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SBEC Sugar Ltd (532102)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532102 NSE: Sugar | Small Cap | SBEC Sugar Share Price
₹69.43 3.05 (4.59%)
As on 30-Sep'26 16:59
SBEC Sugar Ltd (532102)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532102 NSE: Sugar | Small Cap | SBEC Sugar Share Price
₹69.43 3.05 (4.59%)
As on 30-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹316 Cr.
Current Price
₹69.4
52-Week Low / High
₹27 / 89
TTM EPS
₹11.3
TTM Sales
₹528 Cr.
Book Value per Share
₹33.5
P/E Ratio
5.87
Industry PE
25.6
Price to Book (P/B)
1.98
Higher than its 5-year historical median
Price to Sales (P/S)
0.60
Higher than its 5-year historical median
EV/EBITDA
27.98
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
0.00%
Underperforms industry median
Return on Capital Employed (ROCE)
12.40%
Outperforms industry median
Return on Assets (ROA)
-2.61%
Operating Profit Margin
6.3%
Net Profit Margin
-2.95%
Gross Profit Margin
0.3%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-3.54%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-10.96%
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
65.12%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹112 Cr.
Equity
₹47.7 Cr.
Face Value
₹10
All Time Low / High
₹3.34 / 94.55
Check Before You Invest
Quality
Somewhat GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Weak
Is SBEC Sugar Ltd a good quality company?
SBEC Sugar Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does SBEC Sugar Ltd performance compare with that of its Peers?
Revenue growth of SBEC Sugar Ltd vs industry peers?
SBEC Sugar Ltd revenue CAGR is 5.53%, compared to the industry median CAGR of 0.00%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of SBEC Sugar Ltd?
Promoters hold 65.12% of the SBEC Sugar Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of SBEC Sugar Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 19.2% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
SBEC Sugar Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 0% | -51.6% | -73.8% | -31.5% | 9.1% | -1.6% | 3.1% | 3.4% | 26.4% | 17.9% | - |
| Value Creation Index ⓘ | NA | -4.7 | -6.3 | NA | -0.4 | NA | NA | NA | 0.9 | NA | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 390 | 300 | 469 | 401 | 471 | 569 | 602 | 647 | 644 | 621 | 515 |
| Sales YoY Gr. | - | -23.1% | 56.6% | -14.5% | 17.4% | 20.8% | 5.8% | 7.4% | -0.5% | -3.5% | - |
| Adj EPS ⓘ | 1 | -7.9 | -17.7 | -10 | 1 | -4.4 | -2.2 | -2.7 | 1 | -2.5 | -9.2 |
| YoY Gr. | - | -884.2% | NA | NA | NA | -539.6% | NA | NA | NA | -352% | - |
| BVPS (₹) ⓘ | -16.7 | 25 | 7.3 | -2.7 | -1.7 | -6.2 | -8.5 | -11.2 | -10.3 | -12.8 | -26.9 |
| Adj Net Profit ⓘ | 4.8 | -37.8 | -84.5 | -47.6 | 4.8 | -21.1 | -10.7 | -13.1 | 4.7 | -11.8 | -44 |
| Cash Flow from Ops. ⓘ | 37.9 | -16.1 | 48.5 | -196 | 37.2 | 70.7 | 92.9 | 73.3 | -6.2 | 61.7 | - |
| Debt/CF from Ops. ⓘ | 0.9 | -2.7 | 0.2 | -1.2 | 6.6 | 2.9 | 1.6 | 1.3 | -33.4 | 3 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 5.3% | 5.7% | 1% | -3.5% | ||||
| Adj EPS ⓘ | -210.5% | -219.6% | NA | -352% | ||||
| BVPSⓘ | NA | NA | NA | NA | ||||
| Share Price | 19.8% | 24.3% | 25.1% | 109.2% | ||||
Key Financial Parameters ⓘ
| Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -5.9 | -190.1 | -109.9 | -435.3 | -46.2 | 113.1 | 30.5 | 27.8 | -9.1 | 21.4 | 46.2 |
