NSE: UTTAMSUGAR · BSE: 532729
UTTAM SUGAR MILLS LTD.
Produces sugar from sugarcane and runs an integrated complex that adds ethanol distillation and bagasse-based power generation. Sugar is the dominant segment, accounting for 73.4% of segment revenue at Rs 1,975.52 cr in FY26 with EBIT of Rs 140.03 cr. Distillery operations add 22.3% at Rs 600.83 cr with EBIT of Rs 55.16 cr, and cogeneration contributes the remaining 4.2% at Rs 114.16 cr with EBIT of Rs 21.11 cr. On a consolidated basis, FY26 revenue stood at Rs 2,201.65 cr with net profit of Rs 100.59 cr and total assets of Rs 1,937.29 cr. The largest cost line is sugarcane and other raw materials at 66.2% of revenue, with employees at 5.4% and other operating expenses at 8.5%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Sugar (73%), Distillery (22%), Cogeneration (4%). Cyclical, agro-processing business tied to sugarcane seasonality and government-regulated sugar and ethanol economics.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 1,846 | 2,202 |
| EBITDA (ex other income) | 213 | 228 |
| margin % | 11.5 | 10.4 |
| Owners' profit | 88 | 100 |
| EPS, as reported (₹) | 23.16 | 26.30 |
| ROE % · ROCE % | 10.4 · 17.1 | 11.3 · 17.6 |
| Debt / equity (x) | 1.01 | 0.81 |
| Cash from operations | 102 | 270 |
| Capex | (47) | (58) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 401 | 425 | 567 | 629 | 582 | 521 | 470 | 606 |
| Profit before tax | (19) | 41 | 88 | 19 | 2 | 41 | 74 | 2 |
| Net profit | (14) | 30 | 64 | 15 | 1 | 30 | 55 | 1 |
| EPS (₹) | (3.81) | 8.18 | 17.26 | 3.82 | 0.26 | 7.86 | 14.36 | 0.32 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Sugar | 1,976 | 73.4 |
| Cogeneration | 114 | 4.2 |
| Distillery | 601 | 22.3 |
| Total, before eliminations | 2,691 | 100.0 |
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. % |
|---|---|---|---|---|---|---|---|---|
| BALRAMPUR CHINI MILLS LTD | 13,415 | 34.6 | 3.24 | 21.3 | 9.1 | 9.7 | 5.4 | 7.9 |
| TRIVENI ENGG. & INDS. LTD | 5,017 | 17.8 | 1.50 | 11.7 | 8.0 | 9.4 | 10.1 | 3.3 |
| BAJAJ HINDUSTHAN SUGAR LT | 4,292 | 13.3 | 1.13 | 20.7 | 3.3 | 1.5 | (3.9) | (10.4) |
| SHREE RENUKA SUGARS LTD | 3,930 | — | — | 70.9 | 29.6 | (108.2) | 10.2 | (3.1) |
| BANNARI AMMAN SUGARS LTD | 3,908 | 32.1 | 2.04 | — | 7.7 | 8.7 | — | 0.5 |
| DALMIA BHARAT SUG IN LTD | 3,325 | 13.9 | 1.03 | 9.2 | 7.3 | 8.0 | 6.1 | 8.3 |
| UTTAM SUGAR MILLS LTD. ◆ | 1,241 | 14.3 | 1.39 | 8.3 | 11.3 | 12.7 | — | 4.5 |
| DHAMPUR SUGAR MILLS LTD. | 1,060 | 15.1 | 0.88 | 9.8 | 5.5 | 5.8 | (7.9) | 4.7 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.3 | 14.7 | 10 of 20 | 53% |
| P/B | 1.4 | 0.9 | 19 of 26 | 28% |
| ROCE | 12.7 | 3.0 | 4 of 27 | 89% |
| ROE | 11.3 | 3.5 | 4 of 26 | 88% |
| Debt / Equity | 0.8 | 0.6 | 20 of 26 | 24% |
| EBITDA margin | 4.5 | 4.6 | 14 of 26 | 48% |
| Revenue growth | (3.6) | 5.5 | 17 of 25 | 33% |
| Profit growth | (91.0) | (14.4) | 21 of 27 | 23% |
| Market cap | 1241 | 286 | 7 of 28 | 78% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 17 Oct 2026 · Board meeting on Oct 31 to approve Q2/H1 FY26-27 results | results | low | — | — |
| 15 Oct 2026 · Confirmation Certificate under SEBI Regulation 74(5) submitted | compliance | minimal | — | — |
| 15 Oct 2026 · Uttam Sugar says no undisclosed info behind price movement | regulatory legal | medium | — | — |
| 14 Oct 2026 · Exchange seeks clarification on unusual price movement | regulatory legal | high | — | — |
| 13 Oct 2026 · Reply to NSE query on unusual price/volume movement | regulatory legal | medium | — | — |
| 12 Oct 2026 · NSE queries Uttam Sugar over sharp rise in trading volume | compliance | medium | — | — |
| 26 Sept 2026 · Trading window closure for Q2 and half year FY27 results | compliance | minimal | — | — |
| 25 Sept 2026 · Uttam Sugar buys its Noida corporate office building | capex operations | low | — | — |
| 19 Sept 2026 · KMP authorisation for determining event materiality | compliance | minimal | — | — |
| 18 Sept 2026 · Uttam Sugar Mills appoints Harish Kumar Dhingra as CFO | management changes | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | 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.