Uttam Sugar Mills Limited (UTTAMSUGAR) AI Stock Analysis

• Market Cap: ₹7.27B
• Dividend Yield: 0.95%
• Average Volume (3M): 1.21K
• Price to Earnings (P/E): 8.1
• Beta (1Y): 1.92
• Revenue Growth: 19.83%
• EPS Growth: 46.44%
• Country: IN
• Employees: 852
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Food Confectioners
• EPS (TTM): 7.86
• Shares Outstanding: 38,138,120
• 10 Day Avg. Volume: 869
• 30 Day Avg. Volume: 1,213
• PEG Ratio: -0.34
• Price to Book (P/B): 1.28
• Price to Sales (P/S): 0.55
• P/FCF Ratio: 18.43
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 64 Neutral
• Price Target: ₹204.00 ▼(-17.11% Downside)
• Action: Reiterated Date: 12/11/25
• Date: Action: Reiterated 12/11/25

Uttam Sugar Mills Limited's overall stock score is driven by solid financial performance and attractive valuation, indicating potential for value investors. However, technical analysis suggests caution due to bearish momentum and price trends below key moving averages. The absence of earnings call data and corporate events limits additional insights.

Positive Factors

Integrated business model and by‑products

Uttam's integrated model—sugar milling plus molasses, bagasse and press-mud monetization—creates diversified, recurring revenue streams and internal energy offsets. This structural diversification supports margins and cash flow resilience across seasonal and price cycles over the medium term.

Healthy gross and operating margins

Sustained gross (27%) and solid EBIT/EBITDA margins indicate effective cost control and processing efficiency. These durable margins provide buffer versus raw-material swings, underpin free cash flow potential, and support reinvestment capacity and long-term profitability even in cyclical environments.

Improving free cash flow and operating cash efficiency

A reversal to positive free cash flow and healthy operating cash-to-income metrics improves financial flexibility. Durable cash generation enables debt servicing, targeted capex or working-capital management, reducing financing risk from seasonal cycles and supporting medium-term strategic initiatives.

Negative Factors

Revenue contraction in recent year

A year-over-year revenue decline signals challenges scaling volumes or realizations. Persistent top-line weakness would erode operating leverage, pressure margins and cash generation, and limit the company's ability to deleverage or fund growth without cost cuts or higher working capital discipline.

Moderate leverage requires monitoring

A debt-to-equity around 1.06 denotes moderate leverage. In a cyclical commodity business this leverage can amplify stress during low-price or low-crush seasons, constraining capital allocation and increasing refinancing or interest-cost risk unless free cash flow consistency improves.

High exposure to commodity and volume cycles

Business economics depend materially on cane supply, recovery rates and sugar/by-product prices. These structural exposures create persistent volatility in revenue, margins and working capital requirements, making earnings and cash flow less predictable across seasons and weather/regulatory shifts.

Uttam Sugar Mills Limited Business Overview & Revenue Model

Company Description

Uttam Sugar Mills Limited, together with its subsidiaries, manufactures and sells sugar products under the Uttam brand in India. It operates through: Sugar, Cogeneration, and Distillery segments. The company also produces industrial alcohol and ethanol; and engages in the power generation business. It serves pharmaceuticals, processed food and beverages, confectionery, diary, bakery, distillery, honey replacement, sauces, breakfast cereals, tobacco, direct consumption, and service, includes hotels, hospitals, and travel and tourism industries. The company was formerly known as Associated Sugar Mills Limited and changed its name to Uttam Sugar Mills Limited in November 1998. Uttam Sugar Mills Limited was founded in 1960 and is based in Noida, India.

How the Company Makes Money

Uttam Sugar Mills Limited generates revenue mainly from the sale of sugar produced from sugarcane processed at its sugar mills. A significant portion of earnings can also come from monetizing sugar-manufacturing by-products: (1) molasses, which is typically sold as an input to downstream industries (commonly used for producing alcohol/industrial chemicals), (2) bagasse (fibrous residue), which is used as a fuel for cogeneration and can support revenue via sale of surplus electricity where applicable, and/or internal power cost savings, and (3) press mud and other residues, which may be sold or used for agricultural/soil applications. The company’s revenue is therefore tied to volumes crushed, sugar recovery rates, realizations/prices for sugar and by-products, and the operating performance of any cogeneration and by-product sales. Specific details on major customer contracts, pricing mechanisms, or partnerships are null.

Uttam Sugar Mills Limited Financial Statement Overview

Summary

Uttam Sugar Mills Limited exhibits solid financial health with robust profitability margins and a balanced capital structure. The company needs to address its revenue contraction and manage its leverage carefully to sustain growth. Positive cash flow trends are promising, although consistency is crucial for long-term stability.

