Vishwaraj Sugar Industries financials and balance sheet

NSE: VISHWARAJBSE: 542852Agricultural Food & other ProductsSmall Cap

₹4.85₹0.16 (3.19%)BSE ₹4.91

Share price at the NSE close on 23 Oct 2026. Previous close ₹5.01.

52-week range of traded prices to 23 Oct 2026

₹4.14Low, 30 Mar 2026₹8.22High, 23 Oct 2025

Under NSE's long-term additional surveillance, stage I, on the list for 23 Oct 2026. The exchange puts a share here when its price has moved unusually, and trading in it carries extra conditions.

Market cap: ₹106 Cr2,751st largest listed
P/E: Earlier quarters restated in the year
P/B: 0.4
Dividend yield: Nonein the last 12 months
ROCE: −4.7%
Debt to equity: 1.66
Volume, NSE: 7,09,44359.2% delivered

7 years at a glance

Standalone: the listed company alone, without its subsidiaries. ₹ crore, years to March.Vishwaraj Sugar Industries annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹616 Cr, year to Mar 2023A loss in 4 of the 7 years shown

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

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

From revenue to net profit

Revenue377
Materials and goods−318
Employee costs−25
Other expenses−43
Operating profit−9.7
Depreciation−18
Other income+6.0
One-off items0.0
Finance costs−30
Profit before tax−52
Tax+24
Net profit−28

What the company owns

Plant, investments and other assets₹552 Cr
Inventory₹251 Cr
Receivables₹23 Cr
Cash and bank₹3 Cr

What pays for it: net worth and liabilities

Borrowings₹421 Cr
Net worth₹253 Cr
Owed to suppliers₹102 Cr
Other liabilities₹52 Cr

Vishwaraj Sugar Industries 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.Vishwaraj Sugar Industries segment results by quarter

Revenue by segment

₹380 CrTotal

Sugar₹249 Cr65.4% of total
Distilery₹94 Cr24.8% of total
Co-generation₹24 Cr6.4% of total
Vinegar Unit₹13 Cr3.3% of total
Other₹1 Cr0.1% of total

Profit by segment

Distilery₹112 Cr86.0% of total
Co-generation₹7 Cr5.7% of total
Vinegar Unit₹9 Cr6.8% of total
IML₹2 Cr1.5% of total

Segment results by year

Standalone, ₹ crore, years to March.

