VISHWARAJ
Vishwaraj Sugar Industries financials
- Market cap
- ₹122 Cr
- Sector
- Fast Moving Consumer Goods
What Vishwaraj Sugar Industries Limited does
Vishwaraj Sugar Industries operates a single integrated manufacturing complex at Bellad-Bagewadi, Karnataka that crushes sugarcane into sugar, distils molasses/sugarcane syrup into rectified spirit and anhydrous ethanol, co-generates power from bagasse, and ferments alcohol into natural brewed vinegar. Ethanol is sold mainly to Oil Marketing Companies for petrol blending, while sugar is sold to household and industrial (biscuit, confectionery, beverage) consumers; surplus power is sold to the grid under long-term agreements with Karnataka ESCOMs. The company has also developed a patented sugar/ethanol process enabling pharma-grade output for pharmaceuticals, nutraceuticals and personal-care customers, and separately leases out its Indian Made Liquor (IML) bottling facility to a third party.
Segments
- Sugar
- Ethanol / Distillery
- Co-generation / Power
- Vinegar
- IML leasing
- Sugarcane crushing capacity
- 11,000 MT/day
- Distillery (ethanol) capacity
- 250 KLPD (expanded from 100 KLPD)
- Co-generation (power) capacity
- 36.4 MW (two turbines: 14 MW + 22.4 MW)
- Vinegar manufacturing capacity
- 70,000 litres/day
- Sugar production capacity
- 1,320 MT/day
- Manufacturing plants
- 1 integrated sugar-ethanol-cogen-vinegar complex (Bellad-Bagewadi, Karnataka)
Quarterly results
Q1 FY27: revenue down 19.5%, net profit down 62.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 93 | 93 | 167 | 133 | 55 −41% | 78 −16% | 111 −34% | 107 −20% |
| EBITDA | -11 | 17 | 12 | -8 | -7 +36% | -1 −106% | 5 −58% | -11 −37% |
| Net profit | -22 | 1 | 2 | -16 | -14 +36% | -7 −800% | 11 +450% | -26 −62% |
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 −42.3% 1Y
1Y: ₹9.33 on 10 Sept 2025 → ₹5.38. High ₹9.33 (10 Sept 2025), low ₹4.18 (30 Mar 2026).
Financials, as filed
Revenue fell 15.1% a year over 3 years, FY23 to FY26. Operating margin narrowed to -2.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹617 Cr | ₹550 Cr | ₹454 Cr | ₹377 Cr |
| Operating profit | ₹66 Cr | ₹67 Cr | ₹11 Cr | ₹-11 Cr |
| Operating margin | 10.6% | 12.2% | 2.4% | -2.9% |
| Interest | ₹27 Cr | ₹30 Cr | ₹33 Cr | ₹30 Cr |
| Depreciation | ₹16 Cr | ₹16 Cr | ₹16 Cr | ₹17 Cr |
| Net profit | ₹-21 Cr | ₹13 Cr | ₹-36 Cr | ₹-26 Cr |
| Net margin | -3.4% | 2.4% | -7.9% | -6.9% |
| Cash from operations | ₹52 Cr | ₹146 Cr | ₹50 Cr | ₹37 Cr |
| Free cash flow | ₹34 Cr | ₹21 Cr | ₹-32 Cr | ₹-6 Cr |
| ROCE | 8.0% | 9.0% | 0.0% | -3.0% |
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 ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹38 Cr | ₹38 Cr | ₹38 Cr | ₹38 Cr | ₹44 Cr | ₹44 Cr |
| Reserves | ₹188 Cr | ₹245 Cr | ₹218 Cr | ₹231 Cr | ₹206 Cr | ₹209 Cr |
| Borrowings | ₹376 Cr | ₹370 Cr | ₹356 Cr | ₹366 Cr | ₹307 Cr | ₹421 Cr |
| Other liabilities | ₹110 Cr | ₹117 Cr | ₹115 Cr | ₹165 Cr | ₹82 Cr | ₹154 Cr |
| Total liabilities | ₹712 Cr | ₹770 Cr | ₹726 Cr | ₹799 Cr | ₹639 Cr | ₹828 Cr |
| Fixed assets | ₹282 Cr | ₹300 Cr | ₹298 Cr | ₹287 Cr | ₹270 Cr | ₹481 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹4 Cr | ₹124 Cr | ₹226 Cr | ₹22 Cr |
| Investments | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹3 Cr | ₹3 Cr |
| Other assets | ₹429 Cr | ₹469 Cr | ₹423 Cr | ₹387 Cr | ₹140 Cr | ₹323 Cr |
| Total assets | ₹712 Cr | ₹770 Cr | ₹726 Cr | ₹799 Cr | ₹639 Cr | ₹828 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 +4.54 pp while DIIs trimmed −4.45 pp. The shareholder count shrank 7% to 1,44,029.
- Promoters
- 29.1%
- DIIs
- 1.3%
- Public
- 69.7%
Since Jun 2025
- Public +4.54 pp
- DIIs −4.45 pp
- FIIs −0.09 pp
How it drifted, 12 quarters
Over this window promoters fell from 33.7% to 29.1% — −4.7 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 33.7%, FIIs 0.2%, Public 66.1%.Dec '23: Promoters 33.7%, Public 66.3%.Mar '24: Promoters 33.7%, FIIs 0.3%, Public 66.0%.Jun '24: Promoters 33.7%, FIIs 0.1%, Public 66.2%.Sep '24: Promoters 29.1%, FIIs 3.3%, DIIs 6.4%, Public 61.3%.Dec '24: Promoters 29.1%, FIIs 1.4%, DIIs 5.5%, Public 64.1%.Mar '25: Promoters 29.0%, FIIs 0.4%, DIIs 5.8%, Public 64.8%.Jun '25: Promoters 29.1%, FIIs 0.1%, DIIs 5.7%, Public 65.1%.Sep '25: Promoters 29.1%, DIIs 3.8%, Public 67.2%.Dec '25: Promoters 29.1%, FIIs 0.0%, DIIs 3.8%, Public 67.2%.Mar '26: Promoters 29.1%, DIIs 2.0%, Public 68.9%.Jun '26: Promoters 29.1%, DIIs 1.3%, Public 69.7%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Vishwaraj Sugar Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Nikhil Umesh Katti | 11.73% | unchanged |
| Ramesh Vishwanath Katti | 3.05% | unchanged |
| Lava Ramesh Katti | 2.98% | unchanged |
| Jayashree Ramesh Katti | 2.89% | unchanged |
| Kush Ramesh Katti | 2.63% | unchanged |
| Sheela Umesh Katti | 2.62% | unchanged |
| Neomile Growth Fund - Series I AIF | 1.29% | −0.74 pp |
| Ravindra Shrikant Katti | 1.05% | unchanged |
| Sneha Nithin Dev | 1.03% | unchanged |
| Abhinandan Dhanapal Khemalapure | 0.58% | unchanged |
| Basavaraj S Uttur | 0.46% | unchanged |
| Ramesh Shiralkar | 0.01% | 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.
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