The Ugar Sugar Works financials and balance sheet

NSE: UGARSUGARBSE: 530363Agricultural Food & other ProductsSmall Cap

₹46.51₹2.44 (4.98%)BSE ₹46.57

Share price at the NSE close on 23 Oct 2026. Previous close ₹48.95.

52-week range of traded prices to 23 Oct 2026

₹33.75Low, 27 Feb 2026₹66.77High, 28 Sep 2026

Delivery only: shares bought must be paid for in full, with no selling on the same day.
Next results date: the board meets on 26 Oct 2026 to consider: financial results.

Market cap: ₹523 Cr1,907th largest listed
P/E: 18.1
P/B: 2.2
Dividend yield: 0.22%
ROE: 12.3%
ROCE: 9.9%
Debt to equity: 2.86
Volume, NSE: 1,74,148

10 years at a glance

Standalone: the listed company alone, without its subsidiaries. ₹ crore, years to March.The Ugar Sugar Works annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Back to profit in the year to Mar 2026, ₹14 CrA loss in 2 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

The years either side of a change of basis do not compare. From the year to Mar 2021, the company's revenue for that year, ₹1,118 Cr, differs from its quarters added, ₹1,073 Cr.

Results for the year to Mar 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

Revenue1,515
Materials and goods−1,156
Employee costs−89
Other expenses−166
Operating profit104
Depreciation−33
Other income+7.5
One-off items0.0
Finance costs−61
Profit before tax17
Tax−3.1
Net profit14

What the company owns

Inventory₹701 Cr
Plant, investments and other assets₹467 Cr
Receivables₹137 Cr
Cash and bank₹16 Cr

What pays for it: net worth and liabilities

Borrowings₹668 Cr
Owed to suppliers₹253 Cr
Net worth₹234 Cr
Other liabilities₹166 Cr

The Ugar Sugar Works business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Standalone, ₹ crore, as the company reports them. A segment at a loss has no share of profit.The Ugar Sugar Works segment results by quarter

Revenue by segment

₹1,842 CrTotal

Sugar₹824 Cr44.7% of total
Industrial Alcohol₹789 Cr42.8% of total
Co-generation₹193 Cr10.5% of total
Potable Alcohol₹36 Cr2.0% of total

Profit by segment

Sugar₹80.4 Cr64.1% of total
Industrial Alcohol₹20.3 Cr16.2% of total
Co-generation₹24.7 Cr19.7% of total

Segment results by year

Standalone from the year to Mar 2024, consolidated before, ₹ crore, years to March.

Sugar
Revenue, ₹ crore
687
840
902
1,116
1,596
1,015
995
824
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
29
74
53
102
120
74
24
80
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Industrial Alcohol
Revenue, ₹ crore
70
70
80
82
563
456
664
789
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
19
4
5
7
116
17
48
20
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Co-generation
Revenue, ₹ crore
112
115
133
168
167
177
155
193
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
20
14
29
25
35
15
4
25
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Potable Alcohol
Revenue, ₹ crore
194
179
201
202
176
149
91
36
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2
2
4
−1
−7
−7
−5
−3
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	1,062	1,205	1,316	1,567	2,502	1,798	1,906	1,842
Company revenue, as in its results	903	966	1,118	1,302	1,940	1,277	1,407	1,515
Revenue	687	840	902	1,116	1,596	1,015	995	824
Revenue growth	–	–	7.4%	23.7%	43.1%	–	−1.9%	−17.3%
Profit	29	74	53	102	120	74	24	80
Profit growth	–	–	−28.2%	91.0%	18.0%	–	−67.1%	230.5%
Margin	4.3%	8.8%	5.9%	9.1%	7.5%	7.3%	2.4%	9.8%
Return on capital	7.8%	18.0%	10.1%	19.6%	59.7%	27.0%	7.9%	23.1%
Assets	721	681	731	834	426	514	458	679
Liabilities	345	268	202	315	224	240	151	331
Capital employed	376	413	529	519	201	274	307	348
Revenue	70	70	80	82	563	456	664	789
Revenue growth	–	–	14.2%	2.3%	585.4%	–	45.6%	18.8%
Profit	19	4	5	7	116	17	48	20
Profit growth	–	–	26.2%	28.6%	1,557.8%	–	188.3%	−57.4%
Margin	26.7%	6.1%	6.8%	8.5%	20.6%	3.6%	7.2%	2.6%
Return on capital	127.7%	24.1%	27.4%	4.7%	41.8%	5.2%	10.8%	5.1%
Assets	16	19	21	162	293	337	457	426
Liabilities	2	2	1	11	16	19	17	25
Capital employed	15	18	20	150	277	317	439	401
Revenue	112	115	133	168	167	177	155	193
Revenue growth	–	–	15.0%	26.4%	−0.3%	–	−12.5%	24.5%
Profit	20	14	29	25	35	15	4	25
Profit growth	–	–	110.9%	−12.9%	37.0%	–	−70.9%	461.5%
Margin	17.9%	12.0%	22.1%	15.2%	20.9%	8.5%	2.8%	12.8%
Return on capital	33.6%	27.0%	51.3%	32.4%	48.2%	23.9%	8.9%	50.8%
Assets	62	53	62	86	88	106	85	64
Liabilities	3	2	5	7	15	42	36	16
Capital employed	60	51	57	79	72	63	49	49
Revenue	194	179	201	202	176	149	91	36
Revenue growth	–	–	11.9%	0.7%	−12.9%	–	−38.7%	−60.4%
Profit	2	2	4	−1	−7	−7	−5	−3
Profit growth	–	–	98.4%	–	–	–	–	–
Margin	1.1%	1.2%	2.0%	−0.3%	−4.1%	−4.5%	−5.4%	−9.0%
Return on capital	11.6%	11.5%	14.1%	−2.3%	−32.2%	−33.0%	−29.3%	−24.0%
Assets	22	23	35	26	25	24	22	17
Liabilities	5	5	6	4	3	4	5	4
Capital employed	18	18	29	22	22	20	17	14
Revenue	36	36	41	48	48	42	41	44
Profit	1	1	1	1	0	0	1	1
Assets	36	36	44	35	86	105	98	118
Liabilities	22	29	610	32	80	19	78	18

