The Ugar Sugar Works Limited (UGARSUGAR)

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The Ugar Sugar Works Limited (UGARSUGAR) · mywealthgrid

About

Manufactures sugar within Consumer Staples. ₹587 Cr market cap, quarterly revenue typically ₹400–500 Cr. Delivers high ROE (60.16%) but earnings and operating margins are highly volatile—ranging from –16.83% to +17.82%.

Face value: ₹1

Market cap

₹630 Cr

P/E

9.2×

P/B

2.9×

Dividend yield

0.2%

ROE

60.2%

ROCE

62.1%

Debt / equity

1.57

OPM

10.7%

EPS (TTM)

₹6.1

Book value

₹19.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margins swing extreme: –16.83% (Sep 2024) to +17.82% (Mar 2026), most recently 5.56% (Jun 2026) despite ₹480 Cr revenue. Sustainability unclear.
Profitability collapse in Sept quarters: –₹60 Cr (Sep 2024), –₹32 Cr (Sep 2025). Pattern suggests structural seasonal weakness; verify cause.
High D/E 1.57 amplifies downside. Jun 2026 profit ₹1.49 Cr on ₹480 Cr revenue leaves minimal safety buffer.
Negligible institutional backing: FII 0.09%, DII 0%. May reflect weak oversight or liquidity.

Generated analysis · source review pending

Growth drivers

Revenue growth evident YoY: Jun 2026 ₹480.94 Cr vs Jun 2025 ₹363.88 Cr (+32%). Verify if volume-driven, price-driven, or seasonal rebound.
Margin recovery from negatives: Sep 2024 OPM –16.83% recovered to +7–18% (Dec 2025–Mar 2026). Verify what drives recovery and whether Jun 2026 dip is temporary.
Annual dividend payout (2021–2026) evidences profitable core. Verify capital allocation and reinvestment in capacity or co-products.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹56.0-3.1%1Y

Quick read

rule-based

Pros

+Strong return on equity of 41.4% (3-yr avg)
+High return on capital employed of 47.3%
+Profit CAGR of 95.6% over the last 3 years
+Revenue CAGR of 26.2% over the last 3 years

Cons

−Heavily leveraged (debt/equity 1.6)
−Low dividend payout of 1.6% of profit
−Promoter holding fell 2.2 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

71/100

Business quality: 52
Growth: 67

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	966	1,118	1,302	1,940
COGS	679	772	894	1,400
Gross profit	287	346	407	540
	264	278	308	331
	23	68	99	208
OPM %	2.4%	6.1%	7.6%	10.7%
Depreciation	14	12	11	18
Interest	43	43	44	48
	48	6	2	6
Profit before tax	14	19	46	148
Tax	0	2	3	45
Tax %	1%	8.3%	6.6%	30.6%
	14	17	43	103
PAT margin %	1.4%	1.5%	3.3%	5.3%
EPS (₹)	1.2	1.5	3.9	9.2
EPS adjusted (₹)	—	1.5	3.9	9.2
	8.2%	13.2%	6.3%	5.5%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023

₹ Cr	Mar 2021	Mar 2022	Mar 2023
Equity capital	11	11	11
Reserves	69	111	210
	554	640	347
	259	402	348
Total equity & liabilities	893	1,164	916
	128	119	224
CWIP	3	112	38
Investments	4	4	20
	759	929	635
Total assets	893	1,164	916

₹ Cr	Mar 2021	Mar 2022	Mar 2023
	-78	54	394
	-6	-92	-48
	79	40	-346
Net cash flow	-5	1	-0
Free cash flow	-84	-39	335
CFO / Operating profit %	-114.8%	54%	189.1%

Compounded sales growth

7 years: —
5 years: —
3 years: 26%
1 year: 49%

Compounded profit growth

7 years: —
5 years: —
3 years: 96%
1 year: 138%

Return on equity

7 years: —
5 years: —
3 years: 35%
Last year: 47%

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs.

