Dwarikesh Sugar Industries Ltd(DWARKESH)

NSE: DWARKESHBSE: 532610

₹ 42.4-5.61%refreshed 23 Oct, 03:51 pm ISTMarket cap: ₹ 786 crNext results: 29 Oct 2026Website: www.dwarikesh.comUpdated: 24 Oct 2026

About

Dwarikesh Sugar Industries is an integrated sugar company with a portfolio spanning sugar, ethanol and co-generated power, founded by G. R. Morarka in 1993. It runs three sugar mills in Uttar Pradesh with combined crushing capacity of 21,500 TCD, three cogeneration plants of 94 MW and two distilleries of 337.5 KLPD. Reported revenue in FY26 was Rs 1401.94 Cr.^[1][2]

Business segments

Sugar segment: 78.9% of segment revenue in FY26 (Rs 1277.26 Cr). Its share was down 6.0 percentage points over FY2018-FY2026.^[3]
Distillery segment: 21.1% of segment revenue in FY26 (Rs 342.45 Cr).^[3]
FY26 annual report turnover split: sugar processing, power and molasses 75.52%; distillery products and allied outputs 24.48%.^[1]

Plants and capacity

As of FY26: three sugar mills in Uttar Pradesh with 21,500 TCD crushing capacity, three cogeneration plants of 94 MW and two distilleries of 337.5 KLPD.^[1]
Dwarikesh Puram (Bijnor): 7,500 TCD crushing and 33 MW co-generation.^[1]
Dwarikesh Dham (Bareilly): 7,500 TCD crushing, 41 MW co-generation and a 1,75,000 litres/day distillery.^[1]
Plant stoppages reached record lows in FY26: 1.15% at Dwarikesh Nagar and 0.97% at Dwarikesh Puram.^[1]
The company had 1,455 permanent employees as of FY26.^[1]

Sugar operations

Cane crushed in FY26 was 243.21 lakh qtl, down 8% from 262.97 lakh qtl in FY25, because less cane was available.^[4]
Sugar production in FY26 was 23.73 lakh qtl, up 13% YoY, because ethanol was made only from B-heavy molasses.^[4]
Net sugar recovery was 9.73% in FY26 vs 8.00% the year before; gross-adjusted recovery was 11.38% vs 10.94%.^[1]
Average domestic sugar realisation was Rs 4,064/qtl in Q1 FY27 vs Rs 3,962/qtl in Q1 FY26. The Q1 FY27 call put prices at Rs 4,200-4,300/qtl.^[5]
Domestic sugar realisation was Rs 3,987/qtl in Q4 FY26, up 1% YoY, while domestic sales volumes grew 10%.^[4]
There was no crushing in Q1 FY27 because the season ended early in March 2026. Sales came from high-cost inventory carried forward.^[5]

Distillery and power

Ethanol production was 60.3 mn L in FY26, up 10% YoY.^[4]
Industrial alcohol sold was 7.8 mn L in Q1 FY27 vs 21.6 mn L in Q1 FY26. Distillery revenue was Rs 482.6 mn vs Rs 1,336.6 mn.^[5]
Industrial alcohol sold was 21.3 mn L in Q4 FY26 vs 30.0 mn L. Weak OMC offtake and lower molasses supply left the distillery below capacity.^[4]
Cogeneration units generated 2,025.91 lakh units of power in FY26, of which 880 lakh units were sold to the state grid.^[1]
Power revenue was Rs 389.2 mn in FY26 vs Rs 319.7 mn, helped by a retrospective UPPCL tariff revision.^[4]

Cane and raw materials

Coverage of the CO 0238 cane variety was cut to 60.57% in FY26, and full replacement is on track for SS 2027.^[1]
As of Q1 FY27, Co 0238 had been substantially replaced by disease-resistant varieties, and cane crop development in UP was described as favourable.^[5]
Because ethanol prices were left unchanged, both distilleries used only B-heavy molasses in FY26.^[1]
The e-Kisan app has about 1,65,000+ registered farmers. Other R&D work includes a soil testing lab, a bio-pesticide lab and hybrid seed treatment.^[1]

Customers and distribution

Surplus power is supplied to UPPCL under a long-term power purchase agreement.^[1]
Ethanol is supplied to OMC depots, and molasses goes to UP distilleries for country liquor.^[1]
Sugar is sold through distribution agencies and e-commerce platforms, with presence across all states and union territories.^[1]

Recent developments

ICRA rates the company AA- long-term and A1+ for its ₹300 crore commercial paper programme (FY26 annual report).^[1]
Crushing for SS 2025-26 was scheduled to start on 7 Nov 2025 at DN/DP and 10 Nov 2025 at DD.^[6]
Q1 FY27 depreciation fell to Rs 76.3 mn after asset useful lives were revised. Finance cost fell to Rs 29.8 mn from Rs 53.9 mn on scheduled loan repayments.^[5]
On the Q1 FY27 call, management said it expects a healthy cane crop in SS 2026-27, subject to weather.^[5]

Market Cap

₹786 Cr

High / Low

₹60 / 32

Stock P/E

54.4

Price / Book

0.9

Book Value

₹45

EPS

₹1.7

No. of Shares

18.53 Cr

ROCE

4.6%

ROE

3.8%

OPM

4.1%

Debt / Equity

0.40

Sales

₹1,402 Cr

Net Profit

₹31 Cr

Promoter holding

42.1%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials

Dwarikesh Sugar Industries Ltd(DWARKESH)

About

Business segments

Plants and capacity

Sugar operations

Distillery and power

Cane and raw materials

Customers and distribution

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

Product Segments

Corporate Actions