MarketFriction

Dwarikesh Sugar Industries Ltd

NSE DWARKESH · BSE 532610 · Sugar
₹41.96 -1.64%
NSE close2026-10-01
52 week range32.13 - 59.90
Market cap₹803 Cr.
P/E55.4
Price band 20% Delivery 32.9%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales446313380341246313459405246325425358
Expenses417287307339269286352402287287339384
Operating Profit2926732-23271074-413887-26
OPM %6%8%19%0.7%-9%9%23%1.0%-17%12%20%-7%
Other Income362124002312
Interest447633852163
Depreciation13141312121212121212-08
Profit before tax151456-15-361688-13-532782-34
Tax %31%31%59%-35%-33%32%47%-28%-38%42%30%-25%
Net Profit101023-10-241146-9-331557-26
EPS in Rs0.540.521.22-0.53-1.300.582.50-0.51-1.760.833.10-1.39
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales7941,1901,4301,0841,3361,8391,9792,1031,7101,3591,4021,355
Expenses6869171,2879551,2001,6381,6881,8881,5051,2451,3151,297
Operating Profit1082731421291362012912152051138757
OPM %14%23%10%12%10%11%15%10%12%8%6%4.2%
Other Income131817365731412679
Interest525225213348322620191512
Depreciation313032333741445052493732
Profit before tax3920910211172120219152144524321
Tax %1%25%1%14%-3%24%29%31%42%56%27%
Net Profit3915610195739215510584233114
EPS in Rs2.398.295.395.053.904.868.245.564.441.261.660.78
Dividend Payout %0%12%0%20%26%26%24%36%0%40%6%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth6%-5%-13%-5%
Compounded Profit Growth-1%-20%-34%-39%
Stock Price CAGR6%-9%-25%6%
Return on Equity16%11%6%4%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital161619191919191919191919
Reserves5670267347445465560654721803788810
Borrowings655687533342656846609524375456507336
Other Liabilities271229200276246279257222166137149133
Total Liabilities9991,0011,0199841,3651,6091,4451,4201,2801,4151,4631,298
Fixed Assets399356331341319430410388582583547528
CWIP001016211420000
Investments000000000111
Other Assets6006446876421,0291,1771,035889697831915769
Total Assets9991,0011,0199841,3651,6091,4451,4201,2801,4151,4631,298
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-15137141298-250112963393141361129
Cash from Investing Activity-4-13-5-41-44-111-18-198-92-41-7-4
Cash from Financing Activity154-20-140-256292101-280-141-2222727-194
Net Cash Flow-14-42-21-200-081-69
Free Cash Flow-15524136257-298-100276178216-3748122
CFO/OP-176%34%66%240%-178%19%147%129%160%19%64%159%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days1430171420271361281613
Inventory Days195333286172388330223191128222272231
Days Payable80893670867549241313124
Cash Conversion Cycle129273267116322281187173128216276240
Working Capital Days-40-11211071525653608793109
ROCE %8%11%32%17%14%9%13%21%15%14%5%5%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters42.09%42.09%42.09%42.09%42.10%42.10%42.10%42.10%42.10%42.10%42.15%42.15%
FIIs5.31%3.97%4.36%3.85%2.31%1.64%2.00%1.90%1.74%1.68%1.68%1.01%
DIIs0.06%0.07%0.00%0.00%0.00%0.00%0.03%0.00%0.00%0.11%0.22%0.75%
Government0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%
Public52.40%53.75%53.42%53.92%55.45%56.13%55.73%55.85%56.03%55.97%55.84%55.95%
No. of Shareholders1,66,2791,78,4922,02,6452,00,0361,95,4551,93,0851,90,1891,85,4631,83,1241,78,0881,71,9931,69,888

