The Ugar Sugar Works Limited (UGARSUGAR)
₹55.98 -1.32% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Ugar Sugar's revenue was ₹478 Cr (+34.2% year on year, +22.8% on the previous quarter), and net profit ₹1.5 Cr (against a loss a year earlier); the operating margin was 5.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹478 | +34.2% | +22.8% |
| Operating profit | ₹26.7 | +434.4% | -62.4% |
| Net profit | ₹1.5 | from loss | -96.8% |
| EPS (₹) | 0.13 | from loss | -96.8% |
| Operating margin | 5.6% | — | — |
UGARSUGAR bulk deals
NSE end-of-day data for
It closed at a price band (circuit) on 4 sessions in about the last 20. 2 bulk or block deals were reported in UGARSUGAR in the last 60 days: ₹4 Cr bought and ₹5 Cr sold.
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 25 Sep | Sell | Nk Securities Research Private Limited | ₹4.51 Cr | ₹63.41 | 710,593 | Bulk |
| 25 Sep | Buy | Nk Securities Research Private Limited | ₹4.50 Cr | ₹63.37 | 710,593 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
The Ugar Sugar Works Limited has announced the closure of its trading window effective October 1, 2026. The restriction applies to promoters, directors, designated employees, and insiders under SEBI (PIT) Regulations, 2015. The trading window will reopen 48 hours after the declaration of the financial results for the quarter ended September 30, 2026. This is a mandatory and routine compliance filing with no impact on business operations.
- Trading window closes on 1st October 2026
- Closure applies until 48 hours after the conclusion of the board meeting for Q2 results
- Applies to promoters, directors, designated employees, and insiders
- Financial results relate to the quarter ended September 30, 2026
The High Court, in a September 11, 2026 hearing, set aside the Karnataka State Pollution Control Board's (KSPCB) closure order against The Ugar Sugar Works Limited's primary facility. Following a site visit directed on September 7, 2026, the court instructed KSPCB to conduct a fresh inspection during the crushing season. The company confirmed that its Ugar Khurd unit continues to remain fully operational while the formal court order document is awaited.
- High Court set aside KSPCB closure order during the September 11, 2026 hearing
- KSPCB directed to conduct fresh inspection during the upcoming crushing season
- Plant at Ugar Khurd remains fully operational without disruption
- Direction follows a court-mandated site visit conducted on September 7, 2026
The Ugar Sugar Works Limited has received a closure direction letter from the Karnataka State Pollution Control Board (KSPCB) on September 3, 2026, for its Ugar Khurd facility under Section 33A of the Water Act and Section 31A of the Air Act. The company stated that the alleged non-compliances pertain to 2025 and that corrective measures have already been completed. Ugar Sugar reports no immediate operational or financial impact as of today and is initiating legal proceedings to seek revocation of the closure order.
- Received closure order on September 3, 2026, under Section 33A of Water Act, 1974 and Section 31A of Air Act, 1981.
- Directive mandates closure of operations at the Ugar Khurd plant until further orders.
- Company clarified non-compliance observations pertained to 2025 and corrective measures are already in place.
- Legal course of action is being pursued to obtain a formal revocation from KSPCB with no immediate financial impact reported.
The Ugar Sugar Works (USWL) has been upgraded to investment grade (CARE BBB-; Stable) from CARE BB+ (Negative) for its Rs 700 crore bank facilities. This upgrade follows a strong FY26 performance where revenue grew 11% to Rs 1,490.22 crore and operating profit (PBILDT) more than doubled to Rs 106 crore. The improvement is attributed to higher sugar realizations and better performance in the co-generation and ethanol segments. While the company faces significant debt repayments of Rs 50 crore annually, its improved cash accruals are expected to cover these obligations.
- Credit rating upgraded to CARE BBB- (Stable) from CARE BB+ (Negative) for Rs 700 crore bank facilities.
- FY26 revenue increased 11% year-over-year to Rs 1,490.22 crore compared to Rs 1,333.50 crore in FY25.
