The Ugar Sugar Works Limited UGARSUGAR NSE

Consumer Defensive · Confectioners · India

https://www.ugarsugar.com

The Ugar Sugar Works Limited manufactures and sells sugar, and industrial and potable alcohol in India. The company operates through Sugar, Industrial Alcohol, Potable Alcohol, Co-Generation, and Petroleum Products Sales segments. It offers white crystal sugar and its byproducts, including bagasse, filter cake, and final molasses. The company also provides various distillery products, such as IML products under the Old Castle Premium Whisky, U.S. Whisky, U.S. Brandy, U.S. Gin, Ugar XXX Rum, Gokak Falls Whisky, Milan Whisky, Hawk Gin, and Gagarin Vodka brands; ethanol; rectified spirit; malt spirit; and extra neutral alcohol. In addition, it offers distillery byproducts comprising fermentation sludge, which is used in poultry feeds; fusel oil that is used in amyl alcohols/perfumes; and carbon dioxide for industrial purpose, as well as low grade potash. Further, it generates and distributes electricity. The company also exports its products through merchant exporters. The Ugar Sugar Works Limited was incorporated in 1939 and is based in Belgaum, India.

Market & Price

Market Cap

₹465.97 Cr

Current Price

₹41.42

High / Low (52W)

₹50.86 / ₹35.36

Beta

0.09

Valuation

Stock P/E

34.23

Industry PE

23.47

Forward P/E

PEG Ratio

Book Value

₹20.78

Price to Book

1.99

P/S

0.31

EV/EBITDA

10.80

Dividend Yield

Profitability & Returns

ROCE

25.21%

ROE

6.05%

ROA

3.58%

Profit Margin

0.92%

Op Margin

15.56%

EPS (Latest Qtr)

₹4.07

EPS (TTM)

₹1.21

Balance Sheet & Liquidity

Debt/Equity

2.86

Quick Ratio

0.15

Current Ratio

0.91

Debt

₹667.95 Cr

Total Assets

₹1,320.28 Cr

Current Assets

₹916.99 Cr

Working Capital

₹-94.70 Cr

Ownership

Promoter Holding

49.94%

Chg in Prom Hold

FII / Inst Holding

0.16%

Chg in FII Hold

Financial Snapshot

Enterprise Value

₹1,117.90 Cr

Total Revenue (TTM)

₹1,484.26 Cr

EBITDA

₹103.53 Cr

Free Cash Flow

₹6.89 Cr

Operating Cash Flow

₹43.73 Cr

Shares Outstanding

₹11.25 Cr

Gross Margin

15.03%

Payout Ratio

0.00%

Growth (CAGR)

Revenue 5Y

-6.12%

Profit 5Y

-49.07%

Revenue (YoY)

-23.80%

Earnings (YoY)

-10.40%

PROS

Healthy ROCE of 25.2%.
Generates positive free cash flow.

CONS

Revenue declined at -6.1% CAGR over 5 years.
Earnings shrank at -49.1% CAGR over 5 years.
In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

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Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Consumer Defensive).

#	Name	CMP ₹	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	UGARSUGAR The Ugar Sugar Works Limited NSE	41.42	34.23	₹465.97 Cr	-	25.21%	6.05%	-6.12%	-49.07%
2	HINDUNILVR Hindustan Unilever Limited NIFTY50NSE	2,153.50	47.62	₹5.06 L Cr	2.04%	22.15%	21.60%	2.31%	14.12%
3	ITC ITC Limited NIFTY50NSE	286.90	17.39	₹3.59 L Cr	5.58%	36.47%	29.34%	3.65%	2.54%
4	NESTLEIND Nestlé India Limited NIFTY50NSE	1,421.50	78.10	₹2.74 L Cr	0.84%	59.30%	76.34%	17.01%	23.05%
5	DMART Avenue Supermarts Limited NSE	4,054.50	88.49	₹2.64 L Cr	-	16.41%	12.94%	17.21%	7.69%
6	VBL Varun Beverages Limited NSE	528.00	56.17	₹1.79 L Cr	0.38%	19.44%	-	17.26%	26.57%
7	TATACONSUM Tata Consumer Products Limited NIFTY50NSE	1,178.40	75.78	₹1.17 L Cr	0.85%	8.29%	6.94%	13.87%	8.61%
8	MARICO Marico Limited NIFTY_MIDNSE	821.70	60.60	₹1.06 L Cr	0.49%	39.00%	41.39%	12.00%	10.61%
9	GODREJCP Godrej Consumer Products Limited NSE	1,029.30	56.49	₹1.05 L Cr	1.94%	21.44%	15.10%	4.59%	3.02%

Quarterly Results

Figures in INR.

