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Dwarikesh Sugar Industries Ltd

DWARKESH

NSE

₹44.01-5.11%19 Oct 2026

Reports

Sugar

Dwarikesh Sugar Industries Ltd

DWARKESH

NSE

₹44.01

-5.11%

19 Oct 2026

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Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Dwarikesh Sugar Industries is an integrated bio-energy company built on sugarcane - it crushes cane to make sugar, ferments the molasses into ethanol, and burns the leftover fibre to generate power, so nothing leaves the factory gate as waste. Founded in 1993 by G. R. Morarka with a single 2,500-tonnes-per-day mill in Uttar Pradesh, it has grown over three decades into a three-plant operation that now tilts deliberately toward energy, investing more in ethanol capacity than in sugar because ethanol offers higher margins and a government-guaranteed buyer. The recurring logic is circular - every by-product becomes fuel for the next process, and the company’s own cane-development engine, reaching nearly 1.54 lakh farmers, feeds all three manufacturing businesses from the same fields.

Business segments

Three engines fed by one cane supply chain - a sugar business that provides the raw material, an ethanol business that turns molasses into fuel sold to oil companies, and a power business that burns bagasse to light the plants and sell surplus electricity to the grid.

1. Sugar: the anchor that feeds everything else

Three fully automated mills crush 21,500 tonnes of cane a day into premium white sugar, generating the molasses and bagasse that fuel the other two businesses.

Cane comes from a tight radius - all three mills sit in Uttar Pradesh’s Bijnor and Bareilly districts, drawing cane from fields 21-25 km away, which keeps transport costs low and cut-to-crush time down by 40% over the decade.
Quality earns a premium - the company produces sugar with ICUMSA levels below 100 (a measure of whiteness; lower is purer) and consistently retains 85% or more of its sugar against a regulatory minimum of 70%, so its crystals command a market premium over standard grades.
Recovery keeps costs down - it reports among the highest sugar recoveries in Uttar Pradesh and one of the lowest chemical consumption rates, which together make it one of the state’s lowest-cost producers.
Automation reduces downtime - all plants are fully automated, utilising a distributed control system that monitors operations in real time, keeping equipment downtime below 2%, among the lowest in the sector.

2. Distillery: the growth engine built on molasses

Two distilleries with a combined 337.5 thousand litres per day of capacity turn molasses and cane syrup into ethanol sold to government oil companies under India’s blending programme - a high-margin business with no inventory pile-up.

Feedstock flexibility is the moat - the distilleries can switch between B-heavy molasses and sugarcane juice or syrup depending on the season and government policy; in FY26, all ethanol came from B-heavy molasses, while the previous year cane juice was diverted to ethanol, sacrificing sugar output.
Bought, not stored - ethanol is manufactured year-round and sold immediately to Oil Marketing Companies, so the company works with virtually no ethanol inventory, making the business lighter on working capital than sugar.
The second distillery was built in nine months - the 175-KLPD plant at Dwarikesh Dham was commissioned in June 2022 at a cost of ₹232 crore, using Zero Liquid Discharge technology that recycles 3.94 kilolitres of water for every litre of ethanol produced.
Offtake risk is real - ethanol volumes sold to OMCs fell roughly 8% year-on-year in FY26, and reduced cane crushing constrained molasses availability, leaving distillery capacity under-utilised.

3. Cogeneration: the circular-economy tail that pays

Bagasse - the dry fibre left after crushing cane - is burned to generate 94 MW of power, enough to run all three plants with roughly 54 MW of surplus sold to the state grid under a long-term contract.

Fuel is free - the bagasse comes from the company’s own sugar mills, so the raw material for power generation costs nothing beyond the cane already paid for.
One buyer, steady price - surplus power is sold exclusively to Uttar Pradesh Power Corporation Limited under a long-term Power Purchase Agreement; in FY26, 88 million units were exported at an average of ₹4.4 per unit, boosted by a retrospective tariff revision.
Integrated control - the cogeneration plants are wired into the same SCADA system that runs the sugar mills, so power generation is monitored and adjusted in lockstep with crushing operations.

Cane development: the supply chain that feeds all three engines

A dedicated farmer-engagement operation spanning 0.92 lakh hectares and nearly 1.54 lakh farmers ensures the mills get quality cane on time - and farmers get paid within two weeks.