Sugar
Revenue, ₹ crore
323
328
273
379
308
277
249
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2
−7
−120
−130
−99
−108
−142
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Distilery
Revenue, ₹ crore
94
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
112
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Co-generation
Revenue, ₹ crore
23
27
25
44
43
24
24
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
11
13
25
23
21
7
7
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Vinegar Unit
Revenue, ₹ crore
8
13
19
14
20
17
13
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
4
0
14
9
16
11
9
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Other
Revenue, ₹ crore
0
1
1
1
0
0
1
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
0
0
0
0
0
0
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
IML
Revenue, ₹ crore
8
0
0
0
0
0
0
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−1
−1
0
1
1
2
2
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	377	428	469	616	550	455	380
Company revenue, as in its results	377	426	469	616	550	454	377
Revenue	323	328	273	379	308	277	249
Revenue growth	–	1.7%	−16.8%	38.8%	−18.5%	−10.1%	−10.4%
Profit	2	−7	−120	−130	−99	−108	−142
Margin	0.5%	−2.2%	−43.8%	−34.4%	−32.2%	−39.1%	−57.3%
Return on capital	–	–	–	−454.9%	–	−934.6%	–
Assets	230	225	194	399	374	336	315
Liabilities	377	418	421	370	408	324	464
Capital employed	−146	−194	−226	29	−34	12	−149
Revenue	–	–	–	–	–	–	94
Profit	–	–	–	–	–	–	112
Margin	–	–	–	–	–	–	119.1%
Return on capital	–	–	–	–	–	–	43.8%
Assets	–	–	–	–	–	–	408
Liabilities	–	–	–	–	–	–	153
Capital employed	–	–	–	–	–	–	256
Revenue	23	27	25	44	43	24	24
Revenue growth	–	18.6%	−7.4%	76.0%	−2.2%	−42.8%	−0.2%
Profit	11	13	25	23	21	7	7
Profit growth	–	16.3%	90.5%	−7.3%	−8.9%	−67.7%	9.8%
Margin	49.6%	48.6%	100.0%	52.6%	49.1%	27.8%	30.5%
Return on capital	35.0%	30.7%	44.8%	30.4%	27.7%	11.3%	12.0%
Assets	70	70	72	76	76	63	62
Liabilities	38	27	16	0	0	3	0
Capital employed	32	42	55	76	76	60	62
Revenue	8	13	19	14	20	17	13
Revenue growth	–	67.9%	46.3%	−28.0%	43.6%	−15.5%	−25.3%
Profit	4	0	14	9	16	11	9
Profit growth	–	–	–	−36.5%	74.2%	−31.4%	−18.4%
Margin	47.9%	−0.2%	73.5%	64.8%	78.7%	63.9%	69.8%
Return on capital	16.3%	−0.1%	60.8%	36.5%	60.6%	51.2%	42.0%
Assets	23	24	23	25	26	22	22
Liabilities	0	0	0	0	0	1	1
Capital employed	23	24	23	25	26	21	21
Revenue	0	1	1	1	0	0	1
Profit	0	0	0	0	0	0	0
Margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Return on capital	0.0%	0.0%	0.0%	–	–	–	–
Assets	205	350	437	0	0	0	0
Liabilities	133	244	312	0	0	0	0
Capital employed	73	106	124	0	0	0	0
Revenue	8	0	0	0	0	0	0
Revenue growth	–	−100.0%	–	–	–	–	–
Profit	−1	−1	0	1	1	2	2
Margin	−12.4%	–	–	–	–	–	–
Return on capital	−24.5%	−18.4%	13.5%	27.2%	34.7%	51.5%	60.8%
Assets	4	4	3	4	3	3	3
Liabilities	0	0	0	0	0	0	0
Capital employed	4	4	3	4	3	3	3
Revenue	16	59	150	179	178	136	–
Revenue growth	–	274.4%	156.7%	19.0%	−0.3%	−23.6%	–
Profit	17	51	159	158	124	97	–
Profit growth	–	201.4%	213.0%	−0.2%	−21.5%	−22.4%	–
Margin	107.5%	86.6%	105.5%	88.5%	69.7%	70.9%	–
Return on capital	114.5%	285.1%	804.5%	79.8%	45.4%	42.0%	–
Assets	37	40	40	199	289	359	–
Liabilities	23	23	20	0	15	129	–
Capital employed	15	18	20	199	274	230	–
	–	0	0	–	–	–	–
Profit	–	0	0	–	–	–	–
Assets	–	0	0	–	–	–	–
Liabilities	–	0	0	–	–	–	–
Capital employed	–	0	0	–	–	–	–
	–	–	–	0	–	0	–
Profit	–	–	–	0	–	38	–
Assets	–	–	–	0	–	36	–
Liabilities	–	–	–	0	–	361	–

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

Profit and loss

Standalone, ₹ crore, years to March.Vishwaraj Sugar Industries quarterly results

₹ crore	Mar 2020Filed 29 Jun	Mar 2021Filed 26 May	Mar 2022Filed 12 May	Mar 2023Filed 26 May	Mar 2024Filed 13 May	Mar 2025Filed 12 Jun	Mar 2026Filed 29 May
Revenue from operations	377	426	469	616	550	454	377
	338	364	375	550	484	442	387
Materials and goods bought	281	317	312	457	393	358	318
Employee costs	13	14	18	20	21	23	25
Other expenses	45	34	45	73	70	62	43
Operating profit before depreciation	38	62	93	66	66	12	−10
Operating margin	10.2%	14.5%	19.9%	10.7%	12.0%	2.6%	−2.6%
Materials, % of revenue	74.5%	74.3%	66.6%	74.1%	71.4%	78.8%	84.4%
Employee costs, % of revenue	3.3%	3.2%	3.9%	3.3%	3.8%	5.0%	6.7%
Other expenses, % of revenue	11.9%	8.0%	9.5%	11.8%	12.8%	13.6%	11.5%
Depreciation and amortisation	15	15	16	16	16	16	18
Operating profit after depreciation	24	47	78	50	50	−4	−28
Other income	1	1	2	3	3	8	6
Finance costs	42	36	32	28	30	34	30
One-off items	0	0	0	0	0	0	0
Profit before tax	−17	12	47	26	22	−31	−52
	−9	4	−13	49	8	6	−24
Current tax	0	2	3	4	6	0	0
Deferred tax	−9	2	−16	45	1	6	−24
Net profit	−8	8	60	−23	14	−37	−28
Other comprehensive income	0	0	0	0	0	−1	1
Total comprehensive income	−8	8	60	−23	15	−38	−28
Net margin	−2.1%	1.9%	12.8%	−3.8%	2.6%	−8.2%	−7.5%

