Dwarikesh Sugar Industries Limited (DWARKESH)

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Dwarikesh Sugar Industries Limited (DWARKESH) · mywealthgrid

About

Dwarikesh Sugar operates in sugar production within the Consumer Staples sector as a ₹795.86 Cr market-cap company with quarterly revenues of ₹245–458 Cr. The business exhibits pronounced seasonality with profitability concentrated in specific quarters—March quarters achieve 20%+ OPM while June and September routinely post losses. Verify production capacity, geographic footprint, and material contribution of value-added products such as ethanol or co-generation.

Face value: ₹1

Market cap

₹778 Cr

P/E

53.6×

P/B

0.9×

Dividend yield

1.4%

ROE

3.8%

ROCE

5.9%

Debt / equity

0.4

OPM

6.2%

EPS (TTM)

₹0.8

Book value

₹44.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Extreme earnings volatility: losses of ₹25.73 Cr (Jun 2026), ₹32.62 Cr (Sep 2025), and ₹24 Cr (Sep 2024) alternate with ₹57.41 Cr profits (Mar 2026), making results highly unpredictable
Thin and volatile margins: overall OPM 6.2% masks swings from -16.78% to 23.32% across quarters, suggesting either commodity sensitivity or poor cost control
Premium valuation on weak earnings: PE of 54.89 is elevated for a capital-intensive business, particularly problematic given Jun 2026 loss and ROE of 3.77%
Commodity and policy exposure: verify sugar price trends, government import/export policy, and sugarcane cost inflation that could compress already-thin margins

Generated analysis · source review pending

Growth drivers

Restore seasonal profitability: Jun 2026 loss of ₹25.73 Cr and Sep 2025 loss of ₹32.62 Cr represent recurring half-yearly deficits; stabilizing through cost management or pricing would add ₹50+ Cr annually
Replicate Mar-quarter margins: Mar 2026 achieved 20.35% OPM and ₹57.41 Cr profit versus overall 6.2% OPM; consistency across quarters would multiply returns
Clarify margin drivers: OPM ranges from -16.78% (Sep 2025) to 23.32% (Mar 2025), indicating either commodity sensitivity or cost control issues; verify which is primary and whether improvements are operational or commodity-driven

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹42.0-3.2%1Y

Quick read

rule-based

Pros

+Dividend payout of 76.7% of profit

Cons

−Low return on equity of 5.8% (3-yr avg)
−Thin operating margin of 6.2%
−Profit declined 19.6% a year over the last 5 years
−Revenue shrank over the last 5 years (-5.3% a year)

Research score

Structured signal from quality, growth, valuation and momentum.

22/100

Business quality: 21
Growth: 0
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	794	1,214	1,458	1,084	1,336	1,839	1,974	2,103	1,710	1,359	1,402
COGS	-589	-1,030	1,149	799	1,029	1,431	1,475	1,635	1,259	1,033	1,099
Gross profit	—	—	309	285	307	408	499	468	450	326	303
	1,275	1,973	167	156	171	207	208	254	245	213	216
	108	271	142	129	136	201	291	215	205	113	87
OPM %	13.6%	22.3%	9.8%	11.9%	10.2%	10.9%	14.7%	10.2%	12%	8.4%	6.2%
Depreciation	31	30	33	33	37	41	44	50	53	49	37
Interest	52	42	25	21	33	48	32	26	20	19	15
	4	9	17	36	5	7	3	14	12	6	7
Profit before tax	39	212	102	111	72	120	219	153	144	52	43
Tax	—	—	1	16	-2	28	63	48	60	29	12
Tax %	—	—	0.7%	14.3%	-2.6%	23.6%	29%	31.3%	42%	55.5%	27.5%
	39	158	101	95	73	92	155	105	84	23	31
PAT margin %	4.9%	13.1%	7%	8.8%	5.5%	5%	7.9%	5%	4.9%	1.7%	2.2%
EPS (₹)	22	88	5.4	5.1	3.9	4.9	8.2	5.6	4.4	1.3	1.7
EPS adjusted (₹)	—	9.7	5.4	5.1	3.9	4.9	8.2	5.6	4.4	1.3	1.7
	0%	11.4%	0%	19.8%	25.6%	25.7%	0%	71.8%	0%	39.7%	6%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	16	19	19	19	19	19	19	19	19	19
Reserves	55	347	445	—	560	654	721	803	788	810
	618	324	636	—	606	522	371	451	503	334
	312	294	266	413	261	224	169	143	153	135
Total equity & liabilities	1,001	984	1,365	432	1,445	1,420	1,280	1,415	1,463	1,298
	356	341	319	430	410	388	582	583	547	528
CWIP	0	0	16	—	1	143	0	0	0	0
Investments	0	0	0	—	0	0	0	1	1	1
	644	642	1,029	2	1,035	889	698	831	915	769
Total assets	1,001	984	1,365	432	1,445	1,420	1,280	1,415	1,463	1,298

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Sugar	1,277.26	30.77	912.22	71.23	840.99	3.66
Distilliery	342.45	32.78

