Dwarikesh Sugar Industries Limited (DWARKESH)
₹46.38 -0.58% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Dwarikesh Sugar's revenue was ₹358 Cr (-11.6% year on year, -15.7% on the previous quarter), and net profit ₹-25.7 Cr (a bigger loss than a year earlier); the operating margin was -7.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹358 | -11.6% | -15.7% |
| Operating profit | ₹-25.7 | to loss | to loss |
| Net profit | ₹-25.7 | loss widened | to loss |
| EPS (₹) | -1.39 | loss widened | to loss |
| Operating margin | -7.2% | — | — |
DWARKESH delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 26.12% of the DWARKESH shares traded on NSE were taken to delivery, against the stock's own 20-session average of 27.78%. That is close to its usual level.
Delivery in the last 5 sessions: 21.9% · 24.2% · 27.2% · 38.1% · 26.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Dwarikesh Sugar Industries Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate was issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited for the quarter ended September 30, 2026. The RTA confirmed that securities received for dematerialisation were processed, confirmed, or rejected, and the relevant share certificates were mutilated and cancelled per regulations. This is a standard statutory filing and has no operational or financial impact.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Pertains to the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited (formerly Link Intime India Pvt. Ltd.) on October 3, 2026
- Reported to stock exchanges on October 5, 2026
Credit rating agency ICRA has reaffirmed Dwarikesh Sugar Industries Limited's rating of [ICRA]A+ (Stable) across its long-term bank facilities totaling ₹600.00 crore. Additionally, ICRA withdrew its [ICRA]A1 short-term rating on the company's ₹300.00 crore Commercial Paper programme upon request from the company. The rated bank lines include ₹450.00 crore of cash credit and ₹92.80 crore of term loans, against the company's existing debt profile of ₹336 crore.
- ICRA reaffirmed [ICRA]A+ (Stable) rating on ₹600.00 crore of long-term facilities
- Cash credit facility rated at [ICRA]A+ (Stable) accounts for ₹450.00 crore
- Term loans rated at [ICRA]A+ (Stable) stand at ₹92.80 crore
- Rating on ₹300.00 crore Commercial Paper programme ([ICRA]A1) withdrawn upon company request
Dwarikesh Sugar Industries Limited responded to surveillance queries from BSE and NSE dated 21 August 2026 regarding significant movement in its share price. The company confirmed that there is no unpublished price sensitive information (UPSI) or material event pending disclosure. It stated that the recent share price fluctuations are purely market driven and affirmed ongoing compliance with SEBI LODR Regulation 30 disclosures.
- Responded to BSE and NSE surveillance queries dated 21 August 2026
- Confirmed no unpublished price sensitive information (UPSI) exists
- Clarified that recent share price movements are purely market driven
- Reaffirmed timely disclosures under Regulation 30 of SEBI LODR Regulations, 2015
Dwarikesh Sugar Industries Limited has responded to surveillance queries from NSE and BSE dated 21 August 2026 regarding significant movement in its share price. The company confirmed that there is no unpublished price sensitive information (UPSI) or undisclosed material event affecting operations. Management affirmed that the price movement is purely market-driven and that all disclosures under Regulation 30 of SEBI LODR are fully up to date.
- Response to NSE query reference NSE/CM/Surveillance/17390 dated 21 August 2026
- Company confirmed no undisclosed material information or UPSI exists
- Stated that recent share price movement is purely market-driven
- Affirmed continuous compliance with Regulation 30 of SEBI (LODR) Regulations, 2015
Dwarikesh Sugar Industries Limited (DSIL) concluded its 32nd Annual General Meeting on August 6, 2026, with shareholders approving all six proposed resolutions. Key outcomes include the adoption of FY26 audited financial statements, declaration of a dividend, and the re-appointment of Gautam R. Morarka as Executive Chairman. While all resolutions passed with the requisite majority, a notable 99.99% of institutional votes (1,295,244 shares) were cast against the fixation of remuneration for the Executive Chairman, though the resolution passed due to promoter support.
