Is Dwarikesh Sugar Industries Ltd (DWARKESH) a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Dwarikesh Sugar Industries Ltd is a average quality company .

Is Dwarikesh Sugar Industries Ltd (DWARKESH) undervalued or overvalued?

The key valuation ratios of Dwarikesh Sugar Industries Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone .

What is Dwarikesh Sugar Industries Ltd (DWARKESH) share price return in the past 10 years?

Dwarikesh Sugar Industries Ltd share price has appreciated 9.5% annually (CAGR) over the past ten years.

Is Dwarikesh Sugar Industries Ltd (DWARKESH) a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Dwarikesh Sugar Industries Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

What is the share price of Dwarikesh Sugar Industries Ltd (DWARKESH)?

Company share prices are keep on changing according to the market conditions. The current trading price of Dwarikesh Sugar Industries Ltd (DWARKESH) on 21-Apr-2026 11:59:00 at 11:59 is 46.41.

What is the P/E ratio of Dwarikesh Sugar Industries?

The latest standalone P/E ratio of Dwarikesh Sugar Industries as of 21-Apr-2026 is 44.04.

What is the P/B ratio of Dwarikesh Sugar Industries Ltd (DWARKESH)?

The latest standalone P/B ratio of Dwarikesh Sugar Industries Ltd (DWARKESH) as of 21-Apr-2026 is 1.13.

What is the 52-week high and low of Dwarikesh Sugar Industries Ltd (DWARKESH)?

The 52-week high of Dwarikesh Sugar Industries Ltd (DWARKESH) is Rs. 52.55 and the 52-week low is Rs. 32.14.

Dwarikesh Sugar Industries Ltd (DWARKESH) Share Analysis – Quality, Growth & Valuation Zone & DeciZen Rating

Name: Dwarikesh Sugar Industries Ltd (DWARKESH)
Brand: Dwarikesh Sugar Industries

Key Metrics

Market Cap

₹870 Cr.

P/E Ratio

44.04

Price to Book (P/B)

1.13

Price to Sales (P/S)

0.61

EV/EBITDA

6.66

Return on Capital Employed (ROCE)

5.50%

Current Price

₹46.4

Return on Equity (ROE)

2.87%

Return on Assets (ROA)

1.54%

Operating Profit Margin

8.4%

Net Profit Margin

1.72%

Gross Profit Margin

7.5%

Book Value per Share

₹41.6

Sales Growth (YoY)

-20.51%

Sales Growth (3 Years)

-11.77%

Operating Profit Growth (1 Year)

-44.64%

Operating Profit Growth (3 Years)

-26.92%

Net Profit Growth (1 Year)

-72.05%

52-Week Low / High

₹32 / 53

Net Profit Growth (3 Years)

-46.83%

Dividend Yield

1.35%

Promoter Holding

42.14%

Pledged shares (%)
of Promoter's holding (%)

0.00%

Check Before You Invest

Q.1 Revenue growth of Dwarikesh Sugar Industries Ltd?

Dwarikesh Sugar Industries Ltd revenue growth is -20.5% for FY-2025 , which is below its 5 year CAGR of 0.3% , indicating slower growth.

Q.1 Promoter shareholding and pledge status of Dwarikesh Sugar Industries Ltd?

Promoters hold 42.14% of the Dwarikesh Sugar Industries Ltd, with 0.00% of their stake pledged, indicating no pledge risk.

Q.1 Revenue growth of Dwarikesh Sugar Industries Ltd vs industry peers?

Dwarikesh Sugar Industries Ltd revenue CAGR is 0.34% , compared to the industry median CAGR of 2.84% , indicating stable growth and maintaining its market share.

Q.1 Which industry/sub-sector does Dwarikesh Sugar Industries Ltd belong to?

Dwarikesh Sugar Industries Ltd belongs to the Agriculture & Allied activities sector, operating specifically within the Sugar segment.

Q.1 Stock return of Dwarikesh Sugar Industries Ltd over the last decade?

Over the last 9 year(s), the stock has delivered a CAGR of 9.9% based on the current price.

DeciZen - make an informed investing decision on Dwarikesh Sugar Inds

Based on:

Data

Overall Rating ⓘ
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1. Quality

2. Valuation

3. Price Trend

Dwarikesh Sugar Industries stock performance

Key Ratios

Is Dwarikesh Sugar Industries Ltd an attractive stock to invest in?