Source XBRL ↗

Latest reported period · 31 Mar 2023 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities
Sugar	1,596.12	120.22	—	224.23
Industrial Alcohol	563.19	115.76	—	15.72
Potable Alcohol	175.82	-7.15

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Margins
Gross margin %	29.8%	31%	31.3%	27.8%
EBITDA margin %	2.4%	6.1%	7.6%	10.7%
EBIT margin %	1%	5%	6.7%	9.8%
PAT margin %	1.4%	1.5%	3.3%	5.3%
Working capital
Receivable days	—	16	25	35
Inventory days	—	300	314	95
Payable days	—	55	92	41
NWC days	—	262	247	90
Leverage
Current ratio	—	1.04	1.02	1.17
Debt to EBITDA	—	8.18	6.45	1.67
Debt to equity	—	6.88	5.25	1.57
Interest coverage	1.3	1.4	2.1	4.1
Asset turnover	—	1.25	1.12	2.12
Return ratios
Return on assets %	—	1.9%	3.7%	11.2%
Return on capital employed %	—	37.3%	42.5%	62.1%
Return on equity %	—	21.2%	35.6%	46.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	44.34%	44.34%	44.45%	44.45%	44.35%	44.76%	46.57%	46.73%	47.03%	46.75%	44.54%	44.54%
	3.62%	2.57%	2.05%	1.57%	0.61%	0.5%	0.39%	0.67%	0.19%	0.17%	0.19%	0.09%
DII	0.02%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	52.02%	53.09%	53.5%	53.98%	55.04%	54.74%	53.04%	52.6%	52.78%	53.08%	55.27%	55.37%
No. of shareholders	—	—	—	—	—	—	—	—	63,874	72,337	72,687	72,174

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in The Ugar Sugar Works Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

11 announcementsExport CSV

30 Sept 2026, 1:49 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Margins
Gross margin %	29.8%	31%	31.3%	27.8%
EBITDA margin %	2.4%	6.1%	7.6%	10.7%
EBIT margin %	1%	5%	6.7%	9.8%
PAT margin %	1.4%	1.5%	3.3%	5.3%
Working capital
Receivable days	—	16	25	35
Inventory days	—	300	314	95
Payable days	—	55	92	41
NWC days	—	262	247	90
Leverage
Current ratio	—	1.04	1.02	1.17
Debt to EBITDA	—	8.18	6.45	1.67
Debt to equity	—	6.88	5.25	1.57
Interest coverage	1.3	1.4	2.1	4.1
Asset turnover	—	1.25	1.12	2.12
Return ratios
Return on assets %	—	1.9%	3.7%	11.2%
Return on capital employed %	—	37.3%	42.5%	62.1%
Return on equity %	—	21.2%	35.6%	46.7%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Balrampur Chini Mills LimitedBALRAMCHINBALRAMCHIN	₹13,714 Cr	₹16,884 Cr	₹6,366 Cr	₹721 Cr	11.8%	₹371 Cr	6%	12%	9.5%	236
Triveni Engineering & Industries LimitedTRIVENITRIVENI	₹5,055 Cr	₹7,202 Cr	₹7,617 Cr	₹547 Cr	7.2%	₹281 Cr	3.5%	12.5%	8.3%	229
Bajaj Hindusthan Sugar LimitedBAJAJHINDBAJAJHIND	₹4,556 Cr	₹8,101 Cr	₹5,332 Cr	₹273 Cr	6.7%	₹116 Cr	2.3%	2%	3.2%	-58
Shree Renuka Sugars LimitedRENUKARENUKA	₹4,542 Cr	₹11,693 Cr	₹9,365 Cr	₹29 Cr	0.2%	₹-780 Cr	-8.6%	-10.6%	—	17
Bannari Amman Sugars LimitedBANARISUGBANARISUG	₹4,126 Cr	₹4,134 Cr	₹1,671 Cr	₹156 Cr	10.3%	₹122 Cr	7.7%	9%	8%	137
Dalmia Bharat Sugar And Industries LimitedDALMIASUGDALMIASUG	₹3,209 Cr	₹5,000 Cr	₹3,378 Cr	₹421 Cr	11.8%	₹240 Cr	6.5%	10.1%	7.7%	230
Avadh Sugar & Energy LimitedAVADHSUGARAVADHSUGAR	₹1,529 Cr	₹2,935 Cr	₹2,756 Cr	₹229 Cr	8.2%	₹66 Cr	2.1%	10.7%	5.2%	225
Dhampur Sugar Mills LimitedDHAMPURSUGDHAMPURSUG	₹1,100 Cr	₹1,979 Cr	₹2,853 Cr	₹182 Cr	6.2%	₹70 Cr	2.3%	9.3%	5.5%	183
Uttam Sugar Mills LimitedUTTAMSUGARUTTAMSUGAR	₹1,052 Cr	₹1,774 Cr	₹2,179 Cr	₹205 Cr	10.4%	₹87 Cr	4.6%	18.1%	12%	180
Zuari Industries LimitedZUARIINDZUARIIND	₹840 Cr	₹3,438 Cr	₹1,099 Cr	₹60 Cr	6.8%	₹109 Cr	10.1%	2.5%	2.5%	356
Dhampur Bio Organics LimitedDBOLDBOL	₹803 Cr	₹1,857 Cr	₹3,268 Cr	₹138 Cr	4.2%	₹84 Cr	0.8%	7.9%	2.5%	213
Dwarikesh Sugar Industries LimitedDWARKESHDWARKESH	₹778 Cr	₹1,111 Cr	₹1,355 Cr	₹57 Cr	6.2%	₹15 Cr	2.2%	5.9%	3.8%	235

