The Ugar Sugar Works logo

The Ugar Sugar Works financials: balance sheet, profit and loss, cash flow

NSE: UGARSUGARBSE: 530363Agricultural Food & other ProductsSmall Cap

The Ugar Sugar Works Limited · Face value ₹1 · Listed Oct 2001 on BSE, Aug 2010 on NSE
Last close ₹41.29down ₹2.17 (4.99%)BSE ₹41.93

Share price at the NSE close on 28 Oct 2026. Previous close ₹43.46.

28 Oct: open ₹41.35, high ₹42.89, low ₹41.29

52-week range of traded prices to 28 Oct 2026
₹33.75Low, 27 Feb 2026₹66.77High, 28 Sep 2026
Market cap
₹465 Cr1,907th largest listed
P/E
16.81
P/B
2.31
Dividend yield
0.24%
ROE
14.8%
ROCE
13.3%
Debt to equity
2.22
Volume, NSE
1,73,851

The Ugar Sugar Works' financial statements for the 10 years to Mar 2026, standalone: the listed company alone, without its subsidiaries, with the half year to Sep 2026 after them.

10 years at a glance

₹ crore, years to March.The Ugar Sugar Works annual reports

Revenue, net profit and borrowings, ₹ crore

  • Revenue
  • Net profit
  • Borrowings
  • Loss
58523Mar 17799−68Mar 189034.3409Mar 1996614415Mar 201,11817510Mar 211,30243640Mar 221,940103347Mar 231,27721514Mar 241,407−16514Mar 251,51514668Mar 26
Back to profit in the year to Mar 2026, ₹14 CrA loss in 2 of the 10 years shown

Operating and net margin, per cent

  • Operating margin
  • Net margin
10.7%−8.5%10.4%−2.7%5.5%2.4%6.1%7.6%10.7%5.5%2.9%6.8%4.0%−8.5%0.5%1.4%1.5%3.3%5.3%1.7%−1.2%0.9%Mar 17Mar 19Mar 21Mar 23Mar 25Mar 26

The years either side of a change of basis do not compare. From the year to Mar 2021, the company's revenue for that year, ₹1,118 Cr, differs from its quarters added, ₹1,073 Cr.

Results for the year to Mar 2026

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

From revenue to net profit

  1. Revenue1,515
  2. Materials and goods−1,156
  3. Employee costs−89
  4. Other expenses−166
  5. Operating profit104
  6. Depreciation−33
  7. Other income+7.5
  8. One-off items0.0
  9. Finance costs−61
  10. Profit before tax17
  11. Tax−3.1
  12. Net profit14

What the company owns

  • Inventory₹701 Cr
  • Plant, investments and other assets₹467 Cr
  • Receivables₹137 Cr
  • Cash and bank₹16 Cr

What pays for it: net worth and liabilities

  • Borrowings₹668 Cr
  • Owed to suppliers₹253 Cr
  • Net worth₹234 Cr
  • Other liabilities₹166 Cr

The Ugar Sugar Works 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.The Ugar Sugar Works segment results by quarter

Revenue by segment

₹1,842 CrTotal
  • Sugar₹824 Cr44.7% of total
  • Industrial Alcohol₹789 Cr42.8% of total
  • Co-generation₹193 Cr10.5% of total
  • Potable Alcohol₹36 Cr2.0% of total

Profit by segment

  • Sugar₹80.4 Cr64.1% of total
  • Industrial Alcohol₹20.3 Cr16.2% of total
  • Co-generation₹24.7 Cr19.7% of total

Segment results by year

Standalone from the year to Mar 2024, consolidated before, ₹ crore, years to March.

  • Sugar

    Revenue, ₹ crore
    Profit, ₹ crore

  • Industrial Alcohol

    Revenue, ₹ crore
    Profit, ₹ crore

  • Co-generation

    Revenue, ₹ crore
    Profit, ₹ crore

  • Potable Alcohol

    Revenue, ₹ crore
    Profit, ₹ crore
₹ croreMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue of all businesses1,0621,2051,3161,5672,5021,7981,9061,842
Company revenue, as in its results9039661,1181,3021,9401,2771,4071,515
Revenue6878409021,1161,5961,015995824
Revenue growth–––23.7%43.1%–−1.9%−17.3%
Profit297453102120742480
Profit growth–––91.0%18.0%–−67.1%230.5%
Margin4.3%8.8%5.9%9.1%7.5%7.3%2.4%9.8%
Return on capital7.8%18.0%10.1%19.6%59.7%27.0%7.9%23.1%
Assets721681731834426514458679
Liabilities345268202315224240151331
Capital employed376413529519201274307348
Revenue70708082563456664789
Revenue112115133168167177155193
Revenue1941792012021761499136
Revenue3636414848424144
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 Sep 2026, the latest four quarters added.The Ugar Sugar Works quarterly results