- Operating profit (PBILDT) surged to Rs 106 crore in FY26 from Rs 44 crore in FY25, with margins expanding by ~370bps.
- Company faces scheduled debt repayments of approximately Rs 50 crore per annum for both FY26 and FY27.
- Ethanol capacity includes an 800 KLPD juice-based distillery and a 400 KLPD grain-based plant for the off-season.
Mr. P V Shirgaokar (DIN: 00151114) has tendered his resignation from the directorship of The Ugar Sugar Works Limited with effect from 11th August 2026. The director cited personal other commitments as the reason for stepping down. The company, which has a market capitalization of Rs 568 Cr and TTM revenues of Rs 749 Cr, did not report any associated operational disruptions.
- Resignation of Director Mr. P V Shirgaokar (DIN: 00151114) announced
- Effective resignation date: 11th August 2026
- Reason cited for departure: 'due to my other commitments'
The Ugar Sugar Works Limited has announced the cessation of two board members effective August 11, 2026. Mr. Hari Athawale retired as an Independent Director upon completion of his tenure. Mr. Prafulla Shirgaokar resigned as a Non-Executive Director and has been appointed as Chairman Emeritus effective August 12, 2026. The company has also reconstituted its board committees to reflect these changes.
- Mr. Hari Athawale retired as Independent Director effective August 11, 2026, following the completion of his tenure.
- Mr. Prafulla Shirgaokar resigned as Non-Executive Director effective August 11, 2026.
- Mr. Prafulla Shirgaokar appointed as Chairman Emeritus starting August 12, 2026, to leverage his experience.
- Board committees were reconstituted following the cessation of the two directors.
The Ugar Sugar Works Limited has announced the resignation of Mr. Prafulla Shirgaokar as Non-Executive Director and the retirement of Mr. Hari Athawale as Independent Director, both effective August 11, 2026. Mr. Shirgaokar, recognized for his vast experience, has been appointed as Chairman Emeritus starting August 12, 2026. The company, which reported a TTM revenue of Rs 749 Cr and carries a high debt-to-equity ratio of 2.87, is also reconstituting its board committees. These changes appear to be a routine succession and honorary transition.
- Mr. Prafulla Shirgaokar resigned as Non-Executive Director effective August 11, 2026.
- Mr. Hari Athawale retired as Independent Director on August 11, 2026, upon completion of his tenure.
- Mr. Shirgaokar appointed as Chairman Emeritus effective August 12, 2026, to retain his experience.
- Board committees are being reconstituted following these departures.
- Company maintains a high debt level of Rs 668 Cr against a net worth of Rs 233 Cr.
The Ugar Sugar Works Limited concluded its 86th Annual General Meeting on August 5, 2026. Shareholders approved the audited standalone financial statements for the year ended March 31, 2026, and the declaration of a dividend. The voting process, conducted via remote e-voting and during the AGM, saw near-unanimous support for all ordinary resolutions, including the ratification of cost auditors' remuneration for FY 2026-27. Despite the routine nature of the filing, it confirms the formal adoption of the company's financial position which currently shows a TTM loss of Rs 12 Cr.
- 86th Annual General Meeting held on August 5, 2026, via Video Conferencing
- Resolution to adopt FY26 financial statements passed with 4,37,86,080 votes in favor (100%)
- Dividend declaration approved by shareholders with 100% of valid votes cast in favor
- Ratification of Cost Auditors' remuneration for FY 2026-27 passed with 99.89% majority
- E-voting cut-off date was July 29, 2026, with remote voting conducted from August 1 to August 4, 2026
The Ugar Sugar Works Limited reported a turnaround in Q1 FY27, posting a net profit of ₹1.49 Cr compared to a net loss of ₹13.73 Cr in the same quarter last year. Revenue from operations grew 32.2% YoY to ₹480.94 Cr, primarily driven by a 109% surge in the Sugar segment's revenue to ₹278.53 Cr. While the Industrial Alcohol segment remains the primary profit contributor with a PBIT of ₹35.02 Cr, high finance costs of ₹18.47 Cr (up 33% YoY) continue to constrain overall margins.
