UGARSUGAR

The Ugar Sugar Works financials

Market cap
₹611 Cr
Sector
Fast Moving Consumer Goods

What The Ugar Sugar Works Limited does

The Ugar Sugar Works Limited manufactures sugar at its works located at Ugar Khurd, Belgaum district, Karnataka. The company's registered office is in Sangli, Maharashtra, and it maintains additional branch/liaison offices in Mumbai and Bangalore besides one in Belgaum.

Manufacturing works
1 (Ugar Khurd, Belgaum district, Karnataka)
Branch/liaison offices
3 (Mumbai, Bangalore, Belgaum)
Headquarters Sangli, Maharashtra Company website

Quarterly results

Q1 FY27: revenue up 34.1%, net profit up 110.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue240 263 511 356 417 +74%321 +22%389 −24%478 +34%
EBITDA-44 20 58 5 -9 +80%37 +80%71 +23%27 +403%
Net profit-60 5 51 -14 -32 +46%14 +204%46 −10%1 +111%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +16.6% 1Y

₹35.0₹40.0₹45.0₹50.0₹55.0₹60.0Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹46.56 on 10 Sept 2025 → ₹54.3. High ₹58.56 (3 Sept 2026), low ₹35.36 (2 Mar 2026).

Financials, as filed

Revenue grew 6.9% a year over 4 years, FY22 to FY26. Operating margin narrowed to 7.0%.

Year endingFY22FY23FY24FY25FY26
Revenue₹1.1k Cr₹1.8k Cr₹1.2k Cr₹1.3k Cr₹1.5k Cr
Operating profit₹99 Cr₹207 Cr₹70 Cr₹40 Cr₹104 Cr
Operating margin8.7%11.5%6.1%3.0%7.0%
Interest₹45 Cr₹48 Cr₹44 Cr₹48 Cr₹61 Cr
Depreciation₹12 Cr₹18 Cr₹29 Cr₹28 Cr₹33 Cr
Net profit₹43 Cr₹104 Cr₹21 Cr₹-16 Cr₹14 Cr
Net margin3.8%5.8%1.9%-1.2%0.9%
Cash from operations₹93 Cr₹394 Cr₹-37 Cr₹21 Cr₹44 Cr
Free cash flow₹-39 Cr₹335 Cr₹-140 Cr₹-56 Cr₹20 Cr
ROCE12.0%27.0%———
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹11 Cr₹11 Cr₹11 Cr₹11 Cr₹11 Cr₹11 Cr
Reserves₹69 Cr₹111 Cr₹161 Cr₹224 Cr₹160 Cr₹222 Cr
Borrowings₹610 Cr₹700 Cr₹225 Cr₹514 Cr₹440 Cr₹668 Cr
Other liabilities₹203 Cr₹342 Cr₹232 Cr₹336 Cr₹172 Cr₹417 Cr
Total liabilities₹893 Cr₹1.2k Cr₹630 Cr₹1.1k Cr₹784 Cr₹1.3k Cr
Fixed assets₹128 Cr₹119 Cr₹250 Cr₹254 Cr₹276 Cr₹340 Cr
Capital work in progress₹3 Cr₹112 Cr₹33 Cr₹79 Cr₹108 Cr₹35 Cr
Investments₹4 Cr₹4 Cr₹4 Cr₹4 Cr₹5 Cr₹5 Cr
Other assets₹759 Cr₹929 Cr₹343 Cr₹749 Cr₹394 Cr₹939 Cr
Total assets₹893 Cr₹1.2k Cr₹630 Cr₹1.1k Cr₹784 Cr₹1.3k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +2.75 pp while promoters trimmed −2.19 pp. The shareholder count grew 16% to 72,174.

Promoters
44.5%
FIIs
0.1%
Public
55.4%

Since Jun 2025

  • Public +2.75 pp
  • Promoters −2.19 pp
  • FIIs −0.58 pp

How it drifted, 12 quarters

Over this window FIIs fell from 3.6% to 0.1% — −3.5 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 44.3%, FIIs 3.6%, DIIs 0.0%, Public 52.0%.Dec '23: Promoters 44.3%, FIIs 2.6%, Public 53.1%.Mar '24: Promoters 44.5%, FIIs 2.0%, Public 53.5%.Jun '24: Promoters 44.5%, FIIs 1.6%, Public 54.0%.Sep '24: Promoters 44.4%, FIIs 0.6%, Public 55.0%.Dec '24: Promoters 44.8%, FIIs 0.5%, Public 54.7%.Mar '25: Promoters 46.6%, FIIs 0.4%, Public 53.0%.Jun '25: Promoters 46.7%, FIIs 0.7%, Public 52.6%.Sep '25: Promoters 47.0%, FIIs 0.2%, Public 52.8%.Dec '25: Promoters 46.8%, FIIs 0.2%, Public 53.1%.Mar '26: Promoters 44.5%, FIIs 0.2%, Public 55.3%.Jun '26: Promoters 44.5%, FIIs 0.1%, Public 55.4%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of The Ugar Sugar Works Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
S B Reshellers Private Limited 17.51%unchanged
Prabhakar Shirgaonkar Enterprises 2.98%unchanged
V S Shirgaokar Enterprieses 2.87%unchanged
Chandan Sanjeev Shirgaokar 2.19%unchanged
Dm Shirgaonkar Enterprises 1.93%unchanged
Radhika Sanjeev Shirgaonkar 1.86%unchanged
Shishir Shirgaokar Enterprises 1.80%unchanged
S S Shirgaokar Enterprises 1.65%unchanged
Prafulla Shirgaokar Enterprises 1.63%unchanged
Babasaheb Neelkanth Kalyani 1.41%unchanged
Sunita Babasaheb Kalyani 1.35%unchanged
Suresh Shirgaokar Enterprises 1.30%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹54, this stock must grow earnings at 24% every year for 7 years. Our analysis caps realistic growth at ~-25%. At that growth it is worth ₹4 — downside of 93%.

Growth the price implies
23.6% a year
for 7 years, fading to 4%
It has actually compounded at
-25.0% a year
net profit, FY22–FY26 · EPS -25.1%
The gap
0.5 pp
-93% downside if it only repeats history
Price today ₹54.3 Value at the reference growth ₹3.97 Cyclical — a peak-earnings base overstates value

Change the assumptions yourself →

Learn to analyse The Ugar Sugar Works Limited

Guides on how to read this kind of business and the numbers that matter.