2 disclosures

Person	Deal	Shares	Value	Holding	Filed
CHANDAN SANJEEV SHIRGAOKARPromoters	BuyMarket Purchase	45,017	₹18.1 L	2.14% → 2.19%	30 Aug 20257(2)
S S SHIRGAONKAR ENTERPRISES LLPPromoter Group	BuyMarket Purchase	1,00,000	₹40.48 L	1.56% → 1.65%	18 Aug 20257(2)

Disclosed under SEBI’s insider-trading regulations, which require a filing only above ₹10 lakh in a quarter — smaller dealings are in no disclosure. Holdings are the filer’s own percentages, not recomputed.

18 deals · 9 Feb 2022 – 25 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
25 Sept 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	7,10,593	₹63.41	₹4.51 Cr
25 Sept 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	7,10,593	₹63.37	₹4.50 Cr
11 Sept 2026	SILVERLEAF CAPITAL SERVICES PRIVATE LIMITED	Bulk	NSE	Sell	7,86,384	₹56.31	₹4.43 Cr
11 Sept 2026	SILVERLEAF CAPITAL SERVICES PRIVATE LIMITED	Bulk	NSE	Buy	7,86,384	₹56.45	₹4.44 Cr
11 Sept 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	5,95,091	₹56.30	₹3.35 Cr
11 Sept 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	5,86,382	₹56.27	₹3.30 Cr
21 Dec 2022	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	5,67,204	₹101.15	₹5.74 Cr
21 Dec 2022	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	5,67,204	₹101.24	₹5.74 Cr
19 Dec 2022	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	10,91,149	₹110.93	₹12.10 Cr
19 Dec 2022	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	10,91,149	₹111.31	₹12.15 Cr

1–10 of 18

1 / 2

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Date	Category	Subject	Filing
30 Sept 2026, 1:49 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
17 Sept 2026, 11:28 am	Company Update General	Reply To Query LODR	PDF
16 Sept 2026, 12:54 pm	Company Update General	The High Court In September 11, 2026 Hearing Has Set Aside The KSPCB''s Closure Order	PDF
3 Sept 2026, 6:13 pm	Company Update Award of Order / Receipt of Order	Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order	PDF
11 Aug 2026, 10:45 am	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
11 Aug 2026, 10:42 am	Company Update Resignation of Director	Announcement under Regulation 30 (LODR)-Resignation of Director	PDF
11 Aug 2026, 10:41 am	Company Update Cessation	Announcement under Regulation 30 (LODR)-Cessation	PDF
25 Jul 2026, 1:52 pm	Board Meeting	Board Meeting Intimation for Notice Of Board Meeting.	PDF

The Ugar Sugar Works Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Not in the F&O segment

Ratio timeline

No fund holdings on record

Announcements

Quarterly record

Annual reports

Dividends12

Board meetings1

Insider dealing

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Segment results

Co-Generation · revenue

12

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