- Revenue from operations increased 32.2% YoY to ₹480.94 Cr from ₹363.88 Cr.
- Net Profit turned positive at ₹1.49 Cr compared to a loss of ₹13.73 Cr in Q1 FY26.
- Sugar segment revenue doubled to ₹278.53 Cr from ₹133.16 Cr in the previous year's quarter.
- Industrial Alcohol segment PBIT grew 100% YoY to ₹35.02 Cr from ₹17.50 Cr.
- Finance costs rose to ₹18.47 Cr, representing 3.8% of quarterly revenue.
The Ugar Sugar Works Limited conducted its 86th Annual General Meeting (AGM) on August 5, 2026, via video conferencing. Key agenda items included the adoption of audited standalone financial statements for the year ended March 31, 2026, and the declaration of a dividend. Shareholders also voted on the re-appointment of Mr. Shishir S. Shirgaokar as a non-executive director and the ratification of cost auditors' remuneration for FY27. Detailed voting results are expected to be released within 48 hours of the meeting's conclusion.
- 86th Annual General Meeting held on August 5, 2026, to approve FY26 financial results.
- Remote e-voting was conducted over a 4-day window from August 1 to August 4, 2026.
- Agenda included the declaration of a dividend for the financial year ended March 31, 2026.
- Ratification of remuneration for Cost Auditors for the upcoming financial year ending March 31, 2027.
- Re-appointment of Mr. Shishir S. Shirgaokar (DIN: 00166189) as a director liable to retire by rotation.
The Ugar Sugar Works Limited has scheduled its 86th Annual General Meeting (AGM) for August 5, 2026, to adopt FY26 financial results and consider a dividend declaration. A key special resolution involves the continuation of Mr. Shishir Shirgaokar as a Non-Executive Director, as he has exceeded the age of 75. The company is currently navigating a challenging financial period with a TTM loss of Rs 12 Cr and a high debt-to-equity ratio of 2.87. Investors will look for updates on the 400 KLPD distillery expansion and grain-based ethanol utilization which stood at a low 30% in previous cycles.
- 86th Annual General Meeting scheduled for August 5, 2026, at 11:00 AM via video conferencing.
- Book closure for the purpose of AGM and dividend set from July 30, 2026, to August 5, 2026.
- Special resolution proposed for Mr. Shishir Shirgaokar to continue as Director until the 2028 AGM despite being over 75 years old.
- Proposed ratification of Rs 3,50,000 remuneration for Cost Auditors for the financial year 2026-27.
- Company reports a high debt of Rs 668 Cr against a net worth of Rs 233 Cr as per latest financial context.
The Ugar Sugar Works Limited has filed its quarterly compliance certificate under SEBI (Depositories and Participants) Regulations for the period ending June 30, 2026. The Registrar and Share Transfer Agent (RTA), Bigshare Services Pvt. Ltd., confirmed that all physical share certificates received for dematerialization were processed and cancelled within 15 days. This is a standard administrative requirement to ensure shareholding records are updated correctly in electronic form. The filing does not contain any financial or operational updates and is routine in nature.
- Compliance for the quarter ended June 30, 2026.
- Confirmation of processing dematerialization requests within 15 days.
- RTA Bigshare Services Pvt. Ltd. issued the certificate on July 9, 2026.
The promoters and promoter group of The Ugar Sugar Works Limited have submitted their annual declaration under SEBI (SAST) Regulations, confirming that no shares held by them were encumbered or pledged during the financial year ended March 31, 2026. This is a routine compliance filing that provides transparency regarding the status of the promoter's 44.5% stake. While the company faces financial pressure with a TTM loss of Rs 12 Cr and a high debt-to-equity ratio of 2.87, the absence of share pledges indicates that promoters have not leveraged their equity for personal or external financing during this period.
