The Ugar Sugar Works Ltd
NSE: UGARSUGAR · Sugar · sector
₹44.19NSE close 2026-10-26
Key numbers
Market cap₹497 cr
Price₹44.19
52w high / low₹67 / ₹34
P/E5.3xSector median 12.9x
P/B2.1xSector median 0.9x
Book value₹20.8
Dividend yield–Sector median 0.91%
ROE12.3%Sector median 6.3%
ROCE10.8%Sector median 6.8%
OPM7.7%Sector median 6.0%
Debt / equity2.86xSector median 0.72x
EV/EBITDA9.2xSector median 11.8x
Interest cover1.5x
Current ratio0.91x
Sales growth 3y-7.9%Sector median -1.4%
Profit growth 3y-49.1%Sector median -11.6%
PEG–
Last 12 months to Jun 2026, Standalone. "Sector median" = middle value of 35 companies in Sugar (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹16 cr vs borrowings ₹668 cr (FY26): borrowings are higher by ₹652 cr.
- Operating profit covered interest 1.5x in the last 12 months.
- No promoter shares are pledged.
- Promoter holding fell by 2.49 percentage points in a year, to 44.54% (2026-09-30).
- Operating cash flow was below net profit in 1 of the last 5 years (FY24).
- Net loss in 3 of the last 8 quarters.
- Revenue was higher than a year earlier in 3 of the last 4 quarters.
- Other income was 29% of net profit in the last 12 months.
- Dividend paid in 4 of the last 5 financial years.
- Price ₹44.19 on 2026-10-26: -33.8% from the 52-week high, +30.9% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹87.85 · low ₹36.01
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 263 | 275 | 524 | 364 | 425 | 329 | 397 | 481 |
| EBITDA | -44 | 20 | 58 | 5 | -9 | 37 | 71 | 27 |
| OPM % | -16.8% | 7.4% | 11.0% | 1.5% | -2.1% | 11.1% | 17.8% | 5.6% |
| Other income | 4 | 2 | 5 | 1 | 2 | 0 | 4 | 2 |
| Net profit | -60 | 5 | 51 | -14 | -32 | 14 | 46 | 1 |
| EPS (₹) | -5.34 | 0.40 | 4.54 | -1.22 | 2.86 | 1.22 | 4.07 | 0.13 |
| Revenue YoY | +61.5% | +19.6% | -24.3% | +32.2% | ||||
| Profit YoY | – | +203.8% | -10.3% | – |
Standalone figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 1,302 | 1,940 | 1,277 | 1,407 | 1,515 | 1,632 |
| EBITDA | 99 | 208 | 70 | 40 | 104 | 125 |
| Net profit | 43 | 103 | 21 | -16 | 14 | 29 |
| EPS (₹) | 3.94 | 9.16 | 1.88 | -1.45 | 1.21 | 8.28 |
| Revenue growth | +49.1% | -34.2% | +10.2% | +7.7% | +14.4% | |
| Profit growth | +137.9% | -79.5% | -177.2% | – | – | |
| Dividend / share (₹) | 0.20 | 0.25 | 0.50 | 0.25 | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | -7.9% | +6.3% | +14.4% |
| Net profit | -49.1% | -4.4% | – |
| EPS | -49.1% | -4.5% | – |
| Share price | – | -19.9% (2y) | +14.9% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 220 | 235 | 235 | 234 |
| Borrowings | – | 347 | 514 | 514 | 668 |
| Cash & equivalents | – | 18 | 41 | 41 | 16 |
| Total assets | – | 915 | 1,085 | 1,085 | 1,320 |
| Fixed assets | – | 222 | 254 | 254 | 339 |
| Capital work in progress | – | 38 | 79 | 79 | 35 |
| Investments | – | 17 | 4 | 4 | 6 |
| Receivables | – | 187 | 142 | 142 | 137 |
| Inventory | – | 365 | 485 | 485 | 701 |
| Payables | – | 156 | 185 | 185 | 253 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 52 | 394 | -37 | 21 | 44 |
| Cash from investing | -92 | -48 | -98 | -73 | -25 |
| Cash from financing | 40 | -346 | 131 | 52 | -19 |
| Capex | 92 | 59 | 103 | 77 | 26 |
| Free cash flow | -40 | 335 | -140 | -56 | 18 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 46.9% | 9.0% | -6.9% | 5.8% |
| ROCE % | – | 34.7% | 9.9% | 3.5% | 8.6% |
| Debtor days | – | 35 | 41 | 37 | 33 |
| Inventory days | – | 95 | 196 | 159 | 221 |
| Payable days | – | 41 | 75 | 61 | 80 |
| Cash conversion cycle (days) | – | 89 | 162 | 135 | 174 |
| Working capital days | – | 18 | -6 | -6 | -23 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 44.54% |
| FIIs | 0.22% |
| DIIs | 0.14% |
| Public (non-institutions) | 55.11% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 44.82% | 46.57% | 46.73% | 47.03% | 46.91% | 44.54% | 44.54% | 44.54% |
| Promoter group | % |
|---|---|
| S B Reshellers Private Limited | 17.51% |
| Prabhakar Shirgaonkar Enterprises | 2.98% |
| V S Shirgaokar Enterprieses | 2.87% |
| Chandan Sanjeev Shirgaokar | 2.19% |
| DM Shirgaonkar Enterprises | 1.93% |
| Radhika Sanjeev Shirgaonkar | 1.86% |
| Shishir Shirgaokar Enterprises | 1.80% |
| S S Shirgaokar Enterprises | 1.65% |
| Prafulla Shirgaokar Enterprises | 1.63% |
| Suresh Shirgaokar Enterprises | 1.30% |
| Sohan Sanjeev Shirgaokar | 1.19% |
| Sachin Rajendra Shirgaokar | 1.04% |
| Shirgaokar Prafulla Vinayak | 1.02% |
| Tarini Sanat Shirgaokar | 0.85% |
| Tara Tiles PVT Ltd | 0.82% |
| Public holders above 1% | % |
|---|---|
| Babasaheb Neelkanth Kalyani | 1.41% |
| Sunita Babasaheb Kalyani | 1.35% |
| Investor Education and Protection Fund (IEPF) | 1.28% |
71,563 shareholders. Pledged: 0.00% of promoter shares.