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Standalone, ₹ crore, years to March.The Ugar Sugar Works quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 24 May	Mar 2020Filed 30 Jun	Mar 2021Filed 29 May	Mar 2022Filed 25 May	Mar 2023Filed 16 May	Mar 2024Filed 25 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 12 May
Revenue from operations	585	799	903	966	1,118	1,302	1,940	1,277	1,407	1,515
	524	820	853	943	1,050	1,202	1,732	1,207	1,367	1,412
Materials and goods bought	409	563	590	679	772	894	1,400	901	1,114	1,156
Employee costs	–	–	64	70	69	78	108	95	88	89
Other expenses	–	–	200	194	209	230	223	211	165	166
Operating profit before depreciation	61	−21	50	23	68	99	208	70	40	104
Operating margin	10.4%	−2.7%	5.5%	2.4%	6.1%	7.6%	10.7%	5.5%	2.9%	6.8%
Materials, % of revenue	–	–	65.3%	70.3%	69.0%	68.7%	72.2%	70.5%	79.1%	76.3%
Employee costs, % of revenue	–	–	7.0%	7.2%	6.2%	6.0%	5.6%	7.4%	6.3%	5.9%
Other expenses, % of revenue	–	–	22.1%	20.1%	18.7%	17.6%	11.5%	16.6%	11.7%	11.0%
Depreciation and amortisation	15	19	15	14	12	11	18	29	28	33
Operating profit after depreciation	46	−41	34	9	55	88	190	41	13	70
Other income	8	3	9	48	6	2	6	33	13	8
Finance costs	30	29	38	43	43	44	48	44	48	61
One-off items	–	–	0	0	0	0	0	0	0	0
Profit before tax	24	−66	5	14	19	46	148	30	−22	17
	1	2	1	0	2	3	45	9	−6	3
Current tax	–	–	0	0	3	3	44	8	0	0
Deferred tax	–	–	1	0	−2	0	2	1	−6	3
Net profit	23	−68	4	14	17	43	103	21	−16	14
Other comprehensive income	–	–	1	−1	0	0	−1	−1	0	4
Total comprehensive income	–	–	6	12	17	43	102	20	−16	18
Net margin	4.0%	−8.5%	0.5%	1.4%	1.5%	3.3%	5.3%	1.7%	−1.2%	0.9%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Earlier years, Mar 2008 to Mar 2016

₹ crore	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016
Revenue from operations	413	410	445	594	657	718	642	652	837
	–	–	–	–	–	650	621	631	787
Materials and goods bought	281	257	311	421	550	546	524	522	669
Operating profit before depreciation	–	–	–	–	–	67	21	21	50
Operating margin	–	–	–	–	–	9.4%	3.3%	3.2%	6.0%
Depreciation and amortisation	–	–	–	–	–	25	26	15	16
Operating profit after depreciation	–	–	–	–	–	43	−4	6	35
Other income	22	13	4	5	6	6	10	3	9
Finance costs	23	19	24	27	30	29	33	15	29
Profit before one-off items and tax	–	30	−28	4	32	19	−28	−6	15
One-off items	–	–	–	–	−4	–	–	–	–
Profit before tax	14	30	−28	4	27	19	−28	−6	15
Tax	0	15	−8	0	10	2	2	−3	4
Net profit	14	15	−20	4	17	17	−30	−3	11
Net margin	3.5%	3.6%	−4.5%	0.7%	2.6%	2.4%	−4.6%	−0.5%	1.3%

Standalone, ₹ crore, years to March.

