As per attachment
DWARKESH · price
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Dwarikesh Sugar reported FY26 revenue of Rs 14,019.4 million, up 3.2% YoY, but EBITDA declined 21.6% to Rs 940.3 million with margins compressing to 6.7% from 8.8%. Q4 PAT surged to Rs 574.1 million (vs Rs 463.3 million in Q4 FY25) due to a lower effective tax rate under the new tax regime. Sugar segment EBITDA margin fell sharply to 3.5% from 5.5% due to higher State Advised Price (SAP) of Rs 30/quintal increase and 8% lower cane crushing (243 lakh quintals vs 263 lakh quintals). Distillery revenues declined 10.6% to Rs 3,424.5 million with weak OMC ethanol off-take, though ethanol production volumes rose 10% to 60.3 million litres. Power revenue improved to Rs 389.2 million following retrospective tariff revision by UPPCL.
Margin compression in the sugar segment due to higher cane costs and lower availability is a near-term concern, but the company's integrated model (cogeneration and distillery) provides some diversification. Sugar prices expected to firm up given tighter domestic balance sheet, which could support recovery in FY27.