Dwarikesh Sugar Industries Limited is an India-based, multi-faceted, diversified industrial company primarily engaged in the manufacturing of sugar and allied products. It has a strong presence in fields such as sugar manufacturing, power, and ethanol/industrial alcohol production.
The company was formerly known as Dwarka Sugar Limited and changed its name to Dwarikesh Sugar Industries Limited in April 1994. Incorporated in 1993 and based in Mumbai, India, Dwarikesh Sugar Industries Ltd. commenced commercial production on December 5, 1995, with the establishment of its first plant of 2500 TCD (Tons Crushed per Day) in the Bijnor district of Uttar Pradesh.
From its humble beginning in 1993, Dwarikesh has grown into a multi-faceted, fast-growing industrial group. The company's plants, with a combined sugar crushing capacity of 21,500 TCD, are strategically located in Uttar Pradesh at Dwarikesh Nagar (Najibabad), Dwarikesh Puram (Afzalgarh) in Bijnor district, and Dwarikesh Dham (Faridpur) in Bareilly district.
The initial plant capacity increased to 6500 TCD. In 2005, the company inaugurated another 7500 TCD plant in Bijnor, followed by a third 7500 TCD plant in Bareilly district in 2007.
Dwarikesh has strategically expanded its operations to include co-generation power and ethanol production. The three plants can collectively produce 96 MW of power, with 56 MW supplied to the state electricity grid. Additionally, the company's two distilleries have a combined production capacity of 337.5 KL (Kilo Litres) of ethanol per day.
The Company has created a diversified product portfolio, comprising sugar, ethanol, and co-generated power. Dwarikesh operates in three distinct segments: sugar, co-generation, and distillery. Its core products include sugar, ethanol, and power, with a notable expansion into sanitizer production during the Covid-19 pandemic in 2020, demonstrating its adaptability to market demands.
Dwarikesh Sugar Industries Ltd maintains a robust agricultural network, collaborating with approximately 1.54 lakh farmers who cultivate sugarcane across more than 1.17 lakh hectares in its three operational locations. The company's procurement of sugarcane stands at approximately 382 lakh quintals, highlighting its strong foundation in raw material sourcing and farmer relationships.
As of March 2025, Dwarikesh Sugar Industries Ltd has a market capitalization of ₹936 crore. Promoter holding in Dwarikesh Sugar Industries Ltd has shown a slight increase, rising to 42.10% as of March 2025 from 42.09% as of June 2024.
For the quarter ended December 2024:
- Net profit rose 9.38% to ₹10.73 crore, compared to ₹9.81 crore in the previous corresponding quarter (December 2023).
- Sales experienced a marginal decline of 0.06% to ₹312.72 crore, against ₹312.91 crore in December 2023.
For the quarter ended September 2024:
- The company reported a net loss of ₹24.00 crore, contrasting with a net profit of ₹10.26 crore in the previous corresponding quarter (September 2023).
- Sales declined significantly by 44.77% to ₹246.06 crore, from ₹445.50 crore in September 2023.
As per the latest annual figures, Dwarikesh Sugar's standalone net sales for March 2025 reached ₹458.85 crore, reflecting a year-on-year growth of 20.77%. Net profit surged impressively by 102.4% to ₹46.33 crore, while EBITDA rose 42.36%. The company's revenue stands at ₹1,359 crore with a profit of ₹23.3 crore for the latest annual period.
- P/E (Price-to-Earnings) Ratio: 9.20
- P/B (Price-to-Book) Ratio: 0.93
- Return on Equity (ROE): Low at 9.20% over the last 3 years.
- Sales Growth (5-year average): Poor at 0.34%.
The Dwarikesh Sugar Industries Ltd's 52-week high share price is ₹81.77, and the 52-week low share price is ₹33.01.
- Last 3 Months: The share price moved up by 29.62% on BSE.
- Last 12 Months: The share price moved down by 29.93% on BSE.
Dwarikesh Sugar Industries has received a reaffirmation in credit ratings for its bank facilities (₹800 crore) and commercial paper (₹300 crore) at ICRA AA-; Negative / ICRA A1+.
The company's leadership includes Mr. Gautam Radheshyam Morarka, the founder-promoter and chairman, and Mr. Vijay S Banka, the managing director. The present management team also comprises Mr. B J Maheshwari, Mr. B K Agarwal, Mr. K N Prithviraj (directors), and Mr. Alok Lohia (chief financial officer).
Dwarikesh Sugar Industries Ltd (DWARKESH) belongs to the Consumer Staples sector, specifically the Sugar sub-sector. The company operates in a cyclical industry influenced by government policies, sugar prices, and agricultural conditions.
The company has established itself as a significant player in the Indian sugar industry with its integrated business model encompassing sugar manufacturing, power generation, and ethanol production. Its diversified operations and strong agricultural network position it well within the sugar sector, though it faces the typical challenges of cyclical demand and regulatory changes that affect the sugar industry. Its focus on ethanol production aligns with government initiatives and offers a growth avenue for the future.
