Dwarikesh Sugar Industries Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Sugar: 75.6% • Distillery: 24.4%
AI Sector View
AI GENERATEDFast Moving Consumer Goods
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.
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
| 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 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Dwarikesh Sugar Industries Limited has informed the Exchange about Copy of Newspaper Publication
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 - Dwarikesh Sugar Industries Limited has informed the Exchange about General Updates
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 - Dwarikesh Sugar Industries Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 06, 2026
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 - Dwarikesh Sugar Industries Limited has informed the Exchange about change in Management
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 - Dwarikesh Sugar Industries Limited has informed the Exchange about Copy of Newspaper Publication
News
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