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
ROCE % ⓘ	12.1%	32.8%	16.7%	14.5%	8.6%	13.3%	21%	15.5%	13.8%	5.5%	-
Value Creation Index ⓘ	-0.1	1.4	0.2	0.0	-0.4	-0.1	0.5	0.1	0.0	-0.6	-
Growth Parameters ⓘ Growth Parameters Colour Code Guide ⓘ
Sales ⓘ	794	1,190	1,430	1,084	1,336	1,839	1,979	2,103	1,710	1,359	1,435
Sales YoY Gr.	-	49.9%	20.1%	-24.2%	23.3%	37.6%	7.6%	6.3%	-18.7%	-20.5%	-
Adj EPS ⓘ	2.2	8.2	5.4	5	3.9	4.9	8.3	5.6	4.4	1.3	1.1
YoY Gr.	-	274.8%	-34.2%	-6.9%	-22.2%	25.4%	68.7%	-32.5%	-20.3%	-71.6%	-
BVPS (₹) ⓘ	5.3	15.2	19.4	24.6	25.7	30.7	35.8	39.3	43.7	43.5	41.6
Adj Net Profit ⓘ	35.6	154	101	94.3	73.5	92.1	155	105	83.5	23.3	20
Cash Flow from Ops. ⓘ	36.7	141	298	-250	11.3	296	339	314	13.4	60.7	-
Debt/CF from Ops. ⓘ	17.9	3.8	1.2	-2.6	74.6	2.1	1.5	1.2	33.7	8.3	-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

	9 Years	5 Years	3 Years	1 Years
Sales ⓘ	6.2%	0.3%	-11.8%	-20.5%
Adj EPS ⓘ	-5.9%	-20.2%	-46.6%	-71.6%
BVPSⓘ	26.4%	11.1%	6.8%	-0.3%
Share Price	9.5%	7.1%	-20.8%	11.9%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
Return on Equity % ⓘ	32.2	76.4	31.1	22.7	15.5	17.3	24.8	14.9	10.7	2.9	2.5
Op. Profit Mgn % ⓘ	13.6	23	10	11.9	10.2	11	14.7	10.2	12	8.4	7.5
Net Profit Mgn % ⓘ	4.5	12.9	7.1	8.7	5.5	5	7.9	5	4.9	1.7	1.4
Debt to Equity ⓘ	5.6	1.9	0.9	1.4	1.7	1.1	0.8	0.5	0.6	0.6	-
Working Cap Days ⓘ	264	194	167	287	313	230	192	150	178	240	90
Cash Conv. Cycle ⓘ	163	143	114	190	204	147	126	107	140	203	54

Recent Performance Summary

Latest Financials

	Standalone	Consolidated
TTM EPS (₹)	1.1	-
TTM Sales (₹ Cr.)	1,435	-
BVPS (₹) ⓘ	41.6	-
Reserves (₹ Cr.) ⓘ	752	-
P/BV ⓘ	1.13	-
PE ⓘ	44.04	-

From the Market
52 Week Low / High (₹)	32.14 / 52.55
All Time Low / High (₹)	1.45 / 148.45
Market Cap (₹ Cr.)	870
Equity (₹ Cr.)	18.5
Face Value (₹)	1
Industry PE ⓘ	21

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged ^*

0.00

* Pledged shares as % of Promoter's holding (%)

Valuation of Dwarikesh Sugar Inds - Standalone Basis

YTD 1Y 3Y 5Y 10Y Max

Analyst's Notes

No data found!

Key Ratios

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Sales	794	1,190	1,430	1,084	1,336	1,839	1,979	2,103	1,710	1,359
Operating Expenses ⓘ +	686	917	1,287	955	1,200	1,638	1,688	1,888	1,505	1,245
Manufacturing Costs	36	49	63	60	62	81	99	103	116	83
Material Costs	574	772	1,126	775	1,010	1,402	1,444	1,598	1,220	1,007
Employee Cost	50	72	69	71	79	93	96	118	119	110
Other Costs ⓘ	27	24	29	49	50	62	48	69	50	45
Operating Profit ⓘ	108	273	142	129	136	201	291	215	205	113
Operating Profit Margin (%)	13.6%	23.0%	10.0%	11.9%	10.2%	10.9%	14.7%	10.2%	12.0%	8.4%
Other Income ⓘ +	9	15	17	36	5	7	3	14	12	6
Exceptional Items ⓘ	5	3	0	0	0	0	0	0	0	0
Interest ⓘ	52	52	25	21	33	48	32	26	20	19
Depreciation ⓘ	31	30	33	33	37	41	44	50	53	49
Profit Before Tax ⓘ	39	209	102	111	72	120	219	153	144	52
Tax ⓘ	0	53	1	16	-2	28	63	48	60	29
Profit After Tax	39	156	101	95	73	92	155	105	84	23
PAT Margin (%)	4.9%	13.1%	7.1%	8.8%	5.5%	5.0%	7.8%	5.0%	4.9%	1.7%
Adjusted EPS (₹)	2.4	8.3	5.4	5.1	3.9	4.9	8.2	5.6	4.4	1.3
Dividend Payout Ratio (%)	0%	12%	0%	0%	0%	26%	24%	36%	0%	40%

