Davangere Sugar Company Ltd

DAVANGERE

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Market Cap

₹ 556 Cr

P/E

43.22

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

EXCEPTIONAL

Profitability

MODERATE MARGIN

Technicals

Bullish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Davangere Sugar Company Ltd (DSCL) is a leading sugar manufacturer, with a current crushing capacity of 4750 TCD. The company operates extensive facilities, including a 24.5-MW cogeneration unit, illustrating a well-integrated production system.

DSCL faced significant financial challenges, being declared a sick unit in 1986-87, but recovered through restructuring by 1996, showcasing resilience and strategic turnaround.

In 1995, DSCL saw a change in control when the Shamanur group acquired a controlling stake, leading to significant capacity expansions and technological advancements in subsequent years.

Recently, DSCL initiated ethanol production with a molasses/sugar syrup and grain-based unit of 65 KLPD. This move diversifies their product offering and leverages existing infrastructure.

Having established robust storage facilities, DSCL ensures efficient sugar distribution, indicating strong logistical capabilities.

Sector

FMCG

Industry

Sugar - Integrated

Market Cap

556 Cr

Volatility

Moderate Risk

P/E Ratio

43.2

Industry P/E

18.8

PEG Ratio

1.8

P/B Ratio

1.6

52W High

6.30

52W Low

2.72

Sales CAGR

-0.71%

20.06%

1.17%

10Y

—

Profit CAGR

-10.62%

24.41%

39.51%

10Y

—

ROE

TTM

2.51%

3.63%

2.97%

10Y

—

ROCE

TTM

5.91%

9.21%

7.25%

10Y

—

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
AVADHSUGAR	384.00	769 Cr	12.13	0.73	2.60	5.98	10.60	3.49
DWARKESH	39.72	735 Cr	48.96	0.97	0.00	1.99	5.90	1.46
MAGADSUGAR	502.30	711 Cr	8.61	0.88	2.48	10.24	13.17	6.74
DAVANGERE	3.89	556 Cr	43.22	1.60	0.00	2.51	5.91	1.63
DBOL	80.79	532 Cr	308.00	0.55	1.56	0.18	4.07	-0.00
UGARSUGAR	45.30	507 Cr	7.41	2.94	0.00	39.64	38.19	10.87
MAWANASUG	83.84	329 Cr	6.44	0.72	4.75	11.16	18.03	18.44

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	48	27	78	64	46	39	73	57	24	48
Expenses	40	15	62	53	36	25	55	47	13	33
Operating Profit	7.25	11	16	11	9.47	15	18	9.68	11	15
OPM %	15.19	42.68	20.32	16.78	20.78	37.17	24.88	17.01	47.32	31.89
Other Income	3.72	0.32	0.53	1.87	0.35	0.45	0.41	0.57	0.46	0.58
Interest	6.68	7.37	6.64	4.66	5.47	10	8.16	4.32	6.95	9.44
Depreciation	2.89	2.89	2.89	3.28	2.98	3.03	3.00	3.68	3.18	3.18
Profit Before Tax	1.40	1.54	6.91	4.60	1.36	1.79	7.46	2.25	1.73	3.33
Tax %	21.43	37.01	18.81	1.09	30.88	27.93	9.25	13.33	24.28	21.02
Net Profit	1.10	0.97	5.61	4.55	0.94	1.29	6.77	1.94	1.30	2.63
EPS in Rs	0.01	0.01	0.04	0.03	0.01	0.01	0.05	0.13	0.09	0.18