- Promoters confirmed zero (0) new encumbrances, direct or indirect, for the financial year ended March 31, 2026
- The declaration covers a total of 44 individuals and entities within the promoter and promoter group
- Promoter holding remains at approximately 44.5% as per the latest available shareholding data
- Company maintains a high debt level of Rs 668 Cr against a net worth of Rs 233 Cr
The Ugar Sugar Works Limited has announced the closure of its trading window for all designated persons starting July 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, regarding the financial results for the quarter ended June 30, 2026. The window will remain closed until 48 hours after the board meeting where the unaudited standalone financial results are approved. This is a standard administrative procedure and does not reflect any change in the company's financial position, which recently reported a TTM revenue of ₹749 Cr and a net loss of ₹12 Cr.
- Trading window closure effective from July 1, 2026.
- Restriction pertains to the financial results for the quarter ended June 30, 2026.
- Window to reopen 48 hours after the conclusion of the Board meeting to approve results.
- Applies to Promoters, Directors, Designated Employees, and Insiders as per SEBI regulations.
The Ugar Sugar Works Limited has announced the schedule for its 86th Annual General Meeting (AGM) and the associated final dividend for FY 2025-26. The company has fixed July 29, 2026, as the record date to determine shareholder eligibility for the dividend and e-voting rights. The book closure period will run from July 30, 2026, to August 5, 2026. The AGM is scheduled to be held virtually on August 5, 2026.
- Record date for final dividend and AGM e-voting is fixed as July 29, 2026.
- Book closure period scheduled from July 30, 2026, to August 5, 2026.
- 86th Annual General Meeting to be held virtually on August 5, 2026.
- The corporate actions pertain to the final dividend for the financial year 2025-26.
Financial Performance
Revenue Growth by Segment
The company experienced a dip in revenue in FY24 due to macroeconomic factors and government restrictions on sugar syrup diversion for ethanol. For H1 FY26 (ended September 30, 2025), the company reported a net loss before tax of INR 45.80 Cr, compared to a loss of INR 22.11 Cr in FY25, reflecting a significant deterioration in profitability.
Geographic Revenue Split
Operations are concentrated in Karnataka, with primary units in Ugar Khurd (Dist. Belagavi) and Jewargi (Dist. Kalburgi). Revenue is derived from these regions, serving local power Escoms and national Oil Manufacturing Companies (OMCs).
Profitability Margins
Profitability has been severely impacted by high raw material costs and lower crushing volumes. Net profit before tax margin is negative, with a loss of INR 45.80 Cr on total assets of INR 783.79 Cr in H1 FY26. PBDIT for FY24 was estimated to be 20% lower than original projections due to underutilization of the grain-based distillery.
EBITDA Margin
Core profitability (PBDIT) is under pressure due to a 30% utilization rate of the grain-based ethanol plant and increased Fair and Remunerative Price (FRP) for sugarcane. The company reported a net loss of INR 42.34 Cr in H1 FY24 despite a healthy cash flow from operations of INR 203 Cr.
Capital Expenditure
The company has invested in a debt-funded ethanol plant expansion. Capital Work-in-Progress (CWIP) stood at INR 108.35 Cr as of September 30, 2025, while Property, Plant & Equipment (PPE) was valued at INR 275.43 Cr.
Credit Rating & Borrowing
CARE Ratings downgraded the company from CARE BBB-; Stable to CARE BB+; Negative in May 2025. This reflects significant under-achievement of profitability. Long-term bank facilities are rated for INR 700 Cr and Fixed Deposits for INR 80 Cr.
Operational Drivers
Raw Materials
Sugarcane (primary), Maize, and Rice (sourced from FCI) are the critical raw materials. Sugarcane costs are dictated by government-fixed FRP, which recently increased, squeezing margins.
Import Sources
Sugarcane is sourced locally from a command area of 76,000 acres across 80 villages in Karnataka. Grains like rice and maize are sourced from the Food Corporation of India (FCI).
Key Suppliers
Primary suppliers include local farmers in the Ugar-Khurd and Jewargi regions and the Food Corporation of India (FCI) for grain-based ethanol production.
