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Ugar Sugar Works Ltd
(UGARSUGAR)
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Rating:55Neutral
Price Target:
₹42.00
▼(-7.67% Downside)
Action:Reiterated
Date:09/30/26
The score is held back primarily by weak and inconsistent cash generation, elevated leverage, and volatile profitability, which increase financial risk. Offsetting this, the technical picture is strong with a clear uptrend and positive momentum, while valuation is only moderately supportive due to a mid-to-high P/E despite a high dividend yield.
Positive Factors
Product diversification
The company’s core sugar business is supported by sales of processing co-products such as molasses and bagasse. These additional output streams can broaden revenue sources, improve overall realization from cane processing, and provide some structural support when sugar economics weaken.
Negative Factors
High leverage
Debt has increased materially while equity has grown only modestly, leaving the capital structure debt-heavy. Elevated leverage increases sensitivity to earnings and cash-flow swings, reduces financial flexibility, and can constrain the company’s ability to fund operations or expansion internally.
Read all positive and negative factors
Positive Factors
Negative Factors
Product diversification
The company’s core sugar business is supported by sales of processing co-products such as molasses and bagasse. These additional output streams can broaden revenue sources, improve overall realization from cane processing, and provide some structural support when sugar economics weaken.
Read all positive factors
Ugar Sugar Works Ltd (UGARSUGAR) vs. iShares MSCI India ETF (INDA)
Market Cap
₹4.64B
Dividend Yield0.24%
Average Volume (3M)43.10K
Price to Earnings (P/E)16.8
Beta (1Y)1.11
Revenue Growth-0.70%
EPS Growth184.81%
CountryIN
Employees905
SectorGeneral
Sector StrengthN/A
IndustryFood Confectioners
Share Statistics
EPS (TTM)2.45
Shares Outstanding112,500,000
10 Day Avg. Volume14,235
30 Day Avg. Volume43,096
Financial Highlights & Ratios
PEG Ratio-0.18
Price to Book (P/B)1.89
Price to Sales (P/S)0.30
P/FCF Ratio-8.05
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Ugar Sugar Works Ltd Business Overview & Revenue Model
Company Description
Operating predominantly in India, The Ugar Sugar Works Limited is a key producer and vendor of sugar, alongside a diverse range of industrial and consumable alcoholic products. Its core offerings feature white crystal sugar, accompanied by signifi...
How the Company Makes Money
Ugar Sugar Works Ltd primarily makes money by converting sugarcane into saleable sugar and selling it into the domestic market through wholesale/industrial buyers and distribution channels. Key revenue streams include: (1) Sugar sales: Revenue fro...
Ugar Sugar Works Ltd Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
44
Neutral
Cash Flow
28
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 15.42B | 14.84B | 13.30B | 11.51B | 17.94B | 11.14B |
| Gross Profit | 1.48B | 1.01B | 1.63B | 1.96B | 3.58B | 1.88B |
| EBITDA | 1.31B | 1.11B | 538.25M | 1.03B | 2.11B | 1.01B |
| Net Income | 276.36M | 136.12M | -162.50M | 211.43M | 1.03B | 433.28M |
Balance Sheet | ||||||
| Total Assets | 8.22B | 13.20B | 11.31B | 10.85B | 9.16B | 11.64B |
| Cash, Cash Equivalents and Short-Term Investments | 183.13M | 157.50M | 217.01M | 259.38M | 177.94M | 72.70M |
| Total Debt | 4.47B | 6.68B | 6.11B | 5.66B | 4.00B | 7.00B |
| Total Liabilities | 6.20B | 10.87B | 9.15B | 8.50B | 6.96B | 10.42B |
| Stockholders Equity | 2.01B | 2.34B | 2.16B | 2.35B | 2.21B | 1.22B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -547.63M | -561.42M | -1.40B | 3.35B | -385.42M |
| Operating Cash Flow | 0.00 | -308.09M | 213.06M | -373.18M | 3.94B | 930.02M |
| Investing Cash Flow | 0.00 | -258.92M | -725.84M | -982.60M | -484.19M | -1.31B |
| Financing Cash Flow | 0.00 | 569.67M | 520.28M | 1.31B | -3.46B | 391.51M |
Ugar Sugar Works Ltd Technical Analysis
Negative
45.49
Price Trends
54.08
Negative
47.81
Negative
43.52
Negative
Market Momentum
-3.42
Positive
30.22
Neutral
8.21
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:UGARSUGAR, the sentiment is Negative. The current price of 45.49 is below the 20-day moving average (MA) of 52.33, below the 50-day MA of 54.08, and above the 200-day MA of 43.52, indicating a bearish trend. The MACD of -3.42 indicates Positive momentum. The RSI at 30.22 is Neutral, neither overbought nor oversold. The STOCH value of 8.21 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:UGARSUGAR.
Ugar Sugar Works Ltd Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
60 Neutral | ₹5.84B | 21.07 | ― | 2.68% | 8.61% | -72.58% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹4.64B | 16.78 | ― | 0.24% | -0.70% | 184.81% | |
53 Neutral | ₹7.98B | 20.51 | ― | 0.65% | -32.29% | -70.25% | |
53 Neutral | ₹7.60B | 52.56 | ― | 0.24% | -4.81% | -38.80% | |
48 Neutral | ₹3.32B | 36.59 | ― | ― | 28.91% | -51.07% | |
47 Neutral | ₹1.86B | 34.05 | ― | 1.53% | -8.21% | -55.42% |
* General Sector Average
IN:UGARSUGAR
Ugar Sugar Works Ltd
41.24
-1.53
-3.57%
IN:DAVANGERE
Davangere Sugar Company Limited
1.96
-1.79
-47.73%
IN:DCMSRIND
DCM Shriram Industries Limited
61.13
6.66
12.23%
IN:DWARKESH
Dwarikesh Sugar Industries Ltd.
41.01
-1.56
-3.66%
IN:KOTARISUG
Kothari Sugars & Chemicals Ltd.
22.47
-8.25
-26.86%
IN:MAWANASUG
Mawana Sugars Limited
149.35
65.27
77.64%
Ugar Sugar Works Ltd Corporate Events
Ugar Sugar Works Reshapes Board, Names Chairman Emeritus
Aug 11, 2026
Ugar Sugar Works Ltd has announced changes to its board, with Independent Director Mr. Hari Athawale retiring upon completion of his term and ceasing to be an Independent Director from the close of business on 11 August 2026. On the same date, Non...
Ugar Sugar Reshapes Board as Director Retires and Veteran Becomes Chairman Emeritus
Aug 11, 2026
Ugar Sugar Works Ltd has announced that independent director Hari Athawale will retire from the board upon completion of his term, ceasing to serve as a non-executive independent director from the close of business on 11 August 2026. On the same d...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.