SHAHMURAD SUGAR MILLS LTD

What SHAHMURAD SUGAR MILLS LTD does

Shahmurad Sugar Mills Limited (SHSML) is a Pakistan-based, publicly listed sugar manufacturer founded in 1979 and headquartered at 96-A, Sindhi Muslim Housing Society, Karachi. The company produces refined sugar as its primary product and operates a single-site sugarcane crushing operation with a stated capacity of 8,000 metric tons per day. SHSML is listed on the Pakistan Stock Exchange under the ticker SHSML, is regulated by the Securities and Exchange Commission of Pakistan (SECP), and operates within the broader Al-Noor Group, a diversified Pakistani conglomerate with interests in MDF board manufacturing, Islamic finance (First Al-Noor Modaraba), insurance/takaful, commodity trading, and other manufacturing. The company serves a horizontal customer base spanning Pakistan's food and beverage manufacturers, industrial ethanol buyers, the agriculture sector for fertilizer, and energy and manufacturing users of bagasse.

The company's product portfolio is anchored on refined sugar and supplemented by allied products. Ethanol is produced through a wholly-owned subsidiary, Pakistan Ethanol (pakistanethanol.com), positioning the company in industrial solvents, pharmaceutical production, and energy applications. Organic press mud fertilizer, currently in the R&D phase, targets the agriculture sector as a future revenue stream. Bagasse, the fibrous residue from sugarcane processing, is sold as biomass fuel and industrial raw material to energy and manufacturing customers. All production and sales are currently domestic to Pakistan; the company does not operate outside the single-country market. The vertical integration into ethanol, together with by-product monetization, is the company's primary strategic lever beyond core sugar manufacturing.

SHSML generates revenue through direct B2B sales to industrial consumers and manufacturers, with no published pricing model and no public disclosure of contract terms. Customer segmentation is horizontal across primary segments (food and beverage industry, industrial ethanol consumers) and secondary segments (agriculture for fertilizer, energy and manufacturing for bagasse). The company has 11-50 employees at its headquarters, uses the PSX investor relations portal, its corporate website, and LinkedIn as primary stakeholder channels, and files under CUIN 0006870 and NTN 0712078-8. As of September 30, 2023, the free float stood at 6,769,314 shares (32.05%) at Rs. 181.24 per share, with a breakup value of Rs. 654.33 per share and a P/E ratio of 1.10 — indicating a deep value setup relative to asset backing but also reflecting the cyclical and capital-intensive nature of the sugar business.

Name

SHAHMURAD SUGAR MILLS LTD

Legal name

Shahmurad Sugar Mills Limited

Website

https://shahmuradsugar.co

Company type

Public

Founded year

1979

Operating status

Operating

Headcount range

11–50 employees

Short description

Shahmurad Sugar Mills Limited is a Pakistan-based, PSX-listed sugar producer operating since 1979 with 8,000 MT daily sugarcane crushing capacity, manufacturing refined sugar, ethanol, bagasse, and press mud fertilizer for domestic industrial buyers.

Ownership category

akta.pro rank

Product category

Sugar Manufacturing

NAICS

Cane Sugar Manufacturing (311314), Sugar Manufacturing (31131)

SIC

Sugar & Confectionery Products (2060), Agricultural Production-Crops (100)

akta.pro primary industry

Cane Sugar (Raw & Refined) (AFAJAAAA)

akta.pro secondary industries

Grain & Sugar-Based Ethanol Production (EUAAAHAA), Fermentation Substrates & Sugars (Molasses, Glucose Syrups, Lactose, Malt Extract) (AFAJAJAI)

Keywords

• Refined sugar production
• Industrial ethanol manufacturing
• Sugarcane processing operations
• Bagasse biomass supply
• Organic fertilizer manufacturing

Headquarters

HQ city

Karachi

HQ country

Pakistan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure

Revenue model

1. Sugar Production and Sales: The company generates revenue through the production and sale of refined sugar as its primary product. Sugar is sold to a diverse range of industries and consumers in Pakistan.
2. Ethanol Production and Sales: Ethanol production is sold through the subsidiary website https://pakistanethanol.com/. Ethanol is sold as an allied product to various industries.
3. Press Mud Fertilizer (R&D Phase): Organic press mud fertilizer is produced as a byproduct of sugar manufacturing. Currently in R&D phase, indicating future revenue potential from agricultural sales.
4. Bagasse Sales: Bagasse, the fibrous residue from sugarcane processing, is sold as an allied product to various industries.

