The Ugar Sugar Works Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2023 • Sugar: 57.9% • Industrial Alcohol: 28.0% • Potable Alcohol: 9.1%
AI Sector View
AI GENERATEDFast Moving Consumer Goods
Rural demand proxies are mixed. Tractor sales rose 18.0% YoY (2026-07) and 2-wheelers were up 23.0% YoY (2026-06), but rural employment slowed to 1.0% YoY (2026-07), fertiliser sales were 0.0% YoY (2026-05), and food inflation of 5.52% (Jul/26) can pressure household budgets. FPI outflows remain heavy at INR -8081 crore over 3 months to 2026-08-31, limiting upside.
PROS
- Company has a good return on equity (ROE) track record: 3 Years ROE 42.2%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.50x)
- Operating margins have improved to 11.1% from 7.0%
- Attractively priced for its growth - PEG of 0.1
- Company converts assets efficiently - asset turnover of 1.8x
CONS
- Company has a high debt-to-equity of 1.57x
- Though reporting repeated profits, the company pays out little dividend (5.5%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BALRAMCHIN | 707.05 | 40.32 | 14961.00 | 0.49 | 44.15 | -14.40 | 1636.79 | 6.13 | 9.29 | 7.36 |
| EIDPARRY | 734.15 | 28.10 | 13064.62 | 0.00 | 311.50 | -32.93 | 9017.52 | 3.37 | 23.60 | 8.33 |
| TRIVENI | 263.95 | 20.69 | 5816.48 | 1.04 | 3.65 | 73.81 | 1950.14 | -0.22 | 8.92 | 2.94 |
| RENUKA | 24.82 | 0.00 | 5282.91 | 0.00 | -251.50 | 4.59 | 2120.20 | 5.61 | -3.84 | -3.60 |
| BAJAJHIND | 21.42 | 44.25 | 5120.81 | 0.00 | -1847.00 | -961.49 | 11259.70 | 801.92 | 2.86 | -10.64 |
| BANARISUG | 3570.20 | 36.77 | 4476.92 | 0.35 | -10.92 | -171.57 | 172.45 | -58.81 | 9.33 | -3.00 |
| DALMIASUG | 433.45 | 14.82 | 3508.31 | 1.38 | 6.91 | — | 848.19 | -16.48 | 8.38 | 5.10 |
| AVADHSUGAR | 794.15 | 24.10 | 1589.76 | 1.26 | 2.34 | 127.81 | 7792.51 | 987.42 | 6.50 | 4.68 |
| GODAVARIB | 234.70 | 5338.22 | 1201.10 | 0.00 | -19.32 | -20.62 | 557.88 | 4.62 | 5.79 | 0.09 |
| UTTAMSUGAR | 282.75 | 12.40 | 1078.36 | 0.88 | 1.30 | -91.05 | 606.37 | -3.56 | 11.62 | 4.32 |
| DHAMPURSUG | 166.45 | 15.23 | 1070.38 | 1.20 | 60.90 | 6592.31 | 7861.70 | 961.42 | 6.63 | 3.98 |
| UGARSUGAR | 49.97 | 8.21 | 562.16 | 0.20 | -33.20 | -146.28 | 265.79 | -8.32 | 9.02 | -7.62 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | |
|---|---|---|---|---|---|---|---|---|
| 340 | 408 | 373 | 290 | 630 | 647 | 218 | 266 | |
| 288 | 380 | 348 | 286 | 555 | 542 | 212 | 286 | |
| Operating Profit | 52 | 29 | 24 | 3 | 75 | 105 | 6 | -20 |
| OPM % | 15.29% | 7.00% | 6.56% | 1.18% | 11.97% | 16.23% | 2.81% | -7.62% |
| 1 | 1 | 2 | 0 | 2 | 2 | 2 | 4 | |
| Interest | 10 | 11 | 14 | 12 | 9 | 13 | 9 | 9 |
| Depreciation | 3 | 3 | 3 | 4 | 5 | 6 | 7 | 7 |
| Profit before Tax | 53 | 16 | 9 | -12 | 63 | 89 | -8 | -32 |
| Tax % | 2.74% | 6.17% | 33.06% | -10.38% | 28.26% | 26.31% | -19.95% | -2.47% |
| Net Profit | 51 | 15 | 6 | -13 | 46 | 65 | -9 | -33 |
