Dwarikesh Sugar IND Ltd
NSE: DWARKESH · Sugar · sector
₹41.78NSE close 2026-10-26
Key numbers
Market cap₹774 cr
Price₹41.78
52w high / low₹60 / ₹32
P/E53.6xSector median 12.9x
P/B0.9xSector median 0.9x
Book value₹44.7
Dividend yield1.20%Sector median 0.91%
ROE1.8%Sector median 6.3%
ROCE2.9%Sector median 6.8%
OPM4.2%Sector median 6.0%
Debt / equity0.40xSector median 0.72x
EV/EBITDA19.1xSector median 11.8x
Interest cover2.7x
Current ratio2.33x
Sales growth 3y-12.6%Sector median -1.4%
Profit growth 3y-33.5%Sector median -11.6%
PEG–
Last 12 months to Jun 2026, Standalone. "Sector median" = middle value of 35 companies in Sugar (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹16 cr vs borrowings ₹334 cr (FY26): borrowings are higher by ₹318 cr.
- Operating profit covered interest 2.7x in the last 12 months.
- No promoter shares are pledged.
- Operating cash flow was below net profit in 1 of the last 5 years (FY24).
- Net loss in 4 of the last 8 quarters.
- Revenue was higher than a year earlier in 1 of the last 4 quarters.
- Other income was 59% of net profit in the last 12 months.
- Dividend paid in 3 of the last 5 financial years.
- Price ₹41.78 on 2026-10-26: -30.3% from the 52-week high, +30.0% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹77.25 · low ₹34.20
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 246 | 313 | 459 | 405 | 246 | 325 | 425 | 358 |
| EBITDA | -23 | 27 | 107 | 4 | -41 | 38 | 87 | -26 |
| OPM % | -9.4% | 8.7% | 23.3% | 1.0% | -16.8% | 11.6% | 20.3% | -7.2% |
| Other income | 2 | 4 | 0 | 0 | 2 | 3 | 1 | 2 |
| Net profit | -24 | 11 | 46 | -9 | -33 | 15 | 57 | -26 |
| EPS (₹) | -1.29 | 0.58 | 2.50 | -0.51 | -1.76 | 0.83 | 3.10 | -1.39 |
| Revenue YoY | -0.1% | +4.0% | -7.3% | -11.7% | ||||
| Profit YoY | – | +43.9% | +23.9% | – |
Standalone figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 1,974 | 2,103 | 1,710 | 1,359 | 1,402 | 1,355 |
| EBITDA | 291 | 215 | 205 | 113 | 87 | 57 |
| Net profit | 155 | 105 | 84 | 23 | 31 | 14 |
| EPS (₹) | 8.24 | 5.57 | 4.44 | 1.26 | 1.66 | 0.78 |
| Revenue growth | +6.5% | -18.7% | -20.5% | +3.2% | -4.8% | |
| Profit growth | -32.5% | -20.3% | -72.1% | +32.1% | -38.8% | |
| Dividend / share (₹) | 1.25 | 4.00 | – | – | 0.50 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | -12.6% | -5.3% | -4.8% |
| Net profit | -33.5% | -19.6% | -38.8% |
| EPS | -33.2% | -19.3% | – |
| Share price | – | -17.8% (2y) | +3.3% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 740 | 822 | 806 | 829 |
| Borrowings | – | 371 | 451 | 503 | 334 |
| Cash & equivalents | – | 40 | 34 | 83 | 16 |
| Total assets | – | 1,280 | 1,415 | 1,463 | 1,298 |
| Fixed assets | – | 579 | 578 | 543 | 526 |
| Capital work in progress | – | 0 | 0 | 0 | 0 |
| Investments | – | 0 | 0 | 0 | 0 |
| Receivables | – | 72 | 36 | 62 | 50 |
| Inventory | – | 561 | 741 | 751 | 678 |
| Payables | – | 55 | 43 | 32 | 10 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 352 | 314 | 13 | 61 | 129 |
| Cash from investing | -175 | -92 | -41 | -7 | -4 |
| Cash from financing | -178 | -222 | 27 | 27 | -194 |
| Capex | 0 | 99 | 51 | 12 | 7 |
| Free cash flow | 352 | 215 | -37 | 48 | 122 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 14.2% | 10.2% | 2.9% | 3.7% |
| ROCE % | – | 16.1% | 12.9% | 5.4% | 4.9% |
| Debtor days | – | 12 | 8 | 17 | 13 |
| Inventory days | – | 125 | 215 | 265 | 225 |
| Payable days | – | 12 | 13 | 11 | 3 |
| Cash conversion cycle (days) | – | 125 | 210 | 271 | 235 |
| Working capital days | – | 67 | 94 | 115 | 113 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 42.14% |
| FIIs | 1.01% |
| DIIs | 0.10% |
| Government | 0.13% |
| Public (non-institutions) | 56.60% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 42.10% | 42.10% | 42.10% | 42.10% | 42.10% | 42.14% | 42.14% | 42.14% |
| Promoter group | % |
|---|---|
| Gautam Radheshyam Morarka | 15.22% |
| Dwarikesh Trading Company Ltd | 13.94% |
| Morarka Finance Ltd | 11.47% |
| Pranay Gautam Morarka | 0.66% |
| Smriti Gautam Morarka | 0.53% |
| Priyanka Gautam Morarka | 0.27% |
| Gautam R Morarka HUF | 0.03% |
| Morarka Trading Private Limited | 0.02% |
1,65,378 shareholders. Pledged: 0.00% of promoter shares.
