Ugar Sugar Works Ltd

UGARSUGAR

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Market Cap

₹ 507 Cr

P/E

7.41

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

HIGH MARGIN

Technicals

Bullish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Ugar Sugar Works Limited (USWL) is a prominent sugar manufacturer in Karnataka, India, specializing in the production and sale of sugar, alcohol, and electricity.

The company operates two sugar plants with significant co-generation capacities, making it a notable player in the sustainable energy sector.

USWL has enhanced its operational capabilities significantly, expanding its crushing capacity from 7,500 TCD to 10,000 TCD and boosting co-generation capacity from 28 MW to 44 MW.

The company diversified its operations through strategic partnerships in the bottling industry and an attempt at wind power generation, though the latter was partially divested.

A significant merger was approved in 2022 between USWL and Ugar Theaters Pvt. Ltd., indicating a strategic shift in corporate structure.

Sector

Sugar

Industry

Sugar - Integrated

Market Cap

507 Cr

Volatility

High Risk

P/E Ratio

7.4

Industry P/E

18.8

PEG Ratio

0.1

P/B Ratio

2.9

52W High

73.35

52W Low

39.00

Sales CAGR

57.74%

2.64%

6.84%

10Y

3.43%

Profit CAGR

137.83%

—

10Y

—

ROE

TTM

39.64%

16.07%

19.31%

10Y

12.58%

ROCE

TTM

38.19%

29.04%

31.05%

10Y

29.10%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
DWARKESH	38.90	735 Cr	48.96	0.97	0.00	1.99	5.90	1.46
MAGADSUGAR	506.25	711 Cr	8.61	0.88	2.48	10.24	13.17	6.74
DAVANGERE	4.01	556 Cr	43.22	1.60	0.00	2.51	5.91	1.63
DBOL	78.66	532 Cr	308.00	0.55	1.56	0.18	4.07	-0.00
UGARSUGAR	44.49	507 Cr	7.41	2.94	0.00	39.64	38.19	10.87
MAWANASUG	83.18	329 Cr	6.44	0.72	4.75	11.16	18.03	18.44
KCPSUGIND	26.62	303 Cr	—	0.65	0.37	-8.62	-4.95	-6.89

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Sales	222	253	299	363	335	256	594	608	188	234
Expenses	223	246	234	335	311	253	518	503	182	254
Operating Profit	-0.76	6.88	64	29	24	3.41	75	105	6.12	-20
OPM %	-0.34	2.72	21.55	7.88	7.29	1.33	12.71	17.27	3.25	-8.65
Other Income	0.39	0.28	0.62	0.95	1.76	0.37	2.11	2.20	2.18	3.98
Interest	13	11	9.52	11	14	12	9.05	13	9.05	9.19
Depreciation	2.82	2.86	2.90	2.91	3.33	3.54	5.06	6.16	6.87	6.94
Profit Before Tax	-16	-6.25	53	16	8.58	-12	63	89	-7.62	-32
Tax %	-6.70	6.88	2.74	6.19	33.10	-10.40	28.27	26.31	-19.82	-2.47
Net Profit	-17	-5.81	51	15	5.74	-13	46	65	-9.14	-33
EPS in Rs	-1.50	-0.52	4.55	1.32	0.51	-1.20	4.05	5.80	-0.81	-2.95

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Sales	1,011	1,118	1,302	1,940	1,625
Expenses	802	888	1,038	1,586	1,458
Operating Profit	209	230	263	354	166
OPM %	20.63	20.59	20.23	18.26	10.24
Other Income	2.81	5.87	2.24	6.42	10
Interest	43	43	44	48	40
Depreciation	14	12	11	18	25
Profit Before Tax	14	19	46	148	112
Tax %	1.01	8.34	6.56	30.56	38.89
Net Profit	14	17	43	103	68
EPS in Rs	1.23	1.52	3.85	9.16	6.09
Dividend Payout %	8.20	13.16	6.49	5.46	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Equity Capital	11	11	11	11
Reserves	54	69	111	210
Borrowings	415	554	640	347
Other Liabilities	352	259	402	348
Total Liabilities	831	893	1,164	916
Fixed Assets	137	128	119	224
CWIP	0.85	2.60	112	38
Investments	3.78	3.79	3.74	3.65
Other Assets	689	759	929	651
Total Assets	831	893	1,164	916

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Cash from Operating Activity	45	-78	93	394
Cash from Investing Activity	-1.18	-5.51	-131	-48
Cash from Financing Activity	-37	79	39	-346
Net Cash Flow	6.52	-4.55	0.82	-0.48

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	44.35%	44.35%	44.35%	44.34%	44.34%	44.45%	44.45%	44.35%	44.76%	46.57%	46.73%	46.73%
FIIs	0.91%	0.67%	2.26%	3.62%	2.57%	2.05%	1.57%	0.61%	0.50%	0.39%	0.67%	0.19%
DIIs	0.04%	0.04%	0.00%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	54.70%	54.94%	53.38%	52.03%	53.09%	53.49%	53.98%	55.04%	54.74%	53.04%	52.60%	53.08%
Total Shareholders	53,961	53,655	53,802	58,988	63,471	66,327	65,482	61,828	61,144	61,788	62,151	63,874

