Ugar Sugar Works Ltd(UGARSUGAR)

NSE: UGARSUGARBSE: 530363

₹ 46.57-5.00%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 524 crNext results: 26 Oct 2026Website: www.ugarsugar.comUpdated: 24 Oct 2026

About

Ugar Sugar Works Ltd makes sugar, industrial alcohol (ethanol), potable alcohol (IML) and co-generated power. It reported revenue of Rs 1515.09 Cr in FY26. Sugar and industrial alcohol were its two largest segments in FY26, at 44.7% and 42.8% of segment revenue.^[1][2][3]

Business segments

Sugar: 44.7% of segment revenue in FY26 (Rs 823.67 Cr), with segment EBIT of Rs 80.37 Cr.^[3]
Industrial Alcohol (ethanol): 42.8% of segment revenue in FY26 (Rs 788.63 Cr), with segment EBIT of Rs 20.27 Cr.^[3]
Co-generation (power): 10.5% of segment revenue in FY26 (Rs 193.11 Cr), with segment EBIT of Rs 24.71 Cr.^[3]
Potable Alcohol (IML): 2.0% of segment revenue in FY26 (Rs 36.22 Cr), with a segment loss of Rs 3.25 Cr.^[3][1]
The FY26 annual report also shows a Petrol Pump (petroleum products) segment, with revenue of Rs 44.09 Cr and a result of Rs 0.73 Cr.^[1]

Products

The company makes four products: sugar, industrial alcohol (ethanol), potable alcohol (IML) and co-generated power (FY26).^[1]
It has a grain-based ethanol plant. The plant was funded by a Saraswat Co-op Bank Phase-II term loan, with Rs 3,489.80 Lakhs outstanding as of FY26.^[1]

Operations and raw materials

The company crushes cane at its Ugar and Jewargi units. It expects to buy about 25 to 28 Lakh MT of sugarcane there in the 2026-27 crushing season, depending on the monsoon.^[1]
Sugarcane comes from farmers. The company's R&D cell and field staff visit farmers to support cultivation and improve yields (FY26).^[1]

Customers and distribution

Sugar is sold through sugar agents to household and institutional buyers. Institutional buyers include food, beverage, dairy, bakery, biscuit and sweets makers, and supermarkets.^[1]
Ethanol is sold to oil companies for blending with petrol.^[1]
Potable alcohol is distributed through Karnataka State Beverages Corporation Ltd (KSBCL).^[1]
Power is sold on the open exchange through Power Trading Corporation (PTC).^[1]
The company sells across all Indian states. It exports only indirectly, through merchant exporters, and exported no sugar in FY26.^[1]

Capex

Capital expenditure was Rs 2,529.18 Lakhs in FY26, mainly in the Industrial Alcohol segment, against Rs 5,241.26 Lakhs in FY25.^[1]
Contracts still to be carried out on capital account were Rs 317.02 Lakhs in FY26, against Rs 3,924.11 Lakhs in FY25.^[1]
The grain ethanol term loan is repaid at Rs 75 Lakhs a month. The last instalment is due in July 2031.^[1]

Industry and regulatory setting

India reached an ethanol blending ratio of 19.98% in ESY2026, with 239 crore litres blended.^[1]
The minimum selling price (MSP) of sugar has not been revised since 2019. The industry is asking for it to be raised to Rs 39 per kg (FY26 annual report).^[1]
In October 2024, the Supreme Court upheld the power of states to regulate industrial alcohol. This may let state governments tax it.^[1]
India's sugar production for 2025-26 was revised down 5.57% to 30.90 million tonnes. Opening stocks for 2026-27 are projected at 4.25 million tonnes.^[1]
Raw sugar prices were $313/MT in February 2026, against $445/MT in February 2025. The ISO projects a global surplus of 1.625 million tonnes for 2025/26.^[1]

Market Cap

₹524 Cr

High / Low

₹67 / 33

Stock P/E

10.1

Price / Book

4.7

Book Value

₹21

EPS

₹1.2

No. of Shares

11.25 Cr

ROCE

9.4%

ROE

5.8%

OPM

5.1%

Debt / Equity

2.86

Sales

₹1,515 Cr

Net Profit

₹14 Cr

Promoter holding

44.5%

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Ugar Sugar Works Ltd(UGARSUGAR)

About

Business segments

Products

Operations and raw materials

Customers and distribution

Capex

Industry and regulatory setting

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