Peers in Sugar
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| BALRAMCHIN | ₹13,212 cr | 34.1x | 3.2x | 9.3% | 8.1% | 11.3% | +10.4% | 0.53% |
| TRIVENI | ₹4,979 cr | 17.7x | 1.5x | 8.7% | 8.3% | 7.0% | +6.5% | 1.75% |
| BANARISUG | ₹4,029 cr | 33.1x | 2.1x | 6.6% | 7.3% | 9.3% | -8.8% | 0.39% |
| RENUKA | ₹3,858 cr | – | – | – | -2.7% | 0.3% | +0.5% | – |
| DALMIASUG | ₹3,357 cr | 16.5x | 1.0x | 6.3% | 7.0% | 10.8% | +3.6% | 1.45% |
| BAJAJHIND | ₹2,606 cr | 12.9x | 0.7x | 2.9% | 0.8% | 4.8% | -4.9% | – |
| AVADHSUGAR | ₹1,627 cr | 24.7x | 1.4x | 5.9% | 6.8% | 8.2% | -1.3% | 1.23% |
| UTTAMSUGAR | ₹1,179 cr | 13.6x | 1.3x | 10.4% | 10.2% | 9.3% | +2.3% | 0.87% |
| DHAMPURSUG | ₹1,095 cr | 15.6x | 0.9x | 6.0% | 6.8% | 6.4% | -0.8% | 0.02% |
| DWARKESH | ₹774 cr | 53.6x | 0.9x | 1.8% | 2.9% | 4.2% | -12.6% | 1.20% |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Sugar | ₹1,277 cr | 78.9% | ₹31 cr | 2.4% |
| Distilliery | ₹342 cr | 21.1% | ₹33 cr | 9.6% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-07-30 | Dividend | Dividend - Re 0.10 Per Share |
| 2025-08-12 | Dividend | Dividend - Re 0.50 Per Share |
| 2024-06-21 | Other | Annual General Meeting |
| 2024-03-20 | Buyback | Buy Back |
| 2023-06-23 | Other | Annual General Meeting |
| 2023-03-31 | Dividend | Interim Dividend - Rs 2 Per Share |
| 2022-06-22 | Other | Annual General Meeting |
| 2022-04-07 | Dividend | Interim Dividend - Rs 2 Per Share |
| 2021-07-12 | Dividend | Annual General Meeting/Dividend - Rs 1.25 Per Share |
| 2020-08-03 | Other | Annual General Meeting |
| 2020-02-18 | Dividend | Interim Dividend - Re 1 Per Share |
| 2019-08-28 | Dividend | Annual General Meeting/Dividend Re 1 Per Share |
| 2018-08-23 | Other | Annual General Meeting |
| 2017-08-10 | Split | Annual General Meeting/Dividend - Rs 10 Per Share/Face Value Split (Sub-Division) - From Rs 10/- Per Share To Re 1/- Per Share (Purpose Revised) |
| 2016-07-28 | Other | Annual General Meeting (Book Closure Start Date Revised) |
| 2015-09-09 | Other | Annual General Meeting |
| 2014-03-06 | Other | Annual General Meeting |
| 2013-03-07 | Other | Annual General Meeting |
| 2012-03-01 | Other | Annual General Meeting |
| 2011-03-03 | Other | Annual General Meeting |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Sugar Processing, Generation of Power, and Molasses: Sugar production is carried out using a highly regulated sugarcane processing system, while power is generated through a co generation model
- Manufacturing distillery products and allied outputs: Production and supply of industrial alcohol, and liquid CO₂
| Sector | Fast Moving Consumer Goods |
| Industry | Sugar |
| Sub-industry | Sugar |
| Symbol | DWARKESH |
| BSE code | 532610 |
| ISIN | INE366A01041 |
| Face value | ₹1.0 |
| Incorporated | 1993-11-01 |
| Website | www.dwarikesh.com |
| Plants (India / abroad) | 3 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.