₹ croreMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Filed 12 MaySep 2026Twelve monthsFiled 27 Oct
Revenue from operations5857999039661,1181,3021,9401,2771,4071,5151,557
5248208539431,0501,2021,7321,2071,3671,4121,433
Materials and goods bought4095635906797728941,4009011,1141,1561,206
Employee costs––6470697810895888987
Other expenses––200194209230223211165166140
Operating profit before depreciation61−21502368992087040104124
Operating margin10.4%−2.7%5.5%2.4%6.1%7.6%10.7%5.5%2.9%6.8%8.0%
Materials, % of revenue––65.3%70.3%69.0%68.7%72.2%70.5%79.1%76.3%77.5%
Employee costs, % of revenue––7.0%7.2%6.2%6.0%5.6%7.4%6.3%5.9%5.6%
Other expenses, % of revenue––22.1%20.1%18.7%17.6%11.5%16.6%11.7%11.0%9.0%
Depreciation and amortisation1519151412111829283338
Operating profit after depreciation46−41349558819041137086
Other income83948626331389
Finance costs3029384343444844486164
One-off items––000000000
Profit before tax24−66514194614830−221731
121023459−633
Net profit23−68414174310321−161428
Other comprehensive income––1−100−1−1043
Total comprehensive income––612174310220−161831
Net margin4.0%−8.5%0.5%1.4%1.5%3.3%5.3%1.7%−1.2%0.9%1.8%
Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.
Earlier years, Mar 2008 to Mar 2016
₹ croreMar 2008Mar 2009Mar 2010Mar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016
Revenue from operations413410445594657718642652837
–––––650621631787
Materials and goods bought281257311421550546524522669
Operating profit before depreciation–––––67212150
Operating margin–––––9.4%3.3%3.2%6.0%
Depreciation and amortisation–––––25261516
Operating profit after depreciation–––––43−4635
Other income221345661039
Finance costs231924273029331529
Profit before one-off items and tax–30−2843219−28−615
One-off items––––−4––––
Profit before tax1430−2842719−28−615
Tax015−801022−34
Net profit1415−2041717−30−311
Net margin3.5%3.6%−4.5%0.7%2.6%2.4%−4.6%−0.5%1.3%
Standalone, ₹ crore, years to March.

Balance sheet

Standalone, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ croreMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Filed 12 MaySep 2026Half yearFiled 27 Oct
516479121220235235234201
Share capital111111111111111111
Reserves405268109208224224222190
409415510640347514514668447
8117037299055417527521,012565
21638313715498987556
Total assets8838308921,1629151,0851,0851,320822
161145138240281355355403386
722685754923634730730917436
Net debt405403503632329473473652429
Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Standalone, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ croreMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Filed 12 MaySep 2026Half year
−7852394−372144294
−12112423−182239294
−151−46208−119−28−71272
Receivables−30−37−117540−814
Inventories−47−134404−120−41−174504
Payables−751220−5−2700
Other working capital03−8010111−246
Tax paid0−3−29−19050
Interest paid434400000
Capital spending69259103772635
Free cash flow−84−40335−140−5618259
−6−92−48−98−73−25−33
7940−34613152−19−261
Dividends paid123630–
Shares bought back0000000
Shares issued0000000
Net change in cash−5−1−1−5100
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. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020. Dividends paid is left blank for the six months to Sep 2026: the cash-flow statement states no dividends paid, while the company's own dividend record shows one paid in the period, so the line is not given.

Per share

Standalone, ₹ per share, years to March.The Ugar Sugar Works dividend history

₹ per shareMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Filed 12 May
Earnings per share₹2.08−₹6.06₹0.39₹1.22₹1.52₹3.94₹9.16₹1.88−₹1.45₹1.21
Diluted earnings per share₹2.08−₹6.06₹0.39₹1.22₹1.52₹3.94₹9.16₹1.88−₹1.45₹1.21
Dividend per share₹0.20––₹0.10₹0.20₹0.25₹0.50₹0.25–₹0.10
Book value per share––₹4.55₹5.65₹7.06₹10.72₹19.53₹20.89₹20.89₹20.77
Dividend payout9.6%––8.2%13.2%6.5%5.5%13.3%–8.3%
Shareholder yield––––0.6%0.3%0.3%0.8%0.5%0.0%
Market cap at the year end (₹ crore)3641751801221957711,043740513442

