Sugar Stocks Rally to Record Highs on Festive Demand; Duty-Free Import Approval Trims Weekly Gains

Indian sugar stocks staged a sharp rally this week, with several names climbing to fresh record highs as sugar prices rose strongly on surging demand ahead of festivals including Ganesh Chaturthi, Dussehra and Diwali. The festival stretch from late August through November is traditionally the peak consumption window in India, the world's largest sugar consumer, as sweetmakers and households step up purchases. The gains, however, partially unwound on Friday after the government permitted duty-free imports of 1 million metric tonnes of raw sugar until October 31. India has periodically used duty-free import windows in the past to supplement domestic availability and moderate local prices. Most of the week's peaks were set on Thursday, with Uttam Sugar Mills the exception in notching its high on Friday.

Here is how the major sugar stocks performed over the week.

Balrampur Chini Mills

Balrampur Chini Mills shares jumped around 25% from the beginning of the week to touch a fresh 52-week high of Rs 780.95 apiece on the NSE on Thursday. The stock then tumbled 5% on Friday to close at Rs 729 apiece. Overall, the company's shares gained 16% in one week and 66% in 2026 so far. Over longer horizons, the stock has risen 25% in one year, 87% in three years and 104% in five years.

Triveni Engineering & Industries

Triveni Engineering & Industries climbed roughly 18% from the start of the week to hit a high of Rs 314.9 apiece on the NSE on Thursday, before easing around 2% on Friday to close at Rs 295.28 apiece. Over the week, the shares gained 10%, but they are down over 23% in 2026 so far. Over the longer term, the stock has dropped 14% in one year and over 3% in three years, while gaining 69% in five years.

Bajaj Hindusthan Sugar

Bajaj Hindusthan Sugar surged approximately 39% from the beginning of the week to mark a fresh 52-week high of Rs 23.98 apiece on the NSE on Thursday. The stock then fell around 1% on Friday to close at Rs 23.13 apiece. On a weekly basis, the shares advanced 33%, and they are up 25% in 2026 so far. Longer term, the stock has gained 8% in one year, 10% in three years and 58% in five years.

Shree Renuka Sugars

Shree Renuka Sugars rose about 20% from the week's start to reach a high of Rs 26.43 apiece on the NSE on Thursday, then tumbled 4% on Friday to close at Rs 25.14 apiece. The stock gained 15% over the week but is down 3% in 2026 so far. Over longer periods, it has declined 14% in one year and 44% in three years, while adding 6% over five years.

Dalmia Bharat Sugar & Industries

Dalmia Bharat Sugar & Industries gained 5% from the beginning of the week to touch a high of Rs 1,925 apiece on the NSE on Thursday, before losing around 1% on Friday to finish at Rs 1,880 apiece. The stock rose 2% over the week but is down 12% in 2026 so far. Over the longer term, it has dropped 20% in one year, 2% in three years and 4% in five years.

Avadh Sugar & Energy

Avadh Sugar & Energy jumped around 20% from the start of the week to a fresh 52-week high of Rs 890 apiece on the NSE on Thursday. The stock then tumbled 5.2% on Friday to close at Rs 832 apiece. The shares gained 13% over the week and are up 42% in 2026 so far. Longer term, the stock has climbed 19% in one year, 61% in three years and 115% in five years.

Uttam Sugar Mills

Uttam Sugar Mills rallied around 31% from the beginning of the week, hitting a fresh 52-week high of Rs 853.5 apiece on the NSE on Friday. The company's shares gained 30% over the week and 132% in 2026 so far. Over longer horizons, the stock has jumped 89% in one year, 60% in three years and 91% in five years.

Dhampur Sugar Mills

Dhampur Sugar Mills climbed roughly 20% from the week's start to mark a fresh 52-week high of Rs 193 apiece on the NSE on Thursday. The stock, however, tumbled 2% on Friday to close at Rs 185.23 apiece. Overall, the shares gained 16% in one week and 51% in 2026 so far, and the stock is up 40% in one year.

Taken together, the sector's weekly gains ranged from 2% for Dalmia Bharat Sugar & Industries to 33% for Bajaj Hindusthan Sugar, with most stocks giving back a portion of their advance on Friday following the government's decision to allow duty-free imports of 1 million metric tonnes of raw sugar until October 31. The swing from record highs to a policy-triggered pullback illustrates how sensitive sugar equities are to New Delhi's supply-management decisions. The import window closes on October 31, just as the industry's October-to-September season rolls over and new-crop crushing gets under way to add fresh domestic supply; mill earnings in the sector are also shaped by ethanol offtake under India's fuel-blending programme.

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