Proximity is engineered - command areas are situated approximately 25 km from each factory, and 50-70% of cane is delivered to the mill gate by farmers’ own tractor trolleys, with the company arranging pickup for the rest from village collection centres.
Agronomy as a service - the cane development department runs demonstration plots, promotes high-yield seed varieties, provides fertilizer subsidies, and operates a soil-testing lab and a bio-pesticides facility that develops crop-protection agents.
Digital reach - the e-Kisan app gives roughly 1.33 lakh farmers real-time access to indent collection, payment status, disease tracking, and loan positions, while satellite imagery is used to survey command areas accurately.
Variety replacement is underway - the company was first in Uttar Pradesh to deploy the high-yielding CO 0238 cane variety and is now accelerating its replacement with resistant strains like CO 0118 and CoJ 85 as red rot disease erodes yields.

Group structure and partners

A single listed entity with no subsidiaries or joint ventures - the three manufacturing units all sit inside Dwarikesh Sugar Industries Ltd.

The company is listed on the NSE and BSE, with promoters holding 42.09% of equity as of March 2024.
It has no subsidiaries, associate companies, or joint ventures - all operations are housed in one legal entity.
It carries a long-term credit rating of AA- from ICRA and a short-term rating of A1+ for its ₹300 crore Commercial Paper programme.
A buyback of 30 lakh equity shares at ₹105 per share was completed in March-April 2024, reducing the paid-up share count to 18.53 crore shares.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹816Cr

Close Price

₹44.03

Industry

Sugar

Price To Earnings

56.45

Price To Sales

0.60

Revenue

₹1,355Cr

Rev Gr TTM

Revenue Growth TTM

-4.81%

PAT Gr TTM

PAT Growth TTM

-38.77%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	446	313	380	341	246	313	459	405	246	325	425	358
Growth YoY Revenue Growth YoY%	-17.5	-18.5	-28.7	-40.3	-44.8	-0.1	20.8	18.8	-0.1	4.0	-7.3	-11.7
Expenses ExpensesCr	417	287	307	339	269	286	352	402	287	287	339	384
Operating Profit Operating ProfitCr	29	26	73	2	-23	27	107	4	-41	38	87	-26
OPM OPM%	6.5	8.3	19.3	0.7	-9.4	8.7	23.3	1.0	-16.8	11.6	20.4	-7.2
Other Income Other IncomeCr	3	6	2	1	2	4	0	1	2	3	1	2
Interest Expense Interest ExpenseCr	4	4	7	6	3	3	8	5	2	1	6	3
Depreciation DepreciationCr	13	14	13	12	12	12	12	12	12	12	0	8
PBT PBTCr	15	14	56	-15	-36	16	88	-13	-53	27	82	-34
Tax TaxCr	5	4	33	-5	-12	5	41	-4	-20	11	24	-9
PAT PATCr	10	10	23	-10	-24	11	46	-9	-33	15	57	-26
Growth YoY PAT Growth YoY%	30.9	-6.8	-51.0	-124.0	-333.9	9.4	102.4	3.6	-35.9	43.9	23.9	-174.3
NPM NPM%	2.3	3.1	6.0	-2.9	-9.8	3.4	10.1	-2.3	-13.3	4.8	13.5	-7.2
EPS EPS₹	0.6	0.5	1.2	-0.5	-1.3	0.6	2.5	-0.5	-1.8	0.8	3.1	-1.4

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	446	313	380	341	246	313	459	405	246	325	425	358
Growth YoY Revenue Growth YoY%	-17.5	-18.5	-28.7	-40.3	-44.8	-0.1	20.8	18.8	-0.1	4.0	-7.3	-11.7
Expenses ExpensesCr	417	287	307	339	269	286	352	402	287	287	339	384
Operating Profit Operating ProfitCr	29	26	73	2	-23	27	107	4	-41	38	87	-26
OPM OPM%	6.5	8.3	19.3	0.7	-9.4	8.7	23.3	1.0	-16.8	11.6	20.4	-7.2
Other Income Other IncomeCr	3	6	2	1	2	4	0	1	2	3	1	2
Interest Expense Interest ExpenseCr	4	4	7	6	3	3	8	5	2	1	6	3
Depreciation DepreciationCr	13	14	13	12	12	12	12	12	12	12	0	8
PBT PBTCr	15	14	56	-15	-36	16	88	-13	-53	27	82	-34
Tax TaxCr	5	4	33	-5	-12	5	41	-4	-20	11	24	-9
PAT PATCr	10	10	23	-10	-24	11	46	-9	-33	15	57	-26
Growth YoY PAT Growth YoY%	30.9	-6.8	-51.0	-124.0	-333.9	9.4	102.4	3.6	-35.9	43.9	23.9	-174.3
NPM NPM%	2.3	3.1	6.0	-2.9	-9.8	3.4	10.1	-2.3	-13.3	4.8	13.5	-7.2
EPS EPS₹	0.6	0.5	1.2	-0.5	-1.3	0.6	2.5	-0.5	-1.8	0.8	3.1	-1.4

