Adam Sugar Mills Limited
By PSX Investors Zone · Updated October 20, 2026
Adam Sugar Mills Limited (ADAMS) is a Pakistan Stock Exchange-listed company engaged in manufacturing and selling white sugar. Incorporated in 1965, the company operates a sugar mill in Chishtian, District Bahawalnagar. In FY2025, it reported revenue of Rs.10.84 billion, profit after tax of Rs.46.13 million and EPS of Rs.2.67. Although revenue increased from FY2024, profitability weakened, with the net profit margin falling to approximately 0.43%. ADAMS was listed as Shariah-compliant in the screening effective June 5, 2026, based on December 31, 2025 accounts. Investors should also examine the latest interim results, seasonal sugar-production economics and the PSX Risk Warning Alert before making an investment decision.
Adam Sugar Mills Limited (ADAMS) — Company Profile and Fundamental Analysis
Adam Sugar Mills Limited is a Pakistani sugar manufacturer listed on the Pakistan Stock Exchange under the symbol ADAMS. The company manufactures and sells white sugar, operating its mill in Chishtian, District Bahawalnagar, Punjab.
Official website: http://www.adam.com.pk/adamsugar.html
Business Overview
The company was incorporated on October 19, 1965, originally under the name Bahawalnagar Sugar Mills Limited. Its name changed to Adam Sugar Mills Limited in 1985, and commercial production began on October 15, 1966.
Sugar production is seasonal and depends on factors such as sugarcane availability, recovery rates, sugarcane purchase costs, selling prices, inventory levels and government policies. Financing costs and working-capital requirements can also influence profitability.
Source: PSX company profile
Financial Performance
The following annual figures are reported for the financial years ended September 30:
| Financial metric | FY2025 | FY2024 |
|---|---|---|
| Revenue | Rs.10.841bn | Rs.8.055bn |
| Gross profit | Rs.713.74m | Rs.925.14m |
| Profit after tax | Rs.46.13m | Rs.73.09m |
| Earnings per share | Rs.2.67 | Rs.4.23 |
| Gross profit margin | 6.58% | 11.48% |
| Net profit margin | 0.43% | 0.91% |
Revenue increased by approximately 34.6% in FY2025, but gross profit declined and profit after tax fell by approximately 36.9%. The gross profit margin narrowed substantially, indicating that higher sales did not translate into stronger gross profitability.
The company’s FY2025 operational report recorded 651,341 metric tonnes of sugarcane crushed, compared with 684,186 metric tonnes in FY2024. Sugar recovery was 8.81%, down from 10.13%, and sugar production fell to 57,442 metric tonnes from 69,369 metric tonnes.
These production figures help explain why investors should monitor operating efficiency and sugar recovery alongside sales growth.
Sources: FY2025 Annual Report | PSX operational and financial brief
Latest Interim Performance
The PSX financial summary reports the following results for the quarter ended June 30, 2026:
- Revenue: Approximately Rs.2.403 billion
- Profit after tax: Loss of approximately Rs.166.31 million
- EPS: -Rs.9.62
The quarter’s loss makes the next financial update important. Investors should read the full interim financial statements and subsequent announcements to understand the causes of the loss, sugar inventory movements, financing costs and the outlook for the next crushing season.
Source: PSX — ADAMS company profile and financials
Dividend Information
For FY2025, the Board recommended a final cash dividend of Rs.4 per share (40%). PSX announcements subsequently included a notice regarding credit of the final cash dividend in February 2026.
Investors should consult the official payout record for the entitlement date and payment details. A dividend from a previous financial year should not be interpreted as a guarantee of future distributions.
Sources: FY2025 Annual Report | PSX company announcements
Share Price and Valuation
The PSX screener displayed a price of approximately Rs.65.67 in the snapshot checked on October 20, 2026. The PSX company page previously showed a 52-week range of Rs.57.25–90.98 in its September 11, 2026 snapshot. Refresh both values before publishing.
The trailing P/E ratio was unavailable in the PSX company profile snapshot. Since the company reported relatively low FY2025 earnings and a loss in the quarter ended June 2026, investors should not rely on the share price or a single valuation ratio alone. Review the latest financial results, cash flows, balance sheet and risks.
Source: PSX — ADAMS market data
Shariah Compliance Status
Adam Sugar Mills Limited was listed as Shariah-compliant under the screening effective June 5, 2026, based on accounts dated December 31, 2025.
The screening details reported the following ratios:
- Debt-to-assets ratio: 8.65%
- Non-compliant investments-to-assets ratio: 0.18%
- Non-compliant income-to-revenue ratio: 0.01%
- Illiquid assets ratio: 88.96%
These figures apply to the specified screening period and should not be treated as permanent. Confirm the latest official PSX-KMI All Share Islamic Index screening before describing ADAMS as currently compliant.
Source: ADAMS Shariah screening details
Important PSX Risk Warning
The PSX company profile displays a Risk Warning Alert referring to continuous violations under specified exchange regulations and potential suspension or delisting risk.
Investors should review the latest PSX notices and company announcements to identify the underlying regulatory issue and its current status. The alert itself does not prove that trading has already been suspended or that the company has been delisted.
Source: PSX — ADAMS profile and announcements
Key Factors for Investors to Monitor
- Sugar recovery: Changes in recovery rates and output per tonne of sugarcane.
- Sugarcane costs: Purchase prices and availability during the crushing season.
- Profit margins: Whether margins recover after the FY2025 decline.
- Latest results: The reasons for the loss in the quarter ended June 2026.
- Cash flow and debt: Seasonal working-capital needs and financing costs.
- Dividend policy: Future declarations should be verified through official announcements.
- Shariah screening: Confirm the latest applicable screening result.
- PSX regulatory notices: Track updates related to the Risk Warning Alert.
Official References
- Pakistan Stock Exchange — ADAMS
- Adam Sugar Mills Annual Report 2025
- PSX operational and financial brief
- ADAMS Shariah screening details
Disclaimer: This profile is for educational and informational purposes only. It is not a recommendation to buy or sell ADAMS. Verify the latest financial statements, share price, PSX notices, dividend record and Shariah screening before making any investment decision.
This profile is for educational purposes and is not a recommendation to buy or sell any security.