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 24 May	Mar 2020Filed 30 Jun	Mar 2021Filed 29 May	Mar 2022Filed 25 May	Mar 2023Filed 16 May	Mar 2024Filed 25 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 12 May
	51	64	79	121	220	235	235	234
Share capital	11	11	11	11	11	11	11	11
Reserves	40	52	68	109	208	224	224	222
	409	415	510	640	347	514	514	668
Repayable after a year	0	48	70	124	140	84	84	62
Repayable within a year	409	366	439	516	207	430	430	606
	811	703	729	905	541	752	752	1,012
Trade payables	206	172	0	232	156	185	185	253
Other financial liabilities	154	109	226	69	85	68	68	68
Other liabilities	37	41	50	75	57	48	48	71
Provisions	5	15	15	14	11	15	15	15
Tax owed	0	0	–	0	26	6	6	0
	21	63	83	137	154	98	98	75
Provisions	9	4	4	4	4	3	3	3
Deferred tax	11	11	9	9	10	11	11	9
Total assets	883	830	892	1,162	915	1,085	1,085	1,320
	161	145	138	240	281	355	355	403
Plant in use, after depreciation	152	136	127	117	222	254	254	339
Plant being built	0	1	3	112	38	79	79	35
Intangible assets	0	0	0	0	0	0	0	0
Property held to earn rent	0	0	0	0	0	0	0	0
Investments	4	4	4	4	17	4	4	6
Stakes in joint ventures and associates	0	0	–	0	4	0	0	0
Loans given	0	0	0	0	0	0	0	0
Other financial assets	1	1	1	6	0	0	19	22
Other assets	4	4	4	0	0	19	0	–
	722	685	754	923	634	730	730	917
Inventories	657	588	635	769	365	485	485	701
Trade receivables	28	12	49	89	187	142	142	137
Cash and cash equivalents	2	11	5	6	6	1	1	2
Other bank balances	1	0	1	1	13	40	40	14
Other financial assets	0	0	0	1	2	3	3	3
Tax paid in advance	5	5	1	2	0	0	0	2
Other assets	28	69	62	53	62	59	59	58
Net debt	405	403	503	632	329	473	473	652

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Standalone, ₹ crore, years to March.

₹ crore	Mar 2021Filed 29 May	Mar 2022Filed 25 May	Mar 2023Filed 16 May	Mar 2024Filed 25 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 12 May
	−78	52	394	−37	21	44
	−121	12	423	−18	22	39
	−151	−46	208	−119	−28	−71
Receivables	−30	−37	−117	5	40	−8
Inventories	−47	−134	404	−120	−41	−174
Payables	−75	122	0	−5	−27	0
Other working capital	0	3	−80	1	0	111
Tax paid	0	−3	−29	−19	0	5
Interest paid	43	44	0	0	0	0
Capital spending	6	92	59	103	77	26
Free cash flow	−84	−40	335	−140	−56	18
	−6	−92	−48	−98	−73	−25
Interest received	1	0	0	5	0	1
Dividends received	0	0	11	0	4	0
	79	40	−346	131	52	−19
Borrowings raised	122	86	−295	181	103	57
Interest paid	−42	−44	−48	−44	−48	−76
Dividends paid	1	2	3	6	3	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−5	−1	−1	−5	1	0

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Standalone, ₹ per share, years to March.The Ugar Sugar Works dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 24 May	Mar 2020Filed 30 Jun	Mar 2021Filed 29 May	Mar 2022Filed 25 May	Mar 2023Filed 16 May	Mar 2024Filed 25 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 12 May
Earnings per share	₹2.08	−₹6.06	₹0.39	₹1.22	₹1.52	₹3.94	₹9.16	₹1.88	−₹1.45	₹1.21
Diluted earnings per share	₹2.08	−₹6.06	₹0.39	₹1.22	₹1.52	₹3.94	₹9.16	₹1.88	−₹1.45	₹1.21
Dividend per share	₹0.20	–	–	₹0.10	₹0.20	₹0.25	₹0.50	₹0.25	–	₹0.10
Book value per share	–	–	₹4.55	₹5.65	₹7.06	₹10.72	₹19.53	₹20.89	₹20.89	₹20.77
Dividend payout	9.6%	–	–	8.2%	13.2%	6.5%	5.5%	13.3%	–	8.3%
Shareholder yield	–	–	–	–	0.6%	0.3%	0.3%	0.8%	0.5%	0.0%
Market cap at the year end (₹ crore)	364	175	180	122	195	771	1,043	740	513	442

