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Last Updated: April 2, 2026, 3:49 am
Author: Getaka|Social: XLinkedIn

Ugar Sugar Works Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹22.73Overvalued by 41.87%vs CMP ₹39.10

P/E (23.2) × ROE (7.9%) × BV (₹15.20) × DY (2.00%)

₹52.77Undervalued by 34.96%vs CMP ₹39.10
MoS: +25.9% (Adequate)Confidence: 50/100 (Moderate)Models: 2 Under, 5 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹19.2629%Over (-50.7%)
Graham NumberEarnings₹23.9721%Over (-38.7%)
Net Asset ValueAssets₹15.209%Over (-61.1%)
EV/EBITDAEnterprise₹21.3312%Over (-45.4%)
Earnings YieldEarnings₹16.809%Over (-57%)
ROCE CapitalReturns₹274.8712%Under (+603%)
Revenue MultipleRevenue₹59.097%Under (+51.1%)
Consensus (7 models)₹52.77100%Undervalued
Key Drivers: EPS CAGR -15.3% drags value — could be higher if earnings stabilize. | Wide model spread (₹15–₹275) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -15.3%

*Investments are subject to market risks

Investment Snapshot

47
Ugar Sugar Works Ltd scores 47/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health33/100 · Weak
ROCE 3.1% WeakROE 7.9% AverageD/E 7.99 High debtInterest Coverage 0.0x RiskyProfitable 4/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 46.8% Stable
Earnings Quality50/100 · Moderate
OPM contracting (11% → 5%) DecliningWorking capital: -30 days (improving) Efficient
Quarterly Momentum70/100 · Strong
Revenue (4Q): +35% YoY Accelerating
Industry Rank35/100 · Weak
P/E 23.2 vs industry 20.7 In-lineROCE 3.1% vs industry 8.6% Below peers3Y sales CAGR: 5% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Ugar Sugar Works Ltd Investor Signals

Computed from valuation, cash flow, balance sheet, ownership and quarterly trend data already available in this stock page.

Value Trap Score
30/100
Low
Derived from: Cheapness + weak quality + weak cash support
Current data: P/E 23.2 vs Ind 20.7 | ROCE 3.1% | ROE 7.9% | CFO/NP N/A
Balance Sheet Stress
70/100
Stressed
Derived from: Leverage + debt servicing + liquidity + debt trend
Current data: D/E 7.99x | IntCov 0.0x | Current 0.88x | Borrow/Reserve 2.75x
Cash Flow Reliability
100/100
Strong
Derived from: Cash backing of earnings + working capital pressure
Current data: CFO ₹0 Cr | NP ₹-16 Cr | CFO/NP N/A
Ownership Accumulation
-75
Distribution
Derived from: FII + DII + promoter direction, adjusted by crowding
Current data: FII -0.02 pp | DII 0.00 pp | Prom -0.28 pp
Business Momentum
+29
Watch closely
Derived from: Latest quarter sales + profit + OPM change
Current data: Q Sales -23.0% | Q NP +143.8% | Q OPM +13.0 pp
Derived FieldValueHow it is derived
Valuation Gap %+35.0%((Fair Value - CMP) / CMP) × 100
Borrowings / Reserves2.75xLatest borrowings divided by latest reserves
CFO / Net ProfitN/ALatest operating cash flow divided by latest net profit
FII Change-0.02 ppLatest FII% minus previous FII%
DII Change0.00 ppLatest DII% minus previous DII%
Promoter Change-0.28 ppLatest promoter% minus previous promoter%
Shareholder Count Change+8,463Latest shareholder count minus previous count
Quarterly Sales Change-23.0%Latest quarter sales vs previous quarter sales
Quarterly Profit Change+143.8%Latest quarter net profit vs previous quarter net profit
Quarterly OPM Change+13.0 ppLatest quarter OPM minus previous quarter OPM

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:49 am

Market Cap 440 Cr.
Current Price 39.1
Intrinsic Value₹52.77
High / Low 52.5/33.1
Stock P/E23.2
Book Value 15.2
Dividend Yield0.00 %
ROCE3.14 %
ROE7.90 %
Face Value 1.00
PEG Ratio-1.52

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Ugar Sugar Works Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Ugar Sugar Works Ltd 440 Cr. 39.1 52.5/33.123.2 15.20.00 %3.14 %7.90 % 1.00
DCM Shriram Industries Ltd 474 Cr. 36.3 63.1/31.97.77 1055.51 %13.7 %11.8 % 2.00
Mawana Sugars Ltd 359 Cr. 91.7 112/75.07.27 1174.36 %10.3 %12.8 % 10.0
Davangere Sugar Company Ltd 539 Cr. 3.77 7.90/3.0363.5 3.520.00 %6.70 %3.17 % 1.00
KCP Sugar & Industries Corporation Ltd 272 Cr. 24.0 41.1/21.266.3 41.30.42 %4.63 %1.99 % 1.00
Industry Average2,024.68 Cr265.4020.73225.550.76%8.62%7.89%6.37