Fundamentals

Market Cap₹ 803 Cr.
Current Price₹ 43.3
Stock P/E55.4
Book Value₹ 44.7
ROCE4.62 %
ROE3.77 %
Dividend Yield0.23 %
Face Value₹ 1.00
Compounded Sales Growth (TTM)-5%
Compounded Profit Growth (TTM)-39%
Standalone figures.
Valuation
Market capRs 778 Cr
Enterprise valueRs 1,098 Cr
P/E (TTM)53.62x
Price to book0.94x
Price to sales0.57x
EV / EBITDA16.68x
EV / EBIT32.76x
EV / sales0.81x
Price to cash flow6.02x
Earnings yield1.86%
Dividend yield0.24%
P/E, 3-year average24.16x
P/B, 3-year average1.15x
P/E, 5-year average20.61x
P/B, 5-year average1.83x
Profitability
Operating margin (excl. other income)6.20%
Operating margin (incl. other income)6.71%
EBITDA margin4.86%
Pre-tax margin1.56%
Net profit margin1.07%
Net margin, latest quarter-7.18%
ROE3.77%
ROCE4.62%
ROA2.23%
ROE, 3-year average5.78%
ROCE, 3-year average7.94%
ROA, 3-year average3.35%
ROE, 5-year average11.39%
ROCE, 5-year average12.05%
ROA, 5-year average5.73%
ROIC (approx.)2.11%
Tax rate27.49%
Other income / net worth0.86%
Growth
Sales growth (latest year)3.17%
Profit growth (latest year)32.13%
Sales CAGR, 3 years-12.64%
Sales CAGR, 5 years-5.28%
Profit CAGR, 3 years-33.47%
Profit CAGR, 5 years-19.55%
Sales growth QoQ-15.82%
Profit growth QoQ-144.82%
Sales growth YoY (latest quarter)-11.68%
Per share
EPS (TTM)Rs 0.78
EPS (latest year)Rs 1.66
EPS (latest quarter)Rs -1.39
EPS, 3-year averageRs 2.45
EPS, 5-year averageRs 4.23
Book value per shareRs 44.72
Sales per shareRs 73.10
Cash flow per shareRs 6.97
Free cash flow per shareRs 6.58
Dividend per share (latest year)Rs 0.10
Dividend per share, 3-year averageRs 0.30
Dividend per share, 5-year averageRs 1.15
Dividends
Dividend payout6.00%
Dividend payout, 3-year average22.84%
Dividend payout, 5-year average26.47%
Efficiency
Asset turnover1.08x
Fixed asset turnover2.65x
Inventory turnover1.71x
Inventory days214 days
Debtor days13 days
Debtors turnover28.11x
Creditor days4 days
Cash conversion cycle240 days
Working capital days109 days
Leverage
Total debtRs 336 Cr
Cash and bankRs 16 Cr
Net debtRs 321 Cr
Debt to equity0.41x
Net debt / EBITDA4.87x
Interest coverage2.71x
Current ratio (filing 2026-03-31)2.33x
Quick ratio (filing 2026-03-31)0.25x
Trade payables (filing 2026-03-31)Rs 10 Cr
Owners' fund to total sources63.86%
Debt to assets25.93%
Cash flow
Cash from Operating Activity (latest year)Rs 129 Cr
Cash from Investing Activity (latest year)Rs -4 Cr
Cash from Financing Activity (latest year)Rs -194 Cr
Net Cash Flow (latest year)Rs -69 Cr
Free cash flow (latest year)Rs 122 Cr
FCFE (approx.: FCF + change in debt)Rs -49 Cr
Cash from ops / profit, 5 years2.15x
Sales to cash flow10.86x
Statement figures
Net sales (TTM)Rs 1,355 Cr
Net sales (latest year)Rs 1,402 Cr
Sales (latest quarter)Rs 358 Cr
Operating profit excl. other income (latest year)Rs 87 Cr
Operating profit (latest quarter)Rs -26 Cr
Other income (TTM)Rs 9 Cr
EBITDA (TTM)Rs 66 Cr
PBDT (TTM)Rs 53 Cr
Profit before tax (TTM)Rs 21 Cr
Tax (latest year)Rs 12 Cr
Net profit (TTM)Rs 14 Cr
Net profit (latest year)Rs 31 Cr
Net profit (latest quarter)Rs -26 Cr
Depreciation (TTM)Rs 32 Cr
Depreciation (latest quarter)Rs 8 Cr
Interest (TTM)Rs 12 Cr
Cost of goods sold (latest year)Rs 1,158 Cr
Total expenditure (latest year)Rs 1,315 Cr
Total income (latest year)Rs 1,409 Cr
Share capitalRs 19 Cr
ReservesRs 810 Cr
Shareholders' fundsRs 829 Cr
Total assetsRs 1,298 Cr
Net blockRs 528 Cr
InvestmentsRs 1 Cr
ReceivablesRs 50 Cr
InventoryRs 678 Cr
Other liabilitiesRs 133 Cr
Shares outstanding (crore)18.53
Ownership
Promoter holding42.15% (+0.05 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 53.6 is at the 97th percentile of its own 9.2-year range (median 11.5, low 3.0, high 67.0).
P/B 0.94 is at the 13th percentile (median 1.49).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodDWARKESHNifty 50Difference
1 week+3.0%-2.8% +5.8 pts
1 month-14.6%-6.8% -7.8 pts
3 months-4.9%-7.6% +2.7 pts
6 months-8.6%+0.4% -9.0 pts
1 year+0.2%-9.9% +10.1 pts
2 years-43.2%-13.6% -29.6 pts
3 years-59.8%+14.2% -74.0 pts
5 years-41.8%+27.9% -69.7 pts

