WEBSITE BSE:542852 NSE: VISHWARAJ Inc. Year: 1955 Industry: Sugar My Bucket: Add Stock
Last updated: 15:31
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1. Business Overview
Vishwaraj Sugar Industries Ltd. is an integrated sugar manufacturer based in India. Its core business involves the crushing of sugarcane to produce various grades of sugar. Beyond sugar production, the company operates an integrated business model that includes a co-generation plant for power production using bagasse (a byproduct of sugar manufacturing) and a distillery for manufacturing ethanol from molasses (another byproduct). The company makes money primarily through the sale of sugar, co-generated power, and ethanol.
2. Key Segments / Revenue Mix
The company's primary business segments are:
Sugar: Production and sale of crystal sugar.
Co-generation: Generation and sale of power.
Distillery: Production and sale of ethanol.
While specific real-time revenue percentages are not provided here, these three segments form the entirety of its revenue streams, with sugar typically being the largest contributor, followed by distillery and co-generation.
3. Industry & Positioning
Vishwaraj Sugar operates in the highly regulated and cyclical Indian sugar industry. This industry is heavily dependent on agricultural factors like monsoon and sugarcane availability, as well as government policies regarding sugarcane pricing (Fair and Remunerative Price - FRP), sugar Minimum Selling Price (MSP), and ethanol blending mandates. India is one of the largest sugar producers globally. Vishwaraj Sugar operates a single integrated unit located in Belagavi, Karnataka, a prominent sugarcane growing region. While it is a significant regional player, it is considered a mid-sized company when compared to larger, multi-unit national sugar conglomerates. Its integrated approach positions it to capitalize on byproduct utilization.
4. Competitive Advantage (Moat)
Vishwaraj Sugar's competitive advantages primarily stem from:
Integrated Operations: The ability to produce sugar, power, and ethanol from a single raw material (sugarcane) allows for better value realization from byproducts and diversified revenue streams, reducing dependence solely on sugar price volatility.
Locational Advantage: Operating in a high sugarcane cultivation zone in Karnataka provides proximity to raw material, potentially reducing procurement costs and ensuring consistent supply.
Operational Efficiency: Efficient crushing capabilities and high sugar recovery rates, coupled with optimal utilization of bagasse and molasses, contribute to cost competitiveness.
5. Growth Drivers
Key factors that can drive growth for Vishwaraj Sugar over the next 3-5 years include:
Ethanol Blending Program (EBP): The Indian government's aggressive target to achieve 20% ethanol blending in petrol by 2025 provides a structural and assured demand for ethanol, significantly boosting distillery segment profitability.
Distillery Capacity Expansion: Any further increase in ethanol manufacturing capacity directly contributes to higher revenue and better margins, leveraging the EBP.
Stable Sugar Prices: Government intervention through Minimum Selling Price (MSP) for sugar and managing export/import policies helps in maintaining price stability, ensuring reasonable profitability.
Favorable Monsoons: Consistent and adequate rainfall leads to better sugarcane yields and quality, ensuring optimal raw material supply.
6. Risks
Agricultural and Weather Dependency: The company's profitability is highly susceptible to monsoon patterns, sugarcane yields, and quality, which are unpredictable.
Regulatory Risks: Changes in government policies concerning sugarcane FRP, sugar MSP, export/import quotas, ethanol pricing, and blending targets can significantly impact margins and operational viability.
Commodity Price Volatility: Global and domestic sugar price fluctuations, driven by supply-demand dynamics, pose a risk to revenue and profitability.
Water Scarcity: Sugar and ethanol production are water-intensive processes, making water availability a crucial factor.
Environmental Regulations: Stringent environmental norms for distilleries and power generation units may necessitate ongoing capital expenditure and compliance costs.
7. Management & Ownership
Vishwaraj Sugar Industries Ltd. is promoted by the Katti Group. The management is led by Mr. Shrimant Balasaheb Patil as Chairman & Managing Director. The promoter group holds a significant stake in the company (typically around 70%), which is common among Indian family-owned businesses, indicating strong control and alignment of interests with the company's long-term vision.