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ crore	Mar 2020Filed 29 Jun	Mar 2021Filed 26 May	Mar 2022Filed 12 May	Mar 2023Filed 26 May	Mar 2024Filed 13 May	Mar 2025Filed 12 Jun	Mar 2026Filed 29 May
	222	226	283	256	268	280	253
Share capital	38	38	38	38	38	44	44
Reserves	184	188	245	218	231	237	209
	332	349	370	356	366	391	421
Repayable after a year	93	102	90	82	75	125	131
Repayable within a year	239	247	281	273	291	266	289
	356	380	394	350	416	366	420
Trade payables	62	67	94	61	98	46	102
Other financial liabilities	25	30	6	4	12	48	23
Other liabilities	29	30	6	5	6	5	6
Provisions	0	6	7	6	10	1	1
	94	106	93	121	115	172	155
Provisions	2	3	3	3	3	5	4
Deferred tax	−1	1	–	35	37	43	19
Total assets	671	712	770	726	799	819	828
	295	287	320	308	416	483	508
Plant in use, after depreciation	288	282	300	298	287	276	481
Plant being built	–	–	–	4	124	201	22
Property held to earn rent	–	–	–	–	–	1	0
Investments	1	0	0	1	1	0	3
Stakes in joint ventures and associates	–	1	1	–	–	–	–
Other financial assets	5	4	5	4	4	4	3
Deferred tax	–	–	14	–	–	–	–
	376	425	450	418	383	336	319
Inventories	290	286	367	303	277	236	251
Trade receivables	25	30	32	43	41	30	23
Cash and cash equivalents	7	48	12	2	1	10	2
Other bank balances	0	0	1	1	0	0	0
Other financial assets	0	0	0	69	–	0	0
Other assets	53	60	38	–	65	61	44
Net debt	324	300	357	353	364	381	418

Borrowings are counted again inside the liabilities due within a year and after a year.

Cash flow

Standalone, ₹ crore, years to March.

₹ crore	Mar 2021Filed 26 May	Mar 2022Filed 12 May	Mar 2023Filed 26 May	Mar 2024Filed 13 May	Mar 2025Filed 12 Jun	Mar 2026Filed 29 May
	56	35	52	146	50	37
	58	37	52	152	50	37
	−5	−58	−17	83	40	41
Receivables	−5	−2	−11	3	11	7
Inventories	5	−81	64	27	41	−15
Payables	5	27	−32	37	−52	55
Other working capital	−9	−2	−37	18	40	−7
Tax paid	−2	−1	0	−6	0	0
Capital spending	9	33	0	126	0	0
Free cash flow	47	2	52	20	50	37
	−9	−33	−18	−125	−83	−45
Plant and property sold	0	0	0	1	0	−43
Dividends received	0	0	0	0	0	0
	−6	−38	−44	−22	41	0
Borrowings raised	22	−13	−27	−7	62	21
Borrowings repaid	7	7	12	17	−37	10
Interest paid	−36	−32	−28	−30	−34	−30
Dividends paid	0	–	2	2	–	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	41	−36	−11	−1	9	−7

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 year to Mar 2020. Dividends paid is left blank for the years to Mar 2022 and Mar 2025: the cash-flow statement states no dividends paid, while the company's own dividend record shows one paid in the period, so the line is not given.

Standalone, ₹ per share, years to March.Vishwaraj Sugar Industries dividend history

₹ per share	Mar 2020Filed 29 Jun	Mar 2021Filed 26 May	Mar 2022Filed 12 May	Mar 2023Filed 26 May	Mar 2024Filed 13 May	Mar 2025Filed 12 Jun	Mar 2026Filed 29 May
	−₹0.44	₹0.42	₹3.21	−₹1.24	₹0.78	−₹1.74	−₹1.26
As stated that year	−₹2.19	₹2.11	₹3.21	−₹1.24	₹0.78	−₹1.74	−₹1.26
	–	₹0.42	₹3.21	−₹1.24	₹0.78	−₹1.74	−₹1.26
As stated that year	–	₹2.11	₹3.21	−₹1.24	₹0.78	−₹1.74	−₹1.26
	–	₹0.20	₹0.20	₹0.10	₹0.20	–	–
As declared that year	–	₹1.00	₹0.20	₹0.10	₹0.20	–	–
	₹11.81	₹12.04	₹15.05	₹13.61	₹14.29	₹12.88	₹11.61
On that year's share count	₹59.07	₹60.18	₹15.05	₹13.61	₹14.29	₹12.88	₹11.61
Dividend payout	–	45.3%	6.2%	–	25.9%	–	–
Shareholder yield	–	0.0%	–	0.7%	0.7%	–	0.0%
Market cap at the year end (₹ crore)	241	445	380	271	267	172	91

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from. Shareholder yield is left blank for the years to Mar 2022 and Mar 2025: the cash-flow statement states no dividends paid, while the company's own dividend record shows one paid in the period, so the line is not given.

