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Dwarikesh Sugar Industries Ltd (DWARKESH)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532610 NSE: DWARKESH Sugar | Small Cap | Dwarikesh Sugar Inds Share Price

₹44.08 -0.10 (-0.23%)

As on 04-Jun'26 16:59

Dwarikesh Sugar Industries Ltd (DWARKESH)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532610 NSE: DWARKESH Sugar | Small Cap | Dwarikesh Sugar Inds Share Price

₹44.08 -0.10 (-0.23%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹817 Cr.
Current Price
₹44.1
52-Week Low / High
₹32 / 53
TTM EPS
₹1.7
TTM Sales
₹1,402 Cr.
Book Value per Share
₹44.7
P/E Ratio
26.49
Higher than its 5-year historical median
Industry PE
24.5
Price to Book (P/B)
0.99
Lower than its 5-year historical median
Price to Sales (P/S)
0.58
Lower than its 5-year historical median
EV/EBITDA
12.07
Higher than its 5-year historical median
Dividend Yield
1.35%
Profitability Efficiency
Return on Equity (ROE)
2.87%
Underperforms industry median
Return on Capital Employed (ROCE)
5.50%
Underperforms industry median
Return on Assets (ROA)
1.54%
Operating Profit Margin
8.4%
Net Profit Margin
1.72%
Gross Profit Margin
7.5%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-20.51%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-44.64%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-72.05%
Asset Quality
Promoter Holding
42.14%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹810 Cr.
Equity
₹18.5 Cr.
Face Value
₹1
All Time Low / High
₹1.45 / 148.45

Dwarikesh Sugar Industries stock performance

Key Ratios
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Quality

Somewhat Good
Check detailed performance

Valuation

Undervalued

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Price Trend

Semi Strong
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Q.1 Is Dwarikesh Sugar Industries Ltd a good quality company?
Dwarikesh Sugar Industries Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

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We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

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How does Dwarikesh Sugar Industries Ltd performance compare with that of its Peers?
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 2.83%, indicating slower growth and losing its market share.
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 Stock return of Dwarikesh Sugar Industries Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 8.6% based on the current price.
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10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

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

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

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Dwarikesh Sugar Industries Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation ⓘ

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % ⓘ12.1%32.8%16.7%14.5%8.6%13.3%21%15.5%13.8%5.5%-
Value Creation
Index ⓘ		-0.11.40.20.0-0.4-0.10.50.10.0-0.6-

Growth Parameters ⓘ
Sales ⓘ7941,1901,4301,0841,3361,8391,9792,1031,7101,3591,402
Sales YoY Gr.-49.9%20.1%-24.2%23.3%37.6%7.6%6.3%-18.7%-20.5%-
Adj EPS ⓘ2.28.25.453.94.98.35.64.41.31.7
YoY Gr.-274.8%-34.2%-6.9%-22.2%25.4%68.7%-32.5%-20.3%-71.6%-
BVPS (₹) ⓘ5.315.219.424.625.730.735.839.343.743.544.7
Adj Net
Profit ⓘ		35.615410194.373.592.115510583.523.331
Cash Flow from Ops. ⓘ36.7141298-25011.329633931413.460.7-
Debt/CF from Ops. ⓘ17.93.81.2-2.674.62.11.51.233.78.3-

CAGR ⓘ

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 7.2% -4.9% -21.2% -10.4%

Key Financial Parameters ⓘ

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity % ⓘ		32.276.431.122.715.517.324.814.910.72.93.8
Op. Profit
Mgn % ⓘ		13.6231011.910.21114.710.2128.46.2
Net Profit
Mgn % ⓘ		4.512.97.18.75.557.954.91.72.2
Debt to
Equity ⓘ		5.61.90.91.41.71.10.80.50.60.60.1
Working Cap
Days ⓘ		26419416728731323019215017824085
Cash Conv.
Cycle ⓘ		16314311419020414712610714020356

