Dwarikesh Sugar Industries Ltd.

•

dwarikesh.comBSE: 532610NSE: DWARKESH

Market Cap₹ 866 Cr.

Current Price

High / Low₹ 60 / 32

Stock P/E59.8

Book Value₹ 43

Price to Book1.03

Dividend Yield0.21 %

ROCE4.6 %

ROE3.8 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Sugar: 75.6% • Distillery: 24.4%

AI Sector View

AI GENERATED

Fast Moving Consumer Goods

Hold

Rural demand proxies are mixed. Tractor sales rose 18.0% YoY (2026-07) and 2-wheelers were up 23.0% YoY (2026-06), but rural employment slowed to 1.0% YoY (2026-07), fertiliser sales were 0.0% YoY (2026-05), and food inflation of 5.52% (Jul/26) can pressure household budgets. FPI outflows remain heavy at INR -8081 crore over 3 months to 2026-08-31, limiting upside.

Confidence

62%

View full sector analysis →

PROS

Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.48x)
Company generates healthy free cash flow
Company maintains a comfortable, low leverage position

CONS

Recent results are weak - TTM profit is down 62.2% versus prior year
Company has a low return on equity of 5.8% over last 3 years
Company has a low return on capital employed of 8.0%
Company's sales have been declining over the last five years
Company has delivered a poor profit growth of -19.6% over past five years
Valuation is stretched - P/E of 59.8 is well above its own 5-year median (27.6)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Fast Moving Consumer GoodsAgriSugar

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BALRAMCHIN	699.20	39.87	14794.90	0.50	44.15	-14.40	1636.79	6.13	9.29	7.36
2.	EIDPARRY	756.00	28.94	13453.45	0.00	311.50	-32.93	9017.52	3.37	23.60	8.33
3.	TRIVENI	268.90	21.08	5925.56	1.02	3.65	73.81	1950.14	-0.22	8.92	2.94
4.	RENUKA	24.36	0.00	5185.00	0.00	-251.50	4.59	2120.20	5.61	-3.84	-3.60
5.	BAJAJHIND	21.37	44.14	5108.85	0.00	-1847.00	-961.49	11259.70	801.92	2.86	-10.64
6.	BANARISUG	3682.15	37.92	4617.31	0.34	-10.92	-171.57	172.45	-58.81	9.33	-3.00
7.	DALMIASUG	432.85	14.80	3503.46	1.39	6.91	—	848.19	-16.48	8.38	5.10
8.	AVADHSUGAR	821.70	24.94	1644.91	1.22	0.23	102.78	779.25	8.74	6.50	4.68
9.	GODAVARIB	238.95	5434.89	1222.85	0.00	-19.32	-20.62	557.88	4.62	5.79	0.09
10.	DHAMPURSUG	170.85	15.63	1098.68	1.17	60.90	6592.31	7861.70	961.42	6.63	3.98
11.	UTTAMSUGAR	282.65	12.40	1077.97	0.88	1.30	-91.05	606.37	-3.56	11.62	4.32
12.	DWARKESH	46.73	59.76	865.91	0.21	-257.31	-2642.01	3581.31	783.26	4.64	-7.18

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	571	446	313	380	341	246	313	459	405	246	325	425	358
	494	417	287	307	339	269	286	352	402	287	287	339	394
Operating Profit	77	29	26	73	2	-23	27	107	4	-41	38	87	-36
OPM %	13.49%	6.45%	8.30%	19.26%	0.67%	-9.36%	8.70%	23.31%	0.97%	-16.78%	11.58%	20.35%	-10.14%
	0	3	6	2	1	2	4	0	0	2	3	1	2
Interest	6	4	4	7	6	3	3	8	5	2	1	6	3
Depreciation	13	13	14	13	12	12	12	12	12	12	12	-0	8
Profit before Tax	59	15	14	56	-15	-36	16	88	-13	-53	27	82	-34
Tax %	31.26%	31.28%	30.84%	58.98%	35.09%	33.44%	32.35%	47.13%	28.01%	38.38%	42.40%	29.73%	25.15%
Net Profit	41	10	10	23	-10	-24	11	46	-9	-33	15	57	-26
	2.16	0.55	0.52	1.22	-0.52	-1.29	0.58	2.50	-0.51	-1.76	0.83	3.10	-1.39

