MarketFriction

Ugar Sugar Works Ltd

NSE UGARSUGAR · BSE 530363 · Sugar
₹56.04 -2.13%
NSE close2026-10-01
52 week range33.75 - 66.77
Market cap₹650 Cr.
P/E22.5
ESM Price band 5%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales234.06360.93368.17315.79240.37262.66511.00356.34417.39321.04389.49477.88
Expenses254.31300.22344.56308.94284.69242.34453.41351.03426.45284.51318.74451.16
Operating Profit-20.2560.7123.616.85-44.3220.3257.595.31-9.0636.5370.7526.72
OPM %-8.65%16.82%6.41%2.17%-18.44%7.74%11.27%1.49%-2.17%11.38%18.16%5.59%
Other Income3.981.0725.862.313.622.365.111.102.290.363.772.00
Interest9.198.0918.0713.4012.2112.1410.6913.8717.7211.5317.9518.47
Depreciation6.947.108.176.796.836.887.006.647.209.2310.179.22
Profit before tax-32.4046.5923.23-11.03-59.743.6645.01-14.10-31.6916.1346.401.03
Tax %2.47%1.01%25.27%7.25%0.49%-23.77%-13.51%-2.62%1.51%14.69%1.38%-43.69%
Net Profit-33.2046.1217.36-11.83-60.034.5351.08-13.73-32.1713.7645.761.49
EPS in Rs-2.954.101.54-1.05-5.340.404.54-1.22-2.861.224.070.13
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales8375856507508709561,1371,7941,1511,3301,4841,606
Expenses7875216717008028881,0381,5851,0811,2891,3811,481
Operating Profit5065-21506868992097040104125
OPM %6%11%-3.2%7%8%7%9%12%6%3.0%7%8%
Other Income98393626331388
Interest293029384343444944486166
Depreciation161519151412111829283336
Profit before tax1528-66514194614830-221732
Tax %24%7%3%21%1%8%7%31%29%-26%19%
Net Profit1126-68414174310321-161429
EPS in Rs1.002.31-6.060.391.221.523.859.161.88-1.441.212.56
Dividend Payout %25%9%0%0%8%13%6%5%13%0%8%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth6%9%-6%17%
Compounded Profit Growth2%-4%-49%259%
Stock Price CAGR3%15%-19%36%
Return on Equity12%17%2%6%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital111111111111111111111111
Reserves728010234405268109210224205222
Borrowings190278364474554514610700347514611668
Other Liabilities376390140341278252202341348336304417
Total Liabilities6497596178608838308921,1629161,0851,1311,318
Fixed Assets170158164163152136127117224254234340
CWIP2341013112387914835
Investments666444444455
Other Assets471592444691726689759929651749743939
Total Assets6497596178608838308921,1629161,0851,1311,318
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity75-38-1337-4645-7893394-372144
Cash from Investing Activity-26-4-20-13-2-1-6-131-48-98-73-25
Cash from Financing Activity-603844-1530-377939-34613152-19
Net Cash Flow-10-4118-196-51-0-510
Free Cash Flow48-44-3337-4645-84-39335-140-5620
CFO/OP362%-74%-3%-176%-91%66%-115%97%203%-26%54%38%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days1262725145192838453334
Inventory Days31822938140843233031433198205178230
Days Payable17598818613496579640713882
Cash Conversion Cycle15419438024831223927626396179173181
Working Capital Days-711-5-67-46-137315-20-30-27
ROCE %3%14%14%-7%8%10%10%12%28%11%3%9%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters44.34%44.34%44.45%44.45%44.41%44.81%46.57%46.73%47.03%46.75%44.54%44.54%
FIIs3.62%2.57%2.05%1.57%0.61%0.50%0.38%0.67%0.19%0.17%0.19%0.09%
DIIs0.02%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Public52.03%53.08%53.50%53.97%54.98%54.69%53.05%52.60%52.78%53.07%55.26%55.35%
No. of Shareholders58,98863,47166,32765,48261,83061,14661,78862,15163,87472,33772,68772,174

