DWARKESH

Dwarikesh Sugar Industries Limited

Integrated sugar, distillery and co-generation producer

Fast Moving Consumer Goods›Fast Moving Consumer Goods›Agricultural Food & other Products›Sugar

dwarikesh.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹46.38
Market cap
859 Cr
Stock P/E
59.2
P/B
1.04
Dividend yield
1.1%
ROE (FY26)
3.7%
ROCE (FY26)
4.9%
Operating margin (FY26)
3.6%
Debt / equity (FY26)
0.40
OCF / EBITDA (FY26)
148.6%
OCF / EBITDA (3Y)
50.1%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Dwarikesh Sugar (Dwarikesh Sugar Industries) crushes sugarcane at three plants in Uttar Pradesh to make sugar, ethanol and industrial alcohol, and sells surplus cogeneration power to the state grid.

Company snapshot

11thBy market cap

Ranked among 27 companies in Sugar.

Segment mix

Reportable segments as of 2024-12-31 (Standalone). Revenue share = segment revenue ÷ total revenue.

Largest segment: 91.0% of revenue

SegmentRevenue shareRevenuePBTAssets
Distillery
21.5%
193 Cr0.11 Cr—
Sugar
91.0%
819 Cr-19 Cr—

Shares add up to 113% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓Dividend payout of 30% — the company returns a meaningful share of profits to shareholders.
Concerns
  • ✗Net margin is very thin at 2.2% — little room for error if costs rise.

