UGARSUGAR

The Ugar Sugar Works Limited

The Ugar Sugar Works Limited (UGARSUGAR) financial statements and selected valuation metrics through 30 June 2026.

Fast Moving Consumer Goods›Fast Moving Consumer Goods›Agricultural Food & other Products›Sugar

ugarsugar.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹55.98
Market cap
630 Cr
Stock P/E
21.8
P/B
2.69
Dividend yield
0.4%
ROE (FY23)
46.7%
ROCE (FY23)
34.6%
Operating margin (FY23)
9.8%
Debt / equity (FY23)
1.57
OCF / EBITDA (FY26)
42.2%
OCF / EBITDA (3Y)
12.9%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Ugar Sugar (The Ugar Sugar Works) makes sugar, ethanol and industrial and potable alcohol, and sells surplus power from its co-generation plant, selling to institutional and retail sugar buyers, oil marketing companies and state power distributors from factories in Karnataka.

Company snapshot

15thBy market cap

Ranked among 27 companies in Sugar.

Segment mix

Reportable segments as of 2024-12-31 (Standalone). Revenue share = segment revenue ÷ total revenue.

Largest segment: 111.7% of revenue

SegmentRevenue shareRevenuePBTAssets
Co-generation
22.4%
62 Cr8 Cr95 Cr
Industrial Alcohol
47.1%
129 Cr4 Cr516 Cr
Potable Alcohol
5.3%
15 Cr-0.70 Cr18 Cr
Sugar
111.7%
307 Cr17 Cr307 Cr
Unallocated
5.1%
14 Cr0.24 Cr81 Cr

Shares add up to 192% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓Return on equity of 46.7% — the company generates strong returns on shareholders' money.
Concerns
  • ✗Only 13% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.

Statement tables · Standalone

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales266 Cr389 Cr404 Cr345 Cr263 Cr275 Cr524 Cr364 Cr425 Cr329 Cr397 Cr481 Cr
Operating expenses (approx.)286 Cr329 Cr381 Cr338 Cr308 Cr255 Cr467 Cr359 Cr434 Cr292 Cr326 Cr454 Cr
EBITDA-20 Cr61 Cr24 Cr7 Cr-44 Cr20 Cr58 Cr5 Cr-9 Cr37 Cr71 Cr27 Cr
OPM %-7.6%15.6%5.8%2.0%-16.8%7.4%11.0%1.5%-2.1%11.1%17.8%5.6%
Other income4 Cr1 Cr26 Cr2 Cr4 Cr2 Cr5 Cr1 Cr2 Cr0.36 Cr4 Cr2 Cr
Interest9 Cr8 Cr18 Cr13 Cr12 Cr12 Cr11 Cr14 Cr18 Cr12 Cr18 Cr18 Cr
Depreciation7 Cr7 Cr8 Cr7 Cr7 Cr7 Cr7 Cr7 Cr7 Cr9 Cr10 Cr9 Cr
Profit before tax-32 Cr47 Cr23 Cr-11 Cr-60 Cr4 Cr45 Cr-14 Cr-32 Cr16 Cr46 Cr1 Cr
Tax %-2.5%1.0%25.3%-7.3%-0.5%-23.8%-13.4%2.6%-1.5%14.7%1.4%-43.9%
Net profit-33 Cr46 Cr17 Cr-12 Cr-60 Cr5 Cr51 Cr-14 Cr-32 Cr14 Cr46 Cr1 Cr
EPS (₹)₹-2.95₹4.10₹1.54₹-1.05₹-5.34₹0.40₹4.54₹-1.22₹-2.86₹1.22₹4.07₹0.13

