Davangere Sugar Company financials: balance sheet, profit and loss, cash flow

NSE: DAVANGEREBSE: 543267Agricultural Food & other ProductsSmall Cap

Davangere Sugar Company Limited · Face value ₹1 · Listed Mar 2021 on BSE, Jan 2024 on NSE

₹1.99₹0.01 (0.51%)BSE ₹2.00

Share price at the NSE close on 28 Oct 2026. Previous close ₹1.98.

28 Oct: open ₹2.00, high ₹2.01, low ₹1.96

52-week range of traded prices to 28 Oct 2026

₹1.62Low, 22 Oct 2026₹5.50High, 22 Jan 2026

Under NSE's long-term additional surveillance, stage I, on the list for 28 Oct 2026. The exchange puts a share here when its price has moved unusually, and trading in it carries extra conditions.

Market cap: ₹337 Cr1,779th largest listed
P/E: 41.46
P/B: Shares changed
Dividend yield: Nonein the last 12 months
ROE: 1.9%
ROCE: 4.7%
Debt to equity: 0.50
Volume, NSE: 20,03,64265.3% delivered

Davangere Sugar Company's financial statements for the 6 years to Mar 2026, standalone: the listed company alone, without its subsidiaries, with the twelve months to Jun 2026 after them.

6 years at a glance

₹ crore, years to March.Davangere Sugar Company annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

The years either side of a change of basis do not compare. From the year to Mar 2022, the company's revenue for that year, ₹124 Cr, differs from its quarters added, ₹130 Cr.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue239
Materials and goods−145
Employee costs−8.2
Other expenses−37
Operating profit49
Depreciation−13
Other income+2.3
One-off items0.0
Finance costs−27
Profit before tax11
Tax−2.5
Net profit8.5

What the company owns

Plant, investments and other assets₹587 Cr
Inventory₹210 Cr
Receivables₹35 Cr
Cash and bank₹7 Cr

What pays for it: net worth and liabilities

Net worth₹505 Cr
Borrowings₹250 Cr
Other liabilities₹69 Cr
Owed to suppliers₹16 Cr

Davangere Sugar Company 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.Davangere Sugar Company segment results by quarter

Revenue by segment

₹241 CrTotal

Distellery₹132 Cr54.6% of total
Sugar₹99 Cr41.0% of total
Co Generation₹7 Cr2.9% of total
Others₹2 Cr1.0% of total
Aviation₹1 Cr0.4% of total

Profit by segment

Distellery₹42.7 Cr93.0% of total
Sugar₹3.2 Cr7.0% of total

Segment results by year

Standalone, ₹ crore, years to March.