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	64	106	203	145	124	280	217	215	193
Expenses	66	82	170	136	90	224	171	163	140
Operating Profit	-2.14	24	33	8.81	34	56	45	52	54
OPM %	-3.35	22.41	16.34	6.10	27.69	19.91	20.93	24.18	27.86
Other Income	18	7.83	0.22	3.28	0.23	0.64	6.44	1.77	1.89
Interest	14	18	22	0.00	19	27	25	28	30
Depreciation	9.02	8.98	8.99	8.88	8.88	12	12	13	13
Profit Before Tax	-6.88	4.70	2.61	3.22	6.67	18	14	13	13
Tax %	-25.13	31.42	20.82	22.31	14.79	25.23	15.29	14.95	14.59
Net Profit	-8.61	3.22	2.07	2.50	5.68	13	12	11	11
EPS in Rs	—	—	—	-0.61	0.03	0.09	0.09	0.19	0.45
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	45	56	56	56	56	94	94	94
Reserves	44	36	187	190	196	218	246	256
Borrowings	104	141	111	132	259	245	264	271
Other Liabilities	98	95	100	61	63	40	78	122
Total Liabilities	291	328	454	439	574	597	682	743
Fixed Assets	136	128	280	271	346	350	359	349
CWIP	5.46	5.46	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.05	1.15	1.54	2.34	4.05	4.05	4.56	4.62
Other Assets	149	194	173	165	224	243	318	389
Total Assets	291	328	454	439	574	597	682	743

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	6.06	-30	59	5.51	-68	81	2.48	-4.57
Cash from Investing Activity	5.61	-1.58	-1.66	-0.93	-85	-20	-23	-3.15
Cash from Financing Activity	-9.42	27	-52	5.80	144	-65	19	7.69
Net Cash Flow	2.25	-4.84	5.61	10	-9.04	-4.68	-1.26	-0.04

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Jan 2024	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	74.45%	74.45%	74.45%	74.35%	74.35%	70.70%	60.89%	54.26%	54.04%	52.32%	47.87%	41.64%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%	0.02%	0.00%	0.00%	0.00%	0.02%	0.00%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	25.55%	25.55%	25.55%	25.65%	25.65%	29.26%	39.09%	45.74%	45.96%	47.68%	52.12%	58.36%
Total Shareholders	9,732	9,901	10,326	10,407	10,434	12,897	48,959	1,46,806	1,55,143	1,61,592	1,63,660	1,77,154

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Dec 03, 2025	Arihant capital markets limited	Bulk	Buy	4.18	3.24 Cr	77,54,804	0.54
Dec 03, 2025	Arihant capital markets limited	Bulk	Sell	4.10	1.23 Cr	30,04,962	0.21
Sep 19, 2025	Jhaveri trading and investmen...	Bulk	Sell	3.77	12.15 Cr	3,22,19,880	3.42
Sep 18, 2025	Affluence fincon service priv...	Bulk	Sell	3.85	5.78 Cr	1,50,00,000	1.59
Sep 18, 2025	Affluence commodities pvt.ltd.	Bulk	Sell	3.85	4.00 Cr	1,04,00,000	1.10
Sep 05, 2025	Aarav financial services pvt.ltd	Bulk	Sell	3.90	6.63 Cr	1,70,00,000	1.80
Sep 03, 2025	Share india securities limited	Bulk	Sell	3.76	3.91 Cr	1,03,85,937	1.10
Sep 03, 2025	Harsha rajeshbhai jhaveri	Bulk	Sell	3.75	9.75 Cr	2,60,00,000	2.76
Sep 03, 2025	Affluence gems privatelimited	Bulk	Sell	3.75	3.75 Cr	1,00,00,000	1.06
Sep 03, 2025	Trade corner	Bulk	Buy	3.75	11.06 Cr	2,95,00,000	3.13

Projection

Actions

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Recently, DSCL initiated ethanol production with a molasses/sugar syrup and grain-based unit of 65 KLPD. This move diversifies their product offering and leverages existing infrastructure.

Having established robust storage facilities, DSCL ensures efficient sugar distribution, indicating strong logistical capabilities.

Sector

FMCG

Industry

Sugar - Integrated

Market Cap

556 Cr

Volatility

Moderate Risk

P/E Ratio

43.2

Industry P/E

18.8

PEG Ratio

1.8

P/B Ratio

1.6

52W High

6.30

52W Low

2.72

Sales CAGR

-0.71%

20.06%

1.17%

10Y

—

Profit CAGR

-10.62%

24.41%

39.51%

10Y

—

ROE

TTM

2.51%

3.63%

2.97%

10Y

—

ROCE

TTM

5.91%

9.21%

7.25%

10Y

—