NSE: DWARKESH · BSE: 532610
DWARIKESH SUGAR IND LTD
Manufactures sugar and ethanol from sugarcane in Uttar Pradesh through 3 sugar mills and 2 distilleries, with an attached 94 MW cogeneration plant that sells surplus power to UPPCL. The sugar segment contributed 78.9% of segment revenue in FY26 at Rs 1,277.26 crore with EBIT of Rs 30.77 crore; the distillery segment (molasses-to-ethanol) contributed 21.1% at Rs 342.45 crore with EBIT of Rs 32.78 crore. FY26 sugar operations were squeezed by 8% lower cane crushing at 24.32 lakh tonnes and a Rs 30/quintal rise in the state-advised cane price, while distillery revenues were hit by weak ethanol off-take from oil marketing companies. Installed capacity stands at 21,500 tonnes of cane per day (TCD) of crushing and 337.5 kilo-litres per day of ethanol output, and the unit engages roughly 1.5 lakh farmers for cane procurement. Raw materials, chiefly sugarcane and molasses, made up 73.3% of revenue, with employees at 8.0% and other operating expenses at 7.4%. FY26 total revenue was Rs 1,401.94 crore with EBITDA margin of 6.7% and net profit of Rs 30.84 crore; the sugar season ended early in March 2026, leaving no crushing in Q1 FY27. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Sugar (79%), Distillery (21%). Cyclical, commodity-linked sugar and ethanol producer with regulatory exposure to cane SAP and ethanol pricing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,974 | 2,103 | 1,710 | 1,359 | 1,402 |
| EBITDA (ex other income) | 291 | 215 | 205 | 113 | 87 |
| margin % | 14.7 | 10.2 | 12.0 | 8.4 | 6.2 |
| Owners' profit | 155 | 105 | 84 | 23 | 31 |
| EPS, as reported (₹) | 8.24 | 5.57 | 4.44 | 1.26 | 1.66 |
| ROE % · ROCE % | 23.1 · 27.9 | 14.2 · 18.2 | 10.2 · 15.9 | 2.9 · 7.2 | 3.7 · 5.9 |
| Debt / equity (x) | 0.77 | 0.50 | 0.55 | 0.62 | 0.40 |
| Cash from operations | 352 | 314 | 13 | 61 | 129 |
| Capex | (0) | (99) | (51) | (12) | (7) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 246 | 313 | 459 | 405 | 246 | 325 | 425 | 358 |
| Profit before tax | (36) | 16 | 88 | (13) | (53) | 27 | 82 | (34) |
| Net profit | (24) | 11 | 46 | (9) | (33) | 15 | 57 | (26) |
| EPS (₹) | (1.29) | 0.58 | 2.50 | (0.51) | (1.76) | 0.83 | 3.10 | (1.39) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Sugar | 1,277 | 78.9 |
| Distilliery | 132 | 8.1 |
| Distillery | 210 | 13.0 |
| Total, before eliminations | 1,620 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BALRAMPUR CHINI MILLS LTD | 13,331 | 34.4 | 3.22 | 21.2 | 9.1 | 9.7 | 5.4 | 7.9 |
| TRIVENI ENGG. & INDS. LTD | 4,955 | 17.6 | 1.48 | 11.6 | 8.0 | 9.4 | 10.1 | 3.3 |
| BAJAJ HINDUSTHAN SUGAR LT | 4,237 | 13.1 | 1.11 | 20.6 | 3.3 | 1.5 | (3.9) | (10.4) |
| BANNARI AMMAN SUGARS LTD | 3,944 | 32.4 | 2.06 | — | 7.7 | 8.7 | — | 0.5 |
| SHREE RENUKA SUGARS LTD | 3,894 | — | — | 70.7 | 29.6 | (108.2) | 10.2 | (3.1) |
| DALMIA BHARAT SUG IN LTD | 3,284 | 13.7 | 1.02 | 9.1 | 7.3 | 8.0 | 6.1 | 8.3 |
| UTTAM SUGAR MILLS LTD. | 1,202 | 13.8 | 1.35 | 8.1 | 11.3 | 12.7 | — | 4.5 |
| DHAMPUR SUGAR MILLS LTD. | 1,064 | 15.2 | 0.89 | 9.8 | 5.5 | 5.8 | (7.9) | 4.7 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 52.2 | 14.5 | 19 of 20 | 5% |
| P/B | 0.9 | 0.9 | 14 of 26 | 48% |
| ROCE | 4.4 | 3.0 | 12 of 27 | 58% |
| ROE | 3.7 | 3.5 | 13 of 26 | 52% |
| Debt / Equity | 0.4 | 0.6 | 11 of 26 | 60% |
| EBITDA margin | (6.6) | 4.6 | 23 of 26 | 12% |
| Revenue growth | (11.7) | 5.5 | 22 of 25 | 13% |
| Profit growth | (174.2) | (14.4) | 25 of 27 | 8% |
| Market cap | 754 | 282 | 9 of 28 | 70% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Board to review Q2 and half-year results on October 29, 2026 | results | low | — | — |
| 5 Oct 2026 · Routine RTA compliance certificate for Q2 FY27 filed with BSE | compliance | minimal | — | — |
| 24 Sept 2026 · Trading window closed from Oct 1 until 48 hours after Q2 FY27 results | compliance | minimal | — | — |
| 23 Sept 2026 · ICRA withdraws commercial paper rating; long-term ratings reaffirmed | credit debt | medium | — | — |
| 7 Sept 2026 · Newspaper publication on special window for physical share dematerialisation | compliance | minimal | — | — |
| 24 Aug 2026 · Clarification on share price movement | regulatory legal | medium | — | — |
| 21 Aug 2026 · BSE seeks clarification on price movement from Dwarikesh Sugar | regulatory legal | high | — | — |
| 6 Aug 2026 · Dwarikesh Sugar AGM: All 6 Resolutions Passed, Dividend Approved | compliance | minimal | — | — |
| 6 Aug 2026 · All 6 resolutions passed at 32nd AGM; dividend declared | board shareholder meetings | low | — | — |
| 6 Aug 2026 · Shareholders approve re-appointment of Gautam R Morarka as Executive Chairman | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.