Balance Sheet

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Equity and Liabilities
Shareholders Fund +	117	286	366	464	484	579	673	740	822	806
Share Capital ⓘ	47	19	19	19	19	19	19	19	19	19
Reserves ⓘ	70	267	347	445	465	560	654	721	803	788
Debt +	591	476	324	636	654	557	472	303	383	449
Long Term Debt	237	118	52	140	193	147	201	214	147	93
Short Term Debt	354	358	272	496	461	410	271	88	236	356
Minority Interest	0	0	0	0	0	0	0	0	0	0
Trade Payables	143	77	215	183	208	188	97	55	43	32
Others Liabilities ⓘ	133	204	66	132	306	191	310	276	289	211
Total Liabilities ⓘ	984	1,043	971	1,413	1,652	1,515	1,552	1,373	1,537	1,497
Fixed Assets
Net Fixed Assets ⓘ +	356	331	341	319	430	410	388	582	583	547
Gross Block	708	712	752	763	908	927	947	1,186	1,229	1,239
Accumulated Depreciation	352	381	411	444	477	517	559	603	646	692
CWIP ⓘ	0	1	0	16	2	1	143	0	0	0
Investments ⓘ	0	0	0	0	0	0	0	0	1	1
Inventories	537	610	531	824	912	855	758	561	741	751
Trade Receivables	64	55	53	60	98	68	35	72	36	62
Cash Equivalents	5	1	3	1	3	1	39	40	34	83
Others Assets ⓘ	22	45	42	192	206	180	190	119	143	55
Total Assets ⓘ	984	1,043	971	1,413	1,652	1,515	1,552	1,373	1,537	1,497

Cash Flow

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Cash Flow From Operating Activity ⓘ +	37	141	298	-250	11	296	339	314	13	61
PBT ⓘ	39	209	102	111	72	120	219	153	144	52
Adjustment ⓘ	85	85	57	50	66	84	73	65	63	65
Changes in Working Capital ⓘ	-88	-114	182	-391	-112	93	84	125	-168	-44
Tax Paid ⓘ	-0	-38	-43	-20	-14	-1	-37	-29	-25	-12
Cash Flow From Investing Activity ⓘ +	-13	-5	-41	-44	-111	-18	-198	-92	-41	-7
Capex	-13	-5	-41	-48	-112	-19	-161	-98	-51	-12
Net Investments	0	0	0	0	0	0	-37	-2	0	1
Others ⓘ	0	0	0	4	0	2	0	9	10	5
Cash Flow From Financing Activity ⓘ +	-20	-140	-256	292	101	-280	-141	-222	27	27
Net Proceeds from Shares ⓘ	0	59	0	0	0	0	0	0	0	0
Net Proceeds from Borrowing ⓘ	30	-153	-105	90	222	-185	56	31	-69	-67
Interest Paid ⓘ	-51	-50	-43	-21	-39	-43	-32	-31	-18	-16
Dividend Paid ⓘ	0	0	-23	0	-45	0	-24	-38	0	0
Others ⓘ	1	4	-86	224	-37	-51	-141	-184	114	110
Net Cash Flow ⓘ	4	-4	2	-2	1	-2	0	0	-0	81

Finance Ratio

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Ratios
ROE (%)	49.12	83.94	31.13	22.93	15.51	17.23	24.79	14.83	10.7	2.87
ROCE (%)	12.12	32.83	16.7	14.47	8.55	13.33	21.03	15.47	13.77	5.5
Asset Turnover Ratio	0.85	1.24	1.45	0.91	0.87	1.16	1.29	1.44	1.17	0.9
PAT to CFO Conversion(x)	0.95	0.9	2.95	-2.63	0.15	3.22	2.19	2.99	0.15	2.65
Working Capital Days
Receivable Days	24	17	14	19	22	16	9	9	11	13
Inventory Days	226	167	143	228	237	175	149	114	139	200
Payable Days	109	52	47	94	71	52	36	17	15	14

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Dwarikesh Sugar Industries Ltd FAQs

The current trading price of Dwarikesh Sugar Inds on 21-Apr-2026 11:59 is ₹46.41.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 20-Apr-2026 the market cap of Dwarikesh Sugar Inds stood at ₹870.2 Cr

The latest P/E ratio of Dwarikesh Sugar Inds as of 20-Apr-2026 is 44.04.

