Dwarikesh Sugar Q1 FY27: A weak quarter shaped by seasonality, high-cost inventory, and a sharp ethanol drop

Total income was 3,600.7 million, EBITDA was -237.6 million, and PAT was -257.3 million for Q1 FY27, as per the investor presentation dated 28 July 2026.

The company cited the absence of cane crushing and sugar production during the quarter, sale of high-cost opening sugar inventory from SS 2025-26, and sharply lower ethanol production and sales.

Average domestic sugar realization increased to 4,064 per quintal in Q1 FY27 from 3,962 per quintal in Q1 FY26. Sugar sold was 750.4 thousand quintals in Q1 FY27 versus 662.6 thousand quintals in Q1 FY26.

Industrial alcohol sold declined to 7.8 million liters in Q1 FY27 from 21.6 million liters in Q1 FY26, primarily due to the absence of cane crushing and lower ethanol production.

Power generation fell to 3.0 million units in Q1 FY27 from 15.4 million units in Q1 FY26, as the sugar season ended early, resulting in virtually no generation. Average realization increased to 4.4 per unit from 3.4 per unit.

Sugar crushing capacity totals 21,500 TCD across three plants. Power capacity totals 94 MW. Distillery capacities mentioned are 162.5 KLPD at Dwarikesh Nagar and 175 KLPD at Dwarikesh Dham.

Management expects a healthy sugarcane crop in the coming season subject to normal weather, and noted that improved sugar realizations could support profitability, while continuing to focus on operational efficiency and cost discipline.