Fundamentals

Market Cap₹ 650 Cr.
Current Price₹ 57.8
Stock P/E22.5
Book Value₹ 20.8
ROCE9.00 %
ROE6.05 %
Dividend Yield0.17 %
Face Value₹ 1.00
Compounded Sales Growth (TTM)17%
Compounded Profit Growth (TTM)259%
Standalone figures.
Valuation
Market capRs 630 Cr
Enterprise valueRs 1,283 Cr
P/E (TTM)21.86x
Price to book2.70x
Price to sales0.39x
EV / EBITDA9.62x
EV / EBIT13.15x
EV / sales0.80x
Price to cash flow14.42x
Earnings yield4.57%
Dividend yield0.18%
P/E, 3-year average33.71x
P/B, 3-year average2.47x
P/E, 5-year average23.83x
P/B, 5-year average3.70x
Profitability
Operating margin (excl. other income)6.98%
Operating margin (incl. other income)7.48%
EBITDA margin8.30%
Pre-tax margin1.98%
Net profit margin1.80%
Net margin, latest quarter0.31%
ROE6.05%
ROCE9.00%
ROA1.11%
ROE, 3-year average2.71%
ROCE, 3-year average7.88%
ROA, 3-year average0.59%
ROE, 5-year average22.36%
ROCE, 5-year average12.78%
ROA, 5-year average3.18%
ROIC (approx.)8.96%
Tax rate18.65%
Other income / net worth3.22%
Growth
Sales growth (latest year)11.61%
Sales CAGR, 3 years-6.13%
Sales CAGR, 5 years9.21%
Profit CAGR, 3 years-49.07%
Profit CAGR, 5 years-4.41%
Sales growth QoQ22.69%
Profit growth QoQ-96.74%
Sales growth YoY (latest quarter)34.11%
Per share
EPS (TTM)Rs 2.56
EPS (latest year)Rs 1.21
EPS (latest quarter)Rs 0.13
EPS, 3-year averageRs 0.55
EPS, 5-year averageRs 2.93
Book value per shareRs 20.77
Sales per shareRs 142.74
Cash flow per shareRs 3.89
Free cash flow per shareRs 1.78
Dividend per share (latest year)Rs 0.10
Dividend per share, 3-year averageRs 0.17
Dividend per share, 5-year averageRs 0.27
Dividends
Dividend payout8.23%
Dividend payout, 3-year average10.76%
Dividend payout, 5-year average8.37%
Efficiency
Asset turnover1.13x
Fixed asset turnover4.37x
Inventory turnover1.81x
Inventory days202 days
Debtor days34 days
Debtors turnover10.83x
Creditor days82 days
Cash conversion cycle181 days
Working capital days-27 days
Leverage
Total debtRs 668 Cr
Cash and bankRs 16 Cr
Net debtRs 652 Cr
Debt to equity2.86x
Net debt / EBITDA4.89x
Interest coverage1.49x
Current ratio (filing 2026-03-31)0.91x
Quick ratio (filing 2026-03-31)0.21x
Trade payables (filing 2026-03-31)Rs 253 Cr
Owners' fund to total sources17.73%
Debt to assets50.67%
Cash flow
Cash from Operating Activity (latest year)Rs 44 Cr
Cash from Investing Activity (latest year)Rs -25 Cr
Cash from Financing Activity (latest year)Rs -19 Cr
Net Cash Flow (latest year)Rs 0 Cr
Free cash flow (latest year)Rs 20 Cr
FCFE (approx.: FCF + change in debt)Rs 77 Cr
Cash from ops / profit, 5 years3.12x
Sales to cash flow33.94x
Statement figures
Net sales (TTM)Rs 1,606 Cr
Net sales (latest year)Rs 1,484 Cr
Sales (latest quarter)Rs 478 Cr
Operating profit excl. other income (latest year)Rs 104 Cr
Operating profit (latest quarter)Rs 27 Cr
Other income (TTM)Rs 8 Cr
EBITDA (TTM)Rs 133 Cr
PBDT (TTM)Rs 68 Cr
Profit before tax (TTM)Rs 32 Cr
Tax (latest year)Rs 3 Cr
Net profit (TTM)Rs 29 Cr
Net profit (latest year)Rs 14 Cr
Net profit (latest quarter)Rs 1 Cr
Depreciation (TTM)Rs 36 Cr
Depreciation (latest quarter)Rs 9 Cr
Interest (TTM)Rs 66 Cr
Cost of goods sold (latest year)Rs 1,268 Cr
Total expenditure (latest year)Rs 1,381 Cr
Total income (latest year)Rs 1,492 Cr
Share capitalRs 11 Cr
ReservesRs 222 Cr
Shareholders' fundsRs 234 Cr
Total assetsRs 1,318 Cr
Net blockRs 340 Cr
Capital work in progressRs 35 Cr
InvestmentsRs 5 Cr
ReceivablesRs 137 Cr
InventoryRs 701 Cr
Other liabilitiesRs 417 Cr
Shares outstanding (crore)11.25
Ownership
Promoter holding44.54% (-2.19 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 21.9 is at the 52th percentile of its own 7.7-year range (median 21.7, low 6.7, high 49.8).
P/B 2.70 is at the 34th percentile (median 3.09).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodUGARSUGARNifty 50Difference
1 week+0.5%-2.8% +3.3 pts
1 month+5.4%-6.8% +12.2 pts
3 months+38.2%-7.6% +45.8 pts
6 months+43.0%+0.4% +42.6 pts
1 year+30.8%-9.9% +40.8 pts
2 years-36.2%-13.6% -22.7 pts
3 years-48.6%+14.2% -62.7 pts
5 years+85.6%+27.9% +57.7 pts

