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The Ugar Sugar Works Ltd (UGARSUGAR)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 530363 NSE: UGARSUGAR Sugar | Small Cap | Ugar Sugar Works Share Price

₹40.33 0.00 (0.00%)

As on 04-Jun'26 16:59

The Ugar Sugar Works Ltd (UGARSUGAR)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 530363 NSE: UGARSUGAR Sugar | Small Cap | Ugar Sugar Works Share Price

₹40.33 0.00 (0.00%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹454 Cr.
Current Price
₹40.3
52-Week Low / High
₹33 / 52
TTM EPS
₹1.2
TTM Sales
₹1,515 Cr.
Book Value per Share
₹20.8
P/E Ratio
33.33
Higher than its 5-year historical median
Industry PE
24.5
Price to Book (P/B)
1.94
Lower than its 5-year historical median
Price to Sales (P/S)
0.30
Lower than its 5-year historical median
EV/EBITDA
9.96
Lower than its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
-7.25%
Underperforms industry median
Return on Capital Employed (ROCE)
3.35%
Underperforms industry median
Return on Assets (ROA)
-1.37%
Operating Profit Margin
3%
Net Profit Margin
-1.22%
Gross Profit Margin
0.4%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
15.52%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-42.46%
Net Profit Growth (1 Year)
-
-176.87%
Asset Quality
Promoter Holding
44.54%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹222 Cr.
Equity
₹11.3 Cr.
Face Value
₹1
All Time Low / High
₹0.86 / 135.65

The Ugar Sugar Works stock performance

Key Ratios
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Valuation

Undervalued

Price Trend

Semi Strong
Q.1 Is The Ugar Sugar Works Ltd a good quality company?
The Ugar Sugar Works Ltd is a weak quality company, based on a inconsistent 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 The Ugar Sugar Works Ltd performance compare with that of its Peers?
Q.1 Revenue growth of The Ugar Sugar Works Ltd vs industry peers?
The Ugar Sugar Works Ltd revenue CAGR is 8.85%, compared to the industry median CAGR of 2.83%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of The Ugar Sugar Works Ltd?
Promoters hold 44.54% of the The Ugar Sugar Works Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of The Ugar Sugar Works Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 4.1% 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 end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

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.
The Ugar Sugar Works Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 13.6%13.8%-7.5%7.8%9.7%10.1%12.9%29.7%11.3%3.4%-
Value Creation
Index
0.00.0-1.5-0.5-0.3-0.3-0.11.1-0.2-0.8-

Growth Parameters

Sales 8375856507508709561,1371,7941,1511,3301,515
Sales YoY Gr.--30.1%11%15.4%16%9.8%19%57.7%-35.8%15.5%-
Adj EPS 12.3-6.10.41.21.53.89.11.9-1.51.2
YoY Gr.-130%-363.9%NA194.9%32.2%152.6%137%-79.3%-181.9%-
BVPS (₹) 8.110.144.65.77.110.719.520.819.120.8
Adj Net
Profit
11.325.9-68.34.41317.143.310221.2-17.414
Cash Flow from Ops. -38.5-12.636.9-46.444.6-77.893394-37.321.3-
Debt/CF from Ops. -7.2-28.812.8-11.911.5-7.16.90.9-13.828.7-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 5.3%8.9%5.4%15.5%
Adj EPS -204.9%-206%-173.7%-181.9%
BVPS10%27.6%21.2%-8.1%
Share Price 2.6% 6.7% -28.8% -18.7%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
1325.3-85.9922.623.843.2609.3-7.76.1
Op. Profit
Mgn %
611-3.36.67.87.18.711.66.136.8
Net Profit
Mgn %
1.44.4-10.50.61.51.83.85.71.8-1.30.9
Debt to
Equity
3.13.210.510.88.175.31.62.22.90.3
Working Cap
Days
19426426729126124224315420820572
Cash Conv.
Cycle
8016918315513715316273116122-13

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales8375856507508709561,1371,7941,1511,330
Operating Expenses + 7875216717008028881,0381,5851,0811,289
Manufacturing Costs59265859545778788392
Material Costs6354095275556507398501,3608641,077
Employee Cost 686465647069781089588
Other Costs 26212023292332403932
Operating Profit 5065-21506868992097040
Operating Profit Margin (%) 6.0%11.0%-3.2%6.6%7.8%7.1%8.7%11.6%6.1%3.0%
Other Income + 993936263313
Exceptional Items 0000000000
Interest 29302938434344494448
Depreciation 16151915141211182928
Profit Before Tax 1528-66514194614830-22
Tax 4221023459-6
Profit After Tax 1126-68414174310321-16
PAT Margin (%) 1.4%4.4%-10.5%0.6%1.6%1.8%3.8%5.7%1.8%-1.2%
Adjusted EPS (₹)1.02.3-6.10.41.21.53.99.21.9-1.4
Dividend Payout Ratio (%)24.90%8.70%0%0%8.20%13.20%6.50%5.50%13.30%0%