Ratios

Standalone, years to March.The Ugar Sugar Works PE ratio and valuation

RatioMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Filed 12 May
Revenue growth−30.1%36.4%13.1%7.0%–16.4%49.1%−34.2%10.2%7.7%
Operating profit growth20.7%––−53.4%–46.3%110.2%−66.3%−42.4%156.1%
Net profit growth107.6%––216.8%23.9%154.1%137.9%−79.5%––
Earnings per share growth108.0%––212.8%24.6%159.2%132.5%−79.5%––
––8.5%24.0%23.8%43.3%60.6%9.3%−6.9%5.8%
–––15.5 pts−0.1 pts19.5 pts17.2 pts−51.3 pts−16.2 pts12.8 pts
From the net margin–––16.7 pts1.7 pts28.2 pts25.8 pts−41.7 pts−15.8 pts12.3 pts
From asset turnover–––2.6 pts3.9 pts−1.3 pts32.8 pts−6.0 pts−0.1 pts−0.2 pts
From borrowing–––−3.8 pts−5.7 pts−7.5 pts−41.3 pts−3.6 pts−0.3 pts0.6 pts
Return on capital employed––7.5%2.0%9.4%11.5%33.6%5.5%1.7%7.8%
Cash conversion––––−455.9%120.0%382.3%−176.5%–321.3%
Interest cover1.5–0.90.21.32.03.90.90.31.2
Debt to equity––7.996.526.425.301.582.192.192.86
Receivable days––114162535413733
Inventory days––40731630031495196159221
Payable days––1289309541756180
Cash conversion cycle, days––29022831624490162135174
Working capital days––1281271491475310595119
Asset turnover––1.021.131.301.271.871.281.301.26
Assets per rupee of net worth––17.2714.9212.0410.276.104.404.625.13
Sales per rupee of plant––5.967.138.8311.138.745.045.554.47
Capital spending to depreciation––––0.498.023.283.542.820.78
Plant being built, % of plant in use––0.3%0.6%2.1%95.9%17.1%31.3%31.3%10.4%
Interest cover is left blank for the year to Mar 2018: operating profit after depreciation is a loss, and a loss covers no interest bill. Revenue growth and operating profit growth are left blank for the year to Mar 2021: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

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
42.2%
Measure10 years5 years3 years
Revenue growth, yearly rate–6.3%−7.9%
Profit growth, yearly rate1.9%−4.4%−49.1%
Return on equity, average–22.4%2.7%
Return on capital employed, average–12.0%5.0%
Operating margin, average5.5%6.7%5.1%
Net margin, average0.9%2.0%0.5%
Asset turnover, average–1.391.28
Cash conversion cycle, days, average–161157
Interest cover, average1.41.70.8
Debt to equity, average–2.822.41

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.

₹ crore5 years3 yearsLatest year
Cash from operations4742844
Cash from investing−336−196−25
Cash from financing−142164−19
Capital spending35720626
Dividends paid1480
Shares bought back000
Shares issued for cash000
Borrowings raised–34157
Borrowings repaid000

Accounting checks

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

CheckMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9––––6––448
Altman Z-scorePublished threshold 1.81––1.26––––2.192.001.74
Beneish M-scorePublished threshold −1.78–––––––−2.20−2.37−2.89
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets–––––––15.673.22−0.45
Cash from operations to profit, 3 yearsPublished threshold 0.7 times–––––––2.443.501.50
Receivables growth less revenue growthOur threshold 0 percentage points–––−66.27–––10.05−10.19−11.23
Inventory growth less cost-of-goods growthOur threshold 0 percentage points–––−25.67–––68.44−23.6040.68
Other current assets growth less revenue growthOur threshold 5 per cent of revenue–––4.26–––−0.110.000.09
Assets under construction, years of additionsOur threshold 2 years of additions–––––––1.302.880.30
Effective tax ratePublished threshold 17.16 per cent3.49–20.61––––29.06–18.66
Tax charged less tax paid, % of profitOur threshold 10 percentage points–––––––−34.55–−8.86
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.

DateAgencyBorrowing ratedRatingOutlookAmount, ₹ Cr
13 Aug 2026CARE Ratings LimitedFixed DepositWithdrawnReview, Other
13 Aug 2026CARE Ratings LimitedFund-based - LT-Term LoanCARE BBB-Review, UpgradeStable134
13 Aug 2026CARE Ratings LimitedFund-based - LT-Cash CreditCARE BBB-Review, UpgradeStable566
The latest rating on each borrowing. The agency's name opens its reasoning for the rating.