Peers in Sugar
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| BALRAMCHIN | ₹13,212 cr | 34.1x | 3.2x | 9.3% | 8.1% | 11.3% | +10.4% | 0.53% |
| TRIVENI | ₹4,979 cr | 17.7x | 1.5x | 8.7% | 8.3% | 7.0% | +6.5% | 1.75% |
| BANARISUG | ₹4,029 cr | 33.1x | 2.1x | 6.6% | 7.3% | 9.3% | -8.8% | 0.39% |
| RENUKA | ₹3,858 cr | – | – | – | -2.7% | 0.3% | +0.5% | – |
| DALMIASUG | ₹3,357 cr | 16.5x | 1.0x | 6.3% | 7.0% | 10.8% | +3.6% | 1.45% |
| BAJAJHIND | ₹2,606 cr | 12.9x | 0.7x | 2.9% | 0.8% | 4.8% | -4.9% | – |
| AVADHSUGAR | ₹1,627 cr | 24.7x | 1.4x | 5.9% | 6.8% | 8.2% | -1.3% | 1.23% |
| UTTAMSUGAR | ₹1,179 cr | 13.6x | 1.3x | 10.4% | 10.2% | 9.3% | +2.3% | 0.87% |
| DHAMPURSUG | ₹1,095 cr | 15.6x | 0.9x | 6.0% | 6.8% | 6.4% | -0.8% | 0.02% |
| UGARSUGAR | ₹497 cr | 5.3x | 2.1x | 12.3% | 10.8% | 7.7% | -7.9% | – |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Sugar | ₹824 cr | 43.7% | ₹80 cr | 9.8% |
| Industrial Alcohol | ₹789 cr | 41.8% | ₹20 cr | 2.6% |
| Co-generation | ₹193 cr | 10.2% | ₹25 cr | 12.8% |
| Unallocated | ₹44 cr | 2.3% | ₹1 cr | 1.7% |
| Potable Alcohol | ₹36 cr | 1.9% | ₹-3 cr | -9.0% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-07-29 | Dividend | Dividend - Re 0.10 Per Share |
| 2024-07-26 | Dividend | Dividend - Re 0.25 Per Share |
| 2024-07-26 | Other | Annual General Meeting |
| 2023-07-28 | Dividend | Annual General Meeting/Dividend - Rs 0.50 Per Share |
| 2022-09-01 | Dividend | Annual General Meeting/Dividend - Re 0.25 Per Share |
| 2021-09-08 | Dividend | Dividend - Rs 0.20 Per Share |
| 2020-09-10 | Dividend | Dividend - Rs 0.10 Per Share |
| 2019-07-31 | Other | Annual General Meeting |
| 2018-07-26 | Other | Annual General Meeting |
| 2017-09-14 | Dividend | Annual General Meeting/Dividend - Re 0.20 Per Share |
| 2016-09-08 | Dividend | Annual General Meeting And Dividend Re.0.25 Per Share |
| 2015-09-15 | Other | Annual General Meeting |
| 2014-09-11 | Other | Annual General Meeting (Agm & Book Closure Start Date Revised) |
| 2013-09-05 | Dividend | Annual General Meeting/Dividend Re 0.20/- Per Share |
| 2012-07-19 | Dividend | Annual General Meeting/Dividend Re 0.25 Per Share |
| 2011-09-08 | Other | Annual General Meeting |
| 2010-09-08 | Other | Annual General Meeting |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing: Sugar
- Manufacturing: Industrial Alcohol
- Manufacturing: Power based on bagasse
- Manufacturing: Potable Alcohol
| Sector | Fast Moving Consumer Goods |
| Industry | Sugar |
| Sub-industry | Sugar |
| Symbol | UGARSUGAR |
| BSE code | 530363 |
| ISIN | INE071E01023 |
| Face value | ₹1.0 |
| Incorporated | 1939-09-11 |
| Website | www.ugarsugar.com |
| Plants (India / abroad) | 2 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.