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	794	1,190	1,430	1,084	1,336	1,839	1,979	2,103	1,710	1,359	1,402	1,355
Growth Revenue Growth%	-29.6	49.9	20.1	-24.2	23.3	37.6	7.6	6.3	-18.7	-20.5	3.2	-4.8
Expenses ExpensesCr	686	917	1,287	955	1,200	1,638	1,688	1,888	1,505	1,245	1,315	1,297
Operating Profit Operating ProfitCr	108	273	142	129	136	201	291	215	205	113	87	57
OPM OPM%	13.6	23.0	10.0	11.9	10.2	10.9	14.7	10.2	12.0	8.3	6.2	4.2
Other Income Other IncomeCr	14	18	17	36	5	7	3	14	12	6	7	9
Interest Expense Interest ExpenseCr	52	53	25	21	33	48	32	26	20	19	15	12
Depreciation DepreciationCr	31	30	33	33	37	41	44	50	53	49	37	32
PBT PBTCr	39	209	102	111	72	120	219	153	144	52	43	21
Tax TaxCr	0	53	1	16	-2	28	63	48	60	29	12	7
PAT PATCr	39	156	101	95	73	92	155	105	84	23	31	15
Growth PAT Growth%	332.6	300.6	-35.0	-6.3	-22.8	24.6	69.6	-32.5	-20.3	-72.1	32.1	-38.8
NPM NPM%	4.9	13.1	7.1	8.8	5.5	5.0	7.8	5.0	4.9	1.7	2.2	1.1
EPS EPS₹	2.2	8.3	5.4	5.0	3.9	4.9	8.2	5.6	4.4	1.3	1.7	0.8

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	794	1,190	1,430	1,084	1,336	1,839	1,979	2,103	1,710	1,359	1,402	1,355
Growth Revenue Growth%	-29.6	49.9	20.1	-24.2	23.3	37.6	7.6	6.3	-18.7	-20.5	3.2	-4.8
Expenses ExpensesCr	686	917	1,287	955	1,200	1,638	1,688	1,888	1,505	1,245	1,315	1,297
Operating Profit Operating ProfitCr	108	273	142	129	136	201	291	215	205	113	87	57
OPM OPM%	13.6	23.0	10.0	11.9	10.2	10.9	14.7	10.2	12.0	8.3	6.2	4.2
Other Income Other IncomeCr	14	18	17	36	5	7	3	14	12	6	7	9
Interest Expense Interest ExpenseCr	52	53	25	21	33	48	32	26	20	19	15	12
Depreciation DepreciationCr	31	30	33	33	37	41	44	50	53	49	37	32
PBT PBTCr	39	209	102	111	72	120	219	153	144	52	43	21
Tax TaxCr	0	53	1	16	-2	28	63	48	60	29	12	7
PAT PATCr	39	156	101	95	73	92	155	105	84	23	31	15
Growth PAT Growth%	332.6	300.6	-35.0	-6.3	-22.8	24.6	69.6	-32.5	-20.3	-72.1	32.1	-38.8
NPM NPM%	4.9	13.1	7.1	8.8	5.5	5.0	7.8	5.0	4.9	1.7	2.2	1.1
EPS EPS₹	2.2	8.3	5.4	5.0	3.9	4.9	8.2	5.6	4.4	1.3	1.7	0.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	16	19	19	19	19	19	19	19	19	19	19
Reserves ReservesCr	70	267	347	445	465	560	654	721	803	788	810
Current Liabilities Current LiabilitiesCr	635	599	550	736	907	696	522	298	383	477	326
Non Current Liabilities Non Current LiabilitiesCr	249	134	68	165	218	171	225	242	211	180	143
Total Liabilities Total LiabilitiesCr	1,001	1,019	984	1,365	1,609	1,445	1,420	1,280	1,415	1,463	1,298
Current Assets Current AssetsCr	617	669	590	950	1,099	982	847	686	825	906	760
Non Current Assets Non Current AssetsCr	384	349	393	415	510	464	573	594	590	557	538
Total Assets Total AssetsCr	1,001	1,019	984	1,365	1,609	1,445	1,420	1,280	1,415	1,463	1,298

