VISHWARAJ

Vishwaraj Sugar Industries Limited

Integrated sugar producer with co-generation, distillery, liquor and vinegar units

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

vsil.co.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹5.81
Market cap
126 Cr
Stock P/E
Loss (TTM EPS ₹-1.63)
P/B
0.50
Dividend yield
1.5%
ROE (FY26)
-11.1%
ROCE (FY26)
-3.3%
Operating margin (FY26)
-7.4%
Debt / equity (FY26)
1.66
OCF / EBITDA (3Y)
342.4%

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

Vishwaraj Sugar (Vishwaraj Sugar Industries) makes sugar at its Belagavi, Karnataka base and runs allied businesses on the same site: power co-generation, a distillery, Indian-made liquor (IML) and a vinegar unit.

Company snapshot

24thBy 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: 46.0% of revenue

SegmentRevenue shareRevenuePBTAssets
Co-generation
4.4%
4 Cr12 Cr66 Cr
Distillery
45.9%
43 Cr77 Cr336 Cr
IML—0 Cr0.42 Cr3 Cr
Others
0.0%
0.0047 Cr0 Cr0 Cr
Sugar
46.0%
43 Cr-75 Cr373 Cr
Unallocable—0 Cr0 Cr44 Cr
Vinegar Unit
3.7%
3 Cr3 Cr20 Cr

What we see

Positives
  • ✓342% of operating profit came in as cash over the last three years — profits are backed by real cash.
Concerns
  • ✗Net margin is negative — the company is spending more than it earns right now.
2 more signals from the filings.Sign in free to see them all

Statement tables · Standalone

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

Standalone only

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
Sales138 Cr106 Cr164 Cr101 Cr93 Cr93 Cr167 Cr133 Cr55 Cr78 Cr111 Cr107 Cr
Operating expenses (approx.)139 Cr63 Cr141 Cr108 Cr104 Cr76 Cr154 Cr141 Cr62 Cr78 Cr106 Cr118 Cr
EBITDA-1 Cr43 Cr23 Cr-7 Cr-11 Cr17 Cr12 Cr-8 Cr-7 Cr-0.56 Cr5 Cr-11 Cr
OPM %-1.0%40.8%13.8%-6.8%-12.0%18.5%7.5%-5.7%-12.1%-0.7%4.5%-10.1%
Other income0.62 Cr0.60 Cr0.64 Cr0.98 Cr0.59 Cr0.62 Cr5 Cr2 Cr0.83 Cr2 Cr2 Cr3 Cr
Interest7 Cr7 Cr9 Cr7 Cr7 Cr13 Cr6 Cr7 Cr5 Cr4 Cr14 Cr12 Cr
Depreciation4 Cr4 Cr4 Cr4 Cr4 Cr4 Cr4 Cr4 Cr4 Cr4 Cr5 Cr6 Cr
Profit before tax-11 Cr33 Cr10 Cr-17 Cr-22 Cr0.63 Cr8 Cr-16 Cr-14 Cr-7 Cr-13 Cr-26 Cr
Tax %0.0%5.7%77.2%0.0%0.0%0.0%74.3%0.0%0.0%0.0%186.3%0.0%
Net profit-11 Cr31 Cr2 Cr-17 Cr-22 Cr0.63 Cr2 Cr-16 Cr-14 Cr-7 Cr11 Cr-26 Cr
EPS (₹)₹-0.60₹1.66₹0.13₹-0.92₹-1.00₹0.03₹0.06₹-0.75₹-0.66₹-0.31₹0.53₹-1.19

Profit & loss (annual)