| Op. Profit Mgn % ⓘ | 2.1 | -4.1 | -12.6 | -6.2 | 8.3 | 2.5 | 3.7 | 3.1 | 7 | 6.8 | 2.8 |
| Net Profit Mgn % ⓘ | 1.2 | -12.6 | -18 | -11.9 | 1 | -3.7 | -1.8 | -2 | 0.7 | -1.9 | -8.5 |
| Debt to Equity ⓘ | -0.4 | 0.4 | 0.3 | -18.6 | -30.3 | -7 | -3.6 | -1.8 | -4.2 | -3 | - |
| Working Cap Days ⓘ | 246 | 318 | 194 | 246 | 289 | 272 | 258 | 228 | 227 | 252 | 46 |
| Cash Conv. Cycle ⓘ | -328 | -247 | -203 | -163 | -87 | -125 | -134 | -168 | -146 | -134 | -124 |
Valuation of SBEC Sugar - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 399 | 309 | 486 | 417 | 482 | 580 | 614 | 658 | 655 | 630 |
| Operating Expenses ⓘ + | 389 | 319 | 535 | 436 | 442 | 565 | 589 | 638 | 610 | 591 |
| Operating Profit ⓘ | 10 | -10 | -50 | -19 | 40 | 15 | 25 | 21 | 45 | 40 |
| Operating Profit Margin (%) | 2.6% | -3.2% | -10.2% | -4.4% | 8.3% | 2.5% | 4.1% | 3.1% | 6.8% | 6.3% |
| Other Income ⓘ + | 6 | 0 | 1 | 0 | 0 | 2 | 7 | 11 | 1 | 1 |
| Interest ⓘ | 10 | 15 | 16 | 12 | 21 | 22 | 18 | 18 | 23 | 39 |
| Depreciation ⓘ | 4 | 20 | 20 | 20 | 20 | 21 | 21 | 21 | 21 | 19 |
| Profit Before Tax ⓘ | 2 | -45 | -85 | -51 | -1 | -27 | -7 | -8 | 2 | -18 |
| Tax ⓘ | -1 | -1 | 0 | 0 | -2 | 0 | 1 | 2 | 5 | 1 |
| Profit After Tax | 3 | -44 | -85 | -51 | 1 | -27 | -9 | -10 | -3 | -19 |
| PAT Margin (%) | 0.7% | -14.3% | -17.6% | -12.2% | 0.2% | -4.7% | -1.4% | -1.6% | -0.5% | -3.0% |
| Adjusted EPS (₹) | 0.8 | -8.7 | -17.8 | -10.4 | 0.6 | -5.1 | -1.6 | -1.8 | -2.5 | -3.9 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | -68 | 151 | 66 | 17 | 19 | -5 | -14 | -22 | -38 | -57 | |
| Debt + | 56 | 81 | 48 | 242 | 222 | 169 | 107 | 69 | 205 | 182 | |
| Minority Interest | 20 | 37 | 37 | 35 | 33 | 30 | 30 | 28 | 0 | 0 | |
| Trade Payables | 341 | 381 | 429 | 303 | 402 | 449 | 509 | 513 | 488 | 487 | |
| Others Liabilities ⓘ | 22 | 27 | 28 | 49 | 61 | 73 | 90 | 95 | 55 | 100 | |
| Total Liabilities ⓘ | 370 | 677 | 607 | 645 | 737 | 716 | 722 | 683 | 711 | 713 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 53 | 316 | 299 | 280 | 272 | 257 | 242 | 248 | 234 | 223 | |
| CWIP ⓘ | 1 | 0 | 0 | 3 | 2 | 2 | 18 | 4 | 6 | 1 | |
| Investments ⓘ | 35 | 38 | 38 | 38 | 38 | 38 | 38 | 38 | 38 | 38 | |
| Inventories | 57 | 115 | 85 | 136 | 237 | 223 | 246 | 219 | 255 | 269 | |
| Trade Receivables | 22 | 21 | 19 | 13 | 20 | 27 | 14 | 16 | 21 | 28 | |
| Cash Equivalents | 2 | 8 | 12 | 13 | 7 | 4 | 5 | 5 | 2 | 1 | |
| Others Assets ⓘ | 201 | 179 | 153 | 162 | 161 | 164 | 159 | 154 | 155 | 153 | |
| Total Assets ⓘ | 370 | 677 | 607 | 645 | 737 | 716 | 722 | 683 | 711 | 713 | |
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 31 | -12 | 56 | -177 | 46 | 79 | 99 | 68 | -47 | 70 |
| Cash Flow From Investing Activity ⓘ + | -8 | 8 | -3 | -4 | -11 | -7 | -15 | -3 | -51 | -2 |
| Cash Flow From Financing Activity ⓘ + | -23 | 10 | -49 | 182 | -40 | -75 | -82 | -66 | 95 | -69 |
| Net Cash Flow ⓘ | -1 | 6 | 4 | 1 | -6 | -3 | 1 | -0 | -3 | -1 |
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | N/A | -107.41 | -78.51 | -122.32 | 4.37 | N/A | N/A | N/A | N/A | N/A |
| ROCE (%) | N/A | -25.55 | -38.26 | -18.71 | 6.85 | N/A | N/A | N/A | N/A | N/A |
| Asset Turnover Ratio | 1.05 | 0.59 | 0.76 | 0.67 | 0.7 | 0.8 | 0.85 | 0.94 | 0.94 | 0.89 |
| PAT to CFO Conversion(x) | 10.33 | N/A | N/A | N/A | 46 | N/A | N/A | N/A | N/A | N/A |
| Working Capital Days | ||||||||||
| Receivable Days | 15.10 | 25 | 14.90 | 13.80 | 12.50 | 15.10 | 12.40 | 8.40 | 10.40 | 14.40 |