- Dividend for the financial year ended March 31, 2026, was formally declared and approved by shareholders.
- Gautam R. Morarka re-appointed as Whole Time Director and Executive Chairman with 99.97% total votes in favor.
- Institutional holders cast 1,295,244 votes against the special resolution for fixing Executive Chairman remuneration.
- Total voting turnout represented 42.98% of the company's 18,53,01,470 total equity shares.
- Promoter group voted 100% in favor of all resolutions where they were eligible to vote, representing 7,80,94,236 shares.
Dwarikesh Sugar Industries Limited (DSIL) concluded its 32nd Annual General Meeting on August 6, 2026, with shareholders approving all six proposed resolutions. Key approvals include the adoption of FY26 audited financial statements, declaration of dividend, and the re-appointment of Gautam R. Morarka as Executive Chairman. While all resolutions passed with a majority, Resolution 5 regarding executive remuneration saw significant institutional dissent, with 99.99% of institutional votes polled (12.95 lakh votes) cast against it. The company continues to leverage its 337.5 KLPD distillery capacity to mitigate sugar cyclicality.
- All 6 resolutions passed with requisite majority, including the declaration of dividend for FY ended March 31, 2026
- Resolution 5 (Executive Remuneration) passed with 97.44% total favor, despite 12,95,244 institutional votes against
- Promoter group, holding 42.15% stake, cast 100% of their 7.81 crore shares in favor of non-interested resolutions
- Total votes polled for the adoption of financials reached 7.95 crore, representing 42.9% of the 18.53 crore total shares
- Re-appointment of B. J. Maheshwari as Director was approved with 99.98% of total votes in favor
Dwarikesh Sugar Industries Limited announced that shareholders at the 32nd Annual General Meeting held on August 6, 2026, have approved the re-appointment of Shri Gautam R. Morarka as Executive Chairman. The appointment is for a term of 5 consecutive years. Morarka, who has over 40 years of industry experience, has been central to the company's strategy of integrating sugar operations with distillery and co-generation. This move ensures leadership continuity for the company, which reported a TTM revenue of Rs 656 Cr and maintains a distillery capacity of 337.5 KLPD.
- Re-appointment of Shri Gautam R. Morarka for a term of 5 consecutive years.
- Approval granted by members at the 32nd Annual General Meeting on August 6, 2026.
- Executive Chairman brings over 40 years of experience in sugar and allied industries.
- Leadership oversees an integrated capacity including 21,500 TCD crushing and 337.5 KLPD distillery.
- Promoter holding remains stable at 42.15% as of March 2026.
Dwarikesh Sugar Industries Limited concluded its 32nd Annual General Meeting on August 6, 2026. Key resolutions included the adoption of audited financial statements for FY26 and the declaration of a dividend for the same period. The company also confirmed the re-appointment of Shri Gautam R. Morarka as Executive Chairman and Shri B. J. Maheshwari as Director. As of the July 30, 2026 cut-off date, the company had 171,616 shareholders eligible to vote.
- 171,616 shareholders were eligible to vote as of the cut-off date of July 30, 2026
- 58 shareholders attended the meeting in person at the registered office in Bijnor, Uttar Pradesh
- 6 resolutions were transacted, including the adoption of FY26 financials and dividend declaration
- Ethanol production reached 214.99 lakh liters in H1 FY26, representing a 119% YoY increase
- Current distillery capacity stands at 337.5 KLPD to support the ethanol blending program
Dwarikesh Sugar reported a widened net loss of ₹25.73 crore for Q1 FY27, compared to a loss of ₹9.38 crore in Q1 FY26. While sugar sales volumes increased to 7.50 lakh quintals with realizations improving to ₹4,064/quintal, the overall performance was severely impacted by a 64% decline in industrial alcohol sales volumes. The company faced margin pressure due to the sale of high-cost sugar inventory carried forward from the previous season and the absence of cane crushing during the quarter. Power generation revenue also became negligible at ₹0.047 crore due to the early closure of the 2025-26 crushing season.
