New Delhi, July 14 -- India's sugar sector is grappling with weak pricing, export restrictions, and an uncertain outlook on ethanol blending. As a result, most sugar stocks have declined, with many trading well below their recent highs. Triveni Engineering is down 31% from its 52-week high, Dalmia Bharat Sugar has fallen 33%, and Shree Renuka is down 42%.

But two stocks have bucked this trend. Balrampur Chini has delivered a 40% return, and is down just 11% from its recent high. EID Parry is up 45% and is trading near all-time highs.

Why have these two sugar stocks proved resilient while the broader pack struggles? Here's a closer look.

#1. Balrampur Chini Mills

Balrampur Chini Mills is the second-largest and most integrated sugar pro...