DWARKESH

Dwarikesh Sugar Industries financials

Market cap
₹826 Cr
Sector
Fast Moving Consumer Goods
Calls analysed
5
Latest concall · Q3 FY25 · call held 28 Jan 2025

Dwarikesh Sugar Q3 FY25

PAT ₹11 cr +10%PBT ₹16 cr +14%Total Income ₹316 cr

What went well

  • Profit Before Tax (PBT) for Q3 FY25 rose to ₹16 crores from ₹14 crores in the corresponding quarter last year, marking a 14.28% YoY increase.
  • Profit After Tax (PAT) for Q3 FY25 increased to ₹11 crores from ₹10 crores YoY, a 10% improvement.
  • The Government of India's approval for 1 million tonnes of sugar exports is a positive development, anticipated to improve cash flows for sugar mills and boost sugar prices.

What to watch

  • Total income for the nine months of FY25 significantly dropped to ₹906 crores from ₹1,339 crores in the corresponding period last year, a 32.33% decline.
  • Sugar sales volume for 9M FY25 was substantially lower at 17.71 lakh quintals compared to 21.83 lakh quintals in 9M FY24, representing an 18.87% decrease.
Read the full call →

What Dwarikesh Sugar Industries Limited does

Dwarikesh Sugar Industries operates three sugarcane crushing and processing plants in Uttar Pradesh (Dwarikesh Nagar and Dwarikesh Puram in Bijnor district, Dwarikesh Dham in Bareilly district) that crush cane sourced from a network of contracted farmers into sugar. The company integrates by-product streams from the crushing process into two attached distilleries that make industrial alcohol/ethanol (sold largely to oil marketing companies) and into bagasse-fired cogeneration units that generate power for captive use and sale of surplus power to the Uttar Pradesh state grid. Molasses not used internally is also sold externally.

Segments

  • Sugar
  • Distillery
  • Cogeneration
Manufacturing plants
3 (Dwarikesh Nagar & Dwarikesh Puram, Bijnor district; Dwarikesh Dham, Bareilly district), all in Uttar Pradesh
Aggregate sugar crushing capacity
21,500 TCD (tonnes of cane per day)
Cogeneration (power) capacity
94 MW installed (surplus ~54 MW exportable to state grid)
Distillery (ethanol) capacity
3,37,500 litres/day (162.5 KLPD at Dwarikesh Nagar + 175 KLPD at Dwarikesh Dham)
Sugarcane crushed
26.30 lakh tonnes (FY25)
Sugar produced
2.10 lakh tonnes (FY25)
Founded 1993Headquarters Dwarikesh Nagar, Dist. Bijnor, Uttar Pradesh, India (registered office & factory); corporate office in MumbaiEmployees 775 (FY25) Company website

Guidance record · Q3 FY25

what the last two calls moved 10 tracked 2 delivered 3 missed 5 open
  • Non-238 Variety % (Bareilly) delivered said Q3 FY24 Promised: about 65% replacement of variety 238 in FY25 season Q3 FY25: this season, we expect a supply of non-0238 variety of about 64%
  • Ethanol Sales Volume FY24 missed said Q1 FY24 Promised: 11 crore liters Q3 FY25: Because of our crushing of season 2023-2024 coming to an early end... our quantity of industrial alcohol that we sold was only 30,570 kilo liters as against 73,262 kilo liters sold in the corresponding nine months' period last year.
  • Ethanol Price Increase delayed said Q2 FY25 Promised: INR 4.5/L (juice), INR 3-3.5/L (B-heavy) increase 'shortly' Q3 FY25: Yes, yes, we do expect increase in the price, it's on the anvil... I think it should happen any time now.

All 10 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 11.6%, net profit down 188.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue246 313 459 405 246 +0%325 +4%425 −7%358 −12%
EBITDA-23 27 107 4 -41 −78%38 +41%87 −19%-26 −750%
Net profit-24 11 46 -9 -33 −37%15 +36%57 +24%-26 −189%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +5.5% 1Y

₹35.0₹40.0₹45.0₹50.0₹55.0Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹42.4 on 10 Sept 2025 → ₹44.74. High ₹55.38 (20 Aug 2026), low ₹32.53 (21 Jan 2026).

Financials, as filed

Revenue grew 25.0% a year over 4 years, FY10 to FY26. Operating margin narrowed to 6.3%.