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

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales259 Cr307 Cr377 Cr426 Cr469 Cr616 Cr550 Cr454 Cr377 CrSign in free for the trailing twelve months
Operating expenses (approx.)236 Cr282 Cr338 Cr364 Cr375 Cr550 Cr484 Cr442 Cr387 CrSign in free for the trailing twelve months
EBITDA24 Cr25 Cr38 Cr62 Cr93 Cr66 Cr66 Cr12 Cr-10 CrSign in free for the trailing twelve months
OPM %9.1%8.1%10.2%14.5%19.9%10.7%12.0%2.6%-2.6%Sign in free for the trailing twelve months
Other income10 Cr1 Cr1 Cr0.61 Cr2 Cr3 Cr3 Cr8 Cr6 CrSign in free for the trailing twelve months
Interest21 Cr36 Cr42 Cr36 Cr32 Cr28 Cr30 Cr34 Cr30 CrSign in free for the trailing twelve months
Depreciation13 Cr13 Cr15 Cr15 Cr16 Cr16 Cr16 Cr16 Cr18 CrSign in free for the trailing twelve months
Profit before tax-0.86 Cr-24 Cr-17 Cr12 Cr47 Cr26 Cr22 Cr-31 Cr-52 CrSign in free for the trailing twelve months
Tax %-395.0%26.2%52.4%32.2%-27.5%191.8%34.9%-19.2%45.6%Sign in free for the trailing twelve months
Net profit-4 Cr-18 Cr-8 Cr8 Cr60 Cr-23 Cr14 Cr-37 Cr-28 CrSign in free for the trailing twelve months
EPS (₹)₹-1.23₹-5.10₹-2.19₹2.11₹3.21₹-1.24₹0.78₹-1.74₹-1.26Sign in free for the trailing twelve months
Dividend payout %———0.0%0.0%—13.0%——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 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital35 Cr35 Cr38 Cr38 Cr38 Cr38 Cr38 Cr44 Cr44 Cr
Reserves194 Cr177 Cr184 Cr188 Cr245 Cr218 Cr231 Cr237 Cr209 Cr
Borrowings302 Cr319 Cr332 Cr349 Cr370 Cr356 Cr366 Cr391 Cr421 Cr
Other liabilities94 Cr189 Cr117 Cr137 Cr117 Cr115 Cr165 Cr148 Cr154 Cr
Total liabilities624 Cr720 Cr671 Cr712 Cr770 Cr726 Cr799 Cr819 Cr828 Cr
Fixed assets (net)272 Cr264 Cr288 Cr282 Cr300 Cr298 Cr287 Cr276 Cr481 Cr
CWIP—11 Cr———4 Cr124 Cr201 Cr22 Cr
Investments0.53 Cr1 Cr1 Cr1 Cr1 Cr1 Cr1 Cr1 Cr3 Cr
Inventories262 Cr324 Cr290 Cr286 Cr367 Cr303 Cr277 Cr236 Cr251 Cr
Trade receivables34 Cr38 Cr25 Cr30 Cr32 Cr43 Cr41 Cr30 Cr23 Cr
Cash & bank7 Cr2 Cr7 Cr48 Cr12 Cr2 Cr1 Cr10 Cr2 Cr
Other assets50 Cr78 Cr58 Cr64 Cr57 Cr75 Cr69 Cr64 Cr47 Cr
Total assets624 Cr720 Cr671 Cr712 Cr770 Cr726 Cr799 Cr819 Cr828 Cr

Cash flows

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

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity-55 Cr25 Cr—56 Cr35 Cr52 Cr146 Cr50 Cr37 Cr
Cash from investing-6 Cr-18 Cr—-9 Cr-33 Cr-18 Cr-125 Cr-83 Cr-45 Cr
Cash from financing56 Cr-12 Cr—-6 Cr-38 Cr-44 Cr-22 Cr41 Cr0.32 Cr
Net cash flow-5 Cr-6 Cr—41 Cr-36 Cr-11 Cr-1 Cr9 Cr-7 Cr
Free cash flow (OCF − Capex)-61 Cr6 Cr—47 Cr2 Cr52 Cr20 Cr50 Cr37 Cr

Ratios

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %3.8%2.3%4.6%8.3%12.2%8.7%8.3%0.5%-3.3%
ROE %-1.9%-8.3%-3.6%3.7%21.3%-9.2%5.4%-13.2%-11.1%
Debtor days484624262526272422
Inventory days420427433334341280276270274
Days payable43148937887579853111
Cash conversion cycle424324365282279249205241184
OCF / EBITDA %-231.9%101.3%—90.1%37.7%78.7%220.2%n.m.—
OCF / EBITDA % (3 years)—————64.6%103.2%172.3%342.4%
Debt / equity1.321.511.501.541.311.391.361.391.66
Current ratio1.021.021.061.121.141.200.920.920.76
Net debt / EBITDA12.5312.848.454.853.835.355.5032.60—