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Dwarikesh Sugar Industries Ltd.
(DWARKESH)
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Rating:53Neutral
Price Target:
₹46.00
▲(10.63% Upside)
Action:Reiterated
Date:09/26/26
The score is held back primarily by significant margin compression and volatile/soft revenue trends, alongside an expensive earnings multiple (P/E ~57.7). These negatives are partly offset by improving balance-sheet leverage (lower debt-to-equity) and a return to solid free cash flow in FY2026, while technicals remain broadly neutral with only modest longer-term support above the 200-day average.
Positive Factors
Integrated sugar value chain
The integrated model gives Dwarikesh multiple ways to monetize sugarcane, rather than relying only on finished sugar sales. Ethanol, industrial alcohol, and cogenerated power can diversify revenue and allow product-mix optimization as relative market economics and policy conditions change.
Negative Factors
Structural margin compression
The large decline in gross and EBITDA margins shows that recent revenue is producing substantially less operating profit than in earlier years. Persistently lower profitability would reduce reinvestment capacity, weaken earnings resilience, and make results more sensitive to changes in sugar and ethanol economics.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated sugar value chain
The integrated model gives Dwarikesh multiple ways to monetize sugarcane, rather than relying only on finished sugar sales. Ethanol, industrial alcohol, and cogenerated power can diversify revenue and allow product-mix optimization as relative market economics and policy conditions change.
Read all positive factors
Dwarikesh Sugar Industries Ltd. (DWARKESH) vs. iShares MSCI India ETF (INDA)
Market Cap
₹8.03B
Dividend Yield0.23%
Average Volume (3M)285.13K
Price to Earnings (P/E)54.7
Beta (1Y)1.18
Revenue Growth-4.81%
EPS Growth-38.80%
CountryIN
Employees1,443
SectorGeneral
Sector StrengthN/A
IndustryFood Confectioners
Share Statistics
EPS (TTM)0.78
Shares Outstanding185,301,470
10 Day Avg. Volume164,837
30 Day Avg. Volume285,135
Financial Highlights & Ratios
PEG Ratio0.87
Price to Book (P/B)1.03
Price to Sales (P/S)0.61
P/FCF Ratio7.53
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)5.2
Revenue Forecast (FY)₹18.45B
Dwarikesh Sugar Industries Ltd. Business Overview & Revenue Model
Company Description
Dwarikesh Sugar Industries Limited operates as a diversified and integrated enterprise primarily focused on the manufacturing and global distribution of sugar and associated commodities. Beyond its core sugar operations, the company also engages i...
How the Company Makes Money
DWARKESH primarily earns revenue by processing sugarcane into finished sugar and selling it into the domestic market; this is typically the company’s largest revenue stream and is influenced by sugar volumes produced, realizations, and regulatory/...
Dwarikesh Sugar Industries Ltd. Financial Statement Overview
Summary
Income Statement
48
Neutral
Balance Sheet
63
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 13.55B | 14.02B | 13.59B | 17.10B | 21.03B | 19.74B |
| Gross Profit | 1.94B | 1.54B | 1.67B | 4.30B | 4.48B | 4.81B |
| EBITDA | 614.93M | 940.32M | 1.20B | 2.16B | 2.27B | 2.90B |
| Net Income | 144.91M | 308.38M | 233.36M | 835.17M | 1.05B | 1.55B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 12.98B | 14.63B | 14.15B | 12.80B | 14.20B |
| Cash, Cash Equivalents and Short-Term Investments | 132.99M | 158.28M | 831.99M | 7.71M | 6.68M | 2.33M |
| Total Debt | 0.00 | 3.36B | 5.07B | 4.56B | 3.75B | 5.23B |
| Total Liabilities | -8.29B | 4.69B | 6.57B | 5.93B | 5.40B | 7.46B |
| Stockholders Equity | 8.29B | 8.29B | 8.06B | 8.22B | 7.40B | 6.73B |
Cash Flow | ||||||
| Free Cash Flow | 5.54B | 1.13B | 370.10M | -374.10M | 2.15B | 1.77B |
| Operating Cash Flow | 5.59B | 1.20B | 494.29M | 133.68M | 3.14B | 3.52B |
| Investing Cash Flow | -55.44M | -88.03M | -111.87M | -406.67M | -915.06M | -1.75B |
| Financing Cash Flow | -3.51B | -1.80B | 432.11M | 271.97M | -2.22B | -1.78B |
Dwarikesh Sugar Industries Ltd. Technical Analysis
Neutral
41.58
Price Trends
44.68
Negative
44.31
Negative
41.72
Positive
Market Momentum
-1.11
Positive
46.44
Neutral
71.46
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DWARKESH, the sentiment is Neutral. The current price of 41.58 is below the 20-day moving average (MA) of 44.43, below the 50-day MA of 44.68, and below the 200-day MA of 41.72, indicating a neutral trend. The MACD of -1.11 indicates Positive momentum. The RSI at 46.44 is Neutral, neither overbought nor oversold. The STOCH value of 71.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:DWARKESH.
Dwarikesh Sugar Industries Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
59 Neutral | ₹33.41B | 16.20 | ― | 1.46% | -5.44% | -44.61% | |
59 Neutral | ₹11.06B | 15.71 | ― | 1.17% | 1.27% | 38.76% | |
58 Neutral | ₹15.90B | 24.33 | ― | 1.24% | 4.23% | -6.89% | |
57 Neutral | ₹142.41B | 36.12 | ― | 0.53% | 14.99% | -11.46% | |
56 Neutral | ₹47.75B | 23.83 | ― | 0.43% | -1.93% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹8.03B | 54.69 | ― | 0.23% | -4.81% | -38.80% |
* General Sector Average
IN:DWARKESH
Dwarikesh Sugar Industries Ltd.
42.55
1.00
2.41%
IN:AVADHSUGAR
Avadh Sugar & Energy Ltd.
801.05
383.74
91.96%
IN:BAJAJHIND
Bajaj Hindusthan Sugar Limited
19.57
-0.66
-3.26%
IN:BALRAMCHIN
Balrampur Chini Mills Ltd
662.85
209.33
46.16%
IN:DALMIASUG
Dalmia Bharat Sugar & Industries Ltd.
409.45
65.45
19.03%
IN:DHAMPURSUG
Dhampur Sugar Mills Limited
171.65
39.00
29.40%
Dwarikesh Sugar Industries Ltd. Corporate Events
Dwarikesh Sugar Publishes AGM Notice Extract, Details Book-Closure and E-Voting
Jul 11, 2026
Dwarikesh Sugar Industries Ltd. has announced that it has published an extract of the notice for its 32nd Annual General Meeting, detailing the book-closure period and e-voting arrangements for shareholders. The AGM notice extract was carried in t...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.