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Nov 29, 2025	V s shirgaokar enterprises llp	Insider - Promoter Group	Acquisition	40.81	0.05 Cr	12,300	0.01
Nov 26, 2025	Shreya sachin shirgaokar	Insider - Promoters Immediate Relative	Acquisition	40.08	0.02 Cr	5,000	—
Nov 20, 2025	V s shirgaokar enterprises llp	Insider - Promoter Group	Acquisition	40.88	0.06 Cr	15,000	0.01
Aug 30, 2025	Chandan sanjeev shirgaokar	Insider - Promoter & Director	Acquisition	40.21	0.18 Cr	45,017	0.03
Aug 18, 2025	S s shirgaonkar enterprises llp	Insider - Promoter Group	Acquisition	40.48	0.40 Cr	1,00,000	0.08
Jul 01, 2025	Chandan sanjeev shirgaokar	Insider - Promoter & Director	Acquisition	49.13	0.97 Cr	1,97,221	0.17
Jun 28, 2025	Chandan sanjeev shirgaokar	Insider - Promoter & Director	Acquisition	47.70	0.03 Cr	5,375	0.00
Jun 27, 2025	Chandan sanjeev shirgaokar	Insider - Promoter & Director	Acquisition	46.13	0.03 Cr	5,520	0.00
Mar 29, 2025	Sohan sanjeev shirgaokar	Insider - Promoter & Director	Acquisition	—	—	1,47,052	0.13
Mar 29, 2025	Chandan sanjeev shirgaokar	Insider - Promoter & Director	Disposal	—	—	1,47,052	0.13

Projection

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Overall

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Moving Averages

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Financial Statements

AI Powered Summary

Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

AI Mode

Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Sales	222	253	299	363	335	256	594	608	188	234
Expenses	223	246	234	335	311	253	518	503	182	254
Operating Profit	-0.76	6.88	64	29	24	3.41	75	105	6.12	-20
OPM %	-0.34	2.72	21.55	7.88	7.29	1.33	12.71	17.27	3.25	-8.65
Other Income	0.39	0.28	0.62	0.95	1.76	0.37	2.11	2.20	2.18	3.98
Interest	13	11	9.52	11	14	12	9.05	13	9.05	9.19
Depreciation	2.82	2.86	2.90	2.91	3.33	3.54	5.06	6.16	6.87	6.94
Profit Before Tax	-16	-6.25	53	16	8.58	-12	63	89	-7.62	-32
Tax %	-6.70	6.88	2.74	6.19	33.10	-10.40	28.27	26.31	-19.82	-2.47
Net Profit	-17	-5.81	51	15	5.74	-13	46	65	-9.14	-33
EPS in Rs	-1.50	-0.52	4.55	1.32	0.51	-1.20	4.05	5.80	-0.81	-2.95

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Sales	1,011	1,118	1,302	1,940	1,625
Expenses	802	888	1,038	1,586	1,458
Operating Profit	209	230	263	354	166
OPM %	20.63	20.59	20.23	18.26	10.24
Other Income	2.81	5.87	2.24	6.42	10
Interest	43	43	44	48	40
Depreciation	14	12	11	18	25
Profit Before Tax	14	19	46	148	112
Tax %	1.01	8.34	6.56	30.56	38.89
Net Profit	14	17	43	103	68
EPS in Rs	1.23	1.52	3.85	9.16	6.09
Dividend Payout %	8.20	13.16	6.49	5.46	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Equity Capital	11	11	11	11
Reserves	54	69	111	210
Borrowings	415	554	640	347
Other Liabilities	352	259	402	348
Total Liabilities	831	893	1,164	916
Fixed Assets	137	128	119	224
CWIP	0.85	2.60	112	38
Investments	3.78	3.79	3.74	3.65
Other Assets	689	759	929	651
Total Assets	831	893	1,164	916

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Cash from Operating Activity	45	-78	93	394
Cash from Investing Activity	-1.18	-5.51	-131	-48
Cash from Financing Activity	-37	79	39	-346
Net Cash Flow	6.52	-4.55	0.82	-0.48

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
DWARKESH	38.90	735 Cr	48.96	0.97	0.00	1.99	5.90	1.46
MAGADSUGAR	506.25	711 Cr	8.61	0.88	2.48	10.24	13.17	6.74
DAVANGERE	4.01	556 Cr	43.22	1.60	0.00	2.51	5.91	1.63
DBOL	78.66	532 Cr	308.00	0.55	1.56	0.18	4.07	-0.00
UGARSUGAR	44.49	507 Cr	7.41	2.94	0.00	39.64	38.19	10.87
MAWANASUG	83.18	329 Cr	6.44	0.72	4.75	11.16	18.03	18.44
KCPSUGIND	26.62	303 Cr	—	0.65	0.37	-8.62	-4.95	-6.89

Overview

Detailed Summary

Ugar Sugar Works Limited (USWL) is a prominent sugar manufacturer in Karnataka, India, specializing in the production and sale of sugar, alcohol, and electricity.

The company operates two sugar plants with significant co-generation capacities, making it a notable player in the sustainable energy sector.

USWL has enhanced its operational capabilities significantly, expanding its crushing capacity from 7,500 TCD to 10,000 TCD and boosting co-generation capacity from 28 MW to 44 MW.

The company diversified its operations through strategic partnerships in the bottling industry and an attempt at wind power generation, though the latter was partially divested.

A significant merger was approved in 2022 between USWL and Ugar Theaters Pvt. Ltd., indicating a strategic shift in corporate structure.

Sector

Sugar

Industry

Sugar - Integrated

Market Cap

507 Cr

Volatility

High Risk

P/E Ratio

7.4

Industry P/E

18.8

PEG Ratio

0.1

P/B Ratio

2.9

52W High

73.35

52W Low

39.00

Sales CAGR

57.74%

2.64%

6.84%

10Y

3.43%

Profit CAGR

137.83%

—

10Y

—

ROE

TTM

39.64%

16.07%

19.31%

10Y

12.58%

ROCE

TTM

38.19%

29.04%

31.05%

10Y

29.10%