Ratios

Standalone, years to March.The Ugar Sugar Works PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 24 May	Mar 2020Filed 30 Jun	Mar 2021Filed 29 May	Mar 2022Filed 25 May	Mar 2023Filed 16 May	Mar 2024Filed 25 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 12 May
Revenue growth	−30.1%	36.4%	13.1%	7.0%	–	16.4%	49.1%	−34.2%	10.2%	7.7%
Operating profit growth	20.7%	–	–	−53.4%	–	46.3%	110.2%	−66.3%	−42.4%	156.1%
Net profit growth	107.6%	–	–	216.8%	23.9%	154.1%	137.9%	−79.5%	–	–
Earnings per share growth	108.0%	–	–	212.8%	24.6%	159.2%	132.5%	−79.5%	–	–
	–	–	8.5%	24.0%	23.8%	43.3%	60.6%	9.3%	−6.9%	5.8%
	–	–	–	15.5 pts	−0.1 pts	19.5 pts	17.2 pts	−51.3 pts	−16.2 pts	12.8 pts
From the net margin	–	–	–	16.7 pts	1.7 pts	28.2 pts	25.8 pts	−41.7 pts	−15.8 pts	12.3 pts
From asset turnover	–	–	–	2.6 pts	3.9 pts	−1.3 pts	32.8 pts	−6.0 pts	−0.1 pts	−0.2 pts
From borrowing	–	–	–	−3.8 pts	−5.7 pts	−7.5 pts	−41.3 pts	−3.6 pts	−0.3 pts	0.6 pts
Return on capital employed	–	–	7.5%	2.0%	9.4%	11.5%	33.6%	5.5%	1.7%	7.8%
Cash conversion	–	–	–	–	−455.9%	120.0%	382.3%	−176.5%	–	321.3%
Interest cover	1.5	–	0.9	0.2	1.3	2.0	3.9	0.9	0.3	1.2
Debt to equity	–	–	7.99	6.52	6.42	5.30	1.58	2.19	2.19	2.86
Receivable days	–	–	11	4	16	25	35	41	37	33
Inventory days	–	–	407	316	300	314	95	196	159	221
Payable days	–	–	128	93	0	95	41	75	61	80
Cash conversion cycle, days	–	–	290	228	316	244	90	162	135	174
Working capital days	–	–	128	127	149	147	53	105	95	119
Asset turnover	–	–	1.02	1.13	1.30	1.27	1.87	1.28	1.30	1.26
Assets per rupee of net worth	–	–	17.27	14.92	12.04	10.27	6.10	4.40	4.62	5.13
Sales per rupee of plant	–	–	5.96	7.13	8.83	11.13	8.74	5.04	5.55	4.47
Capital spending to depreciation	–	–	–	–	0.49	8.02	3.28	3.54	2.82	0.78
Plant being built, % of plant in use	–	–	0.3%	0.6%	2.1%	95.9%	17.1%	31.3%	31.3%	10.4%

Interest cover is left blank for the year to Mar 2018: operating profit after depreciation is a loss, and a loss covers no interest bill. Revenue growth and operating profit growth are left blank for the year to Mar 2021: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

Return on assets, latest year: 1.1%
Cash from operations against operating profit: 42.2%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	6.1%	6.3%	−7.9%
Profit growth, yearly rate	1.9%	−4.4%	−49.1%
Return on equity, average	–	22.4%	2.7%
Return on capital employed, average	–	12.0%	5.0%
Operating margin, average	5.5%	6.7%	5.1%
Net margin, average	0.9%	2.0%	0.5%
Asset turnover, average	–	1.39	1.28
Cash conversion cycle, days, average	–	161	157
Interest cover, average	1.4	1.7	0.8
Debt to equity, average	–	2.82	2.41

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	474	28	44
Cash from investing	−336	−196	−25
Cash from financing	−142	164	−19
Capital spending	357	206	26
Dividends paid	14	8	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	–	341	57
Borrowings repaid	0	0	0

Accounting checks

Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	–	–	4	4	8
Altman Z-scorePublished threshold 1.81	–	–	1.26	–	–	–	–	2.19	2.00	1.74
Beneish M-scorePublished threshold −1.78	–	–	–	–	–	–	–	−2.20	−2.37	−2.89
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	–	–	–	15.67	3.22	−0.45
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	–	2.44	3.50	1.50
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−66.27	–	–	–	10.05	−10.19	−11.23
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−25.67	–	–	–	68.44	−23.60	40.68
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	4.26	–	–	–	−0.11	0.00	0.09
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	–	–	–	1.30	2.88	0.30
Effective tax ratePublished threshold 17.16 per cent	3.49	–	20.61	–	–	–	–	29.06	–	18.66
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	–	–	−34.55	–	−8.86

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
13 Aug 2026	CARE Ratings Limited (opens in a new tab)	Fixed Deposit	WithdrawnReview, Other
13 Aug 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE BBB-Review, Upgrade	Stable	134
13 Aug 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE BBB-Review, Upgrade	Stable	566

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.