Ugar Sugar Works Ltd

Rating action and instruments

• CareEdge upgrades long-term bank facilities to BBB-; Stable outlook (previously Negative).
• Fixed deposit rating withdrawn at issuer's request.
• Outlook: Stable.
• Bank facilities rated: ₹700 crore; LT Cash Credit ₹566 crore; LT Term Loan ₹134 crore.
• Regulators: RBI for bank facilities; MCA for fixed deposits.

Rationale and financials

• Profitability improved FY26 and Q1FY27 supporting debt repayment adequacy.
• PBILDT margin rose ~370 bps y-o-y; scale up 11% to ₹1,490.22 cr.
• Diversified revenue from sugar, ethanol, co-generation mitigates cyclicality.
• Leverage improved but gearing at 3.13x; debt/EBITDA remains high.
• Liquidity considered adequate; cash balance ₹3.33 crore; near-term debt repayments ~₹50 crore.

Hari Athawale – Independent Director cessation

• Retired as Independent Director on completion of tenure; effective 11 August 2026; committees reconstituted.

Prafulla Shirgaokar – Non-Executive Director cessation

• Resigned as Non-Executive Director due to other commitments; appointed Chairman Emeritus from 12 Aug 2026; committees reconstituted.

Resignation of Non-Executive Director

• Name and designation: Prafulla Shirgaokar, Non-Executive Director.
• Effective date: close of business on 11 August 2026.
• Reason: resignation.
• Post-resignation, appointed Chairman Emeritus from 12 August 2026.
• Committees reconstituted; specific memberships not disclosed.
• Other listed entities: not disclosed in filing.
• Regulatory or shareholder approval: not mentioned.

agm details

• Date/time: 5 August 2026 at 11:00 AM; through VC/OAVM.
• Venue deemed at registered office; meeting conducted remotely.
• Record date for voting: 29 July 2026.
• Book closure: 30 July 2026 to 5 August 2026.
• Remote e-voting window: 1 August 2026 10:00 AM to 4 August 2026 5:30 PM.

key resolutions

• Ordinary: Adopt standalone financials, Directors’ Report, governance and sustainability reports.
• Ordinary: Declare dividend for the year (board recommended 10% or Rs 0.10 per share).
• Ordinary: Re-appoint Shishir Shirgaokar as Non-Executive Director (retiring by rotation).
• Special: Continue Shishir Shirgaokar as Non-Executive Director beyond 75 years.
• Special: Appoint/appoint Shilpa Kumar as Director (to be reappointed).
• Ordinary: Ratify remuneration of Cost Auditor for FY2026-27.

dividend and voting context

• Dividend recommendation: 10% (Rs 0.10 per share) for the year.

directors & auditors

• Directors: Shishir Shirgaokar to continue as NED; Shilpa Kumar to be considered for reappointment.
• Auditor: M/s Kirtane & Pandit LLP (statutory); tenure aligned with current term.
• Secretarial auditor: CS Manasi Joshi appointed; Secretarial Audit reported (Annexure II).

related party transactions

• Omnibus approval for Related Party Transactions obtained (Audit Committee, 12 May 2025).
• RPTs reported as arm's-length and in the ordinary course; key counterparties include multiple group/interrelated entities.

other governance & approvals

• Dividend Distribution Policy referenced; CSR Policy disclosed on company website.
• Company has no subsidiary; governance framework reiterated in annual report.

Meeting Details

• Board meeting scheduled for Wednesday, 5 August 2026, in hybrid mode.

Key Agenda Items

• Approve and record unaudited financial results for the quarter ended 30 June 2026.
• Approve the segment-wise revenue results for the quarter ended 30 June 2026.

Other Notes

• Trading window closed for directors and insiders from 1 July 2026 to 48 hours after results.

certificate submission

• Submission of Certificates Received under Reg 74(5) for quarter ended 30 June 2026.