Distellery
Revenue, ₹ crore
0
0
124
104
150
132
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
0
47
21
65
43
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Sugar
Revenue, ₹ crore
107
91
130
95
51
99
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
13
17
−6
16
−23
3
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Co Generation
Revenue, ₹ crore
19
23
14
6
7
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
8
5
3
−6
−7
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
4
12
1
6
2
2
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−2
0
0
0
0
0
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Aviation
Revenue, ₹ crore
2
3
4
7
1
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−1
−1
0
4
−1
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	126	124	281	223	217	241
Company revenue, as in its results	145	124	280	217	215	239
Revenue	0	0	124	104	150	132
Revenue growth	–	–	–	−15.8%	44.3%	−12.4%
Profit	0	0	47	21	65	43
Profit growth	–	–	–	−54.9%	205.3%	−34.5%
Margin	–	–	38.2%	20.5%	43.3%	32.4%
Return on capital	–	0.0%	862.5%	20.0%	62.4%	16.7%
Assets	0	110	99	220	214	351
Liabilities	0	106	93	114	109	95
Capital employed	0	4	5	107	104	255
Revenue	107	91	130	95	51	99
Revenue growth	–	–	42.7%	−27.3%	–	94.4%
Profit	13	17	−6	16	−23	3
Margin	12.5%	18.6%	−5.0%	17.2%	−45.0%	3.2%
Return on capital	–	12.8%	−3.4%	11.7%	−15.1%	–
Assets	323	365	380	367	426	159
Liabilities	406	233	191	228	274	229
Capital employed	−83	133	189	139	151	−71
Revenue	–	19	23	14	6	7
Revenue growth	–	–	22.6%	−40.6%	−54.5%	13.9%
Profit	–	8	5	3	−6	−7
Profit growth	–	–	−40.1%	−48.5%	–	–
Margin	–	45.0%	22.0%	19.1%	−97.6%	−102.6%
Return on capital	–	7.9%	4.7%	2.8%	−6.8%	−2.2%
Assets	–	110	110	93	91	325
Liabilities	–	3	1	0	1	1
Capital employed	–	107	109	93	89	325
Revenue	4	12	1	6	2	2
Revenue growth	–	–	–	–	−72.5%	–
Profit	−2	0	0	0	0	0
Margin	−45.6%	0.0%	0.0%	0.0%	0.0%	0.0%
Return on capital	−28.4%	–	–	–	–	–
Assets	6	0	0	0	0	0
Liabilities	0	0	0	0	0	0
Capital employed	6	0	0	0	0	0
Revenue	–	2	3	4	7	1
Revenue growth	–	–	25.8%	38.4%	91.6%	−86.1%
Profit	–	−1	−1	0	4	−1
Margin	–	−30.0%	−37.2%	−11.4%	51.3%	−124.7%
Return on capital	–	−8.1%	−12.7%	−27.5%	79.6%	–
Assets	–	8	8	2	5	2
Liabilities	–	0	0	0	0	6
Capital employed	–	8	8	2	5	−5
Revenue	15	–	–	–	–	–
Profit	8	–	–	–	–	–
Margin	54.7%	–	–	–	–	–
Return on capital	10.5%	–	–	–	–	–
Assets	109	–	–	–	–	–
Liabilities	32	–	–	–	–	–
Capital employed	77	–	–	–	–	–

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

Profit and loss

Standalone, ₹ crore, years to March. The last column is the twelve months to Jun 2026, the latest four quarters added.Davangere Sugar Company quarterly results

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 14 May	Mar 2026Filed 29 May	Jun 2026Twelve monthsFiled 14 Aug
Revenue from operations	145	124	280	217	215	239	249
	119	90	224	171	163	190	201
Materials and goods bought	97	65	169	120	119	145	154
Employee costs	8	7	9	8	8	8	8
Other expenses	15	18	46	42	36	37	39
Operating profit before depreciation	25	34	56	45	52	49	48
Operating margin	17.5%	27.7%	19.9%	20.9%	24.2%	20.4%	19.4%
Materials, % of revenue	66.9%	52.0%	60.5%	55.5%	55.4%	60.7%	61.8%
Employee costs, % of revenue	5.3%	6.0%	3.0%	3.9%	3.9%	3.4%	3.3%
Other expenses, % of revenue	10.3%	14.3%	16.5%	19.6%	16.5%	15.5%	15.5%
Depreciation and amortisation	9	9	12	12	13	13	13
Operating profit after depreciation	16	26	44	33	39	36	36
Other income	3	0	1	6	2	2	2
Finance costs	17	19	27	25	28	27	27
One-off items	0	0	0	0	0	0	0
Profit before tax	3	7	18	14	13	11	11
	1	1	4	2	2	2	2
Current tax	1	1	3	3	2	2	2
Deferred tax	0	0	1	0	0	0	0
Net profit	2	6	13	12	11	9	8
Other comprehensive income	0	0	0	0	0	−1	−1
Total comprehensive income	2	6	13	12	11	7	7
Net margin	1.7%	4.6%	4.7%	5.7%	5.1%	3.6%	3.3%