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	1,190	1,430	1,084	1,336	1,839	1,979	2,103	1,710	1,359	1,402	1,355
	917	1,287	955	1,200	1,638	1,688	1,888	1,505	1,245	1,315	1,308
Operating Profit	273	142	129	136	201	291	215	205	113	87	47
OPM %	22.96%	9.96%	11.90%	10.18%	10.94%	14.69%	10.20%	11.99%	8.35%	6.20%	3.44%
	18	17	36	5	7	3	14	12	6	7	9
Interest	52	25	21	33	48	32	26	20	19	15	12
Depreciation	30	33	33	37	41	44	50	53	49	37	32
Profit before Tax	209	102	111	72	120	219	153	144	52	43	21
Tax %	25.20%	0.69%	14.27%	-2.63%	23.59%	29.02%	31.32%	42.00%	55.52%	27.48%	31.57%
Net Profit	156	101	95	73	92	155	105	84	23	31	14
EPS	8.87	5.39	5.05	3.90	4.86	8.24	5.56	4.44	1.26	1.66	—
Dividend Payout %	12.06%	0.00%	0.00%	0.00%	25.71%	24.26%	35.95%	0.00%	39.70%	6.01%	—

COMPOUNDED SALES GROWTH

10 Years:: 6%
5 Years:: -5%
3 Years:: -13%

COMPOUNDED PROFIT GROWTH

10 Years:: -2%
5 Years:: -20%
3 Years:: -33%

STOCK PRICE CAGR

10 Years:: 7%
5 Years:: -7%
3 Years:: -22%
1 Year:: 8%

RETURN ON EQUITY

10 Years:: 23%
5 Years:: 11%
3 Years:: 6%
Last Year:: 4%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	19	19	19	19	19	19	19	19	19	19
	267	347	445	465	560	654	721	803	788	810
	478	324	652	666	560	473	306	387	454	301
Trade Payables	77	215	183	208	188	97	55	43	32	10
	202	66	115	294	188	309	273	285	206	175
Total Liabilities	1,043	971	1,413	1,652	1,515	1,552	1,373	1,537	1,497	1,315
	331	341	319	430	410	388	582	583	547	528
Capital Work in Progress	1	0	16	2	1	143	0	0	0	0
Investments	0	0	0	0	0	0	0	1	1	1
	610	531	824	912	855	758	561	741	751	678
	0	0	0	0	0	0	0	36	58	50
Cash & Bank	1	3	1	3	1	39	40	34	83	16
	100	96	252	304	247	225	190	143	58	43
Total Assets	1,043	971	1,413	1,652	1,515	1,552	1,373	1,537	1,497	1,315

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	181	342	-230	26	297	376	343	13	61	129
Cash from Investing	-5	-41	-44	-111	-18	-198	-92	-41	-7	-4
Cash from Financing	-140	-256	292	101	-280	-141	-222	27	27	-194
	-4	2	-2	1	-2	0	0	-0	81	-69

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
42.09	42.10	42.10	42.10	42.10	42.10	42.10	42.14	42.14
3.85	2.31	1.64	2.00	1.90	1.74	1.68	1.68	1.01
0.00	0.00	0.00	0.00	0.00	0.00	0.11	0.22	0.75
0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.13
53.92	55.45	56.13	55.76	55.87	56.03	55.97	55.83	55.96

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-07

Copy of Newspaper Publication

2026-09-07 - Dwarikesh Sugar Industries Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-24

Price movement

2026-08-24 - Significant movement in price has been observed in Dwarikesh Sugar Industries Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, had written to the company. Dwarikesh Sugar Industries Limited has submitted their response.

2026-08-24

General Updates

2026-08-24 - Dwarikesh Sugar Industries Limited has informed the Exchange about General Updates

2026-08-21

Price movement

2026-08-21 - Significant movement in price has been observed in Dwarikesh Sugar Industries Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written to the company. The response from the company is awaited.

2026-08-06

Shareholders meeting

2026-08-06 - Dwarikesh Sugar Industries Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 06, 2026

2026-08-06

Shareholders meeting

2026-08-06 - Dwarikesh Sugar Industries Limited has informed the Exchange regarding voting results of Annual General Meeting held on August 06, 2026

2026-08-06

Change in Management

2026-08-06 - Dwarikesh Sugar Industries Limited has informed the Exchange about change in Management

2026-08-06

Shareholders meeting

2026-08-06 - Dwarikesh Sugar Industries Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 06, 2026

2026-07-29

Copy of Newspaper Publication

2026-07-29 - Dwarikesh Sugar Industries Limited has informed the Exchange about Copy of Newspaper Publication

News

Recent coverage and analyst commentary for DWARKESH

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Dwarikesh Sugar Industries Ltd.

