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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Working Capital Requirements
To meet long-term working capital requirements for business expansion and operational activities.
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(₹ in Crore)
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Vishwaraj Sugar Industries Limited (VSIL) was incorporated in 1995 as an integrated sugar-manufacturing company based in the Belagavi district of Karnataka. Operating in the fertile sugarcane belt of Southern India, the company manufactures refined sugar, pharmaceutical-grade sugar, and various by-products through an eco-friendly integrated manufacturing facility. The company operates a multi-faceted production architecture comprising a sugar crushing plant, a co-generation power plant that generates green electricity from bagasse, and a distillery producing ethanol, extra-neutral alcohol (ENA), rectified spirits, and Indian Made Liquor (IML). It also produces vinegar, carbon dioxide, and organic compost for agricultural use. Vishwaraj Sugar maintains direct farmer relationship programs, providing high-yielding sugarcane seeds, technical support, and drip irrigation guidance across its command area. With continuous capacity expansions and a focus on green energy, the company supplies its products to leading food, beverage, pharmaceutical, and oil marketing corporations across domestic and international markets.
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Source: RHP • Analysis provided for informational purposes
Last Updated: 28 July 2026, 4:30 PM
Integrated Business Model
Synergistic operations across sugar manufacturing, co-generation power, distillery, and ethanol production enhancing margin stability.
Strategic Facility Location
Located in the high-yield sugarcane belt of Belagavi, Karnataka, ensuring consistent raw material availability and access to transport infrastructure.
Diversified Revenue Streams
Revenue generation across multiple product lines including refined sugar, pharmaceutical sugar, ethanol, power sales, and industrial alcohol.
Established Institutional Client Base
Long-standing relationships with leading FMCG, beverage, pharmaceutical companies, and state oil marketing companies.
Agri-Climatic Dependency
Vulnerability of sugarcane yields and sucrose content to rainfall variations, drought conditions, and monsoon volatility.
Government Price Regulations
Susceptibility to statutory minimum sugarcane price mandates (FRP/SAP) and government-regulated domestic sugar sale quotas.
Cyclicality in Sugar Prices
Exposure to global and domestic sugar price fluctuations influenced by demand-supply imbalances and international trade policies.
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Working Capital Intensity
High seasonal working capital requirements for inventory holding during the peak sugarcane crushing season.