Income Statement

Uttam Sugar Mills Limited shows a strong gross profit margin of 27.0% for the most recent year, alongside a stable net profit margin of 4.8%. However, the company experienced a decline in revenue from 2024 to 2025, indicating a potential challenge in maintaining growth. EBIT and EBITDA margins remain healthy at 9.0% and 12.0% respectively, suggesting effective control over operating expenses.

Balance Sheet

The debt-to-equity ratio stands at 1.06, indicating moderate leverage, which is manageable but requires monitoring. Return on Equity (ROE) is reasonable at 11.2%, reflecting decent profitability from shareholders' investments. The equity ratio is 36.7%, showing a balanced capital structure with a fair proportion of assets financed by equity.

Cash Flow

The company witnessed a significant improvement in free cash flow from 2024 to 2025, reversing from negative to positive. Operating cash flow to net income ratio is healthy, highlighting efficient cash generation from operations. However, free cash flow to net income ratio suggests some volatility in cash retention.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	22.02B	18.46B	20.47B	20.59B	20.34B	18.19B
Gross Profit	5.60B	3.38B	5.52B	4.13B	3.07B	3.90B
EBITDA	2.56B	2.21B	2.72B	2.51B	2.82B	2.20B
Net Income	1.13B	883.10M	1.32B	1.24B	1.35B	597.58M
Balance Sheet
Total Assets	12.95B	21.48B	17.85B	16.22B	15.70B	17.80B
Cash, Cash Equivalents and Short-Term Investments	205.40M	217.40M	46.23M	63.99M	89.31M	55.10M
Total Debt	2.77B	8.33B	7.61B	5.94B	6.40B	8.20B
Total Liabilities	4.91B	13.25B	10.89B	10.46B	11.07B	14.42B
Stockholders Equity	7.92B	7.88B	6.96B	5.76B	4.63B	3.38B
Cash Flow
Free Cash Flow	6.29B	546.00M	-907.59M	1.07B	2.85B	860.26M
Operating Cash Flow	6.65B	1.02B	333.46M	1.58B	3.20B	1.79B
Investing Cash Flow	-590.20M	-619.60M	-1.37B	-500.43M	-280.70M	-876.01M
Financing Cash Flow	-5.97B	-404.90M	1.02B	-1.10B	-2.86B	-831.63M

Uttam Sugar Mills Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 246.10
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:UTTAMSUGAR, the sentiment is Negative. The current price of 246.1 is above the 20-day moving average (MA) of 200.11, above the 50-day MA of 216.39, and below the 200-day MA of 251.87, indicating a bearish trend. The MACD of -5.82 indicates Negative momentum. The RSI at 37.86 is Neutral, neither overbought nor oversold. The STOCH value of 35.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:UTTAMSUGAR.

Uttam Sugar Mills Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
UTTAMSUGAR	64 Neutral	₹7.27B	8.10	―	0.95%	19.83%	46.44%
MAGADSUGAR	63 Neutral	₹6.06B	7.06	―	2.49%	8.96%	-19.55%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
AVADHSUGAR	60 Neutral	₹8.13B	11.08	―	2.63%	4.95%	-26.77%
DHAMPURSUG	59 Neutral	₹7.64B	7.49	―	―	11.07%	-19.56%
SAKHTISUG	56 Neutral	₹1.77B	-1.68	―	―	1.70%	-71.32%
KOTARISUG	49 Neutral	₹1.99B	4.71	―	―	-39.31%	-110.49%

Uttam Sugar Mills Limited Corporate Events

Uttam Sugar Mills Adds Preference Share Agenda to February 12 Board Meeting

Uttam Sugar Mills Limited has notified the exchanges that its upcoming board meeting on February 12, 2026 will now include additional agenda items related to its preference share capital. The board will consider matters concerning preference shares and a proposal to extend the redemption period of its 10.00% non-cumulative redeemable preference shares, a move that could impact the company’s capital structure and returns to preference shareholders.

Uttam Sugar Mills Confirms Compliance With SEBI Dematerialisation Norms for Q3 FY25

Uttam Sugar Mills Limited has submitted a confirmation certificate to the stock exchanges for the quarter ended 31 December 2025, in compliance with Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The company’s registrar and transfer agent, MUFG Intime India, has confirmed that all securities received for dematerialisation during the quarter were duly processed, with certificates verified, mutilated, cancelled, and the depositories recorded as the registered owners within prescribed timelines, underscoring ongoing adherence to regulatory norms and robust handling of shareholders’ demat requests.