8. Outlook
Vishwaraj Sugar is positioned to benefit from the tailwinds of India's robust Ethanol Blending Program, which offers a stable and growing demand for its distillery segment, potentially offsetting some of the cyclicality inherent in sugar prices. Its integrated business model provides diversification and better realization from byproducts. A favorable monsoon season and supportive government policies for both sugar and ethanol could lead to improved capacity utilization and profitability. However, the company remains exposed to the inherent risks of the agricultural sector, including weather unpredictability and the highly regulated nature of the sugar industry. Any adverse changes in government policies regarding sugarcane pricing, sugar sales, or ethanol procurement, along with volatile global sugar prices, could significantly impact its financial performance. The capital-intensive nature of the business and competition from larger industry players also present ongoing challenges.
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Market Cap ₹114 Cr.
Stock P/E -3.1
P/B 0.5
Current Price ₹5.3
Book Value ₹ 11.1
Face Value 2
52W High ₹11.9
Dividend Yield 0%
52W Low ₹ 4.1
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 138 | 106 | 164 | 101 | 93 | 93 | 167 | 133 | 55 | 78 |
| Other Income | 1 | 1 | 1 | 1 | 1 | 1 | 5 | 2 | 1 | 2 |
| Total Income | 139 | 107 | 164 | 102 | 93 | 94 | 172 | 135 | 56 | 79 |
| Total Expenditure | 139 | 63 | 141 | 108 | 104 | 76 | 154 | 141 | 62 | 78 |
| Operating Profit | -1 | 44 | 23 | -6 | -11 | 18 | 18 | -6 | -6 | 1 |
| Interest | 7 | 7 | 9 | 7 | 7 | 13 | 6 | 7 | 5 | 4 |
| Depreciation | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -11 | 33 | 10 | -17 | -22 | 1 | 8 | -16 | -14 | -7 |
| Provision for Tax | 0 | 2 | 8 | 0 | 0 | 0 | 6 | 0 | 0 | 0 |
| Profit After Tax | -11 | 31 | 2 | -17 | -22 | 1 | 2 | -16 | -14 | -7 |
| Adjustments | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | -0 |
| Profit After Adjustments | -11 | 31 | 2 | -17 | -22 | 1 | 2 | -16 | -14 | -7 |
| Adjusted Earnings Per Share | -0.6 | 1.7 | 0.1 | -0.9 | -1 | 0 | 0.1 | -0.8 | -0.7 | -0.3 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 276 | 336 | 284 | 222 | 286 | 370 | 426 | 469 | 616 | 550 | 454 | 433 |
| Other Income | 4 | 3 | 1 | 10 | 1 | 1 | 1 | 7 | 3 | 3 | 8 | 10 |
| Total Income | 281 | 339 | 285 | 231 | 287 | 372 | 427 | 476 | 619 | 552 | 462 | 442 |
| Total Expenditure | 254 | 302 | 237 | 198 | 262 | 332 | 364 | 381 | 550 | 484 | 442 | 435 |
| Operating Profit | 26 | 36 | 48 | 33 | 26 | 40 | 63 | 95 | 69 | 69 | 19 | 7 |
| Interest | 16 | 18 | 25 | 21 | 36 | 42 | 36 | 32 | 28 | 30 | 34 | 22 |
| Depreciation | 10 | 11 | 12 | 13 | 13 | 15 | 15 | 16 | 16 | 16 | 16 | 16 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | 7 | 11 | -1 | -24 | -17 | 12 | 47 | 26 | 22 | -31 | -29 |
| Provision for Tax | 3 | 3 | 3 | 3 | -6 | -9 | 4 | -13 | 49 | 8 | 6 | 6 |