Financial highlights

• Revenue from operations: 151509.35 Lakh; prior year 140682.36.
• Total income: 152261.03 Lakh.
• PAT: 1361.20 Lakh; EPS: 1.21.
• PBT before tax: 1673.51 Lakh; prior-year loss 2211.11.
• Dividend recommended: 10% (Rs 0.10 per share).
• No transfer to reserves for the year.

Operations and production

• Cane crushed: 19.51 Lakh MT; recovery Ugar 11.65%, Jewargi 10.68%.
• Sugar produced: 19.95 Lakh QTL; Ethanol: 993.48 Lakh BL.
• Ethanol to oil companies: 989.17 Lakh BL.
• Electricity generated: 1968.56 Lakh KW; exported: 763.96 Lakh KW.
• Crushing season days: 121 (Ugar), 111 (Jewargi).
• Opening sugar stock: 5.0 million MT; total availability: 33.0 MT.
• Projected cane procurement 25-28 Lakh MT for 2026-27.

Dividends & CSR highlights

• Dividend policy available on company website.
• CSR obligation: Rs 80.01 Lakh; CSR spent: Rs 115.13 Lakh.
• CSR set-off available: Rs 11.08 Lakh.
• CSR committee: 3 directors; 1 meeting held.
• CSR focus areas include education, street lighting, health, and livelihood projects.
• ISO 14001:2015 and ISO 9001:2015 certifications cited in CSR/ESG sections.

Debt, liquidity and risk

• Long-term borrowings: 6218.42 Lakh; prior year 9210.30.
• Short-term borrowings: 60576.27 Lakh; prior year 51887.66.
• Current ratio: 0.89; cash at year-end: 195.44.
• Operating cash flow: 4373.11; net financing cash flow: -1880.09.
• Credit rating: CARE BB+; outlook: Negative.
• GECL/CGCL loans for ethanol and energy projects; installments due 2026-28.

Governance, audit and compliance

• Board: 7 promoter + 7 independent directors as of 31 Mar 2026.
• 4 Board meetings and 4 Audit Committee meetings held in year.
• Auditors: M/s Kirtane & Pandit LLP; Secretarial Auditor: Manasi A. Joshi.
• No subsidiary; no material audit qualifications; key audit matter: sugar inventory valuation.
• Related party transactions approved omnibus; transactions analyzed for arm's length.
• ISIN: INE071E01023; demat: 88.87% as of 31 Mar 2026.

ESG and environmental performance

• Water withdrawal: surface 1,914,993 KL; total 1,914,993 KL.
• Zero liquid discharge mechanism; spent wash treated and reused; MEE and ETP in use.
• Air emissions: SOX 4.95–29.80 mg/Nm3; PM 72.90–105.55 mg/Nm3; NOx 10.80–21.21 mg/Nm3.
• Press mud used as manure; plastics and e-waste managed; incineration not routine.
• Total energy: renewable electricity and non-renewable mix; bagasse used as fuel; captive/exported energy.
• Water management and conservation strategies aligned with regulatory norms.

Shareholding and AGM details

• Dematerialisation: 88.86% (9,99,74,082 shares) as of 31 Mar 2026.
• Listed on BSE and NSE; ISIN INE071E01023.
• Promoters hold 44.54%; Indian public 50.19%; IEPF 1.29%.
• AGM scheduled: 5 Aug 2026 via VC/OAVM; book closure 30 Jul–5 Aug 2026.
• Dividend payout date: 31 Aug 2026.

Ugar Sugar Works Ltd trading window closed from 1 July 2026 to 48 hours after the conclusion of the Board meeting to consider the unaudited standalone financial results for quarter ended June 30, 2026.

Meeting Details

• Board meeting scheduled for Tuesday, 12 May 2026.

Key Agenda Items

• Approve and take on record audited financial results for quarter and year ended 31 March 2026.
• Approve segment-wise revenue results for quarter and year ended 31 March 2026.
• Consider recommendation of dividend, if any.

Other Notes

• Trading window closed from 1 January 2026 until 48 hours after financial results declaration.