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Free 5nance Account

Name

BALRAMCHIN

699.20

39.87

14794.90

0.50

44.15

-14.40

1636.79

6.13

9.29

7.36

EIDPARRY

756.00

28.94

13453.45

0.00

311.50

-32.93

9017.52

3.37

23.60

8.33

TRIVENI

268.90

21.08

5925.56

1.02

3.65

73.81

1950.14

-0.22

8.92

2.94

RENUKA

24.36

0.00

5185.00

0.00

-251.50

4.59

2120.20

5.61

-3.84

-3.60

BAJAJHIND

21.37

44.14

5108.85

0.00

-1847.00

-961.49

11259.70

801.92

2.86

-10.64

BANARISUG

3682.15

37.92

4617.31

0.34

-10.92

-171.57

172.45

-58.81

9.33

-3.00

DALMIASUG

432.85

14.80

3503.46

1.39

6.91

—

848.19

-16.48

8.38

5.10

AVADHSUGAR

821.70

24.94

1644.91

1.22

0.23

102.78

779.25

8.74

6.50

4.68

GODAVARIB

238.95

5434.89

1222.85

0.00

-19.32

-20.62

557.88

4.62

5.79

0.09

DHAMPURSUG

170.85

15.63

1098.68

1.17

60.90

6592.31

7861.70

961.42

6.63

3.98

UTTAMSUGAR

282.65

12.40

1077.97

0.88

1.30

-91.05

606.37

-3.56

11.62

4.32

DWARKESH

46.73

59.76

865.91

0.21

-257.31

-2642.01

3581.31

783.26

4.64

-7.18

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

571

446

313

380

341

246

313

459

405

246

325

425

358

494

417

287

307

339

269

286

352

402

287

339

394

Operating Profit

-23

107

-41

-36

OPM %

13.49%

6.45%

8.30%

19.26%

0.67%

-9.36%

8.70%

23.31%

0.97%

-16.78%

11.58%

20.35%

-10.14%

Interest

Depreciation

-0

Profit before Tax

-15

-36

-13

-53

-34

Tax %

31.26%

31.28%

30.84%

58.98%

35.09%

33.44%

32.35%

47.13%

28.01%

38.38%

42.40%

29.73%

25.15%

Net Profit

-10

-24

-9

-33

-26

2.16

0.55

0.52

1.22

-0.52

-1.29

0.58

2.50

-0.51

-1.76

0.83

3.10

-1.39

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

1,190

1,430

1,084

1,336

1,839

1,979

2,103

1,710

1,359

1,402

1,355

917

1,287

955

1,200

1,638

1,688

1,888

1,505

1,245

1,315

1,308

Operating Profit

273

142

129

136

201

291

215

205

113

OPM %

22.96%

9.96%

11.90%

10.18%

10.94%

14.69%

10.20%

11.99%

8.35%

6.20%

3.44%

Interest

Depreciation

Profit before Tax

209

102

111

120

219

153

144

Tax %

25.20%

0.69%

14.27%

-2.63%

23.59%

29.02%

31.32%

42.00%

55.52%

27.48%

31.57%

Net Profit

156

101

155

105

EPS

8.87

5.39

5.05

3.90

4.86

8.24

5.56

4.44

1.26

1.66

—

Dividend Payout %

12.06%

0.00%

25.71%

24.26%

35.95%

0.00%

39.70%

6.01%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

267

347

445

465

560

654

721

803

788

810

478

324

652

666

560

473

306

387

454

301

Trade Payables

215

183

208

188

202

115

294

188

309

273

285

206

175

Total Liabilities

1,043

971

1,413

1,652

1,515

1,552

1,373

1,537

1,497

1,315

331

341

319

430

410

388

582

583

547

528

Capital Work in Progress

143

Investments

610

531

824

912

855

758

561

741

751

678

Cash & Bank

100

252

304

247

225

190

143

Total Assets

1,043

971

1,413

1,652

1,515

1,552

1,373

1,537

1,497

1,315

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

181

342

-230

297

376

343

129

Cash from Investing

-5

-41

-44

-111

-18

-198

-92

-41

-7

-4

Cash from Financing

-140

-256

292

101

-280

-141

-222

-194

-4

-2

-0

-69

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

42.09

42.10

42.14

3.85

2.31

1.64

2.00

1.90

1.74

1.68

1.01

0.00

0.11

0.22

0.75

0.13

53.92

55.45

56.13

55.76

55.87

56.03

55.97

55.83

55.96

Dwarikesh Sugar Industries Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Dwarikesh Sugar Industries Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI