DAVANGERE SUGAR COMPANY LTD (DAVANGERE): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1YAll

₹2 latest close · −44.1% over the last 90 sessions

₹2 month-end · −50.9% over 12 months

₹2 month-end · −78.6% since Jan '24

52-week range ₹1.62 to ₹5.50 · 1-year volatility 57.0%

How rough has the ride been?

Maximum drawdown-83.5%not yet recovered

1-year volatility57.0%annualised

Drawdown from peak

Largest drawdowns

-83.5% (2024-03 peak to 2026-09 low, not yet recovered)

-25.4% (2024-02 peak to 2024-02 low, recovered 2024-02)

Is it expensive against its own past and its peers?

33.3xP/E todayNear its historic low

Against its own history6th percentile

CheapestMedian 53.2xDearest

Usual range 35.9x to 96.9x since 2024-01.

Against Process Industries33.3x vs 18.1x

This company

33.3x

Sector median

18.1x

84% above the Process Industries median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianProcess Industries median

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P/B (this company)10th to 90th percentile of its own historyIts medianProcess Industries median

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P/S (this company)10th to 90th percentile of its own historyIts medianProcess Industries median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Process Industries is valued

Where does it rank among Process Industries peers?

Each cell is the company's percentile rank among its Process Industries peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROCE26th▼ 3 pts vs a year ago
Op. margin98thflat vs a year ago
Revenue growth86th▲ 75 pts vs a year ago
EPS growth22nd▼ 13 pts vs a year ago
Debt/equity ↓41st▲ 14 pts vs a year ago
Cash cycle ↓2ndflat vs a year ago
P/E ↓24th▲ 7 pts vs a year ago
12M momentum4th▼ 29 pts vs a year ago

Rank history

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Process Industries sector page Watch it move against Process Industries in the Observatory

What is the price implying?

~19%annual earnings growth implied by the price

At a P/E of 26.6x, the price would imply about 18.6%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Fewer than six years of annual earnings are available, which is too little to measure delivered growth.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Process Industries The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹2.00
P/E: 33.3x
ROCE: 6.0%
Market Cap: ₹339 cr
Revenue (TTM): ₹249 cr
P/S: 1.4x
P/B: 0.7x
ROE: 2.0%
Operating Margin: 32.1%
Debt / Equity: 0.5x
Promoter Holding: 41.6%
12M Momentum: -50.9%

52-week range

₹1.62₹5.50

10% of the way from its 52-week low to its high

Price risk

1Y volatility

57.0%

Beta vs sector

1-year daily

0.39

Balance sheet & cash

Interest cover

operating profit ÷ interest

1.4x

Cash from profit, 3Y

operating cash flow ÷ net profit

-1.56x

low

Share count, 1Y

+1.4%

Are profits backed by cash?

4 of 7checks within range2 beyond a threshold

Other income reliance22%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 22.4%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate23%Within range

Median quarterly effective tax rate over about 2.5 years: 22.7%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion-1.56xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: -1.56x (cash from operations ₹-50 cr, net profit ₹32 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow1 of 5 yrsBeyond threshold

Fiscal years with positive free cash flow in the last 5: 1. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+14 daysWithin range

Debtor days are above the median of the previous three fiscal years by 14 days (54 vs 40). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress0% of fixed assetsWithin range

Capital work-in-progress is 0% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-21 days / 2 yrsWithin range

Days payable changed by -21 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 2 years, promoters trimmed 32.7 pts.
The number of shareholders rose from 10,407 to 1.8 lakh (+1590%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change

Promoters74.4%41.6%-32.7 pts

FIIs0.0%0.0%0.0 pts

DIIs0.0%0.0%0.0 pts

Public and others25.6%58.4%+32.7 pts

Number of shareholders

1.8 lakhshareholders+1590% since Dec '23

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

−7.3%typical 12-month return vs the marketNot meaningfully different from the base rate

We found 50 past situations where a non-financial company looked like DAVANGERE SUGAR COMPANY LTD today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −26% to +37% vs the market, against −2% for all non-financial companies in the same months.
The gap against the base rate (−5.6%, 80% range −11.6% to +3.7%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 3 beyond the range shown, drawn at the edge

Similar setups' median

−7.3%

All companies' median

−1.7%

Beat the market

46% vs 48%

50 past situations · 50 companies · 36 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
SEPC Industrial Services	May 2020	11x	7%	−68%	−79%	+4%
SADHNANIQ Process Industries	Jan 2025	—	7%	−51%	−55%	−82%
VISHWARAJ Process Industries	Feb 2022	48x	8%	−21%	−52%	−26%
SHEMAROO Consumer Services	May 2024	41x	5%	+2%	−39%	−26%
PANSARI Technology Services	Dec 2022	37x	4%	−42%	−52%	−8%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
ROHLTD Consumer Services	Jun 2020	30x	8%	−50%	−51%	−7%
SWELECTES Producer Manufacturing	Apr 2025	23x	5%	−55%	−59%	+4%
MCON Non-Energy Minerals	Jun 2025	35x	11%	−47%	−54%	−59%

How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: ROCE, drawdown from 12-month high and 12-month momentum. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to DAVANGERE SUGAR COMPANY LTD. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What changed?

18 events since Feb '24

2026
SepPriceFell 84% from the Mar 2024 peak to the Sep 2026 low.
SepPeer rankMoved into the top quartile of Process Industries on operating margin (from the 2nd quartile).
AugValuationP/E fell below the 10th percentile of its own history to date (34.7x).
JunPeer rankSlipped to the 2nd quartile of Process Industries on operating margin (from the top quartile).
MarResultsYear-on-year EPS growth turned negative.
MarInstitutionsFII + DII holding rose 7.0 pts over 1 quarter to 7.0%.
MarPeer rankSlipped to the bottom quartile of Process Industries on EPS growth (from the 2nd quartile).
2025
DecPromoterPromoter holding fell 6.2 pts to 41.6% (largest drop since 2024-12).

Show 10 earlier events

2025
DecResultsYear-on-year EPS growth turned positive.
DecPeer rankMoved into the 2nd quartile of Process Industries on EPS growth (from the 3rd quartile).
SepPromoterPromoter holding fell 4.5 pts to 47.9% (largest drop since 2024-12).
JunResultsYear-on-year EPS growth turned negative.
JunPeer rankSlipped to the 3rd quartile of Process Industries on EPS growth (from the 2nd quartile).
2024
DecPromoterPromoter holding fell 6.6 pts to 54.3% (largest drop since 2024-09).
SepPromoterPromoter holding fell 9.8 pts to 60.9%.
JunPromoterPromoter holding fell 3.7 pts to 70.7%.
FebPriceRegained the 2024-02 peak, 0 months after the low.
FebPriceFell 25% from the Feb 2024 peak to the Feb 2024 low.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history35 months · 2024-01 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	33.3x	₹249 cr	2.0%	6.0%	0.5x
2026-10	32.5x	₹249 cr	2.0%	6.0%	0.5x
2026-09	38.5x	₹249 cr	2.0%	6.0%	0.5x
2026-08	34.7x	₹239 cr	2.0%	6.0%	0.5x
2026-07	53.2x	₹239 cr	2.0%	6.0%	0.5x
2026-06	59.5x	₹239 cr	2.0%	6.0%	0.5x
2026-05	67.0x	₹212 cr	1.9%	7.0%	0.8x
2026-04	60.7x	₹212 cr	1.9%	7.0%	0.8x
2026-03	62.0x	₹212 cr	1.9%	7.0%	0.8x
2026-02	45.2x	₹202 cr	2.9%	7.0%	0.8x
2026-01	47.7x	₹202 cr	2.9%	7.0%	0.8x
2025-12	41.2x	₹202 cr	2.9%	7.0%	0.8x
2025-11	50.9x	₹193 cr	2.6%	7.0%	0.8x
2025-10	48.1x	₹193 cr	2.6%	7.0%	0.8x
2025-09	47.1x	₹193 cr	2.6%	7.0%	0.8x
2025-08	43.5x	₹215 cr	2.6%	7.0%	0.8x
2025-07	39.9x	₹215 cr	2.6%	7.0%	0.8x
2025-06	42.0x	₹215 cr	2.6%	7.0%	0.8x
2025-05	35.5x	₹222 cr	5.0%	7.0%	0.8x
2025-04	36.5x	₹222 cr	5.0%	7.0%	0.8x
2025-03	36.8x	₹222 cr	5.0%	7.0%	0.8x
2025-02	52.2x	₹227 cr	3.0%	7.0%	0.8x
2025-01	65.7x	₹227 cr	3.0%	7.0%	0.8x
2024-12	57.0x	₹227 cr	3.0%	7.0%	0.8x
2024-11	65.0x	₹214 cr	3.0%	7.0%	0.8x
2024-10	69.6x	₹214 cr	3.0%	7.0%	0.8x
2024-09	75.3x	₹214 cr	3.0%	7.0%	0.8x
2024-08	80.4x	₹217 cr	3.0%	7.0%	0.8x
2024-07	80.8x	₹217 cr	3.0%	7.0%	0.8x
2024-06	90.3x	₹217 cr	3.0%	7.0%	0.8x
2024-05	114.2x	₹280 cr	3.2%	8.0%	0.8x
2024-04	101.2x	₹280 cr	3.2%	8.0%	0.8x
2024-03	82.9x	₹280 cr	3.2%	8.0%	0.8x
2024-02	112.0x	₹280 cr	3.2%	8.0%	0.8x
2024-01	103.9x	₹280 cr	3.2%	8.0%	0.8x

Methodology and data notes