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales753 Cr799 Cr903 Cr966 Cr1,118 Cr1,302 Cr1,940 Cr1,277 Cr1,407 Cr1,515 CrSign in free for the trailing twelve months
Operating expenses (approx.)689 Cr820 Cr853 Cr943 Cr1,050 Cr1,202 Cr1,732 Cr1,207 Cr1,367 Cr1,412 CrSign in free for the trailing twelve months
EBITDA65 Cr-21 Cr50 Cr23 Cr68 Cr99 Cr208 Cr70 Cr40 Cr104 CrSign in free for the trailing twelve months
OPM %8.6%-2.7%5.5%2.4%6.1%7.6%10.7%5.5%2.9%6.8%Sign in free for the trailing twelve months
Other income8 Cr3 Cr9 Cr48 Cr6 Cr2 Cr6 Cr33 Cr13 Cr8 CrSign in free for the trailing twelve months
Interest30 Cr29 Cr38 Cr43 Cr43 Cr44 Cr48 Cr44 Cr48 Cr61 CrSign in free for the trailing twelve months
Depreciation15 Cr19 Cr15 Cr14 Cr12 Cr11 Cr18 Cr29 Cr28 Cr33 CrSign in free for the trailing twelve months
Profit before tax28 Cr-66 Cr5 Cr14 Cr19 Cr46 Cr148 Cr30 Cr-22 Cr17 CrSign in free for the trailing twelve months
Tax %7.1%-2.8%20.6%1.0%8.3%6.6%30.6%29.1%26.2%18.7%Sign in free for the trailing twelve months
Net profit26 Cr-68 Cr4 Cr14 Cr17 Cr43 Cr103 Cr21 Cr-16 Cr14 CrSign in free for the trailing twelve months
EPS (₹)₹2.31₹-6.06₹0.39₹1.22₹1.52₹3.94₹9.16₹1.88₹-1.45₹1.21Sign in free for the trailing twelve months
Dividend payout %————6.6%5.2%2.7%26.6%—0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital11 Cr11 Cr11 Cr11 Cr11 Cr11 Cr11 Cr11 Cr11 Cr11 Cr
Reserves102 Cr34 Cr40 Cr52 Cr68 Cr109 Cr208 Cr224 Cr224 Cr222 Cr
Borrowings324 Cr341 Cr409 Cr415 Cr510 Cr640 Cr347 Cr514 Cr514 Cr668 Cr
Other liabilities179 Cr453 Cr423 Cr351 Cr303 Cr402 Cr348 Cr336 Cr336 Cr419 Cr
Total liabilities617 Cr839 Cr883 Cr830 Cr892 Cr1,162 Cr915 Cr1,085 Cr1,085 Cr1,320 Cr
Fixed assets (net)164 Cr163 Cr152 Cr136 Cr127 Cr117 Cr222 Cr254 Cr254 Cr339 Cr
CWIP4 Cr1 Cr0.42 Cr0.85 Cr3 Cr112 Cr38 Cr79 Cr79 Cr35 Cr
Investments6 Cr4 Cr4 Cr4 Cr4 Cr4 Cr21 Cr4 Cr4 Cr7 Cr
Inventories402 Cr590 Cr657 Cr588 Cr635 Cr769 Cr365 Cr485 Cr485 Cr701 Cr
Trade receivables11 Cr45 Cr28 Cr12 Cr49 Cr89 Cr187 Cr142 Cr142 Cr137 Cr
Cash & bank15 Cr22 Cr2 Cr11 Cr5 Cr6 Cr6 Cr0.94 Cr0.94 Cr2 Cr
Other assets17 Cr14 Cr39 Cr78 Cr69 Cr64 Cr76 Cr121 Cr121 Cr100 Cr
Total assets617 Cr839 Cr883 Cr830 Cr892 Cr1,162 Cr915 Cr1,085 Cr1,085 Cr1,320 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity-13 Cr36 Cr-46 Cr46 Cr-78 Cr52 Cr394 Cr-37 Cr21 Cr44 Cr
Cash from investing-20 Cr-13 Cr-2 Cr-1 Cr-6 Cr-92 Cr-48 Cr-98 Cr-73 Cr-25 Cr
Cash from financing44 Cr-15 Cr30 Cr-37 Cr79 Cr40 Cr-346 Cr131 Cr52 Cr-19 Cr
Net cash flow11 Cr7 Cr-19 Cr8 Cr-5 Cr-0.68 Cr-0.48 Cr-5 Cr0.75 Cr0.27 Cr
Free cash flow (OCF − Capex)-33 Cr21 Cr-49 Cr45 Cr-84 Cr-40 Cr335 Cr-140 Cr-56 Cr18 Cr

Ratios

MetricMar 2020Mar 2021Mar 2022Mar 2023
ROCE %11.9%10.4%11.8%34.6%
ROE %21.2%21.2%35.6%46.7%
Debtor days4162535
Inventory days375298285144
Days payable110558661
Cash conversion cycle269259224118
OCF / EBITDA %n.m.-114.7%54.0%189.1%
OCF / EBITDA % (3 years)——11.4%98.5%
Debt / equity6.396.335.251.57
Current ratio0.971.031.021.17
Net debt / EBITDA17.417.446.391.64