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Dossier · THE UGAR SUGAR WORKS LTD · 11 September 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
THE UGAR SUGAR WORKS LTD NSE: UGARSUGAR · BSE: 530363
Fast Moving Consumer Goods › Fast Moving Consumer Goods › Agricultural Food & other Products › Other Agricultural Products
THE UGAR SUGAR WORKS LTD
StateQ2 FY24 filed
Last close · 10 Sept 2026₹54.20
Market cap₹0.6k cr
TTM P/E · P/B · EV/EBITDA8.9 · 3.53 · 4.7
THE UGAR SUGAR WORKS LTD is a Agricultural Food & other Products company listed on NSE. The annual-report business brief for this company has not been generated yet; the numbers below are as filed.
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY20–FY23 (all audited; no estimate years)
₹ crore · consolidated
FY20
FY21
FY22
FY23
Revenue
966
1,118
1,302
1,940
EBITDA (ex other income)
23
68
99
208
margin %
2.4
6.1
7.6
10.7
Owners' profit
14
0
43
103
EPS, as reported (₹)
1.22
1.52
3.94
9.16
ROE % · ROCE %
21.2 · 44.6
21.2 · 37.3
35.6 · 34.7
46.7 · 52.4
Debt / equity (x)
6.39
6.33
5.25
1.57
Cash from operations
—
(78)
54
394
Capex
—
(6)
(92)
(59)
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · THE UGAR SUGAR WORKS LTD · 11 September 2026Page 2 of 3
Exhibit 2: Quarterly performance, last 8 quarters
₹ crore
Q3 FY22
Q4 FY22
Q1 FY23
Q2 FY23
Q3 FY23
Q4 FY23
Q1 FY24
Q2 FY24
Revenue
340
408
373
290
630
647
218
266
Profit before tax
53
16
9
(12)
63
89
(8)
(32)
Net profit
51
15
6
(13)
46
65
(9)
(33)
EPS (₹)
4.55
1.41
0.51
(1.20)
4.05
5.80
(0.81)
(2.95)
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Segment revenue, FY23
Segment
Revenue, ₹ crore
Share %
Co-generation
167
6.5
Industrial Alcohol
563
22.1
Potable Alcohol
176
6.9
Sugar
1,596
62.6
Unallocated
48
1.9
Co-Generation
0
0.0
Total, before eliminations
2,551
100.0
Source: the filed segment block, four quarters summed.
Exhibit 4: Peers — basic industry group, by market cap
Company
M.cap ₹ cr
P/E
P/B
EV/EBITDA
ROE %
ROCE %
Rev CAGR 5y %
EBITDA m. %
Dossier · THE UGAR SUGAR WORKS LTD · 11 September 2026Page 3 of 3
Exhibit 6: Filings of the last 90 days, with the measured price reaction
13 Aug 2026 · Credit rating upgraded to CARE BBB- with Stable outlook
credit debt
high
—
—
12 Aug 2026 · Two directors exit Ugar Sugar board effective 11 Aug 2026
management changes
medium
—
—
11 Aug 2026 · Director Mr Prafulla Shirgaokar resigns from Ugar Sugar board
management changes
high
—
—
11 Aug 2026 · Independent Director retires, Non-Executive Director resigns, Chairman Emeritus named
management changes
medium
—
—
11 Aug 2026 · Two directors exit Ugar Sugar; Shirgaokar named Chairman Emeritus
management changes
medium
—
—
6 Aug 2026 · 86th AGM results: 10% dividend declared, all 6 resolutions passed
compliance
minimal
—
—
5 Aug 2026 · Ugar Sugar Q1 FY27 profit swings to positive Rs 1.49 cr from year ago loss
results
high
—
—
5 Aug 2026 · 86th AGM held on Aug 5, 2026 via video conferencing; key items voted on
board shareholder meetings
low
—
—
25 Jul 2026 · Ugar Sugar board meeting on Aug 5 to approve Q1 FY27 results
board shareholder meetings
low
—
—
Source: exchange announcements; reaction = close-to-close from the filing's session.
How to read this document
Where a broker report shows
This document shows
Why
A rating (BUY / ADD / REDUCE / SELL)
LT FOODS LIMITED
15,244
23.8
3.37
12.9
13.8
16.0
18.7
11.5
KRBL LIMITED
9,630
12.7
1.66
10.0
11.2
14.7
8.8
24.9
GUJARAT AMBUJA EXPORTS LT
7,486
18.0
2.27
13.9
9.2
11.7
4.0
17.0
KAVERI SEED CO. LTD.
3,703
15.0
2.11
10.0
16.9
17.0
6.1
40.1
TRUALT BIOENERGY LIMITED
3,550
25.3
2.25
13.6
6.1
4.8
—
23.5
SANSTAR LIMITED
2,207
65.6
—
—
—
—
—
8.8
AMIR CHAND JAG KUM (E) L
2,131
20.4
2.31
12.6
11.2
14.8
—
9.5
GRM OVERSEAS LIMITED
1,747
13.3
2.88
16.4
12.3
16.5
17.2
8.4
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 5: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/E (TTM)
8.9
12.0
25 of 65
61%
P/B
3.5
1.7
43 of 51
16%
ROCE
(13.0)
4.4
63 of 68
8%
ROE
(24.5)
3.3
51 of 54
6%
Debt / Equity
1.3
0.2
47 of 54
13%
EBITDA margin
(6.1)
9.7
43 of 45
5%
Revenue growth
(8.3)
10.3
32 of 51
38%
Profit growth
(146.3)
16.6
44 of 51
14%
Market cap
610
69
13 of 69
82%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
A state: the latest filed quarter and the measured reactions
an event is a fact; a rating is an opinion that requires SEBI RA registration
A target price and upside
The current price and the multiples against the group
a target is a forecast; a multiple is a measurement
Estimate years marked E
More audited years; no estimates
MarketPing publishes no forecasts — your own model lives on the Models page
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