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 14 May	Mar 2026Filed 29 May
	2,45,31,111	251	312	340	350	505
Share capital	55,68,446	56	94	94	94	143
Reserves	1,89,62,665	196	218	246	256	362
	1,22,10,088	241	245	264	271	250
Repayable after a year	50,68,835	112	95	68	47	32
Repayable within a year	71,41,253	130	150	196	223	218
	86,29,055	157	173	225	258	243
Trade payables	9,900	4	15	22	28	16
Other financial liabilities	0	22	–	7	–	–
Other liabilities	14,19,100	–	5	0	7	10
Provisions	58,801	1	3	0	0	0
	1,07,17,132	186	111	117	135	92
Other financial liabilities	0	73	0	47	–	–
Other liabilities	55,47,813	–	14	0	86	54
Provisions	0	0	0	0	0	4
Deferred tax	1,00,484	1	2	2	1	1
Total assets	4,38,77,298	594	597	682	743	839
	2,77,58,117	350	358	383	374	362
Plant in use, after depreciation	2,71,07,604	346	350	359	349	337
Intangible assets	0	0	0	0	0	0
Property held to earn rent	0	0	4	0	–	–
Investments	2,34,459	4	0	5	5	5
Other financial assets	4,16,054	0	0	20	–	–
Other assets	0	–	4	0	20	20
	1,61,19,181	244	239	298	369	477
Inventories	42,41,979	116	92	122	145	210
Trade receivables	31,75,519	36	21	18	29	35
Cash and cash equivalents	17,03,148	8	3	3	3	7
Current investments	0	4	0	0	0	0
Loans given	69,98,535	80	123	155	192	225
Net debt	1,05,06,941	229	241	261	267	243

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

Cash flow

Standalone, ₹ crore, years to March.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 14 May	Mar 2026Filed 29 May
	6	−68	81	−11	−4	−71
	6	−68	81	5	−4	−71
	−6	−84	51	−21	−27	−71
Receivables	−8	−4	14	3	−10	−6
Inventories	5	−74	25	−30	−23	−66
Payables	−3	4	11	6	6	1
Other working capital	0	−10	1	0	0	0
Tax paid	0	0	0	0	0	0
Capital spending	0	84	20	22	3	0
Free cash flow	5	−152	61	−33	−7	−71
Cash from investing	−1	−85	−20	−23	3	−1
	6	144	−65	32	1	51
Borrowings raised	12	136	2	20	0	−21
Borrowings repaid	0	0	−39	0	1	0
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	48	–	0	49
Net change in cash	10	−9	−5	−1	0	−20

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. Shares issued is left blank for the year to Mar 2024: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Standalone, ₹ per share, years to March.

₹ per share	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 14 May	Mar 2026Filed 29 May
	₹0.05	₹0.10	₹0.15	₹0.13	₹1.15	₹0.05
As stated that year	₹0.45	₹1.02	₹1.48	₹1.30	₹1.15	₹0.05
	–	₹0.10	₹0.15	₹0.13	₹1.15	₹0.05
As stated that year	–	₹1.02	₹1.48	₹1.30	₹1.15	₹0.05
	₹4,40,537.51	₹4.51	₹3.32	₹3.61	₹3.72	₹3.53
On that year's share count	₹44,05,375.13	₹45.12	₹33.16	₹36.14	₹3.72	₹3.53
Shareholder yield	0.0%	–	−8.8%	–	0.0%	−9.2%
Market cap at the year end (₹ crore)	82	–	543	723	358	532

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 year to Mar 2024: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Ratios