| Profit After Tax | -3 | 4 | 9 | -4 | -18 | -8 | 8 | 60 | -23 | 14 | -37 | -35 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -3 | 4 | 9 | -4 | -18 | -8 | 8 | 60 | -23 | 14 | -37 | -35 |
| Adjusted Earnings Per Share | 0 | 0 | 0 | -0.2 | -1 | -0.4 | 0.4 | 3.2 | -1.2 | 0.8 | -1.7 | -1.7 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -17% | -1% | 4% | 5% |
| Operating Profit CAGR | -72% | -42% | -14% | -3% |
| PAT CAGR | -364% | NAN% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -47% | -31% | -28% | NA% |
| ROE Average | -13% | -6% | 2% | 0% |
| ROCE Average | 0% | 6% | 8% | 6% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 235 | 235 | 244 | 229 | 211 | 222 | 226 | 283 | 256 | 268 | 280 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 34 | 21 | 10 | 37 | 65 | 93 | 102 | 90 | 82 | 75 | 1 |
| Other Non-Current Liabilities | 20 | 23 | 26 | 16 | 9 | 1 | 4 | -11 | 38 | 40 | 47 |
| Total Current Liabilities | 336 | 331 | 288 | 343 | 433 | 356 | 380 | 394 | 350 | 416 | 490 |
| Total Liabilities | 625 | 611 | 568 | 624 | 720 | 671 | 712 | 756 | 726 | 799 | 819 |
| Fixed Assets | 246 | 244 | 241 | 272 | 264 | 288 | 282 | 300 | 298 | 287 | 276 |
| Other Non-Current Assets | 9 | 4 | 41 | 3 | 14 | 6 | 5 | 6 | 10 | 129 | 206 |
| Total Current Assets | 371 | 363 | 286 | 350 | 441 | 376 | 425 | 450 | 418 | 383 | 336 |
| Total Assets | 625 | 611 | 568 | 624 | 720 | 671 | 712 | 756 | 726 | 799 | 819 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 11 | 20 | 52 | 13 | 7 | 2 | 8 | 49 | 13 | 3 | 1 |
| Cash Flow from Operating Activities | 26 | 39 | 52 | -55 | 25 | 49 | 56 | 35 | 52 | 146 | 50 |
| Cash Flow from Investing Activities | -50 | -5 | -45 | -6 | -18 | -27 | -9 | -33 | -18 | -125 | -83 |
| Cash Flow from Financing Activities | 34 | -2 | -47 | 56 | -12 | -16 | -6 | -38 | -44 | -22 | 41 |
| Net Cash Inflow / Outflow | 9 | 32 | -39 | -5 | -6 | 6 | 41 | -36 | -11 | -1 | 9 |
| Closing Cash & Cash Equivalent | 20 | 52 | 13 | 7 | 2 | 8 | 49 | 13 | 3 | 1 | 10 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0 | 0 | 0 | -0.25 | -1.02 | -0.42 | 0.44 | 3.2 | -1.25 | 0.77 | -1.7 |
| CEPS(Rs) | 0.4 | 0.91 | 1.18 | 0.52 | -0.25 | 0.36 | 1.23 | 4.03 | -0.4 | 1.62 | -0.96 |
| DPS(Rs) | 0 | 0.2 | 0 | 0 | 0 | 0 | 0.2 | 0.2 | 0 | 0.2 | 0 |
| Book NAV/Share(Rs) | 0 | 0 | 0 | 13.25 | 12.24 | 11.81 | 12.04 | 15.05 | 13.61 | 14.29 | 12.88 |
| Core EBITDA Margin(%) | 6.43 | 8.23 | 14.51 | 9.08 | 8.06 | 10.16 | 14.54 | 18.81 | 10.74 | 12.04 | 2.57 |
| EBIT Margin(%) | 4.74 | 6.15 | 11.26 | 7.71 | 4.06 | 6.69 | 11.23 | 16.95 | 8.61 | 9.6 | 0.71 |
| Pre Tax Margin(%) | 0.06 | 1.73 | 3.54 | -0.33 | -7.79 | -4.39 | 2.87 | 10.07 | 4.14 | 4.05 | -6.84 |
| PAT Margin (%) | -0.93 | 1.09 | 2.73 | -1.65 | -5.74 | -2.09 | 1.94 | 12.83 | -3.8 | 2.64 | -8.16 |
| Cash Profit Margin (%) | 2 | 3.88 | 6.31 | 3.45 | -1.39 | 1.78 | 5.4 | 16.14 | -1.21 | 5.53 | -4.61 |
