	9.4%	7.8%	2.2%	2.6%	3.8%	7.7%
Operating margin	7.0%	4.7%	11.7%	6.9%	6.3%	10.0%	10.2%	7.3%	7.1%	3.8%	(1.2%)	(0.8%)	0.7%	5.1%
Pre-tax margin	7.0%	(4.2%)	5.7%	5.5%	4.1%	5.3%	4.8%	4.3%	3.9%	2.0%	(2.9%)	(3.1%)	(3.6%)	2.6%
Net margin	5.7%	(5.5%)	4.5%	3.9%	2.8%	4.2%	4.0%	3.4%	3.0%	1.5%	(3.8%)	(3.4%)	(4.2%)	2.3%
Effective tax rate	18.5%	—	20.4%	29.4%	32.6%	20.6%	17.3%	22.0%	24.0%	22.5%	—	—	—	12.0%
Returns
Return on equity (ROE)	38.8%	(35.5%)	22.0%	30.3%	20.7%	24.8%	27.0%	31.6%	27.3%	9.0%	(24.4%)	(19.3%)	(22.1%)	—
Return on assets (ROA)	7.6%	(8.1%)	7.8%	10.3%	5.8%	6.0%	5.5%	5.3%	5.1%	2.5%	(6.9%)	(6.3%)	(8.9%)	—
Return on invested capital (ROIC)	17.0%	—	25.7%	19.5%	11.5%	14.1%	14.2%	11.6%	12.9%	9.7%	—	—	—	—
Liquidity
Current ratio	0.75×	0.71×	1.02×	1.00×	0.95×	0.93×	0.88×	0.88×	0.93×	0.60×	0.59×	0.68×	0.70×	0.72×
Quick ratio	0.30×	0.26×	0.36×	0.53×	0.44×	0.57×	0.48×	0.17×	0.21×	0.20×	0.18×	0.15×	0.17×	0.22×
Leverage
Debt to equity	206.3%	379.8%	89.8%	111.1%	187.4%	218.4%	288.6%	362.9%	457.0%	152.0%	132.5%	175.4%	128.0%	86.9%
Debt to capital	67.4%	79.2%	47.3%	52.6%	65.2%	68.6%	74.3%	78.4%	82.0%	60.3%	57.0%	63.7%	56.1%	46.5%
Debt to assets	50.0%	58.6%	30.3%	42.0%	56.2%	57.9%	63.6%	67.7%	67.6%	41.5%	36.4%	51.0%	45.8%	39.1%
Assets to equity	5.08×	4.37×	2.82×	2.94×	3.54×	4.12×	4.90×	5.98×	5.40×	3.65×	3.53×	3.09×	2.47×	—
Efficiency
Asset turnover	1.34×	1.49×	1.73×	2.66×	2.11×	1.45×	1.38×	1.57×	1.69×	1.59×	1.81×	1.83×	2.14×	—
Receivable days days	50	47	44	32	48	82	55	19	15	13	6	7	9	—
Inventory days days	101	108	98	49	58	82	127	142	115	68	64	64	47	—
Payable days days	57	61	61	17	15	24	27	31	44	74	45	27	21	—
Cash conversion cycle days	94	93	82	64	90	141	154	130	86	8	25	44	35	—
Dividends
Dividend payout ratio	0.0%	—	15.8%	12.5%	22.7%	19.4%	19.1%	27.4%	11.4%	0.0%	—	—	—	31.1%
Earnings retention rate	1.00×	—	0.84×	0.88×	0.77×	0.81×	0.81×	0.73×	0.89×	1.00×	—	—	—	0.69×

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.

NONS: frequently asked questions

What is NONS's EPS?

Noon Sugar Mills Limited reported basic earnings per share of Rs 40.62 for FY2025 (Oct 2024 – Sep 2025). Over the trailing twelve months (TTM to Jun 2026) EPS was Rs 18.73.

What is NONS's P/E ratio?

At the closing price of Rs 83.70 on 16 Oct 2026, NONS trades at a P/E of 4.5× based on EPS of Rs 18.73 (TTM to Jun 2026).

Does NONS pay dividends?

Yes. Noon Sugar Mills Limited declared a dividend of Rs 4.00 per share for FY2025. At Rs 83.70 that is a dividend yield of 4.8%.

What was NONS's revenue and profit in FY2025?

Noon Sugar Mills Limited reported revenue of Rs 11.7 bn and profit attributable to shareholders of Rs 670.9 mn for FY2025 (Oct 2024 – Sep 2025).

What is NONS's book value per share?

Noon Sugar Mills Limited's book value per share was Rs 124.43 at the end of FY2025. The shares trade at 0.73× book value.

Information only, not investment advice.