Standalone, years to March.Davangere Sugar Company PE ratio and valuation

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 14 May	Mar 2026Filed 29 May
Revenue growth	–	–	125.3%	−22.7%	−0.7%	11.1%
Operating profit growth	–	–	62.0%	−18.7%	14.7%	−6.5%
Net profit growth	–	127.3%	132.7%	−7.4%	−10.6%	−22.2%
Earnings per share growth	–	126.7%	45.1%	−12.2%	784.6%	−95.7%
	0.0%	0.0%	4.7%	3.8%	3.2%	2.0%
	–	0.0 pts	4.7 pts	−0.9 pts	−0.6 pts	−1.2 pts
From the net margin	–	0.0 pts	0.0 pts	0.9 pts	−0.4 pts	−1.0 pts
From asset turnover	–	0.0 pts	4.0 pts	−1.6 pts	−0.4 pts	0.0 pts
From borrowing	–	0.0 pts	0.7 pts	−0.3 pts	0.2 pts	−0.2 pts
Return on capital employed	0.0%	5.2%	7.9%	5.5%	6.3%	4.8%
Cash conversion	220.3%	−1,198.2%	610.7%	−87.6%	−35.9%	−831.6%
Interest cover	1.0	1.3	1.6	1.3	1.4	1.3
Debt to equity	0.50	0.96	0.78	0.78	0.77	0.50
Receivable days	80,19,663	105	28	31	49	54
Inventory days	1,60,15,216	656	197	370	443	530
Payable days	37,377	23	33	66	86	40
Cash conversion cycle, days	2,39,97,503	738	192	335	406	544
Working capital days	3,26,49,805	602	276	448	561	681
Asset turnover	0.00	0.00	0.47	0.34	0.30	0.30
Assets per rupee of net worth	1.79	1.79	2.11	1.96	2.06	1.85
Sales per rupee of plant	0.00	0.36	0.80	0.60	0.62	0.71
Capital spending to depreciation	0.01	9.43	1.74	1.87	0.24	0.02
Plant being built, % of plant in use	0.0%	0.0%	0.0%	0.0%	–	–

Revenue growth and operating profit growth are left blank for the year to Mar 2022: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out.

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: 1.1%
Cash from operations against operating profit: −145.5%

Measure	5 years	3 years
Revenue growth, yearly rate	–	−5.2%
Profit growth, yearly rate	27.8%	−13.7%
Return on equity, average	2.7%	3.0%
Return on capital employed, average	5.9%	5.5%
Operating margin, average	22.6%	21.8%
Net margin, average	4.7%	4.8%
Asset turnover, average	0.28	0.31
Cash conversion cycle, days, average	443	428
Interest cover, average	1.4	1.3
Debt to equity, average	0.76	0.68

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	−73	−85	−71
Cash from investing	−126	−21	−1
Cash from financing	164	84	51
Capital spending	130	26	0
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	–	–	49
Borrowings repaid	40	1	0

Accounting checks

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

Check	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	6	4	5	4
Altman Z-scorePublished threshold 1.81	0.81	–	2.50	2.41	1.68	2.33
Beneish M-scorePublished threshold −1.78	–	−3.81	–	−2.07	−1.88	−1.76
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	0.00	−7.96	7.17	1.64	10.14
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	0.85	0.06	1.82	−2.70
Receivables growth less revenue growthOur threshold 0 percentage points	–	−85.96	−165.47	9.06	57.11	10.40
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	−66.80	−183.55	62.17	19.57	23.97
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	0.00	0.00	0.00	0.00	0.00
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	0.00	0.00	–	–
Effective tax ratePublished threshold 17.16 per cent	22.31	14.79	25.25	15.33	14.95	22.59
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	14.79	25.25	13.18	12.42	22.59

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	Amount, ₹ Cr
13 Jul 2026	CARE Ratings Limited	Fund-based - LT-Cash Credit	CARE BBB- (Rating Watch with Negative Implications)Review, Re-affirm	109
13 Jul 2026	CARE Ratings Limited	Term Loan-Long Term	CARE BBB- (Rating Watch with Negative Implications)Review, Re-affirm	110.15
13 Jul 2026	CARE Ratings Limited	Non-fund-based - ST-Letter of credit	CARE A3 (Rating Watch with Negative Implications)Review, Re-affirm	24.84

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