Red flags

F-score 7 of 8
No red flags in the latest statements and filings.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹358 Cr -11.6% vs Jun 2025. Net loss ₹26 Cr.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-07-30Dividend - Re 0.10 Per Share
2025-08-12Dividend - Re 0.50 Per Share
2024-06-21Annual General Meeting
2024-03-20Buy Back
2023-06-23Annual General Meeting
2023-03-31Interim Dividend - Rs 2 Per Share
2022-06-22Annual General Meeting
2022-04-07Interim Dividend - Rs 2 Per Share
2021-07-12 Annual General Meeting/Dividend - Rs 1.25 Per Share
2020-08-03 Annual General Meeting
2020-02-18 Interim Dividend - Re 1 Per Share
2019-08-28 Annual General Meeting/Dividend Re 1 Per Share
2018-08-23 Annual General Meeting
2017-08-10 Annual General Meeting/Dividend - Rs 10 Per Share/Face Value Split (Sub-Division) - From Rs 10/- Per Share To Re 1/- Per Share (Purpose Revised)0.1000
2016-07-28 Annual General Meeting (Book Closure Start Date Revised)
2015-09-09Annual General Meeting
2014-03-06Annual General Meeting
2013-03-07Annual General Meeting
2012-03-01Annual General Meeting
2011-03-03Annual General Meeting
2010-03-03Agm/Div-Rs.1.50 Per Share
2009-03-17Annual General Meeting
2008-03-07Agm
2007-03-09Agm/Dividend - 60%
2006-01-06Agm
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Scrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of Dwarikesh Sugar Industries Ltd?

Dwarikesh Sugar Industries Ltd (DWARKESH) has a market capitalisation of Rs 803 Cr. at the 2026-10-01 close.

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

Dwarikesh Sugar Industries Ltd trades at a P/E of 55.4 on trailing twelve-month profit, at the 2026-10-01 close.

What were Dwarikesh Sugar Industries Ltd's latest quarterly results?

In the Jun 2026 quarter, Dwarikesh Sugar Industries Ltd sales was Rs 358 Cr (-11.6% vs Jun 2025) with a net loss of Rs 26 Cr.

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

The 52-week high is Rs 59.90 and the 52-week low is Rs 32.13.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03