| Inventory Days | 81.70 | 101.40 | 75.30 | 96.90 | 141.30 | 144.90 | 139.50 | 128.90 | 132.10 | 151.80 |
| Payable Days | 378.60 | 484.50 | 307.20 | 356.20 | 342.30 | 314.70 | 349.50 | 338.40 | 353.50 | 356.60 |
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Announcements
SBEC Sugar Ltd FAQs
The current trading price of SBEC Sugar on 30-Sep-2026 16:59 is ₹69.43.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 29-Sep-2026 the market cap of SBEC Sugar stood at ₹316.3 Cr
The latest P/E ratio of SBEC Sugar as of 29-Sep-2026 is 0.00.
The latest P/B ratio of SBEC Sugar as of 29-Sep-2026 is -2.47.
The 52-week high of SBEC Sugar is ₹88.84 and the 52-week low is ₹26.85.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of SBEC Sugar is ₹515 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that SBEC Sugar Ltd is a average quality company.
The key valuation ratios of SBEC Sugar Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of SBEC Sugar Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About SBEC Sugar Ltd
Modi Sugar represents the sugar business of the renowned Umesh Modi Group of India, a leading conglomerate specialising in pharmaceuticals, colours and cosmetics, iron and steel, automobiles, writing instruments, aviation, telecom, rubber, distillery and sugar. Sugar has been the oldest business of the Group since 1932.
The group has two sugar plants, Modi Sugar Mills (established in 1932) and SBEC Sugar. Building upon past experience and incorporating the most modern technology, led to the formation of another plant named as, SBEC Sugar Ltd. (SBEC). Located at Baraut in Uttar Pradesh, SBEC is promoted by Umesh Modi Group and SBEC Systems Ltd., UK.
SBEC Sugar Limited was incorporated on May 3, 1991 in the name and style of Modi Sugar Limited under the Companies Act, 1956. It was originally promoted by UK Modi and Associates to set up a sugar project of 2,500 TCD.
SBEC has access to cutting-edge technology in sugar manufacturing while the promoter company SBEC System Ltd. is a global player in project design, engineering and consultancy.
SBEC Sugar has commenced production of high quality white crystal sugar at its plant located in the heart of the sugar-cane belt of Western UP. The unit has an installed capacity of 60,000 tonnes of sugar per annum which will increase to 100,000 tonnes per annum in the second year of operation. The plant proposes to meet its entire power needs through captive generation. It incorporates a technologically intensive effluent treatment and disposal system, conforming to the most stringent environmental norms. In a trailblazing effort, the company is marketing its high quality ‘branded’ sugar in an array of innovative packaging solutions. This is supported by an extensive national multi-media advertising campaign aimed at creating rapid product awareness and a strong brand identity in an effort to offer value added products to a very discerning and demanding consumers of today.
Product range of the company includes:
Engaged in manufacturing & marketing of sugar, pharmaceutical grade sugar and other speciality sugar products,e.g coffee sugar, half spoon low calorie sugar, quick dissolve sugar, flavoured sugar for tea, icing sugar for baking etc. The above products are available under the brand ‘Originale’ & ‘Modi’.
Achievements/ recognition:
- An ISO 9001:2000 certified company
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