UTTAM SUGARSUttam Sugar Mills LimitedNSE:UTTAMSUGARTechnicalAnalystSucritUttam Sugar Mills Ltd. (CMP ₹264.64, NSE: UTTAMSUGAR) A Uttarakhand‑based integrated sugar and ethanol producer, incorporated in 1993. Uttam Sugar operates across sugar milling, distillery, and cogeneration, with strong promoter backing from the Adlakha Group. Promoter Holding (Dec 2025): Raj Kumar Adlakha & Adlakha Group — majority stake FY22–FY26 Snapshot Revenue Growth: Q3 FY26 revenue ₹495.79 Cr vs ₹404.82 Cr in Q3 FY25 (+22.47% YoY). → Good Net Profit: Q3 FY26 PAT ₹29.73 Cr vs ₹32.51 Cr in Q3 FY25 (–8.55% YoY). → Neutral/Weak Operating Margin: EBITDA margin 11.46% vs 15.50% last year (–404 bps). → Neutral/Weak Equity Capital: Stable, no dilution. → Good Dividend Policy: Yield ~0.94%, consistent payouts. → Good Asset Building: Distillery production reached 596.33 lakh BL in 9M FY26. → Good Sales: Sugar production 15.14 lakh quintals in 9M FY26 vs 13.57 lakh quintals in 9M FY25. → Good Expense: Rising input costs compressing margins. → Neutral EPS: 9M FY26 EPS ₹12.37 vs ₹6.11 in 9M FY25 (+102%). → Good Institutional Interest & Ownership Trends (Dec 2025) Promoter Holding: Raj Kumar Adlakha & Adlakha Group — majority stake FII Holding: Limited participation DII Holding: Stable institutional interest Retail & Others: Active trading volumes (~11.3 lakh shares/day) Strategic Moves & Innovations Expansion in ethanol and distillery capacity. Investments in cogeneration plants for green energy. Focus on government ethanol blending program. Strengthening operational efficiency in sugar production. Cash Flow & Balance Sheet Strength Strong operating cash flows from sugar and ethanol. Debt levels moderate, balance sheet conservative. Profitability supported by distillery diversification. Risk Factors Dependence on government policies for sugar & ethanol. Exposure to cane price volatility. Margin pressure from rising input costs. Cyclical nature of sugar industry. Investor Takeaway Uttam Sugar Mills has delivered robust revenue growth in FY26, backed by strong sugar and distillery operations. While Q3 margins compressed, the 9M FY26 performance shows doubled PAT and EPS growth, highlighting resilience. With promoter strength from Raj Kumar Adlakha & Adlakha Group, the company’s long‑term outlook remains positive, supported by ethanol expansion and government blending initiatives.