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	26.3%	23%	22.2%	25.3%	22.3%	26.3%	24%	21.6%
EBITDA margin %	11.9%	10.2%	10.9%	14.7%	10.2%	12%	8.4%	6.2%
EBIT margin %	8.9%	7.4%	8.7%	12.5%	7.8%	8.9%	4.7%	3.6%
PAT margin %	8.8%	5.5%	5%	7.9%	5%	4.9%	1.7%	2.2%
Working capital
Receivable days	20	—	13	6	12	8	17	13
Inventory days	376	—	218	187	125	215	265	225
Payable days	0	—	48	24	12	13	11	3
NWC days	396	—	184	170	125	210	271	235
Leverage
Current ratio	1.29	—	1.41	1.62	2.3	2.16	1.9	2.33
Debt to EBITDA	4.92	—	3.01	1.79	1.73	2.2	4.43	3.84
Debt to equity	1.37	—	1.05	0.78	0.5	0.55	0.62	0.4
Interest coverage	6.2	3.2	3.5	7.9	6.9	8.2	3.8	3.9
Asset turnover	0.79	3.09	1.27	1.39	1.64	1.21	0.93	1.08
Return ratios
Return on assets %	7%	17%	6.3%	10.9%	8.2%	5.9%	1.6%	2.4%
Return on capital employed %	24.9%	—	22.3%	30.4%	19%	16.3%	7%	5.9%
Return on equity %	20.5%	—	15.8%	23.1%	14.2%	10.2%	2.9%	3.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	42.09%	42.09%	42.09%	42.09%	42.1%	42.1%	42.1%	42.1%	42.1%	42.1%	42.14%	42.14%
	5.31%	3.96%	4.36%	3.85%	2.32%	1.64%	2%	1.9%	1.74%	1.69%	1.68%	1.01%
	0.11%	0.07%	0.25%	0.02%	0%	0%	0.03%	0%	0%	0.11%	0.22%	0.75%
	0%	0%	0%	0%	0%	0%	0%	0%	0.13%	0.13%	0.13%	0.13%
	52.49%	53.88%	53.3%	54.04%	55.58%	56.26%	55.87%	56%	56.03%	55.97%	55.83%	55.97%
No. of shareholders	—	—	—	—	—	—	—	—	1,83,124	1,78,088	1,71,993	1,69,888

Promoter holding up 0.05 percentage points since Sep 2023.

71 deals · 4 Jan 2022 – 31 Aug 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
31 Aug 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	11,51,414	₹52.51	₹6.05 Cr
31 Aug 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	11,11,219	₹52.47	₹5.83 Cr
26 Aug 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	9,80,178	₹53.88	₹5.28 Cr
26 Aug 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	9,10,889	₹53.71	₹4.89 Cr
5 May 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	17,54,436	₹51.21	₹8.98 Cr
5 May 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	17,53,598	₹51.25	₹8.99 Cr
5 May 2026	QE SECURITIES LLP	Bulk	NSE	Sell	12,13,186	₹50.86	₹6.17 Cr
5 May 2026	QE SECURITIES LLP	Bulk	NSE	Buy	12,11,641	₹50.76	₹6.15 Cr
5 May 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	10,51,402	₹51.39	₹5.40 Cr
5 May 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	10,51,402	₹51.40	₹5.40 Cr

1–10 of 71

1 / 8

Mr. Gautam Radheshyam MorarkaExecutive Director-Chairperson
Mr. Balkishan J MaheshwariExecutive Director-MD
Mr. Vijay Sitaram BankaExecutive Director-MD
Mr. Gopal Bhimrao HosurNon-Executive - Independent Director
Mr. Rajan Krishnanath MedhekarNon-Executive - Independent Director
Ms. Priyanka Gautam MorarkaExecutive Director
Mrs. Bharati BalajiNon-Executive - Independent Director
Mr. Arun Kumar TulsianNon-Executive - Independent Director
Mr. Sunil Kumar GoelChief Financial Officer
Salil AryaGroup Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Dwarikesh Sugar Industries Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