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	16	19	19	19	19	19	19	19	19	19	19
Reserves ReservesCr	70	267	347	445	465	560	654	721	803	788	810
Current Liabilities Current LiabilitiesCr	635	599	550	736	907	696	522	298	383	477	326
Non Current Liabilities Non Current LiabilitiesCr	249	134	68	165	218	171	225	242	211	180	143
Total Liabilities Total LiabilitiesCr	1,001	1,019	984	1,365	1,609	1,445	1,420	1,280	1,415	1,463	1,298
Current Assets Current AssetsCr	617	669	590	950	1,099	982	847	686	825	906	760
Non Current Assets Non Current AssetsCr	384	349	393	415	510	464	573	594	590	557	538
Total Assets Total AssetsCr	1,001	1,019	984	1,365	1,609	1,445	1,420	1,280	1,415	1,463	1,298

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	37	141	298	-250	11	296	339	314	13	61	129
Investing Cash Flow Investing Cash FlowCr	-13	-5	-41	-44	-111	-18	-198	-92	-41	-7	-4
Financing Cash Flow Financing Cash FlowCr	-20	-140	-256	292	101	-280	-141	-222	27	27	-194
Net Cash Flow Net Cash FlowCr	4	-4	2	-2	1	-2	0	0	0	81	-69
Free Cash Flow Free Cash FlowCr	24	136	257	-298	-100	276	178	216	-37	48	122
CFO To PAT CFO To PAT%	94.3	90.3	294.0	-263.3	15.4	323.0	218.1	299.6	16.0	260.0	418.7
CFO To EBITDA CFO To EBITDA%	34.0	51.6	209.3	-194.0	8.3	146.9	116.5	146.3	6.5	53.5	148.6

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	37	141	298	-250	11	296	339	314	13	61	129
Investing Cash Flow Investing Cash FlowCr	-13	-5	-41	-44	-111	-18	-198	-92	-41	-7	-4
Financing Cash Flow Financing Cash FlowCr	-20	-140	-256	292	101	-280	-141	-222	27	27	-194
Net Cash Flow Net Cash FlowCr	4	-4	2	-2	1	-2	0	0	0	81	-69
Free Cash Flow Free Cash FlowCr	24	136	257	-298	-100	276	178	216	-37	48	122
CFO To PAT CFO To PAT%	94.3	90.3	294.0	-263.3	15.4	323.0	218.1	299.6	16.0	260.0	418.7
CFO To EBITDA CFO To EBITDA%	34.0	51.6	209.3	-194.0	8.3	146.9	116.5	146.3	6.5	53.5	148.6