Year endingFY10FY23FY24FY25FY26
Revenue₹573 Cr₹2.1k Cr₹1.7k Cr₹1.4k Cr₹1.4k Cr
Operating profit₹113 Cr₹213 Cr₹205 Cr₹113 Cr₹88 Cr
Operating margin19.7%10.1%12.0%8.3%6.3%
Interest₹47 Cr₹26 Cr₹21 Cr₹20 Cr₹14 Cr
Depreciation₹32 Cr₹50 Cr₹53 Cr₹48 Cr₹36 Cr
Net profit₹23 Cr₹106 Cr₹84 Cr₹23 Cr₹30 Cr
Net margin4.0%5.0%4.9%1.7%2.1%
Cash from operations—₹314 Cr₹13 Cr₹61 Cr₹129 Cr
Free cash flow—₹216 Cr₹-37 Cr₹48 Cr₹122 Cr
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹19 Cr₹19 Cr₹19 Cr₹19 Cr₹19 Cr₹19 Cr
Reserves₹560 Cr₹654 Cr₹721 Cr₹803 Cr₹736 Cr₹810 Cr
Borrowings₹609 Cr₹524 Cr₹375 Cr₹456 Cr₹175 Cr₹336 Cr
Other liabilities₹257 Cr₹222 Cr₹166 Cr₹137 Cr₹99 Cr₹133 Cr
Total liabilities₹1.4k Cr₹1.4k Cr₹1.3k Cr₹1.4k Cr₹1.0k Cr₹1.3k Cr
Fixed assets₹410 Cr₹388 Cr₹582 Cr₹583 Cr₹524 Cr₹528 Cr
Capital work in progress₹1 Cr₹142 Cr₹0 Cr₹0 Cr₹4 Cr₹0 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹1 Cr₹1 Cr₹1 Cr
Other assets₹1.0k Cr₹889 Cr₹697 Cr₹831 Cr₹500 Cr₹769 Cr
Total assets₹1.4k Cr₹1.4k Cr₹1.3k Cr₹1.4k Cr₹1.0k Cr₹1.3k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −0.89 pp while DIIs added +0.75 pp. The shareholder count shrank 8% to 1,69,888.

Promoters
42.1%
FIIs
1.0%
DIIs
0.8%
Government
0.1%
Public
56.0%

Since Jun 2025

  • FIIs −0.89 pp
  • DIIs +0.75 pp
  • Public +0.10 pp

How it drifted, 12 quarters

Over this window FIIs fell from 5.3% to 1.0% — −4.3 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 42.1%, FIIs 5.3%, DIIs 0.1%, Government 0.1%, Public 52.4%.Dec '23: Promoters 42.1%, FIIs 4.0%, DIIs 0.1%, Government 0.1%, Public 53.8%.Mar '24: Promoters 42.1%, FIIs 4.4%, Government 0.1%, Public 53.4%.Jun '24: Promoters 42.1%, FIIs 3.9%, Government 0.1%, Public 53.9%.Sep '24: Promoters 42.1%, FIIs 2.3%, Government 0.1%, Public 55.5%.Dec '24: Promoters 42.1%, FIIs 1.6%, Government 0.1%, Public 56.1%.Mar '25: Promoters 42.1%, FIIs 2.0%, DIIs 0.0%, Government 0.1%, Public 55.7%.Jun '25: Promoters 42.1%, FIIs 1.9%, Government 0.1%, Public 55.9%.Sep '25: Promoters 42.1%, FIIs 1.7%, Government 0.1%, Public 56.0%.Dec '25: Promoters 42.1%, FIIs 1.7%, DIIs 0.1%, Government 0.1%, Public 56.0%.Mar '26: Promoters 42.1%, FIIs 1.7%, DIIs 0.2%, Government 0.1%, Public 55.8%.Jun '26: Promoters 42.1%, FIIs 1.0%, DIIs 0.8%, Government 0.1%, Public 56.0%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Dwarikesh Sugar Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Gautam Radheshyam Morarka 15.22%unchanged
Dwarikesh Trading Company Ltd 13.94%unchanged
Morarka Finance Ltd 11.47%unchanged
Pranay Gautam Morarka 0.66%unchanged
Smriti Gautam Morarka 0.53%unchanged
Priyanka Gautam Morarka 0.27%unchanged
Gautam R Morarka Huf 0.03%unchanged
Morarka Trading Private Limited 0.02%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

All earnings calls (5)

Read the Q3 FY25 call →

Learn to analyse Dwarikesh Sugar Industries Limited

Guides on how to read this kind of business and the numbers that matter.