- Net loss widened significantly to ₹25.73 crore in Q1 FY27 from ₹9.38 crore in the year-ago period.
- Industrial alcohol sales volume plummeted to 7.8 million liters from 21.6 million liters in Q1 FY26.
- Average domestic sugar realization improved by 2.5% YoY to ₹4,064 per quintal.
- Distillery EBITDA margin collapsed to 3.2% in Q1 FY27 from 15.5% in Q1 FY26.
- Power generation revenue fell to ₹0.047 million (approx. ₹0.0047 crore) from ₹2.96 million YoY.
Dwarikesh Sugar reported a significant widening of its net loss to Rs 25.73 Cr in Q1 FY27, compared to a loss of Rs 9.38 Cr in Q1 FY26. Total income fell 11.3% YoY to Rs 360.07 Cr, which represents approximately 54.8% of the TTM revenue of Rs 656 Cr. The performance was severely impacted by a 64% drop in industrial alcohol sales volumes and the sale of high-cost sugar inventory from the previous season. Despite a modest 2.5% rise in sugar realizations to Rs 4,064 per quintal, the company reported a negative EBITDA of Rs 23.76 Cr.
- Net loss widened to Rs 25.73 Cr in Q1 FY27 from Rs 9.38 Cr in Q1 FY26.
- Industrial alcohol sales volume plummeted to 78.17 lakh litres from 216.49 lakh litres YoY.
- EBITDA turned to a loss of Rs 23.76 Cr compared to a profit of Rs 4.43 Cr in the previous year's quarter.
- Average domestic sugar realization improved to Rs 4,064 per quintal from Rs 3,962 per quintal.
- Outstanding long-term loan stood at Rs 83.52 Cr as of June 30, 2026, primarily for the distillery project.
Dwarikesh Sugar reported a weak set of results for Q1 FY27, with a net loss of ₹25.73 Cr, widening significantly from a loss of ₹9.38 Cr in the year-ago period. Revenue from operations declined 11.7% YoY to ₹358.13 Cr, primarily dragged down by the distillery segment where revenue plummeted 63.9% to ₹48.26 Cr. Both major business segments (Sugar and Distillery) reported operating losses at the EBIT level during the quarter. The results highlight the impact of seasonality and potential supply/regulatory constraints in the ethanol space.
- Net loss widened to ₹25.73 Cr in Q1 FY27 compared to a loss of ₹9.38 Cr in Q1 FY26
- Distillery segment revenue saw a sharp decline of 63.9% YoY, falling to ₹48.26 Cr from ₹133.66 Cr
- Sugar segment EBIT loss increased to ₹28.24 Cr from a loss of ₹18.87 Cr in the previous year's corresponding quarter
- Total expenses for the quarter stood at ₹394.45 Cr, exceeding the total income of ₹360.07 Cr
- Finance costs decreased to ₹2.98 Cr from ₹5.10 Cr YoY, providing a minor offset to operating losses
Dwarikesh Sugar Industries Limited has issued a notice regarding the dispatch of physical letters to shareholders who have not registered their email addresses. These letters provide the web-link and pathway to access the 32nd Annual Report for FY2025-26. The company has scheduled its Annual General Meeting (AGM) for Thursday, August 6, 2026. This is a standard regulatory procedure to ensure all shareholders have access to the company's financial disclosures and meeting details.
- 32nd Annual General Meeting scheduled for August 6, 2026
- Annual Report covers the financial year 2025-26
- Physical letters dispatched to shareholders without registered email IDs per Regulation 36
- Company reported TTM revenue of Rs 656 Cr and PAT of Rs 37 Cr in the preceding period
Dwarikesh Sugar Industries Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 as part of its Integrated Annual Report. The company reported an 18.38% reduction in waste generation and maintained a record of zero safety-related incidents and zero data breaches. The report emphasizes the company's integrated business model, which leverages sugar by-products for ethanol and power generation to mitigate industry cyclicality. While the filing is a regulatory requirement, it provides transparency on the company's operational efficiency and ESG compliance.
- Achieved an 18.38% reduction in waste generation during FY 2025-26 through improved circularity practices.