Statement tables · Standalone

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Standalone only

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales446 Cr313 Cr380 Cr341 Cr246 Cr313 Cr459 Cr405 Cr246 Cr325 Cr425 Cr358 Cr
Operating expenses (approx.)417 Cr287 Cr307 Cr339 Cr269 Cr286 Cr352 Cr402 Cr287 Cr287 Cr339 Cr384 Cr
EBITDA29 Cr26 Cr73 Cr2 Cr-23 Cr27 Cr107 Cr4 Cr-41 Cr38 Cr87 Cr-26 Cr
OPM %6.4%8.3%19.3%0.7%-9.4%8.7%23.3%1.0%-16.8%11.6%20.3%-7.2%
Other income3 Cr6 Cr2 Cr0.60 Cr2 Cr4 Cr0.22 Cr0.50 Cr2 Cr3 Cr1 Cr2 Cr
Interest4 Cr4 Cr7 Cr6 Cr3 Cr3 Cr8 Cr5 Cr2 Cr1 Cr6 Cr3 Cr
Depreciation13 Cr14 Cr13 Cr12 Cr12 Cr12 Cr12 Cr12 Cr12 Cr12 Cr-0.01 Cr8 Cr
Profit before tax15 Cr14 Cr56 Cr-15 Cr-36 Cr16 Cr88 Cr-13 Cr-53 Cr27 Cr82 Cr-34 Cr
Tax %31.3%30.8%59.0%35.1%33.4%32.4%47.1%28.0%38.4%42.4%29.7%25.1%
Net profit10 Cr10 Cr23 Cr-10 Cr-24 Cr11 Cr46 Cr-9 Cr-33 Cr15 Cr57 Cr-26 Cr
EPS (₹)₹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 (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,256 Cr1,458 Cr1,084 Cr1,336 Cr1,839 Cr1,974 Cr2,103 Cr1,710 Cr1,359 Cr1,402 CrSign in free for the trailing twelve months
Operating expenses (approx.)983 Cr1,316 Cr955 Cr1,200 Cr1,638 Cr1,683 Cr1,888 Cr1,505 Cr1,245 Cr1,315 CrSign in free for the trailing twelve months
EBITDA273 Cr142 Cr129 Cr136 Cr201 Cr291 Cr215 Cr205 Cr113 Cr87 CrSign in free for the trailing twelve months
OPM %21.8%9.8%11.9%10.2%10.9%14.7%10.2%12.0%8.4%6.2%Sign in free for the trailing twelve months
Other income15 Cr17 Cr36 Cr5 Cr7 Cr3 Cr14 Cr12 Cr6 Cr7 CrSign in free for the trailing twelve months
Interest52 Cr25 Cr21 Cr33 Cr48 Cr32 Cr26 Cr20 Cr19 Cr15 CrSign in free for the trailing twelve months
Depreciation30 Cr33 Cr33 Cr37 Cr41 Cr44 Cr50 Cr53 Cr49 Cr37 CrSign in free for the trailing twelve months
Profit before tax209 Cr102 Cr111 Cr72 Cr120 Cr219 Cr153 Cr144 Cr52 Cr43 CrSign in free for the trailing twelve months
Tax %25.2%0.7%14.3%-2.6%23.6%29.0%31.3%42.0%55.5%27.5%Sign in free for the trailing twelve months
Net profit156 Cr101 Cr95 Cr73 Cr92 Cr155 Cr105 Cr84 Cr23 Cr31 CrSign in free for the trailing twelve months
EPS (₹)₹8.87₹5.39₹5.05₹3.90₹4.86₹8.24₹5.57₹4.44₹1.26₹1.66Sign in free for the trailing twelve months
Dividend payout %————0.0%39.4%35.9%0.0%0.0%30.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital19 Cr19 Cr19 Cr19 Cr19 Cr19 Cr19 Cr19 Cr19 Cr19 Cr
Reserves267 Cr347 Cr445 Cr465 Cr560 Cr654 Cr721 Cr803 Cr788 Cr810 Cr
Borrowings476 Cr324 Cr636 Cr654 Cr557 Cr521 Cr371 Cr451 Cr503 Cr334 Cr
Other liabilities257 Cr296 Cr266 Cr471 Cr310 Cr226 Cr169 Cr143 Cr153 Cr135 Cr
Total liabilities1,019 Cr986 Cr1,365 Cr1,609 Cr1,445 Cr1,420 Cr1,280 Cr1,415 Cr1,463 Cr1,298 Cr
Fixed assets (net)331 Cr341 Cr319 Cr427 Cr408 Cr386 Cr579 Cr578 Cr543 Cr526 Cr
CWIP1 Cr0.19 Cr16 Cr2 Cr0.51 Cr143 Cr0 Cr0.40 Cr0 Cr0 Cr
Investments0.32 Cr0.32 Cr0.32 Cr0.33 Cr0.33 Cr0.32 Cr0 Cr0.54 Cr0.55 Cr0.57 Cr
Loans & advances——0.21 Cr0.13 Cr0.15 Cr0.30 Cr0 Cr0 Cr0 Cr0 Cr
Inventories610 Cr531 Cr824 Cr912 Cr855 Cr758 Cr561 Cr741 Cr751 Cr678 Cr
Trade receivables55 Cr53 Cr60 Cr98 Cr68 Cr35 Cr72 Cr36 Cr62 Cr50 Cr
Cash & bank0.74 Cr2 Cr0.51 Cr2 Cr0.15 Cr0.23 Cr0.67 Cr0.57 Cr82 Cr13 Cr
Other assets21 Cr58 Cr144 Cr167 Cr114 Cr98 Cr68 Cr59 Cr24 Cr31 Cr
Total assets1,019 Cr986 Cr1,365 Cr1,609 Cr1,445 Cr1,420 Cr1,280 Cr1,415 Cr1,463 Cr1,298 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity141 Cr298 Cr-250 Cr11 Cr296 Cr352 Cr314 Cr13 Cr61 Cr129 Cr
Cash from investing-5 Cr-41 Cr-44 Cr-119 Cr-18 Cr-175 Cr-92 Cr-41 Cr-7 Cr-4 Cr
Cash from financing-140 Cr-256 Cr292 Cr109 Cr-280 Cr-178 Cr-222 Cr27 Cr27 Cr-194 Cr
Net cash flow-4 Cr2 Cr-2 Cr1 Cr-2 Cr0.08 Cr0.44 Cr-0.10 Cr81 Cr-69 Cr
Free cash flow (OCF − Capex)136 Cr257 Cr-298 Cr-101 Cr276 Cr352 Cr215 Cr-37 Cr48 Cr122 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %34.3%18.5%12.0%9.2%14.7%21.0%16.1%12.9%5.4%4.9%
ROE %54.6%27.7%20.5%15.2%15.8%23.1%14.2%10.2%2.9%3.7%
Debtor days161320271361281713
Inventory days258176275299228201143190265240
Days payable3371616950261411114
Cash conversion cycle242118234257191182142186270250
OCF / EBITDA %51.6%209.3%-194.0%8.3%146.9%121.2%146.3%6.5%53.5%148.6%
OCF / EBITDA % (3 years)——34.7%14.5%12.1%105.0%136.1%95.7%72.8%50.1%
Debt / equity1.660.891.371.350.960.770.500.550.620.40
Current ratio1.121.101.291.231.411.622.302.161.902.33
Net debt / EBITDA1.74—4.924.802.771.791.722.203.713.69