The Ugar Sugar Works Limited (UGARSUGAR.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-727.5%

-₹265.45

vs ₹42.30 price

Levered DCF

-₹106.39

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.52

Grey zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	32.39×	-32.53×	38.67×	10.12×	17.79×	11.41×	8.89×	41.15×
P/B	1.89×	2.45×	3.48×	4.72×	6.33×	2.42×	1.88×	3.53×
P/S	0.3×	0.4×	0.71×	0.58×	0.69×	0.21×	0.15×	0.24×
EV / EBITDA	9.97×	21.17×	13.38×	6.83×	14.44×	11.37×	8.85×	12.83×
Gross margin	6.8%	12.2%	17.1%	20.0%	16.8%	12.7%	14.9%	8.1%
Operating margin	4.7%	1.0%	8.2%	10.9%	8.0%	1.1%	6.8%	5.6%
Net margin	0.9%	-1.2%	1.8%	5.7%	3.9%	1.9%	1.7%	0.6%
Current ratio	0.91×	0.89×	0.97×	1.17×	1.02×	1.04×	0.97×	0.89×
Debt / equity	2.86×	2.83×	2.41×	1.81×	5.75×	7.58×	7.93×	10.84×
Interest coverage	1.15×	0.27×	2.13×	4.03×	2.05×	0.24×	1.29×	1.14×
Dividend yield	0.0%	0.5%	0.7%	0.3%	0.3%	0.6%	0.0%	0.0%
Payout ratio	0.0%	-17.3%	26.6%	2.7%	5.2%	6.6%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	5.8%	-7.5%	9.0%	46.7%	35.6%	21.2%	21.2%	8.5%
Return on invested capital	6.3%	1.1%	8.3%	21.3%	10.0%	1.3%	9.3%	5.3%
Return on assets	1.0%	-1.4%	1.9%	11.2%	3.7%	1.9%	1.7%	0.5%
Free cash flow yield	-12.4%	-10.6%	-17.1%	32.1%	-5.0%	-43.0%	35.4%	-27.1%
Earnings yield	3.1%	-3.1%	2.6%	9.9%	5.6%	8.7%	11.3%	2.4%
Enterprise value	₹11.1B	₹11.4B	₹13.8B	₹14.4B	₹14.6B	₹8B	₹6.3B	₹7.3B
Net debt / EBITDA	6×	11.32×	5.46×	1.87×	6.84×	8.6×	7.12×	9.67×
Cash conversion cycle (days)	152	162	167	88	276	297	266	259