Metric	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	511.00 Cr	356.34 Cr	417.39 Cr	321.04 Cr	389.49 Cr
Cost of Revenue	418.19 Cr	326.09 Cr	401.15 Cr	251.81 Cr	282.12 Cr
Gross Profit	92.82 Cr	30.25 Cr	16.23 Cr	69.22 Cr	107.38 Cr
Operating Expenses	42.24 Cr	31.59 Cr	32.50 Cr	41.93 Cr	46.78 Cr
Operating Income	50.58 Cr	-1.33 Cr	-16.27 Cr	27.30 Cr	60.59 Cr
EBITDA	62.69 Cr	6.41 Cr	-6.77 Cr	36.89 Cr	74.53 Cr
Interest Expense	10.69 Cr	13.87 Cr	17.72 Cr	11.53 Cr	17.95 Cr
Pretax Income	45.00 Cr	-14.11 Cr	-31.69 Cr	16.13 Cr	46.41 Cr
Tax Provision	-6.08 Cr	-37.36 L	48.03 L	2.37 Cr	64.46 L
Net Income	51.08 Cr	-13.73 Cr	-32.17 Cr	13.76 Cr	45.76 Cr
Diluted EPS	4.54	-1.22	-2.86	1.22	4.07

Profit & Loss (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue	-	1,793.97 Cr	1,150.76 Cr	1,329.83 Cr	1,484.26 Cr
Cost of Revenue	-	1,435.74 Cr	945.39 Cr	1,167.20 Cr	1,261.17 Cr
Gross Profit	-	358.23 Cr	205.37 Cr	162.63 Cr	223.09 Cr
Operating Expenses	-	163.41 Cr	134.57 Cr	149.70 Cr	152.80 Cr
Operating Income	-	194.83 Cr	70.80 Cr	12.93 Cr	70.29 Cr
EBITDA	-	210.54 Cr	99.92 Cr	53.82 Cr	111.05 Cr
Interest Expense	-	44.07 Cr	41.04 Cr	48.43 Cr	61.07 Cr
Pretax Income	-	148.39 Cr	29.80 Cr	-22.11 Cr	16.74 Cr
Tax Provision	-	45.34 Cr	8.66 Cr	-5.86 Cr	3.12 Cr
Net Income	-	103.05 Cr	21.14 Cr	-16.25 Cr	13.61 Cr
Diluted EPS	3.85	9.16	1.88	-1.44	-

Compounded Sales Growth

5 Years:	-6.12%
1 Year:	-23.80%

Compounded Profit Growth

5 Years:	-49.07%
1 Year:	-10.40%

Stock Price Performance

1 Year:	-12.78%
6 Months:	+3.34%
3 Months:	+15.31%
1 Month:	-2.50%

Balance Sheet (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Total Assets	-	916.38 Cr	1,085.25 Cr	1,130.63 Cr	1,320.28 Cr
Current Assets	-	634.51 Cr	729.86 Cr	723.75 Cr	916.99 Cr
Cash & Equivalents	-	5.76 Cr	93.84 L	1.69 Cr	1.95 Cr
Inventory	-	365.30 Cr	485.07 Cr	526.32 Cr	700.76 Cr
Receivables	-	187.30 Cr	142.10 Cr	120.43 Cr	137.01 Cr
Total Liabilities	-	695.54 Cr	850.28 Cr	914.63 Cr	1,086.60 Cr
Current Liabilities	-	541.17 Cr	752.49 Cr	814.00 Cr	1,011.69 Cr
Long Term Debt	-	140.04 Cr	83.65 Cr	92.10 Cr	62.18 Cr
Total Debt	-	399.98 Cr	565.60 Cr	671.20 Cr	667.95 Cr
Total Equity	-	220.83 Cr	234.97 Cr	216.00 Cr	233.68 Cr
Shares Outstanding	-	11.25 Cr	11.25 Cr	11.25 Cr	11.25 Cr

Cash Flows (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow	-	394.05 Cr	-37.32 Cr	21.31 Cr	43.73 Cr
Investing Cash Flow	-	-48.42 Cr	-98.26 Cr	-72.58 Cr	-24.66 Cr
Financing Cash Flow	-	-346.11 Cr	130.76 Cr	52.03 Cr	-18.80 Cr
Capital Expenditure	-	-59.24 Cr	-102.85 Cr	-77.45 Cr	-23.95 Cr
Free Cash Flow	-	334.81 Cr	-140.16 Cr	-56.14 Cr	19.78 Cr
Net Change in Cash	-	-48.21 L	-4.82 Cr	74.94 L	26.66 L

Ratios (Annual)

Figures in %.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Gross Margin %	-	20.0%	17.8%	12.2%	15.0%
Operating Margin %	-	10.9%	6.2%	1.0%	4.7%
Net Margin %	-	5.7%	1.8%	-1.2%	0.9%
ROE %	-	46.7%	9.0%	-7.5%	5.8%
ROCE %	-	51.9%	21.3%	4.1%	22.8%

Shareholding Pattern

Insiders

49.94%

Institutions

0.16%

Public Float

0.31%

Analyst View

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UGARSUGAR · Consumer Defensive