| ROA(%) | -0.54 | 0.71 | 1.49 | -0.72 | -2.62 | -1.13 | 1.2 | 8.2 | -3.16 | 1.9 | -4.58 |
| ROE(%) | -1.36 | 1.88 | 3.66 | -1.8 | -8 | -3.64 | 3.7 | 23.66 | -8.71 | 5.53 | -13.49 |
| ROCE(%) | 3.64 | 5.1 | 7.35 | 3.9 | 2.28 | 4.5 | 8.18 | 12.66 | 8.4 | 8.48 | 0.49 |
| Receivable days | 28.58 | 14.77 | 37.19 | 56.17 | 42.97 | 30.82 | 23.63 | 24.22 | 22.36 | 27.87 | 28.36 |
| Inventory Days | 268.05 | 227.02 | 236.47 | 308.73 | 348.54 | 297.77 | 246.52 | 254.05 | 198.29 | 192.42 | 206.01 |
| Payable days | 119.11 | 61.84 | 41.33 | 54.31 | 124.83 | 116.62 | 76.48 | 98.27 | 63.97 | 76.42 | 75.52 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 54.37 | 6.31 | 0 | 18.38 | 0 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 0 | 1.1 | 1.99 | 1.34 | 1.06 | 0.99 | 0.61 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0.83 | 0.99 | 0 | 1.41 | 0 |
| EV/Net Sales(x) | 0.92 | 0.75 | 0.92 | 1.54 | 1.3 | 1.57 | 1.82 | 1.57 | 1.01 | 1.15 | 1.22 |
| EV/Core EBITDA(x) | 9.6 | 6.91 | 5.45 | 10.3 | 14.39 | 14.67 | 12.43 | 7.76 | 9.05 | 9.18 | 28.6 |
| Net Sales Growth(%) | -0.76 | 21.5 | -15.38 | -21.9 | 29.1 | 29.33 | 15.16 | 9.92 | 31.52 | -10.83 | -17.42 |
| EBIT Growth(%) | -63.85 | 52.53 | 45.3 | -44.83 | -37.62 | 102.07 | 90.05 | 65.93 | -33.19 | -0.57 | -93.93 |
| PAT Growth(%) | -113.88 | 237.25 | 98.86 | -148.6 | -312.96 | 55.27 | 205.23 | 625.44 | -138.97 | 161.83 | -355.38 |
| EPS Growth(%) | 0 | 0 | 0 | -148.6 | -312.97 | 58.85 | 205.23 | 625.5 | -138.97 | 161.84 | -320.14 |
| Debt/Equity(x) | 1.02 | 1.14 | 0.98 | 1.37 | 1.6 | 1.56 | 1.66 | 1.31 | 1.39 | 1.36 | 1.39 |
| Current Ratio(x) | 1.1 | 1.09 | 0.99 | 1.02 | 1.02 | 1.06 | 1.12 | 1.14 | 1.2 | 0.92 | 0.69 |
| Quick Ratio(x) | 0.31 | 0.37 | 0.38 | 0.26 | 0.27 | 0.24 | 0.37 | 0.21 | 0.33 | 0.26 | 0.2 |
| Interest Cover(x) | 1.01 | 1.39 | 1.46 | 0.96 | 0.34 | 0.6 | 1.34 | 2.46 | 1.93 | 1.73 | 0.09 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 1.42 | 0.83 | 0.98 | 1.31 | 1.37 | 2.28 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 33.69 | 33.69 | 33.69 | 29.05 | 29.05 | 29.04 | 29.05 | 29.05 | 29.05 | 29.05 |
| FII | 0 | 0.26 | 0.13 | 3.3 | 1.38 | 0.4 | 0.09 | 0 | 0.03 | 0 |
| DII | 0 | 0 | 0 | 6.37 | 5.5 | 5.79 | 5.74 | 3.76 | 3.75 | 2.03 |
| Public | 66.31 | 66.05 | 66.17 | 61.29 | 64.07 | 64.77 | 65.13 | 67.19 | 67.18 | 68.92 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 6.33 | 6.33 | 6.33 | 6.33 | 6.33 | 6.32 | 6.33 | 6.33 | 6.33 | 6.33 |
| FII | 0 | 0.05 | 0.02 | 0.72 | 0.3 | 0.09 | 0.02 | 0 | 0.01 | 0 |
| DII | 0 | 0 | 0 | 1.39 | 1.2 | 1.26 | 1.25 | 0.82 | 0.82 | 0.44 |
| Public | 12.45 | 12.4 | 12.43 | 13.35 | 13.96 | 14.11 | 14.19 | 14.64 | 14.63 | 15.01 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 18.78 | 18.78 | 18.78 | 21.78 | 21.78 | 21.78 | 21.78 | 21.78 | 21.78 | 21.78 |
* The pros and cons are machine generated.
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