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Ethanol Stocks - List of Top Ethanol Shares in 2026
Ethanol stocks are closely linked to India’s push to reduce oil imports and support the domestic sugar and grain ecosystem. Under the Ethanol Blended Petrol (EBP) Programme, India achieved 15% ethanol blending in 2024–25 and is targeting 20% blending by 2025–26, advancing the original timeline by five years. According to government data, annual ethanol supply has risen from 38 cr litres in 2013–14 to over 700 cr litres, driving steady demand for sugar mills, distilleries, and agro-based companies. This policy-led demand, combined with long-term procurement contracts and pricing support, has made ethanol-related stocks an important segment within India’s broader energy transition and agri-processing landscape.
Best Ethanol Stocks
Wednesday, 4 February, 2026
| symbol | Company | ticker | slug | Sector | Market Price | 52W High | 52W Low | Market Cap (Cr.) | PE Ratio | Industry PE | PB Ratio | Div. Yield (%) | ROE (%) | 1YReturns | 3YReturns | 5YReturns | Market Cap Label | Industry Group | Industry | Sub Industry | percentageChange |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BACH | Balrampur Chini Mills Ltd | BALRAMCHIN | /stocks/balrampur-chini-mills-BACH | Sugar | 437.45 | 627.80 | 393.55 | 8,834.32 | 20.22 | 34.20 | 2.33 | 0.69 | 12.14 | -5.89 | 19.64 | 177.75 | Smallcap | Food, Beverage & Tobacco | Food Products | Packaged Foods & Meats | 4.13 |
| BANN | Bannari Amman Sugars Ltd | BANARISUG | /stocks/bannari-amman-sugars-BANN | Sugar | 3,616.50 | 4,444.00 | 3,000.30 | 4,534.98 | 43.33 | 34.20 | 2.55 | 0.35 | 6.04 | 0.39 | 31.30 | 137.38 | Smallcap | Food, Beverage & Tobacco | Food Products | Packaged Foods & Meats | 0.56 |
| BJHN | Bajaj Hindusthan Sugar Ltd | BAJAJHIND | /stocks/bajaj-hindusthan-sugar-BJHN | Sugar | 16.33 | 29.64 | 15.56 | 2,083.02 | -88.38 | 34.20 | 0.49 | 0.00 | -0.54 | -38.75 | 16.23 | 147.42 | Smallcap | Food, Beverage & Tobacco | Food Products | Packaged Foods & Meats | 1.68 |
| DAMS | Dhampur Sugar Mills Ltd | DHAMPURSUG | /stocks/dhampur-sugar-mills-DAMS | Sugar | 116.33 | 161.96 | 110.00 | 748.08 | 14.33 | 34.20 | 0.65 | 0.00 | 4.63 | -20.47 | -45.27 | -21.48 | Smallcap | Food, Beverage & Tobacco | Food Products | Packaged Foods & Meats | 0.69 |
| DLMI | Dalmia Bharat Sugar and Industries Ltd | DALMIASUG | /stocks/dalmia-bharat-sugar-and-industries-DLMI | Sugar | 281.55 | 464.90 | 261.40 | 2,278.85 | 5.89 | 34.20 | 0.70 | 2.13 | 12.54 | -17.58 | -15.26 | 102.41 | Smallcap | Food, Beverage & Tobacco | Food Products | Packaged Foods & Meats | 1.24 |
| EIDP | E I D-Parry (India) Ltd | EIDPARRY | /stocks/eid-parry-india-EIDP | Sugar | 903.60 | 1,246.80 | 639.00 | 16,072.58 | 18.30 | 34.20 | 1.24 | 0.00 | 7.28 | 8.56 | 71.87 | 164.87 | Smallcap | Materials | Food Products | Fertilizers & Agricultural Chemicals | 1.39 |
| PICC | Piccadily Agro Industries Ltd | PICCADIL | /stocks/piccadily-agro-industries-PICC | Sugar | 588.90 | 805.50 | 533.15 | 5,663.31 | 55.33 | 34.20 | 8.33 | 0.00 | 20.07 | -2.42 | -2.42 | -2.42 | Smallcap | Food, Beverage & Tobacco | Food Products | Distillers & Vintners | 2.50 |
| SRES | Shree Renuka Sugars Ltd | RENUKA | /stocks/shree-renuka-sugars-SRES | Sugar | 24.99 | 37.43 | 22.85 | 5,319.10 | -17.74 | 34.20 | -3.18 | 0.00 | 0.00 | -31.37 | -45.61 | 152.42 | Smallcap | Food, Beverage & Tobacco | Food Products | Packaged Foods & Meats | 3.09 |
| TREI | Triveni Engineering and Industries Ltd | TRIVENI | /stocks/triveni-engineering-and-industries-TREI | Sugar | 376.25 | 468.10 | 313.10 | 8,236.04 | 33.87 | 34.20 | 2.61 | 0.66 | 8.03 | -0.48 | 38.30 | 420.40 | Smallcap | Food, Beverage & Tobacco | Food Products | Packaged Foods & Meats | 3.37 |
| UTSM | Uttam Sugar Mills Ltd | UTTAMSUGAR | /stocks/uttam-sugar-mills-UTSM | Sugar | 219.09 | 330.45 | 171.51 | 835.57 | 9.46 | 34.20 | 1.02 | 1.14 | 0.00 | 0.61 | -14.40 | 135.83 | Smallcap | Food, Beverage & Tobacco | Food Products | Packaged Foods & Meats | 2.28 |
Disclaimer: Please note that the above list is for educational purposes only, and is not recommendatory. Please do your own research or consult your financial advisor before investing.
Note: The data in the above table is dynamic in nature and subject to real-time changes. This data is derived from Tickertape Stock Screener.
Selection criteria: Sub-sector: Sugar | Market Cap: Sorted from Highest to Lowest
What are Ethanol Stocks?
Ethanol stocks are shares in companies that produce, manufacture or distribute ethanol fuel. Ethanol is mainly derived from corn, sugarcane, and other plant materials and is commonly blended with petrol to create a cleaner-burning fuel.
Latest Updates in the Ethanol Sector
- India Achieved 20% Ethanol Blending Milestone: The government has confirmed that the country is on track to meet the 20% ethanol blending target by October 2025, originally set for 2030.
- Major Savings on Crude Oil Imports: Blending ethanol with petrol helps reduce India’s dependence on imported crude oil. The government estimates savings of ₹1–1.5 lakh cr. in foreign exchange due to blending so far.
- Unused Capacity Offers Room for Growth: Of the 1,700 cr. litres of installed ethanol production capacity in India, only about 1,100 cr. litres are currently being used.
Overview of the Ethanol Industry in India
India’s ethanol industry has expanded rapidly over the past decade, driven primarily by government policy aimed at reducing crude oil imports, improving farm incomes, and lowering carbon emissions. The Ethanol Blended Petrol (EBP) Programme has been the key catalyst, with blending levels rising from 1.5% in 2013-14 to nearly 20% by 2024-25, well ahead of the original 2030 target. Annual ethanol supply increased from about 38 cr litres in 2013–14 to over 700 cr litres, supported by capacity additions across sugarcane-based, grain-based, and dual-feed distilleries.
Sugar mills remain the largest contributors, using molasses, sugarcane juice, and B-heavy molasses, while grain-based distilleries using maize and surplus food grains have gained share in recent years. Ethanol pricing is administered and revised periodically, offering revenue visibility to producers. With long-term procurement by oil marketing companies and continued policy backing under the National Policy on Biofuels, the ethanol industry has become a structurally important segment within India’s agri-processing and renewable fuel ecosystem.
About the Top Ethanol Stocks in 2026
- Oswal Overseas Ltd – Founded in 1984, the Uttar Pradesh-based company manufactures sugar and generates power through cogeneration. It also utilises by-products like molasses and bagasse, contributing to India’s growing sugar and renewable energy sector.
- E.I.D.-Parry (India) Ltd – Established in 1788, this Murugappa Group company from Chennai produces sugar, ethanol, and nutraceuticals. It operates several distilleries and sugar plants, actively supporting India’s ethanol blending and bio-energy initiatives.
- Khaitan (India) Ltd – Incorporated in 1936, Khaitan (India) operates in sugar manufacturing and electrical goods trading. The company runs a sugar unit in West Bengal and combines agricultural and industrial businesses under one corporate structure.
- Dollex Agrotech Ltd – Founded in 2013, the Madhya Pradesh-based company manufactures sugar and produces power through cogeneration. It plans to expand ethanol production under India’s ethanol-blended fuel programme.
- Bannari Amman Sugars Ltd – Incorporated in 1983, this Tamil Nadu-based Bannari Amman Group firm manufactures sugar, alcohol, and power. It runs multiple sugar units, distilleries, and wind-energy facilities.
How to Invest in Ethanol Stocks in India?
Here is how one can invest in top ethanol stocks in 2026 in India:
- Open a demat/trading/stockbroker account. You can open a demat account with smallcase!
- Conduct thorough research into existing ethanol-based stocks that align with your investment thesis. Investors can use tools like the Tickertape Stock Screener to do this. The screener offers 200+ built-in filters to choose from, and investors can choose the parameters to research.
- Place a ‘Buy’ Order on the ethanol stocks in India
Benefits of Investing in Ethanol Stocks in India
- Government Support and Policy Push: India’s Ethanol Blending Programme (EBP) targets 20% ethanol in petrol by 2025-26, creating consistent demand. Subsidies, price assurances, and blending mandates support ethanol producers and distilleries.
- Rising Demand from Oil Companies: Public sector oil marketing companies (OMCs) like IOCL, BPCL, and HPCL are increasing ethanol procurement for blending. This ensures steady buyers for ethanol manufacturers, improving revenue visibility.
- Diversification Beyond Sugar: Many sugar companies use by-products like molasses to make ethanol. This helps diversify earnings beyond volatile sugar prices, providing more stability to their business models.
- Contribution to Energy Security: Ethanol blending reduces dependence on imported crude oil, helping India save foreign exchange. This aligns ethanol stocks with long-term energy self-reliance goals.
Risks Associated with Investing in Ethanol Stocks
- Dependence on Government Policies: Ethanol prices and demand depend heavily on government blending targets, subsidies, and procurement rules. Any policy change or delay in payments from oil companies can affect profitability.
- Competition from Alternatives: Electric vehicles and hydrogen fuel cells are competing intensely with ethanol producers and manufacturers in India. Biofuels in India are competing with ethanol stocks and will impact their growth.
- Feedstock Supply Issues: Most ethanol in India comes from sugarcane or grains. Droughts, poor monsoons, or lower cane output can reduce raw material availability and increase costs, impacting production volumes.
- Volatility in Sugar and Grain Prices: Since sugar and grain prices fluctuate, companies producing ethanol as a by-product can face inconsistent margins. This makes earnings sensitive to commodity cycles.
Factors to Consider When Investing in Ethanol Stocks
- Government Policies and Blending Targets: The ethanol sector’s growth depends on blending targets and policy support. Tracking updates in the Ethanol Blending Programme (EBP) and fuel price regulations helps gauge long-term opportunities.
- Raw Material Availability: Companies relying on sugarcane or grains must ensure a consistent supply. Firms with diversified feedstock sources or integrated sugar operations often handle supply shocks better.
- Regional Presence and Infrastructure: Proximity to raw material sources and oil marketing companies reduces transportation costs and ensures timely deliveries, impacting margins positively.
- Blending Demand and Crude Oil Prices: As ethanol is an alternative fuel, demand is linked to gasoline consumption and crude oil prices. Higher crude prices make ethanol more competitive, and lower oil prices reduce the incentive to blend.
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To Wrap It Up…
With the 20% blending target within reach ahead of schedule, ethanol stocks in India have gained attention for their role in this transition. Government policy, high domestic demand, and increasing private sector investment have created a foundation for continued momentum. However, like any commodity-linked sector, they carry risks tied to government policy changes, feedstock supply, and regulatory conditions. That’s why investors must do thorough research and understand each company’s capacity, diversification, and financial health before taking any investment decisions.
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Frequently Asked Questions About Ethanol Stocks in India
1. What are ethanol stocks?
Ethanol stocks are shares of companies involved in producing, distributing, or supplying ethanol, a biofuel made from sugarcane, grains, or molasses. These firms often operate in the sugar and renewable energy sectors.
2. How profitable is ethanol production in India?
Ethanol production profitability in India depends on government-fixed procurement prices, raw material costs (sugarcane, grains), and operational efficiency. Margins vary across producers based on feedstock choice and scale. Government blending mandates provide demand stability, though profitability fluctuates with sugarcane prices and subsidy policies.
3. What are the best ethanol stocks in India?
As of 30th December 2025, as per the market capitalisation, some of the best ethanol stocks with ethanol share prices in India include:
- Oswal Overseas Ltd
- Khaitan (India) Ltd
- E I D-Parry (India) Ltd
- Dollex Agrotech Ltd
- Bannari Amman Sugars Ltd
Disclaimer: Please note that the above ethanol share list is for educational purposes only, and is not recommendatory.
4. Why are ethanol stocks popular right now?
India is progressing toward its target of mixing 20% ethanol with petrol. This supports ethanol industry growth in India and impacts the performance of ethanol stocks for long-term investment.
5. Do global oil prices affect the ethanol share price?
When global oil prices rise, ethanol becomes a more attractive alternative fuel, potentially increasing demand. However, falling oil prices may reduce the incentive for blending, affecting ethanol sales.
6. What are the risks of investing in ethanol stocks?
Ethanol companies face risks such as policy dependence, raw material shortages, commodity price volatility, and high capital costs. These factors can impact profitability and production capacity.
7. What factors affect the ethanol share price?
The ethanol share price depends on several factors, including blending targets, government pricing policies, crude oil trends, company expansion plans, and quarterly performance. Investors can use tools like the Tickertape Stock Screener to view an updated ethanol share price list and analyse key financial metrics that show how recent developments have impacted each company’s performance.
8. How can I stay updated on the latest developments in the ethanol industry?
Investors follow industry news portals, government policy announcements, and quarterly reports from ethanol-producing companies. They monitor ministry updates on blending targets and pricing. The Tickertape Stock Screener helps track ethanol based stocks and sector performance. Some also follow trade publications and analyst reports for market insights.
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