Ratios

Standalone, years to March.Vishwaraj Sugar Industries PE ratio and valuation

Ratio	Mar 2020Filed 29 Jun	Mar 2021Filed 26 May	Mar 2022Filed 12 May	Mar 2023Filed 26 May	Mar 2024Filed 13 May	Mar 2025Filed 12 Jun	Mar 2026Filed 29 May
Revenue growth	–	13.2%	9.9%	31.5%	−10.8%	−17.4%	−17.0%
Operating profit growth	–	61.7%	50.7%	−29.2%	0.0%	−82.3%	–
Net profit growth	–	–	625.4%	–	–	–	–
Earnings per share growth	–	–	660.7%	–	–	–	–
	−3.6%	3.7%	23.7%	−8.7%	5.5%	−13.5%	−10.6%
	–	7.3 pts	20.0 pts	−32.4 pts	14.2 pts	−19.0 pts	2.9 pts
From the net margin	–	6.9 pts	20.7 pts	−30.7 pts	14.8 pts	−22.7 pts	1.1 pts
From asset turnover	–	0.3 pts	0.6 pts	−2.1 pts	−0.8 pts	3.8 pts	2.3 pts
From borrowing	–	0.1 pts	−1.4 pts	0.4 pts	0.3 pts	−0.2 pts	−0.5 pts
Return on capital employed	4.3%	8.2%	11.9%	8.2%	7.9%	−0.7%	−4.2%
Cash conversion	–	674.1%	58.5%	–	1,005.2%	–	–
Interest cover	0.6	1.3	2.4	1.8	1.6	–	–
Debt to equity	1.50	1.54	1.31	1.39	1.36	1.39	1.66
Receivable days	24	26	25	26	27	24	22
Inventory days	377	329	429	242	257	241	288
Payable days	81	77	110	49	91	47	117
Cash conversion cycle, days	321	278	344	219	193	217	193
Working capital days	244	207	252	201	170	182	181
Asset turnover	0.56	0.62	0.63	0.82	0.72	0.56	0.46
Assets per rupee of net worth	3.03	3.09	2.91	2.78	2.91	2.95	3.09
Sales per rupee of plant	1.31	1.51	1.56	2.07	1.92	1.64	0.78
Capital spending to depreciation	–	0.59	2.14	0.00	7.91	0.00	0.00
Plant being built, % of plant in use	–	–	–	1.3%	43.4%	72.7%	4.5%

Interest cover is left blank for the years to Mar 2025 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill.

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: −3.4%

Measure	5 years	3 years
Revenue growth, yearly rate	−2.4%	−15.1%
Return on equity, average	−0.7%	−6.2%
Return on capital employed, average	4.7%	1.0%
Operating margin, average	8.5%	4.0%
Net margin, average	−0.8%	−4.3%
Asset turnover, average	0.64	0.58
Cash conversion cycle, days, average	233	201
Debt to equity, average	1.42	1.47

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	321	233	37
Cash from investing	−303	−252	−45
Cash from financing	−64	19	0
Capital spending	159	126	0
Dividends paid	–	–	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	129	89	21
Borrowings repaid	83	63	10

Accounting checks

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

Check	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	–	–	8	6	7	2	4
Altman Z-scorePublished threshold 1.81	1.43	1.82	1.95	1.97	1.56	1.12	0.67
Beneish M-scorePublished threshold −1.78	–	−2.61	−1.36	−2.75	1.77	−2.83	−3.22
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	−5.65	7.80	−7.64	−0.86	−0.59	−2.52
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	3.18	4.55	–	–
Receivables growth less revenue growthOur threshold 0 percentage points	–	5.45	−2.32	2.77	4.68	−9.00	−7.27
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	−14.36	29.78	−63.75	5.34	−5.84	17.40
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	1.68	−4.76	5.12	−0.83	−0.94	−4.49
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.28	27.74	33.86	0.10
Effective tax ratePublished threshold 17.16 per cent	–	32.19	−27.51	191.78	34.94	–	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	−30.40	190.62	6.66	–	–

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
6 Oct 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilitiesLong-term scale	IND B-(NCO)Maintained in non-cooperating category	Negative	215
9 Jun 2026	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limits	[ICRA]BB-Review, Downgrade	Negative	92.12
9 Jun 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]BB-Review, Downgrade	Negative	32.88
9 Jun 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]BB-Review, Downgrade	Negative	260

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