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales7941,1901,4301,0841,3361,8391,9792,1031,7101,359
Operating Expenses ⓘ + 6869171,2879551,2001,6381,6881,8881,5051,245
Manufacturing Costs3649636062819910311683
Material Costs5747721,1267751,0101,4021,4441,5981,2201,007
Employee Cost 50726971799396118119110
Other Costs ⓘ 27242949506248695045
Operating Profit ⓘ 108273142129136201291215205113
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 ⓘ + 915173657314126
Exceptional Items ⓘ 5300000000
Interest ⓘ 52522521334832262019
Depreciation ⓘ 31303333374144505349
Profit Before Tax ⓘ 392091021117212021915314452
Tax ⓘ 053116-22863486029
Profit After Tax 391561019573921551058423
PAT Margin (%) 4.9%13.1%7.1%8.8%5.5%5.0%7.8%5.0%4.9%1.7%
Adjusted EPS (₹)2.48.35.45.13.94.98.25.64.41.3
Dividend Payout Ratio (%)0%12.10%0%0%0%25.70%24.30%36%0%39.70%

Valuation of Dwarikesh Sugar Inds - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 117286366464484579673740822806
Share Capital ⓘ 47191919191919191919
Reserves ⓘ 70267347445465560654721803788
Debt +591476324636654557472303383449
Long Term Debt2371185214019314720121414793
Short Term Debt35435827249646141027188236356
Minority Interest0000000000
Trade Payables1437721518320818897554332
Others Liabilities ⓘ 13320466132306191310276289211
Total Liabilities ⓘ 9841,0439711,4131,6521,5151,5521,3731,5371,497

Fixed Assets

Net Fixed Assets ⓘ +356331341319430410388582583547
Gross Block7087127527639089279471,1861,2291,239
Accumulated Depreciation352381411444477517559603646692
CWIP ⓘ 0101621143000
Investments ⓘ 0000000011
Inventories537610531824912855758561741751
Trade Receivables64555360986835723662
Cash Equivalents 51313139403483
Others Assets ⓘ 22454219220618019011914355
Total Assets ⓘ 9841,0439711,4131,6521,5151,5521,3731,5371,497

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity ⓘ + 37141298-250112963393141361
PBT ⓘ 392091021117212021915314452
Adjustment ⓘ 85855750668473656365
Changes in Working Capital ⓘ -88-114182-391-1129384125-168-44
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 000000-37-201
Others ⓘ 00040209105
Cash Flow From Financing Activity ⓘ + -20-140-256292101-280-141-2222727
Net Proceeds from Shares ⓘ 05900000000
Net Proceeds from Borrowing ⓘ 30-153-10590222-1855631-69-67
Interest Paid ⓘ -51-50-43-21-39-43-32-31-18-16
Dividend Paid ⓘ 00-230-450-24-3800
Others ⓘ 14-86224-37-51-141-184114110
Net Cash Flow ⓘ 4-42-21-200-081

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)49.1283.9431.1322.9315.5117.2324.7914.8310.72.87
ROCE (%)12.1232.8316.714.478.5513.3321.0315.4713.775.5
Asset Turnover Ratio0.851.241.450.910.871.161.291.441.170.9
PAT to CFO Conversion(x)0.950.92.95-2.630.153.222.192.990.152.65
Working Capital Days
Receivable Days23.5017.3013.5019.1021.6016.509.409.2011.4013.10
Inventory Days225.60166.60142.80228.10237.20175.50148.80114.40139200.30
Payable Days109.4052.1047.3093.6070.6051.5035.9017.3014.7013.60

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Dwarikesh Sugar Industries Ltd FAQs

The current trading price of Dwarikesh Sugar Inds on 04-Jun-2026 16:59 is ₹44.08.

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 03-Jun-2026 the market cap of Dwarikesh Sugar Inds stood at ₹816.8 Cr

The latest P/E ratio of Dwarikesh Sugar Inds as of 03-Jun-2026 is 26.49.

The latest P/B ratio of Dwarikesh Sugar Inds as of 03-Jun-2026 is 0.99.

The 52-week high of Dwarikesh Sugar Inds is ₹53.10 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 ₹1,402 ( Cr.) .

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

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.

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

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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