Overview

Detailed Summary

Dwarikesh Sugar Industries Limited is an integrated sugar producer operating three Uttar Pradesh plants that manufacture sugar, co‑generate renewable power and produce industrial alcohol/ethanol; aggregate capacities include 21,500 TCD sugar crushing, ~94 MW cogeneration and combined distillery capacity of c.337.5 KLPD, supplying sugar, ethanol and surplus power to domestic markets.
Q3 FY26 showed a marked operational recovery: Total income of INR 3,281.6 million, EBITDA of INR 406.8 million and PAT of INR 154.4 million driven by resumption of crushing and higher domestic realizations, while 9M FY26 remained loss making (PAT -INR 265.7 million) due to earlier season cessation and under‑absorption of fixed overheads.
The company’s strategic pivot to ethanol production is now a material revenue driver: 9M FY26 ethanol production rose to 354.64 lakh litres with distillery revenue increasing year‑on‑year, demonstrating Dwarikesh Sugar Industries Limited’s successful monetization of distillery capacity amid supportive blending policies and strong bid response in ESY 2025–26 tenders.
Operational risks are prominent: lower ratoon yields and an unexpected ₹30/ quintal SAP increase in Uttar Pradesh to ₹400/qtl raise feedstock costs, while global sugar surpluses and weak international prices keep external price pressure. Domestic realizations oscillated around ₹4,000–4,050 per quintal during the quarter, leaving margins sensitive to cane costs and inventory mix.
Cogeneration and renewable power create diversification and margin support: power revenue improved (Q3 power revenue INR 176 million) with higher average realization (~INR 4.4/unit in 9M FY26) and surplus export capacity (~54 MW), providing Dwarikesh Sugar Industries Limited a non‑sugar cash flow cushion against cyclical sugar volatility.

Sector: Agricultural Food & other Products
Industry: Sugar
Market Cap: 779 Cr
Volatility: Low Risk
P/E Ratio: 42.3
Industry P/E: 35.4
PEG Ratio: 0.1
P/B Ratio: 1.0
52W High: 52.55
52W Low: 32.14

Sales CAGR

1Y: -20.51%
3Y: -11.77%
5Y: 0.34%
10Y: 5.61%

Profit CAGR

1Y: -72.05%
3Y: -46.83%
5Y: -20.49%
10Y: -5.54%

ROE

TTM: 1.99%
3Y: 8.94%
5Y: 12.66%
10Y: 17.30%

ROCE

TTM: 5.90%
3Y: 13.78%
5Y: 17.88%
10Y: 21.50%

Technicals

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Peers

Fast Moving Consumer Goods Fast Moving Consumer Goods Sugar

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
UTTAMSUGAR		257.50	965 Cr	11.12	1.22	0.99	14.22	19.41	8.49
AVADHSUGAR		497.55	926 Cr	13.57	0.87	2.16	5.98	10.60	4.04
DHAMPURSUG		141.50	899 Cr	13.32	0.80	0.00	5.07	8.05	3.76
ZUARIIND		254.00	791 Cr	6.40	0.17	0.38	2.55	5.33	1.44
DBOL		114.40	783 Cr	31.87	0.81	1.06	0.18	4.07	1.44
DWARKESH		44.86	779 Cr	42.32	1.03	0.00	1.99	5.90	1.92
MAGADSUGAR		492.00	713 Cr	8.02	0.88	2.47	10.24	13.17	7.06
Median: 7 Co.	—	254.00	791 Cr	13.32	0.87	0.99	5.07	8.05	3.76

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Mar 2009	Jun 2009	Sep 2009	Mar 2010	Jun 2010	Sep 2010
Sales	91	154	95	159	144	87
Expenses	60	116	69	160	116	101
Operating Profit	31	38	26	-0.60	28	-14
OPM %	33.95	24.58	27.42	-0.38	19.50	-16.18
Other Income	0.59	0.50	0.29	0.55	0.78	0.34
Interest	18	16	11	11	13	13
Depreciation	8.10	7.99	7.99	8.02	8.02	8.03
Profit Before Tax	5.71	14	6.80	-19	7.28	-35
Tax %	-33.80	0.00	120.74	-19.15	0.00	23.11
Net Profit	7.64	14	-1.41	-23	7.28	-27
EPS in Rs	—	—	—	—	—	—

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,256	1,458	1,084	1,336	1,839	1,979	2,103	1,710	1,359	1,423
Expenses	917	1,287	955	1,200	1,638	1,688	1,888	1,505	1,245	1,308
Operating Profit	339	171	129	136	201	291	215	205	113	115
OPM %	26.99	11.71	11.90	10.18	10.94	14.69	10.20	11.99	8.35	8.09
Other Income	18	17	36	5.40	7.10	3.23	14	12	6.44	6.34
Interest	52	25	21	33	48	32	26	20	19	18
Depreciation	30	33	33	37	41	44	50	53	49	49
Profit Before Tax	209	102	111	72	120	219	153	144	52	54
Tax %	25.20	0.69	14.27	-2.63	23.59	29.02	31.32	42.00	55.52	56.49
Net Profit	156	101	95	73	92	155	105	84	23	24
EPS in Rs	8.67	5.43	5.13	3.96	4.94	8.37	5.66	4.52	1.27	1.06
Dividend Payout %	112.74	0.00	19.80	25.64	25.72	24.27	35.97	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	16	19	19	19	19	19	19	19	19	19
Reserves	70	267	347	445	465	560	654	721	803	788
Borrowings	622	476	324	636	658	607	524	375	456	507
Other Liabilities	293	257	294	266	468	260	222	166	137	149
Total Liabilities	1,001	1,019	984	1,365	1,609	1,445	1,420	1,280	1,415	1,463
Fixed Assets	356	331	341	319	430	410	388	582	583	547
CWIP	0.28	1.25	0.19	16	1.90	0.51	143	0.00	0.40	0.00
Investments	0.24	0.32	0.32	0.32	0.33	0.33	0.32	0.32	0.54	0.55
Other Assets	644	687	642	1,029	1,177	1,035	889	697	831	915
Total Assets	1,001	1,019	984	1,365	1,609	1,445	1,420	1,280	1,415	1,463

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	37	141	298	-250	11	296	339	314	13	61
Cash from Investing Activity	-13	-4.99	-41	-44	-111	-18	-198	-92	-41	-6.55
Cash from Financing Activity	-20	-140	-256	292	101	-280	-141	-222	27	27
Net Cash Flow	4.00	-3.75	1.73	-1.96	1.41	-1.77	0.08	0.44	-0.10	81

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	42.09%	42.09%	42.09%	42.09%	42.09%	42.10%	42.10%	42.10%	42.10%	42.10%	42.10%	42.14%
FIIs	4.53%	5.31%	3.96%	4.36%	3.85%	2.32%	1.64%	2.00%	1.90%	1.74%	1.69%	1.68%
DIIs	3.38%	0.24%	0.20%	0.38%	0.15%	0.13%	0.14%	0.17%	0.13%	0.14%	0.24%	0.35%
Public	50.00%	52.36%	53.75%	53.17%	53.91%	55.45%	56.13%	55.73%	55.87%	56.03%	55.97%	55.83%
Total Shareholders	1,59,071	1,66,279	1,78,492	2,02,645	2,00,036	1,95,455	1,93,085	1,90,189	1,85,463	1,83,124	1,78,088	1,71,993

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Available on Pro Plan