Red flags

F-score 7 of 8
explainLow interest cover Interest cover 1.3x in 2026
lookProfit leans on other income Other income was 45% of pre-tax profit in 2026
lookRegulator order or action Regulator order or action 2026-09-03: The Ugar Sugar Works Limited has informed the Exchange about Action(s) taken or orders passed
lookOn NSE surveillance On NSE surveillance: ESM
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹478 Cr +34.1% vs Jun 2025. Net profit ₹1 Cr +110.9%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-07-29Dividend - Re 0.10 Per Share
2024-07-26Dividend - Re 0.25 Per Share
2024-07-26Annual General Meeting
2023-07-28Annual General Meeting/Dividend - Rs 0.50 Per Share
2022-09-01Annual General Meeting/Dividend - Re 0.25 Per Share
2021-09-08 Dividend - Rs 0.20 Per Share
2020-09-10 Dividend - Rs 0.10 Per Share
2019-07-31 Annual General Meeting
2018-07-26 Annual General Meeting
2017-09-14 Annual General Meeting/Dividend - Re 0.20 Per Share
2016-09-08 Annual General Meeting And Dividend Re.0.25 Per Share
2015-09-15Annual General Meeting
2014-09-11Annual General Meeting (Agm & Book Closure Start Date Revised)
2013-09-05Annual General Meeting/Dividend Re 0.20/- Per Share
2012-07-19Annual General Meeting/Dividend Re 0.25 Per Share
2011-09-08Annual General Meeting
2010-09-08Annual General Meeting
DateTypeWhat it says
2026-09-16UpdatesThe High court in September 11, 2026 hearing has set asidethe KSPCBs closure order.
2026-09-03Regulatory actionAction(s) taken or orders passed
2026-08-13Credit Rating- RevisionCredit Rating- Revision
2026-08-11ResignationResignation of Director/KMP/SMP
2026-08-11ResignationResignation of Mr P V Shirgaokar as Non- Executive Director of the company w.e.f. August 11, 2026.
2026-08-11CessationCessation of Mr Hari Athawale as Non- Executive Independent Director of the company w.e.f. August 11, 2026.
2026-08-06Shareholder meetingVoting results along with copy of minutes.
2026-08-05Board meeting outcomeThe Ugar Sugar Works Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-05Shareholder meetingProceedings of Annual General Meeting held on August 05, 2026
2026-07-25Shareholder meetingNotice of Annual General Meeting to be held on August 05, 2026
2026-07-06Disclosure under SEBI TakeovThe Ugar Sugar Works Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (...
2026-06-19UpdatesBook closure.
2026-06-19Record DateRecord date for the purpose of Dividend is 29-Jul-2026.
2026-06-04Reply to Clarification- FinaThe Exchange had sought clarification from The Ugar Sugar Works Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (L...
2026-05-22Clarification - Financial ReThe Exchange has sought clarification from The Ugar Sugar Works Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (L...
2026-05-13UpdatesDeclaration of Unmodified Opinion by Auditors.
2026-05-12DividendBoard of Directors at its meeting held on May 12, 2026, recommended Final Dividend of Rs. 0.10 per equity share.
2026-05-12Board meeting outcomeThe Ugar Sugar Works Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-03-16UpdatesEnd of Crushing Season.
2026-02-13Board meeting outcomeBoard meeting held on February 13, 2026.
2026-02-13Board meeting outcomeThe Ugar Sugar Works Limited has submitted to the Exchange, the financial results for the period ended December 31, 2025.
2026-02-04UpdatesApproval letter from BSE and NSE for promoter reclassification.
2026-01-21UpdatesIntimation of submission of application of promoter reclassification.
2026-01-03UpdatesApproval of waiver application.
2025-11-24UpdatesStart of crushing season at jewrgi unit.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
ESM: stage 1
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03