All Competitor Stocks of Ugar Sugar Works Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 594608188234361368316240263511356417321
Expenses 518503182254300345309285242453351426285
Operating Profit 751056-2061247-4420585-937
OPM % 13%17%3%-9%17%6%2%-18%8%11%1%-2%11%
Other Income 22241262425120
Interest 9139981813121211141812
Depreciation 5677787777779
Profit before tax 6389-8-324723-11-60445-14-3216
Tax % 28%26%20%2%1%25%7%0%-24%-14%-3%2%15%
Net Profit 4665-9-334617-12-60551-14-3214
EPS in Rs 4.055.80-0.81-2.954.101.54-1.05-5.340.404.54-1.22-2.861.22

Last Updated: March 3, 2026, 2:14 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 4:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 6426528375856507508709561,1371,7941,1511,3301,606
Expenses 6216317875216717008028881,0381,5851,0811,2891,515
Operating Profit 21215065-2150686899209704090
OPM % 3%3%6%11%-3%7%8%7%9%12%6%3%6%
Other Income 1039839362633139
Interest 33152930293843434449444854
Depreciation 26151615191514121118292830
Profit before tax -28-61528-66514194614830-2215
Tax % 8%-45%24%7%3%21%1%8%7%31%29%-26%
Net Profit -30-31126-68414174310321-1619
EPS in Rs -2.65-0.291.002.31-6.060.391.221.523.859.161.88-1.441.68
Dividend Payout % 0%0%25%9%0%0%8%13%6%5%13%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)90.00%466.67%136.36%-361.54%105.88%250.00%21.43%152.94%139.53%-79.61%-176.19%
Change in YoY Net Profit Growth (%)0.00%376.67%-330.30%-497.90%467.42%144.12%-228.57%131.51%-13.41%-219.15%-96.58%

Ugar Sugar Works Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:7%
5 Years:9%
3 Years:5%
TTM:7%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:%
TTM:-198%
Stock Price CAGR
10 Years:19%
5 Years:25%
3 Years:-10%
1 Year:-48%
Return on Equity
10 Years:13%
5 Years:21%
3 Years:17%
Last Year:-8%

Last Updated: September 5, 2025, 1:46 pm

Balance Sheet

Last Updated: December 4, 2025, 2:06 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 11111111111111111111111111
Reserves 75728010234405268109210224205160
Borrowings 246190278364474554514610700347514611440
Other Liabilities 278376390140341278252202341348336304172
Total Liabilities 6106497596178608838308921,1629161,0851,131784
Fixed Assets 159170158164163152136127117224254234276
CWIP 123410131123879148108
Investments 6666444444455
Other Assets 444471592444691726689759929651749743394
Total Assets 6106497596178608838308921,1629161,0851,131784

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 16475-38-1337-4645-7893394-3721
Cash from Investing Activity + -15-26-4-20-13-2-1-6-131-48-98-73
Cash from Financing Activity + -146-603844-1530-377939-34613152
Net Cash Flow 3-10-4118-196-51-0-51
Free Cash Flow 15348-44-3337-4645-84-39335-140-56
CFO/OP 765%362%-74%-3%-176%-91%66%-115%97%203%-26%54%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-225.00-169.00-228.00-299.00-495.00-504.00-446.00-542.00-601.00-138.00-444.00-571.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 2112627251451928384533
Inventory Days 25131822938140843233031433198205178
Days Payable 97175988186134965796407138
Cash Conversion Cycle 17515419438024831223927626396179173
Working Capital Days -26-711-5-67-46-137315-20-30
ROCE %1%3%14%14%-7%8%10%10%12%28%11%3%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 44.36%44.36%44.34%44.34%44.45%44.45%44.41%44.81%46.57%46.73%47.03%46.75%
FIIs 0.67%2.26%3.62%2.57%2.05%1.57%0.61%0.50%0.38%0.67%0.19%0.17%
DIIs 0.04%0.00%0.02%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Public 54.94%53.39%52.03%53.08%53.50%53.97%54.98%54.69%53.05%52.60%52.78%53.07%
No. of Shareholders 53,65553,80258,98863,47166,32765,48261,83061,14661,78862,15163,87472,337