- Reported zero safety-related incidents and zero data breaches involving customer information during the fiscal year.
- Maintains an integrated capacity of 21,500 TCD for crushing and 337.5 KLPD for distillery operations.
- Ethanol production in H1 FY26 reached 214.99 lakh liters, representing a 119% YoY increase.
- Utilizes 100% of bagasse for cogeneration and molasses for ethanol production to maximize resource efficiency.
Dwarikesh Sugar has scheduled its 32nd Annual General Meeting for August 6, 2026, and released its FY26 Annual Report. The company reported a full-year revenue of Rs 1,401.94 crore and an EBITDA of Rs 94.03 crore. Financial stability improved significantly as the company repaid Rs 54.65 crore in long-term debt, resulting in a long-term debt-to-equity ratio of 0.11. Operational performance included crushing 24.32 lakh tonnes of sugarcane and producing 2.37 lakh tonnes of sugar.
- Reported FY26 revenue of Rs 1,401.94 crore, a 3.17% increase over the previous period.
- Achieved an EBITDA of Rs 94.03 crore for the financial year 2025-26.
- Repaid Rs 54.65 crore in long-term debt, improving the long-term debt-to-equity ratio to 0.11.
- Crushed 24.32 lakh tonnes of sugarcane and produced 2.37 lakh tonnes of sugar during the year.
- Reduced coverage of the CO 0238 cane variety to 60.57%, with full replacement targeted by SS 2027.
Dwarikesh Sugar Industries Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, provided by MUFG Intime India Private Limited, confirms that all physical share certificates received for dematerialization during the quarter ended June 30, 2026, were processed. This includes the mutilation and cancellation of certificates and updating the register of members within prescribed timelines. This is a standard administrative filing with no impact on business operations or financials.
- Compliance certificate issued for the quarter ended June 30, 2026
- Registrar MUFG Intime India Private Limited confirmed processing of all dematerialization requests
- Physical certificates were mutilated and cancelled as per SEBI guidelines
- Depositories' names were substituted in the register of members within prescribed timelines
Financial Performance
Revenue Growth by Segment
H1 FY26 revenue reached INR 651.4 Cr, up 10.9% YoY. The Distillery segment grew 41.1% YoY to INR 133.66 Cr in H1 FY26. Power revenue increased 364% YoY to INR 0.44 Cr. The Sugar business contributed 72% of total revenue in FY24 (INR 1,230.9 Cr). Growth is driven by higher ethanol sales volumes and realizations.
Geographic Revenue Split
100% of revenue is generated from operations in Uttar Pradesh, India, specifically from the Bijnor and Bareilly districts where the three manufacturing plants are located.
Profitability Margins
FY25 Operating Margin (OPBDITA/OI) was 8.4%, down from 12.0% in FY24. PAT Margin for FY25 was 1.7% compared to 4.9% in FY24. H1 FY26 PAT margin further declined to -6.4% from -5.7% YoY due to unabsorbed overheads and high-valued opening inventory sales.
EBITDA Margin
H1 FY26 EBITDA margin was -5.3% (EBITDA loss of INR 34.52 Cr), a deterioration from -3.1% (EBITDA loss of INR 18.18 Cr) in H1 FY25. This was primarily caused by the early conclusion of crushing operations in SY2025, leading to lower operating leverage.
Capital Expenditure
Historical CAPEX includes the commissioning of the Dwarikesh Dham distillery in Bareilly. Planned CAPEX for future periods is not disclosed in available documents, though the company recently reached a distillery capacity of 337.5 KLPD.
Credit Rating & Borrowing
Long-term rating is [ICRA]AA- (Negative), reaffirmed in November 2024 with the outlook revised from Stable to Negative. Short-term rating for the INR 300 Cr Commercial Paper program is [ICRA]A1+.
Operational Drivers
Raw Materials
Sugarcane (primary input, ~70-80% of total cost), Bagasse (internal byproduct for power), and Molasses (internal byproduct for ethanol).
