NSE: VISHWARAJ · BSE: 542852
VISHWARAJ SUGAR IND LTD
Manufactures sugar from sugarcane at an integrated complex in Belagavi, Karnataka, with four reporting businesses. Sugar is the largest at 65.4% of FY26 segment revenue (Rs. 248.59 crore) but lost Rs. 142.34 crore at the EBIT level, hurt by the Karnataka government setting the sugarcane price at Rs. 50 per quintal above FRP. Distillery contributed 24.8% of segment revenue (Rs. 94.10 crore) and was the main profit earner with EBIT of Rs. 112.04 crore; a new 150 KLPD ethanol plant began commercial operations in January 2026. Co-generation (6.4% of segment revenue, Rs. 24.36 crore) sells electricity and the Vinegar unit (3.3%, Rs. 12.60 crore) makes vinegar, both of which run profitably. Raw materials (largely sugarcane) made up 88.4% of FY26 revenue at Rs. 333.16 crore. The company posted a net loss of Rs. 28.17 crore on revenue of Rs. 376.81 crore in FY26, a 17% revenue decline year-on-year. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Sugar (65%), Distillery (25%), Co-generation (6%), Vinegar Unit (3%), Other (0%). Cyclical, agro-commodity driven, integrated sugar-ethanol complex
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 469 | 616 | 550 | 454 | 377 |
| EBITDA (ex other income) | 93 | 66 | 66 | 12 | (10) |
| margin % | 19.9 | 10.7 | 12.0 | 2.6 | (2.6) |
| Owners' profit | 60 | (23) | 14 | (37) | (28) |
| EPS, as reported (₹) | 3.21 | (1.24) | 0.78 | (1.74) | (1.26) |
| ROE % · ROCE % | 21.3 · 21.2 | (9.2) · 14.1 | 5.4 · 13.8 | (13.2) · 0.7 | (11.1) · (5.4) |
| Debt / equity (x) | 1.31 | 1.39 | 1.36 | 1.39 | 1.66 |
| Cash from operations | 35 | 52 | 146 | 50 | 37 |
| Capex | (33) | 0 | (126) | 0 | 0 |
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 | 93 | 93 | 167 | 133 | 188 | 78 | 111 | 107 |
| Profit before tax | (22) | 1 | 8 | (16) | (31) | (7) | (13) | (26) |
| Net profit | (22) | 1 | 2 | (16) | (31) | (7) | 11 | (26) |
| EPS (₹) | (1.00) | 0.03 | 0.06 | (0.75) | (1.42) | (0.31) | 0.53 | (1.19) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Sugar | 329 | 64.2 |
| Co-generation | 29 | 5.7 |
| Distilery | 16 | 3.2 |
| Vinegar Unit | 16 | 3.1 |
| Other | 1 | 0.1 |
| Distellary | 76 | 14.9 |
| Distillery | 46 | 8.9 |
| Others | 0 | 0.0 |
| Total, before eliminations | 512 | 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 | 14,565 | 37.6 | 3.52 | 22.8 | 9.1 | 9.7 | 5.4 | 7.9 |
| TRIVENI ENGG. & INDS. LTD | 5,262 | 18.7 | 1.57 | 12.1 | 8.0 | 9.4 | 10.1 | 3.3 |
| BAJAJ HINDUSTHAN SUGAR LT | 4,781 | 14.8 | 1.25 | 22.0 | 3.3 | 1.5 | (3.9) | (10.4) |
| SHREE RENUKA SUGARS LTD | 4,633 | — | — | 75.4 | 29.6 | (108.2) | 10.2 | (3.1) |
| BANNARI AMMAN SUGARS LTD | 4,138 | 34.0 | 2.16 | — | 7.7 | 8.7 | — | 0.5 |
| DALMIA BHARAT SUG IN LTD | 3,497 | 14.6 | 1.08 | 9.6 | 7.3 | 8.0 | 6.1 | 8.3 |
| DHAMPUR SUGAR MILLS LTD. | 1,180 | 16.8 | 0.98 | 10.4 | 5.5 | 5.8 | (7.9) | 4.7 |
| UTTAM SUGAR MILLS LTD. | 1,126 | 12.9 | 1.27 | 7.8 | 11.3 | 12.7 | — | 4.5 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.5 | 1.0 | 6 of 26 | 80% |
| ROCE | (12.7) | 3.0 | 24 of 27 | 12% |
| ROE | (11.1) | 3.5 | 23 of 26 | 12% |
| Debt / Equity | 1.7 | 0.6 | 25 of 26 | 4% |
| EBITDA margin | (7.2) | 4.6 | 24 of 26 | 8% |
| Revenue growth | (19.5) | 5.5 | 23 of 25 | 8% |
| Profit growth | (57.7) | (14.4) | 17 of 27 | 39% |
| Market cap | 117 | 286 | 22 of 28 | 22% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 28 Sept 2026 · Voting Results and Scrutinizer Report filed for 31st AGM | compliance | minimal | — | — |
| 28 Sept 2026 · Vishwaraj Sugar 31st AGM proceedings: 4 resolutions passed | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Trading Window closure ahead of Sept 2026 quarter results | compliance | minimal | — | — |
| 7 Sept 2026 · Newspaper notice published for 31st AGM on September 28, 2026 | compliance | minimal | — | — |
| 5 Sept 2026 · 31st AGM on Sep 28, 2026; Annual Report FY25-26 submitted | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Newspaper notice issued for 31st AGM on September 28, 2026 | compliance | minimal | — | — |
| 13 Aug 2026 · Vishwaraj Sugar Q1 FY27: Loss Widens to Rs 25.84 Cr on Lower Revenue | results | high | — | — |
| 13 Aug 2026 · Q1 FY27 loss widens to Rs 25.84 cr on revenue dip and higher finance costs | results | high | — | — |
| 5 Aug 2026 · Vishwaraj Sugar board to meet Aug 13 for Q1 FY27 results and AGM notice | results | low | — | — |
| 15 Jul 2026 · Routine compliance certificate on share dematerialisation for Q1FY27 | compliance | minimal | — | — |
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.