Shareholding Pattern Chart

No. of Shareholders

Ugar Sugar Works Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 23Mar 22Mar 21Mar 20Mar 19
FaceValue 1.001.001.001.001.00
Basic EPS (Rs.) 9.163.851.521.220.39
Diluted EPS (Rs.) 9.163.851.521.220.39
Cash EPS (Rs.) 10.774.872.622.451.76
Book Value[Excl.RevalReserv]/Share (Rs.) 19.6310.827.155.764.55
Book Value[Incl.RevalReserv]/Share (Rs.) 19.6310.827.165.764.55
Revenue From Operations / Share (Rs.) 159.48101.1184.9377.3766.69
PBDIT / Share (Rs.) 19.099.016.556.295.24
PBIT / Share (Rs.) 17.497.995.445.073.87
PBT / Share (Rs.) 13.194.121.651.240.48
Net Profit / Share (Rs.) 9.163.851.521.220.38
NP After MI And SOA / Share (Rs.) 9.163.851.521.220.38
PBDIT Margin (%) 11.978.917.708.137.86
PBIT Margin (%) 10.967.906.406.555.80
PBT Margin (%) 8.274.071.941.590.72
Net Profit Margin (%) 5.743.801.781.580.57
NP After MI And SOA Margin (%) 5.743.801.781.580.57
Return on Networth / Equity (%) 46.6635.5821.1821.228.49
Return on Capital Employeed (%) 52.4334.7437.3344.6460.75
Return On Assets (%) 11.243.721.901.650.49
Long Term Debt / Equity (X) 0.631.020.870.740.00
Total Debt / Equity (X) 1.575.256.336.407.99
Asset Turnover Ratio (%) 1.731.111.110.000.00
Current Ratio (X) 1.171.021.030.970.88
Quick Ratio (X) 0.490.160.160.130.07
Inventory Turnover Ratio (X) 1.631.401.270.000.00
Dividend Payout Ratio (NP) (%) 2.725.196.590.000.00
Dividend Payout Ratio (CP) (%) 2.324.103.810.000.00
Earning Retention Ratio (%) 97.2894.8193.410.000.00
Cash Earning Retention Ratio (%) 97.6895.9096.190.000.00
Interest Coverage Ratio (X) 4.442.331.731.641.55
Interest Coverage Ratio (Post Tax) (X) 3.132.001.401.321.11
Enterprise Value (Cr.) 1367.191402.60698.81524.90582.84
EV / Net Operating Revenue (X) 0.761.230.730.600.77
EV / EBITDA (X) 6.3613.839.497.429.88
MarketCap / Net Operating Revenue (X) 0.570.670.200.130.23
Retention Ratios (%) 97.2794.8093.400.000.00
Price / BV (X) 4.706.332.431.883.48
Price / Net Operating Revenue (X) 0.570.670.200.130.23
EarningsYield 0.090.050.080.110.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Ugar Sugar Works Ltd. is a Public Limited Listed company incorporated on 11/09/1939 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L15421PN1939PLC006738 and registration number is 006738. Currently Company is involved in the business activities of Manufacture of corrugated paper and paperboard and containers of paper and paperboard. Company's Total Operating Revenue is Rs. 1329.83 Cr. and Equity Capital is Rs. 11.25 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
SugarMahaveer Nagar (Wakharbhag), Sangli Maharashtra 416416Contact not found
Management
NamePosition Held
Mr. Rajendra V ShirgaokarChairman Emeritus
Mr. Shishir S ShirgaokarChairman
Mr. Niraj S ShirgaokarManaging Director
Mr. Chandan S ShirgaokarManaging Director
Mr. Sohan S ShirgaokarExecutive Director
Mr. Prafulla V ShirgaokarNon Executive Director
Mr. Sachin R ShirgaokarNon Executive Director
Mrs. Shilpa KumarNon Executive Woman Director
Mr. Hari Y AthawaleIndependent Director
Mr. Shripad S GangavatiIndependent Director
Mrs. Suneeta S ThakurIndependent Woman Director
Mr. Subhash G KutteIndependent Director
Mr. Aashish R KamathIndependent Director
Mr. Shreenath DeshpandeIndependent Director
Mr. Ravi ShiralkarIndependent Director

FAQ

What is the intrinsic value of Ugar Sugar Works Ltd and is it undervalued?

As of 05 April 2026, Ugar Sugar Works Ltd's intrinsic value is ₹52.77, which is 34.96% higher than the current market price of ₹39.10, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (7.90 %), book value (₹15.2), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Ugar Sugar Works Ltd?

Ugar Sugar Works Ltd is trading at ₹39.10 as of 05 April 2026, with a FY2026-2027 high of ₹52.5 and low of ₹33.1. The stock is currently in the middle of its 52-week range. Market cap stands at ₹440 Cr..

How does Ugar Sugar Works Ltd's P/E ratio compare to its industry?

Ugar Sugar Works Ltd has a P/E ratio of 23.2, which is above the industry average of 20.73. The premium over industry average may reflect growth expectations or speculative interest.

Is Ugar Sugar Works Ltd financially healthy?

Key indicators for Ugar Sugar Works Ltd: ROCE of 3.14 % is on the lower side compared to the industry average of 8.62%; ROE of 7.90 % is below ideal levels (industry average: 7.89%). Dividend yield is 0.00 %.

Is Ugar Sugar Works Ltd profitable and how is the profit trend?

Ugar Sugar Works Ltd reported a net profit of ₹-16 Cr in Mar 2025 on revenue of ₹1,330 Cr. Compared to ₹43 Cr in Mar 2022, the net profit shows a declining trend.

Does Ugar Sugar Works Ltd pay dividends?

Ugar Sugar Works Ltd has a dividend yield of 0.00 % at the current price of ₹39.10. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Ugar Sugar Works Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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