The latest P/B ratio of Dwarikesh Sugar Inds as of 20-Apr-2026 is 1.13.

The 52-week high of Dwarikesh Sugar Inds is ₹52.55 and the 52-week low is ₹32.14.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Dwarikesh Sugar Inds is ₹1,435 ( Cr.) .

About Dwarikesh Sugar Industries Ltd

Dwarikesh Sugar Industries was originally incorporated as Dwarka Sugar vide certificate of incorporation no. 11-74815 dated November 1, 1993 with the Registrar of Companies, Maharashtra at Mumbai. The name of the company was changed to Dwarikesh Sugar Industries on April 18, 1994.

The registered office of the company has been shifted from the state of Maharashtra to the state of Uttar Pradesh (UP), confirmed by an order of the Company Law Board (Western Region) bench, Mumbai dated June 23, 1995. In this regard, Dwarikesh has received a Certificate of Registration bearing no. 20-18642 dated August 31, 1995 from Registrar of Companies, UP at Kanpur. The company has been promoted by Gautam R Morarka with the main object of carrying out the activity of production of sugar and other sugar related activities. The company commenced its commercial production on December 5, 1995 by setting up a 2500 tcd sugar plant in the sugar rich belt of Uttar Pradesh at Dwarikesh Nagar unit, Bundki village in Bijnor District.

The plant now has a capacity of 6500 tcd. Beside this, the company has set up one 7500 tcd sugar plant in district Bijnor commencing production in 2006 and has set up another 7500 tcd sugar plant in the Bareilly district, commencing production in Dec 2007. Thus the total capacity of Dwarikesh is 21500 tcd.

Products

Sugar: Sugar production is an interesting process during which some useful bi-products are generated.
White Crystal Sugar: Dwarikesh Sugar is known for its high quality, hygiene and good taste.
Ethanol: Ethanol is a good oxygenate, which is used as a blend with motor spirit to reduce emissions.
Captive Power: Dwarikesh is focusing on this sector as demand of captive power is continue to increase.
Molasses: Molasses plays an important part in Dwarikesh group's diversification plans.
Valuable Residue: Bagasse, the residue obtained from crushing cane in the mills, is used by the paper industry.

Divisions

Sugar
Power co-generation
Industrial alcohol-ethanol

Group Companies

Morarka Finance
Dwarikesh Informatics
Sewa Jyoti
RR Morarka Charitable Trust
Narbada Devi Morarka Charitable Trust

History

1993: Incorporation of the company in the name of Dwarka Sugar.
1994: Change of name to Dwarikesh Sugar Industries.
1995: Setting up 2500 tcd sugar plant and commencement of commercial production.
1996: Expansion of capacity to 3500 tcd and setting up of 6 mw power plant.
1997: Payment of maiden dividend of 10%.
1999: Expansion of capacity to 4000 tcd.
2001: Expansion of capacity to 5000 tcd.
2002: Expansion of co-gen plant from 6 MW to 9 MW and expansion of capacity to 6500 tcd.
2003: Sold power worth Rs 183 lakh to the UP state grid.
2004: Successful completion of IPO (23 times oversubscribed) and expansion of co-gen power plant from 9 MW to 17 MW.
2005: Setting up of 30 klpd distillery for manufacture of industrial alcohol and work begins on new project of 7500 tcd at Dwarikeshpuram (Afzalgarh) in February.
2006: Commissioned a new greenfield plant of 7500 tcd at Dwarikeshpuram with 9 MW co-gen capacity in a record time.
2006: Work begins on new project of 7500 tcd at Dwarikeshdham (Faridpur, Bareilly District) with 36 MW cogeneration.
2007: Commissioned a new greenfield plant of 7500 tcd with 36 MW cogeneration capacity in a record time at Dwarikeshdham (Bareilly District). Exportable power capacity of the plant is 24 MW.
2008: Commencement of co-generation for supply to state grid at Dwarikeshdham and Dwarikeshpuram units.

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Dwarikesh Sugar Industries Ltd (DWARKESH) Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating

Dwarikesh Sugar Inds Share Price