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	338	829	476	582	311	580	2,361	1,608	1,309	684	850	816
Price To Earnings Price To Earnings	8.7	5.3	4.7	6.1	4.2	6.3	15.2	15.4	15.7	29.3	27.6	56.5
Price To Sales Price To Sales	0.4	0.7	0.3	0.5	0.2	0.3	1.2	0.8	0.8	0.5	0.6	0.6
Price To Book Price To Book	3.9	2.9	1.3	1.3	0.6	1.0	3.5	2.2	1.6	0.8	1.0	1.0
EV To EBITDA EV To EBITDA	8.5	4.8	5.6	9.4	7.1	5.9	9.8	9.1	8.4	9.8	13.5	20.6
Profitability Ratios Profitability Ratios
GPM GPM%	23.2	30.9	16.8	22.8	19.7	19.3	21.9	19.0	21.7	19.8	17.4	17.4
OPM OPM%	13.6	23.0	10.0	11.9	10.2	10.9	14.7	10.2	12.0	8.3	6.2	4.2
NPM NPM%	4.9	13.1	7.1	8.8	5.5	5.0	7.8	5.0	4.9	1.7	2.2	1.1
ROCE ROCE%	13.4	34.3	18.5	12.0	9.2	14.1	20.9	16.0	12.8	5.4	4.9	4.9
ROE ROE%	45.4	54.6	27.7	20.5	15.2	15.8	23.1	14.2	10.2	2.9	3.7	3.7
ROA ROA%	3.9	15.3	10.3	7.0	4.6	6.3	10.9	8.2	5.9	1.6	2.4	2.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	338	829	476	582	311	580	2,361	1,608	1,309	684	850	816
Price To Earnings Price To Earnings	8.7	5.3	4.7	6.1	4.2	6.3	15.2	15.4	15.7	29.3	27.6	56.5
Price To Sales Price To Sales	0.4	0.7	0.3	0.5	0.2	0.3	1.2	0.8	0.8	0.5	0.6	0.6
Price To Book Price To Book	3.9	2.9	1.3	1.3	0.6	1.0	3.5	2.2	1.6	0.8	1.0	1.0
EV To EBITDA EV To EBITDA	8.5	4.8	5.6	9.4	7.1	5.9	9.8	9.1	8.4	9.8	13.5	20.6
Profitability Ratios Profitability Ratios
GPM GPM%	23.2	30.9	16.8	22.8	19.7	19.3	21.9	19.0	21.7	19.8	17.4	17.4
OPM OPM%	13.6	23.0	10.0	11.9	10.2	10.9	14.7	10.2	12.0	8.3	6.2	4.2
NPM NPM%	4.9	13.1	7.1	8.8	5.5	5.0	7.8	5.0	4.9	1.7	2.2	1.1
ROCE ROCE%	13.4	34.3	18.5	12.0	9.2	14.1	20.9	16.0	12.8	5.4	4.9	4.9
ROE ROE%	45.4	54.6	27.7	20.5	15.2	15.8	23.1	14.2	10.2	2.9	3.7	3.7
ROA ROA%	3.9	15.3	10.3	7.0	4.6	6.3	10.9	8.2	5.9	1.6	2.4	2.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	GODAVARIB	ANDHRSUGAR	DBOL	DWARKESH	MAGADSUGAR	ZUARIIND	UGARSUGAR
Market CapitalizationMkt CapCr	1,187	1,148	866	816	789	769	613
Close PriceClose₹	232.00	84.71	130.40	44.03	560.25	258.10	54.50
IndustryIndustry	Sugar	Sugar	Sugar	Sugar	Sugar	Sugar	Sugar
Price To EarningsPE	7,733.33	10.90	10.23	56.45	15.46	7.08	21.29
Price To SalesPS	0.59	0.46	0.43	0.60	0.65	0.70	0.38
RevenueRevenueCr	2,013	2,493	2,036	1,355	1,222	1,099	1,606
Revenue Growth TTMRev Gr TTM%	7.0%	16.5%	7.9%	-4.8%	-5.7%	9.7%	17.2%
PAT Growth TTMPAT Gr TTM%	101.7%	209.0%	1,230.2%	-38.8%	-48.0%	273.6%	258.9%

	GODAVARIB	ANDHRSUGAR	DBOL	DWARKESH	MAGADSUGAR	ZUARIIND	UGARSUGAR
Market CapitalizationMkt CapCr	1,187	1,148	866	816	789	769	613
Close PriceClose₹	232.00	84.71	130.40	44.03	560.25	258.10	54.50
IndustryIndustry	Sugar	Sugar	Sugar	Sugar	Sugar	Sugar	Sugar
Price To EarningsPE	7,733.33	10.90	10.23	56.45	15.46	7.08	21.29
Price To SalesPS	0.59	0.46	0.43	0.60	0.65	0.70	0.38
RevenueRevenueCr	2,013	2,493	2,036	1,355	1,222	1,099	1,606
Revenue Growth TTMRev Gr TTM%	7.0%	16.5%	7.9%	-4.8%	-5.7%	9.7%	17.2%
PAT Growth TTMPAT Gr TTM%	101.7%	209.0%	1,230.2%	-38.8%	-48.0%	273.6%	258.9%

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