86 announcementsExport CSV

7 Sept 2026, 2:12 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	26.3%	23%	22.2%	25.3%	22.3%	26.3%	24%	21.6%
EBITDA margin %	11.9%	10.2%	10.9%	14.7%	10.2%	12%	8.4%	6.2%
EBIT margin %	8.9%	7.4%	8.7%	12.5%	7.8%	8.9%	4.7%	3.6%
PAT margin %	8.8%	5.5%	5%	7.9%	5%	4.9%	1.7%	2.2%
Working capital
Receivable days	20	—	13	6	12	8	17	13
Inventory days	376	—	218	187	125	215	265	225
Payable days	0	—	48	24	12	13	11	3
NWC days	396	—	184	170	125	210	271	235
Leverage
Current ratio	1.29	—	1.41	1.62	2.3	2.16	1.9	2.33
Debt to EBITDA	4.92	—	3.01	1.79	1.73	2.2	4.43	3.84
Debt to equity	1.37	—	1.05	0.78	0.5	0.55	0.62	0.4
Interest coverage	6.2	3.2	3.5	7.9	6.9	8.2	3.8	3.9
Asset turnover	0.79	3.09	1.27	1.39	1.64	1.21	0.93	1.08
Return ratios
Return on assets %	7%	17%	6.3%	10.9%	8.2%	5.9%	1.6%	2.4%
Return on capital employed %	24.9%	—	22.3%	30.4%	19%	16.3%	7%	5.9%
Return on equity %	20.5%	—	15.8%	23.1%	14.2%	10.2%	2.9%	3.7%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Balrampur Chini Mills LimitedBALRAMCHINBALRAMCHIN	₹13,714 Cr	₹16,884 Cr	₹6,366 Cr	₹721 Cr	11.8%	₹371 Cr	6%	12%	9.5%	236
Triveni Engineering & Industries LimitedTRIVENITRIVENI	₹5,055 Cr	₹7,202 Cr	₹7,617 Cr	₹547 Cr	7.2%	₹281 Cr	3.5%	12.5%	8.3%	229
Bajaj Hindusthan Sugar LimitedBAJAJHINDBAJAJHIND	₹4,556 Cr	₹8,101 Cr	₹5,332 Cr	₹273 Cr	6.7%	₹116 Cr	2.3%	2%	3.2%	-58
Shree Renuka Sugars LimitedRENUKARENUKA	₹4,542 Cr	₹11,693 Cr	₹9,365 Cr	₹29 Cr	0.2%	₹-780 Cr	-8.6%	-10.6%	—	17
Bannari Amman Sugars LimitedBANARISUGBANARISUG	₹4,126 Cr	₹4,134 Cr	₹1,671 Cr	₹156 Cr	10.3%	₹122 Cr	7.7%	9%	8%	137
Dalmia Bharat Sugar And Industries LimitedDALMIASUGDALMIASUG	₹3,209 Cr	₹5,000 Cr	₹3,378 Cr	₹421 Cr	11.8%	₹240 Cr	6.5%	10.1%	7.7%	230
Avadh Sugar & Energy LimitedAVADHSUGARAVADHSUGAR	₹1,529 Cr	₹2,935 Cr	₹2,756 Cr	₹229 Cr	8.2%	₹66 Cr	2.1%	10.7%	5.2%	225
Dhampur Sugar Mills LimitedDHAMPURSUGDHAMPURSUG	₹1,100 Cr	₹1,979 Cr	₹2,853 Cr	₹182 Cr	6.2%	₹70 Cr	2.3%	9.3%	5.5%	183
Uttam Sugar Mills LimitedUTTAMSUGARUTTAMSUGAR	₹1,052 Cr	₹1,774 Cr	₹2,179 Cr	₹205 Cr	10.4%	₹87 Cr	4.6%	18.1%	12%	180
Zuari Industries LimitedZUARIINDZUARIIND	₹840 Cr	₹3,438 Cr	₹1,099 Cr	₹60 Cr	6.8%	₹109 Cr	10.1%	2.5%	2.5%	356
Dhampur Bio Organics LimitedDBOLDBOL	₹803 Cr	₹1,857 Cr	₹3,268 Cr	₹138 Cr	4.2%	₹84 Cr	0.8%	7.9%	2.5%	213
Dwarikesh Sugar Industries LimitedDWARKESHDWARKESH	₹778 Cr	₹1,111 Cr	₹1,355 Cr	₹57 Cr	6.2%	₹15 Cr	2.2%	5.9%	3.8%	235

Date	Category	Subject	Filing
7 Sept 2026, 2:12 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
24 Aug 2026, 10:08 am	Company Update General	Clarification On Price Movement	PDF
21 Aug 2026, 7:01 pm	Company Update Clarification	Clarification sought from Dwarikesh Sugar Industries Ltd	—
29 Jul 2026, 12:12 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
28 Jul 2026, 3:35 pm	Company Update Investor Presentation	Announcement under Regulation 30 (LODR)-Investor Presentation	PDF
28 Jul 2026, 3:30 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
28 Jul 2026, 2:41 pm	Result Financial Results	Regulation 33(3)(A) - Submission Of Unaudited Financial Results For Quarter Ended June 30, 2026.	PDF
28 Jul 2026, 2:34 pm	Board Meeting Outcome of Board Meeting	Board Meeting Outcome for Regulation 30 - Outcome Of Board Meeting (Schedule III Part A - (4)	PDF

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	141	298	-250	11	296	352	314	13	61	129
	-5	-41	-44	-111	-18	-175	-92	-41	-7	-4
	-140	-256	292	101	-280	-178	-222	27	27	-194
Net cash flow	-4	2	-2	1	-2	0	0	-0	81	-69
Free cash flow	—	—	—	—	276	352	215	-37	48	122
CFO / Operating profit %	52.1%	209.3%	-194%	8.3%	146.9%	121.2%	146.3%	6.5%	53.5%	148.6%

Dwarikesh Sugar Industries Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Credit ratings

Events

Announcements

No fund holdings on record

9

1

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Co Generation · revenue

Dwarikesh Sugar Industries Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Credit ratings

Events

Announcements

Ratio timeline

No fund holdings on record

Quarterly record

Bulk & block deals

Board and management

Dividends9

Board meetings1

Stock splits1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Co Generation · revenue

9

1

1