Distribution channels1 record

Marketing channels3 records

Core offering

Shahmurad Sugar Mills Limited manufactures and sells refined sugar as its primary product, produced from sugarcane crushing at a daily capacity of 8,000 metric tons. Allied products include ethanol (produced through wholly-owned subsidiary Pakistan Ethanol), bagasse sold as biomass to industrial buyers, and organic press mud fertilizer currently in the R&D phase.

Product overview

Shahmurad Sugar Mills Limited operates as a single-site sugar manufacturing company producing refined sugar and allied products. The core product is refined sugar, supplemented by ethanol production (offered through a dedicated subsidiary), organic press mud fertilizer (in R&D phase), and bagasse biomass. The company leverages its sugarcane crushing capacity of 8,000+ metric tons per day to produce multiple derivative products from the sugar manufacturing process.

Differentiator

Problem solved

Functional benefit

Products and services

• Sugar

Quantifiable outcome

• 8,000 metric tons sugarcane crushing capacity per day

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• Al-Noor GroupcoreStrategic or Co-development PartnerParent conglomerate controlling Shahmurad Sugar Mills. The group has diversified business interests including MDF Board Division, Medium Density Fibre Board manufacturing, Insurance/Takaful, investments, commodity trading, and manufacturing. Group provides strategic oversight and operational synergies across affiliated companies.
• Kreston Hyder Bhimji & Co. Chartered AccountantsminorOthersExternal audit firm serving as statutory auditors for Shahmurad Sugar Mills Limited. Provides independent financial auditing and assurance services.
• C & K Management Associates (Pvt.) LimitedminorOthersShare registrars responsible for managing share registry, shareholder records, and share transfer services for Shahmurad Sugar Mills.
• Securities and Exchange Commission of Pakistan (SECP)coreOthersRegulatory authority overseeing listed companies in Pakistan. Shahmurad Sugar Mills operates under SECP jurisdiction as a listed company on PSX.

Scale indicators6 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Fauji Sugar Mills Limited: Part of the Fauji Group, Fauji Sugar Mills produces refined sugar and allied products in Pakistan. Directly comparable as a listed cane-sugar manufacturer with group-level corporate backing.
• Shakarganj Limited: Pakistani sugar and ethanol producer listed on PSX, with diversified product portfolio mirroring Shahmurad's sugar-ethanol-bagasse mix. Comparable in size, scale, and exposure to Pakistan's sugarcane and ethanol dynamics.
• JDW Sugar Mills Limited: Pakistan's largest sugar producer, listed on PSX, operating integrated sugar mills with ethanol and power byproducts. Directly comparable as a domestic cane-sugar manufacturer with similar revenue mix and regulatory exposure.
• Al-Karam Sugar Mills Limited: Pakistani listed sugar producer with crushing and refining operations. Directly comparable as a domestic cane-sugar competitor serving the same end markets.
• Habib Sugar Mills Limited: One of Pakistan's oldest and largest sugar producers (founded 1962), with sugar and ethanol operations. Comparable on integrated sugar-ethanol model, listed status, and Pakistan-only operations.
• Mirpurkhas Sugar Mills Limited: Sindh-based Pakistani sugar producer, listed on PSX, with similar regional exposure and product mix. Directly comparable as a mid-sized cane-sugar mill operating under the same Pakistani regulatory environment.

Broad incumbents

• Shree Renuka Sugars Limited: Indian sugar and ethanol producer with refining and distillery operations. Comparable as a broad incumbent in South Asian sugar/ethanol, illustrating the upside and risks of integrated sugar-ethanol scaling.
• EID Parry Limited: Indian sugar producer and refiner with cogen power and ethanol operations, part of the Murugappa Group. Comparable as an established integrated sugar-ethanol platform in a nearby geography with similar raw material dynamics.
• Balrampur Chini Mills Limited: One of India's largest integrated sugar and ethanol producers, listed on NSE/BSE. Comparable as a much larger regional incumbent with a more mature sugar-ethanol-bagasse-power model, providing a benchmark for what scale vertical integration can achieve.

Others

• Cosan S.A. Brazilian conglomerate combining sugar milling, ethanol production, and logistics. Comparable thematically as a globally significant integrated sugarcane-to-sugar-and-ethanol operator, useful for long-term strategic benchmarking even though the geography and scale differ materially.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/shahmurad-sugar-mills-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SHAHMURAD SUGAR MILLS LTD