Import Sources
100% domestic sourcing from the command areas in Bijnor and Bareilly districts, Uttar Pradesh, India.
Key Suppliers
Sourced from local farmers within the company's allocated command areas through established long-term relationships.
Capacity Expansion
Current crushing capacity is 21,500 TCD; distillery capacity is 337.5 KLPD (DN: 162.5, DD: 175); co-generation capacity is 94 MW. No specific future expansion timeline is disclosed.
Raw Material Costs
Sugarcane costs are determined by the State Advised Price (SAP) set by the Government of UP. Profitability is highly sensitive to SAP increases that are not matched by sugar MSP hikes.
Manufacturing Efficiency
Maintains one of the highest sugar recovery rates in Uttar Pradesh, which directly lowers the cost of production per unit of sugar.
Logistics & Distribution
Ethanol is supplied to nearby Oil Marketing Company (OMC) depots; distribution costs as a specific percentage of revenue are not disclosed.
Strategic Growth
Growth Strategy
Strategy focuses on forward integration into distillery and co-gen to mitigate sugar cyclicality. The company is increasing sucrose diversion to ethanol (214.99 lakh liters produced in H1 FY26, up 119% YoY) to capitalize on the government's 20% blending target.
Products & Services
Sugar, Ethanol, Industrial Alcohol, Rectified Spirit, and Power.
Brand Portfolio
Dwarikesh.
New Products/Services
Ethanol production via the sugarcane juice route and B-heavy molasses, supported by the expanded 337.5 KLPD distillery capacity.
Market Expansion
Expansion is focused on the ethanol blending program and increasing power evacuation to the state grid.
Market Share & Ranking
Recognized as a leading efficient operator in the Uttar Pradesh sugar industry with superior recovery rates.
External Factors
Industry Trends
The industry is evolving toward a 'Sugar-to-Ethanol' model to reduce surplus sugar supply. The government's 20% ethanol blending target by 2025-26 is a key driver for distillery segment growth.
Competitive Landscape
Competes with other large integrated sugar mills in Uttar Pradesh for sugarcane procurement and ethanol quotas.
Competitive Moat
Moat is built on integrated operations (Sugar + Distillery + Power) and high recovery rates. This structure is sustainable as it provides alternative revenue streams that cushion against the cyclicality of the sugar business.
Macro Economic Sensitivity
Highly sensitive to monsoon patterns affecting cane availability and government fiscal policies regarding ethanol blending and sugar export quotas.
Consumer Behavior
Not applicable as the business is primarily B2B and commodity-based.
Geopolitical Risks
International sugar prices impact export prospects and domestic demand-supply balance; however, MSP provides a floor for domestic prices.
Regulatory & Governance
Industry Regulations
Heavily regulated by Central Government (MSP for sugar, Ethanol pricing) and State Government (UP-SAP for sugarcane). Pollution norms and ethanol blending mandates also dictate operational standards.
Environmental Compliance
Emissions and waste generation are within permissible limits prescribed by CPCB/SPCB. No pending show cause or legal notices were reported as of FY2022.
Taxation Policy Impact
Effective tax rate impacted by higher provisioning in FY25; H1 FY26 tax expense was -INR 23.96 Cr on a loss before tax of -INR 65.97 Cr.
Legal Contingencies
No major pending environmental or labor litigation with significant case values was disclosed in the provided documents.
Risk Analysis
Key Uncertainties
Agro-climatic risks affecting cane production and regulatory shifts in ethanol pricing or blending targets could impact margins by 10-15%.
Geographic Concentration Risk
100% of manufacturing assets are located in Uttar Pradesh, creating high vulnerability to state-specific policy changes and local weather patterns.
Third Party Dependencies
High dependency on local farmers for sugarcane supply and the state electricity grid for power revenue.
Technology Obsolescence Risk
Low risk; the company has modernized distilleries to handle multiple feedstocks, including B-heavy molasses and sugarcane juice.
Credit & Counterparty Risk
Exposure to OMCs for ethanol and the state grid for power; OMCs are considered low-risk counterparties, while the state grid represents moderate risk.