Valuation of Ugar Sugar Works - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 9111445516479121221235216
Share Capital 11111111111111111111
Reserves 8010234405268109210224205
Debt +246324341409415510595305458549
Long Term Debt905011048701241408492
Short Term Debt156275330409366439471165374457
Minority Interest0000000000
Trade Payables1798268206173117232156185118
Others Liabilities 273218229240202212251279279325
Total Liabilities 7896658849078549191,1989611,1571,209

Fixed Assets

Net Fixed Assets +164169168157141132122229259239
Gross Block482496510519506508509634689697
Accumulated Depreciation318328342362366377387405431458
CWIP 3410131123879148
Investments 6654444445
Inventories419402590657588635769365485526
Trade Receivables143114528124989187142120
Cash Equivalents 7152331178184119
Others Assets 46585256978994120148151
Total Assets 7896658849078549191,1989611,1571,209

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + -38-1337-4645-7893394-3721
PBT 1528-66514194614830-22
Adjustment 43444853615558677272
Changes in Working Capital -95-7455-104-30-152-8208-120-28
Tax Paid -1-11-0-1-00-3-29-19-0
Cash Flow From Investing Activity + -4-20-13-2-1-6-131-48-98-73
Capex -5-21-15-3-1-6-132-59-103-77
Net Investments 0-010-0-00-001
Others 11000101154
Cash Flow From Financing Activity + 3844-1530-377939-34613152
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 000-1148495413-4214
Interest Paid -28-31-29-38-43-42-44-48-44-48
Dividend Paid 0-3-300-1-2-3-6-3
Others 67781678-427332-30822389
Net Cash Flow -4118-196-51-0-51

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)12.9825.39-85.769.0123.9923.8543.3160.579.33-7.25
ROCE (%)13.5813.79-7.467.769.6510.1212.9229.7111.313.35
Asset Turnover Ratio1.421.041.031.011.151.261.231.81.211.19
PAT to CFO Conversion(x)-3.45-0.5N/A-11.53.21-4.592.163.83-1.76N/A
Working Capital Days
Receivable Days28.7037.1012.6014.707.209.9019.402647.1034
Inventory Days147.90199.10226.80252.10224.70199.60196.90106.70121.50131.20
Payable Days118.4083.5095.80156.10106.5071.807552.107251.40

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

The Ugar Sugar Works Ltd FAQs

The current trading price of Ugar Sugar Works on 04-Jun-2026 16:59 is ₹40.33.

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 03-Jun-2026 the market cap of Ugar Sugar Works stood at ₹453.7 Cr

The latest P/E ratio of Ugar Sugar Works as of 03-Jun-2026 is 33.33.

The latest P/B ratio of Ugar Sugar Works as of 03-Jun-2026 is 1.94.

The 52-week high of Ugar Sugar Works is ₹52.24 and the 52-week low is ₹33.11.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Ugar Sugar Works is ₹1,515 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that The Ugar Sugar Works Ltd is a below average quality company.

The key valuation ratios of The Ugar Sugar Works Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of The Ugar Sugar Works Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About The Ugar Sugar Works Ltd

Incorporated on September 11, 1939, Ugar Sugar Works is one of the leading sugar factories in Karnataka. The registered office of the company is located at Mahaveernagar, Sangli. The company is engaged in manufacture and sale of sugar, industrial and potable alcohol, and generation and distribution of electricity. The company also manufacture Ethanol for the sale to oil companies and Industrial Alcohol for the local market.

The Ugar Sugar Works is the flagship organization of the Shirgaokar Group of Companies. The company has been involved in the manufacture of white crystal sugar. The company operates through the following key business divisions: Sugar Division, Power (Co-generation) Division, Indian Made Liquor (IML) Division, Industrial Alcohol Division, and Ethanol Division.

Business area of the company

The company is engaged in manufacture and sale of sugar, industrial and potable alcohol, and generation and distribution of electricity. The company also manufactures Ethanol for the sale to oil companies and Industrial Alcohol for the local market.

Products of the company

  • White crystal sugar
  • Rectified spirit
  • Malt spirit
  • Industrial alcohol
  • Ethanol
  • Indian Made Liquor (IML)
  • Bagasse-based Power
  • Molasses and other sugar by-products

History and milestones

  • 1939: The company was incorporated on September 11, 1939.
  • 1942: A 500 TCD sugar plant was installed and the first crushing season began on 21 April 1942.
  • 2021: Ugar Sugar Works was incorporated a subsidiary Company namely ‘USW Spirits’ on February 17, 2021.
  • 2022: The company was received Environmental Clearance for expansion for 645 KLPD on sugarcane juice / syrup to Ethanol. Totaling capacity up to 845 KLPD under ethanol blending progammme.
  • 2022: Ugar Sugar Works completed the establishment of 200 KLPD distillery.
  • 2024: Ugar Sugar Works has entered into a Lease Agreement with S.G.Z & S.G.A. Sugars (J.V.).

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