CMP ₹325 | Q4 PAT ₹67.92 Cr | EPS ₹17.81 | FY25 PAT ₹132.21 Cr | EPS ₹34.67 | P/E ~9.3x | Dividend ₹2.50
📌 At a Glance:
Uttam Sugar just released its Q4 and FY25 results, and the numbers are sweeter than Rasgulla dipped in Red Bull.
- 🍬 FY25 Net Profit: ₹132.21 Cr
- 📈 EPS for FY25: ₹34.67
- 📉 CMP ₹325 → P/E = 9.3x (aka Dalchini-grade cheap)
- 🤑 Final Dividend: ₹2.50/share
- 🔋 FY25 Revenue: ₹2,045 Cr (up 13%)
- 🏗️ PAT Margin: 6.5%
- 💰 Net Worth: ₹778 Cr
- ⚖️ Total Assets: ₹2,146 Cr
Uttam is no longer your average sugar company — they’re building up a Distillery Empire on the side.
🍬 Q4 FY25 Snapshot
| Metric | Q4 FY25 (₹ Cr) | Q3 FY25 (₹ Cr) | Q4 FY24 (₹ Cr) |
|---|---|---|---|
| Revenue | 550.0 | 403.9 | 465.1 |
| Net Profit | 67.92 | 32.51 | 42.14 |
| EPS | ₹17.81 | ₹8.52 | ₹11.05 |
| EBITDA Margin | 17.7% | 13.7% | 16.4% |
✅ Margins improving
✅ Profit doubled QoQ
✅ Q4 revenue highest in 5 quarters
📊 FY25 vs FY24 (Standalone)
| Metric | FY25 (₹ Cr) | FY24 (₹ Cr) | Growth |
|---|---|---|---|
| Revenue | 2,045.5 | 1,794.4 | 🔼 +14% |
| Net Profit | 132.21 | 111.05 | 🔼 +19% |
| EPS | ₹34.67 | ₹29.11 | 🔼 +19% |
| Net Worth | ₹778 Cr | ₹696 Cr | 🔼 +12% |
| Debt | ₹112 Cr | ₹130 Cr | 🔽 -14% |
This is what a clean sugar balance sheet looks like — part distillery, part co-gen, part balance sheet gym rat.
🏭 Business Segment Highlights (FY25)
| Segment | Revenue (₹ Cr) | Profit Before Tax (₹ Cr) |
|---|---|---|
| Sugar | 1,746.4 | 163.1 |
| Distillery | 395.8 | 36.2 |
| Cogeneration | 98.0 | 6.5 |
📌 Distillery now contributes ~18% of total revenue — that’s where the margin magic is happening.
💡 Cogeneration has become a sleepy PSU department. Sugar? Still the kingpin.
🧾 Dividend & Debt Moves
- 💸 ₹2.50/share final dividend (25% on FV ₹10)
- ✅ Net debt dropped ₹18 Cr
- 📈 Working capital cycle improved
- 🧃 Distillery expansion continuing via subsidiary (UDL)
- UDL became a fully consolidated subsidiary in FY25 with 53.7% stake
They’re literally distilling value.
📉 Valuation Analysis
- CMP: ₹325
- EPS: ₹34.67
- P/E: 9.3x
- Industry average P/E: 12–15x
If Glenmark trades at 35x and pays ₹2 dividend, this sugar stock at 9x feels like black market sugar during lockdown.
🧠 EduInvesting Take: “This is not just a sugar stock. It’s a low-key FMCG dividend compounder with ethanol rage issues.”
Let’s recap:
- ✅ Debt is under control
- ✅ Margins rising
- ✅ Distillery revenue growing
- ✅ Dividend stable
- ✅ EPS hitting new highs
- ❌ Still no institutional coverage
The result? Retail investors are still sleeping. CMP hasn’t even caught up with fundamentals.
⚠️ Risks & Red Flags
- Ethanol policy flip-flops
- Monsoon dependency
- Cane pricing volatility
- Industry cyclicality
- Delayed subsidy payments from state
But if India keeps pushing ethanol blending and sugar capex subsidies, Uttam will ride the entire boom with 0 noise.
📅 Key FY25 Takeaways
- 🧃 UDL now subsidiary (ethanol + ENA + RS plants)
- 🏗️ Expansion plans in pipeline
- 🧾 Unmodified audit report — clean, no funny business
- 🧾 Net cash from operations: ₹101.89 Cr
- 🏭 Assets up to ₹2,146 Cr vs ₹1,784 Cr YoY
🎯 Final Verdict (No Buy/Sell, Just Roast):
“Uttam Sugar is delivering FY25 results like a VIP wedding buffet — fewer people showed up, but food quality was 🔥.”
Low P/E + real earnings + ethanol exposure + ₹2.5 dividend = Still ignored.
Stock toh chal sakta hai… but sirf agar koi meme ban gaya toh.
Author: Prashant Marathe
Date: May 23, 2025
Tags: Uttam Sugar, Sugar Stocks, FY25 Results, Ethanol India, Distillery Business, Dividend Stocks, EduInvesting, NSE UTTAMSUGAR, EPS Growth, Funny Finance