| 4.55 | 1.32 | 0.51 | -1.20 | 4.05 | 5.80 | -0.81 | -2.95 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | TTM | |
|---|---|---|---|---|---|
| 870 | 956 | 1,137 | 1,794 | 1,761 | |
| 802 | 888 | 1,038 | 1,586 | 1,595 | |
| Operating Profit | 68 | 68 | 99 | 208 | 166 |
| OPM % | 7.81% | 7.10% | 8.72% | 11.62% | 9.45% |
| 3 | 6 | 2 | 6 | 10 | |
| Interest | 43 | 43 | 44 | 48 | 40 |
| Depreciation | 14 | 12 | 11 | 18 | 25 |
| Profit before Tax | 14 | 19 | 46 | 148 | 112 |
| Tax % | 1.01% | 8.34% | 6.56% | 30.56% | 38.89% |
| Net Profit | 14 | 17 | 43 | 103 | 68 |
| EPS | 0.00 | 1.52 | 3.85 | 9.16 | — |
| Dividend Payout % | 8.17% | 13.20% | 6.49% | 5.46% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 27%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 96%
STOCK PRICE CAGR
- 10 Years:
- 4%
- 5 Years:
- 15%
- 3 Years:
- -20%
- 1 Year:
- 20%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 42%
- Last Year:
- 60%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
|---|---|---|---|---|
| Equity Capital | 11 | 11 | 11 | 11 |
| 54 | 69 | 111 | 210 | |
| 431 | 553 | 639 | 347 | |
| Trade Payables | 173 | 117 | 232 | 156 |
| 186 | 169 | 206 | 237 | |
| Total Liabilities | 855 | 920 | 1,199 | 961 |
| 137 | 128 | 119 | 224 | |
| Capital Work in Progress | 1 | 3 | 112 | 38 |
| 4 | 4 | 4 | 4 | |
| 588 | 635 | 769 | 365 | |
| 0 | 0 | 0 | 0 | |
| Cash & Bank | 11 | 7 | 8 | 18 |
| 114 | 144 | 187 | 312 | |
| Total Assets | 855 | 920 | 1,199 | 961 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
|---|---|---|---|---|
| 45 | -78 | 96 | 423 | |
| Cash from Investing | -1 | -6 | -131 | -48 |
| Cash from Financing | -37 | 79 | 39 | -346 |
| 6 | -5 | 1 | -0 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-03 - The Ugar Sugar Works Limited has informed the Exchange about Action(s) taken or orders passed
2026-08-13 - The Ugar Sugar Works Limited has informed the Exchange about Credit Rating- Revision
2026-08-11 - The Ugar Sugar Works Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-08-11 - The Ugar Sugar Works Limited has informed the Exchange regarding Resignation of Mr P V Shirgaokar as Non- Executive Director of the company w.e.f. August 11, 2026.
2026-08-11 - The Ugar Sugar Works Limited has informed the Exchange regarding Cessation of Mr Hari Athawale as Non- Executive Independent Director of the company w.e.f. August 11, 2026.
2026-08-06 - The Ugar Sugar Works Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 05, 2026. Further, the company has informed the Exchange regarding voting results along with copy of minutes.
2026-08-05 - The Ugar Sugar Works Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-05 - The Ugar Sugar Works Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 05, 2026
2026-07-25 - The Ugar Sugar Works Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on August 05, 2026
News
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The Ugar Sugar Works Ltd.
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