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Swing Capital

Ugar Sugar Works Ltd

NSE: UGARSUGAR BSE: 530363Energy

Incorporated in 1939, The Ugar Sugar Works Ltd manufactures and sells sugar, industrial and potable alcohol, and does generation and distribution of electricity[1]

₹42.3
52W: ₹33.1 — ₹52.5
PE 34.9 · Book ₹20.8 · +103% vs book
Market Cap₹475 Cr
Stock P/E34.9Price to Earnings
ROCE9%Return on Capital
ROE6.05%Return on Equity
Div. Yield0%Face Value ₹1

Weaknesses

  • −Company has low interest coverage ratio.
  • −Promoter holding has decreased over last quarter: -2.21%
  • −The company has delivered a poor sales growth of 9.21% over past five years.
  • −Company has a low return on equity of 2.49% over last 3 years.
  • −Dividend payout has been low at 7.19% of profits over last 3 years

Shareholding Pattern

Promoters44.54%
FIIs0.19%
DIIs0%
Public55.26%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters44.45%44.41%▼0.044.81%▲0.446.57%▲1.846.73%▲0.247.03%▲0.346.75%▼0.344.54%▼2.2
FIIs1.57%0.61%▼1.00.5%▼0.10.38%▼0.10.67%▲0.30.19%▼0.50.17%▼0.00.19%▲0.0
DIIs0%0%0%0%0%0%0%0%
Public53.97%54.98%▲1.054.69%▼0.353.05%▼1.652.6%▼0.452.78%▲0.253.07%▲0.355.26%▲2.2

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales361368316240263511356417321389
Expenses300345309285242453351426285319
Operating Profit61247-4420585-93771
OPM %17%6%2%-18%8%11%1%-2%11%18%
Net Profit4617-12-60551-14-321446
EPS ₹4.11.54-1.05-5.340.44.54-1.22-2.861.224.07

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,484Cr, up 11.6% YoY. OPM at 7%.

Debt Position

Borrowings at ₹668Cr. Debt-to-equity ratio: 3.01x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹35Cr (10% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0% (+0.00pp change). FIIs: 0.19% (-2.07pp change). Promoters hold 44.54%.

Margin & Efficiency

ROCE improving from 3% (Mar 2015) to 9% (Mar 2026). Working capital days: -27.

Valuation

PE 34.9x with 9% ROCE. Price is 103% above book value of ₹20.8. Dividend yield: 0%.

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