The Ugar Sugar Works LimitedQ1 FY27 Results & Financial Update
The Ugar Sugar Works Limited: Q1 FY27 standalone results and company financials – revenue ₹480.94 Cr, PAT ₹1.49 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore The Ugar Sugar Works Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
During the quarter ended 30 June 2026, The Ugar Sugar Works Limited reported total operational revenue of INR 480.94 crore, accompanied by other income of INR 2.00 crore, bringing total income to INR 482.94 crore on a standalone basis.
Profit before tax (PBT) recovered to positive territory at INR 1.04 crore, compared to a loss before tax of INR 14.11 crore in the corresponding period of the previous year, reflecting improved segment profitability.
The company registered a net profit after tax (PAT) of INR 1.49 crore for Q1 FY27, assisted by a net tax credit of INR 0.45 crore, resulting in basic and diluted earnings per share (EPS) of INR 0.13.
Total expenses for the quarter stood at INR 481.90 crore, dominated by significant inventory adjustments where a change in inventories of finished goods, work-in-progress, and stock-in-trade absorbed INR 281.24 crore.
Segment results indicate that Industrial Alcohol emerged as the primary earnings engine for the quarter, generating a segment profit before interest and tax of INR 35.02 crore, while the Sugar segment contributed INR 3.91 crore.
Finance costs remained a notable overhead expenditure at INR 18.47 crore, while depreciation and amortization expenses totaled INR 9.22 crore for the three-month period.
Management noted that due to the seasonal nature of the sugar industry, the standalone financial results for the quarter are not indicative of full-year financial outcomes.
01 · Business model
What does The Ugar Sugar Works do?
The Ugar Sugar Works Limited operates as an integrated agro-industrial enterprise with core operations spanning sugar manufacturing, co-generation of power, industrial alcohol, and potable alcohol production.
The company maintains manufacturing operations across multiple facilities, anchored by its primary works located at Ugar Khurd in the Belagavi district of Karnataka, alongside a facility at Nagarhalli-Malli Village in the Kalaburagi district.
Revenue generation is diversified across sweetening agents and downstream distillery products, with inter-segment transfers utilized for internal byproducts such as bagasse and molasses.
The business model is inherently seasonal, driven by the sugarcane crushing cycle, which causes operational performance and financial results to fluctuate across quarters.
02 · Historical context
What shaped the business before this quarter
Historically, the company's business model is characterized by high seasonality linked directly to the sugarcane crushing season, rendering quarterly performance non-comparable on a straight-line annualized basis.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹480.94 Cr |
| Total income | ₹482.94 Cr |
| Profit before tax | ₹1.04 Cr |
| Profit after tax | ₹1.49 Cr |
| EPS | ₹0.13 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 0.3% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 0.2% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹2.00 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Industrial alcohol operations delivered robust top-line performance, contributing INR 202.05 crore in segment revenue for the quarter.
Sugar sales formed the largest individual revenue line, accounting for INR 278.53 crore of segment revenue before inter-segment eliminations.
Co-generation operations added INR 22.35 crore, while potable alcohol contributed INR 3.65 crore in segment revenue.
What drove margins
The industrial alcohol division served as the primary margin expansion driver, posting a segment profit before interest and tax of INR 35.02 crore.
The sugar segment returned to profitability at the EBIT level, generating INR 3.91 crore compared to a segment loss in the corresponding quarter of the previous year.
Finance costs of INR 18.47 crore and other unallocable expenditures of INR 12.51 crore exerted downward pressure on pre-tax margins.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Generated external and inter-segment revenue of INR 278.53 crore and achieved a segment profit of INR 3.91 crore with segment assets standing at INR 445.77 crore.
Recorded segment revenue of INR 202.05 crore and a strong segment profit of INR 35.02 crore, underpinned by dedicated manufacturing capacities.
Contributed segment revenue of INR 22.35 crore while recording a segment loss of INR 8.96 crore before interest and unallocable items.
Generated segment revenue of INR 3.65 crore with a modest segment loss of INR 0.11 crore.
06 · Reported developments
What changed operationally
The company swung to a positive net profit after tax of INR 1.49 crore for Q1 FY27, recovering from a net loss of INR 13.73 crore in the year-ago quarter.
Both sugar and industrial alcohol segments posted positive operating results before interest and tax during the quarter.
07 · Pressure points & risks
What is not going smoothly
The co-generation division posted an EBIT loss of INR 8.96 crore for the quarter.
08 · Beyond the numbers
What changed beyond the numbers
Reported update
Absence of subsidiaries
The company confirmed that it does not have any subsidiary, associate company, or joint venture as of 30 June 2026.
Reported update
Inter-segment transfer accounting
Inter-segment transfers of bagasse and molasses, whose individual costs are unascertainable, are recorded at net realizable value, while other inter-segment transfers are recorded at cost.
09 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations moved from INR 397.02 crore in Q4 FY26 to INR 480.94 crore in Q1 FY27, reflecting seasonal fluctuations in the sugar and allied businesses.
10 · Key Q&A
The quarter, answered directly
What does The Ugar Sugar Works do?
The Ugar Sugar Works Limited operates as an integrated agro-industrial enterprise with core operations spanning sugar manufacturing, co-generation of power, industrial alcohol, and potable alcohol production.
What is the clearest takeaway from Q1 FY27?
During the quarter ended 30 June 2026, The Ugar Sugar Works Limited reported total operational revenue of INR 480.94 crore, accompanied by other income of INR 2.00 crore, bringing total income to INR 482.94 crore on a standalone basis.
What drove revenue or demand?
Industrial alcohol operations delivered robust top-line performance, contributing INR 202.05 crore in segment revenue for the quarter.
What mattered most for margins or profitability?
The industrial alcohol division served as the primary margin expansion driver, posting a segment profit before interest and tax of INR 35.02 crore.
What changed operationally beyond the headline numbers?
The company confirmed that it does not have any subsidiary, associate company, or joint venture as of 30 June 2026.
What are the main pressure points disclosed for the quarter?
The co-generation division posted an EBIT loss of INR 8.96 crore for the quarter.
11 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
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Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
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The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
12 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Crushing season progress: Monitor upcoming operational updates regarding cane crushing volumes and capacity utilization as the seasonal sugar cycle progresses.
- 02
Segment margin stability: Track the sustainability of profitability in the industrial alcohol and sugar segments against prevailing raw material costs and finance charges.
Learn the metrics
Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.