Capacity Expansion
The company operates a 4,200 TCD sugar unit at Jewargi and a larger unit at Ugar Khurd (crushing ~20 lakh MT over 3 seasons). Ethanol capacity includes a 250 KLPD grain-based plant (part of a 400 KLPD plan) and a juice-based distillery.
Raw Material Costs
Raw material costs are high due to government-mandated FRP increases. In H1 FY24, the company recorded old settlements of INR 7 Cr, further impacting the cost structure.
Manufacturing Efficiency
Capacity utilization for the grain-based ethanol plant was sub-optimum at 30% in H1 FY24. However, the sugar units benefit from being in a high-recovery zone in Karnataka.
Logistics & Distribution
Distribution is focused on OMCs for ethanol and state Escoms for power. Sugar is sold through established wholesale channels, though specific logistics costs are not disclosed.
Strategic Growth
Growth Strategy
Growth is driven by the expansion of distillery capacity to 400 KLPD and alignment with the government's Ethanol Blending Programme (EBP). The strategy involves utilizing grain-based ethanol during the sugar off-season (April to October) to ensure year-round revenue.
Products & Services
White crystal sugar, Ethanol (juice and grain-based), and Co-generated Power.
Brand Portfolio
The Ugar Sugar Works Limited (UGARSUGAR).
New Products/Services
Expansion into grain-based ethanol (maize/rice) to supplement traditional molasses/syrup-based production.
Market Expansion
Targeting increased ethanol supply to OMCs to meet national blending targets. The company operates two units in Karnataka to maximize regional cane procurement.
Strategic Alliances
The company maintains supply contracts with Oil Manufacturing Companies (OMCs) for ethanol and state electricity companies (Escoms) for power.
External Factors
Industry Trends
The industry is shifting toward ethanol-heavy models due to the Ethanol Blending Programme (EBP). Current trends show a move toward multi-feed distilleries (grain and syrup) to counter sugar seasonality.
Competitive Landscape
Key competitors in the Karnataka region include Athani Sugars Limited and Shiraguppi Sugars Works Limited.
Competitive Moat
The moat consists of a 76,000-acre command area and established relationships with farmers in a high-recovery zone. This geographic advantage is sustainable but vulnerable to local competition from factories like Athani Sugars.
Macro Economic Sensitivity
Highly sensitive to agro-climatic conditions affecting sugarcane yield and government fiscal policies regarding sugar export and ethanol pricing.
Consumer Behavior
Increasing national demand for green fuels (ethanol) is shifting the company's production focus away from pure sugar.
Geopolitical Risks
Trade barriers on sugar exports and national food security policies (e.g., FCI grain allocation) directly impact operational viability.
Regulatory & Governance
Industry Regulations
Operations are heavily regulated by the Essential Commodities Act, with government control over sugar release quotas, export limits, and cane pricing (FRP/SAP).
Environmental Compliance
The company is subject to pollution norms for its distillery and sugar units. Ethanol production is a key part of its ESG positioning.
Legal Contingencies
The company recorded old legal/operational settlements amounting to INR 7 Cr in H1 FY24.
Risk Analysis
Key Uncertainties
Raw material availability (sugarcane and FCI grain) and government policy shifts regarding ethanol feedstock are the primary uncertainties, potentially impacting PBDIT by 20% or more.
Geographic Concentration Risk
100% of manufacturing assets are located in Karnataka, making the company highly vulnerable to regional monsoon patterns and state-specific cane pricing.
Third Party Dependencies
High dependency on the Food Corporation of India (FCI) for grain supply and local farmers for sugarcane.
Technology Obsolescence Risk
The shift to grain-based ethanol requires ongoing technical optimization, as seen in the initial sub-optimum 30% utilization of the new plant.
Credit & Counterparty Risk
Receivables are generally healthy, with OMCs paying within 20 days and Escoms within 30 days. Trade receivables stood at INR 121.55 Cr in September 2025.
