Buy Vishwaraj Sugar Industries; target of Rs 211: Khambatta Securities

An Edelweiss research report for Q4FY21 says road tonnage continued to improve, evident in e-way bill generation (up 6% QoQ) and improved core trucking rentals. “We estimate tonnage would increase by three–five percent for truckers. Asset-light plays Mahindra Logistics and TCI Express remain our preferred picks due to their ability to scale up/down as the environment demands,” the report said. Edelweiss is bullish on Blue Dart Express due to the pandemic-induced boom in e-commerce and its leaner cost structure. It has retained a ‘buy’ call on Mahindra Logistics, TCI Express and Blue Dart Express.

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26 Aug, 2025 12:21

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Khambatta Securities' research report on Vishwaraj Sugar Industries

Vishwaraj Sugar Industries Limited (VSIL), a Karnataka-based integrated sugar company producing sugar, power, ethanol and alcohol-based vinegar. The company’s production facility is located at Bellad Bagewadi, Belgaum District in Northwest Karnataka, which is classified as a high recovery zone for sugar. VSIL has a cane crushing capacity of 10,500 tonnes/day. Low-cost proprietary sugar-refining process will enable VSIL move up the product value chain as expanded facilities are expected to operate at full capacity over the next couple of years.

The VSIL stock currently trades at an attractive forward P/E level of 26.4x FY23E EPS. At 35.0x FY23E EPS, we rate VSIL a BUY with a target price of Rs 211 and an upside potential of 33%.

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