Dwarikesh Sugar Industries Ltd. (DWARKESH) AI Stock Analysis

• Market Cap: ₹6.85B
• Dividend Yield: 1.35%
• Average Volume (3M): 44.59K
• Price to Earnings (P/E): 45.5
• Beta (1Y): 1.66
• Revenue Growth: 11.15%
• EPS Growth: N/A
• Country: IN
• Employees: 1,443
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Food Confectioners
• EPS (TTM): -1.76
• Shares Outstanding: 185,301,470
• 10 Day Avg. Volume: 46,261
• 30 Day Avg. Volume: 44,588
• PEG Ratio: -0.43
• Price to Book (P/B): 0.90
• Price to Sales (P/S): 0.53
• P/FCF Ratio: 19.56
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: ₹39.00 ▲(5.55% Upside)

Dwarikesh Sugar Industries Ltd. faces significant financial challenges, with fluctuating revenues and high leverage posing risks. The technical indicators suggest a bearish trend, and the high P/E ratio indicates potential overvaluation. These factors contribute to a lower overall stock score, highlighting the need for caution among investors.

Positive Factors

Diversified Revenue Streams

Diversified revenue streams from sugar by-products and renewable energy enhance financial stability and reduce dependency on sugar prices.

Sustainability Initiatives

Utilizing bagasse for power generation supports sustainability and operational efficiency, aligning with global renewable energy trends.

Free Cash Flow Improvement

Improved free cash flow indicates better cash management and financial health, providing more resources for growth and debt reduction.

Negative Factors

High Leverage

High leverage increases financial risk, potentially straining cash flow and limiting flexibility in adverse market conditions.

Declining Profit Margins

Declining profit margins suggest challenges in cost management, impacting overall profitability and long-term financial performance.

Revenue Fluctuations

Fluctuating revenues indicate market volatility and demand uncertainty, posing challenges for consistent financial planning and growth.

Dwarikesh Sugar Industries Ltd. Business Overview & Revenue Model

Company Description

Dwarikesh Sugar Industries Limited, an integrated conglomerate, manufactures and sells sugar and allied products in India and internationally. It is also involved in the co-generation of power; manufacture of industrial alcohol and ethanol; and production of hand sanitizers. The company was formerly known as Dwarka Sugar Limited and changed its name to Dwarikesh Sugar Industries Limited in 1994. Dwarikesh Sugar Industries Limited was incorporated in 1993 and is based in Mumbai, India.

How the Company Makes Money

Dwarikesh Sugar Industries Ltd. generates revenue primarily through the sale of sugar, which constitutes its main product line. The company also earns significant income from the sale of by-products such as molasses and ethanol, which are used in various industries including food and beverage, pharmaceuticals, and biofuels. Another critical revenue stream comes from the generation and sale of electricity produced from bagasse, a fibrous residue from sugarcane. Additionally, DWARKESH may benefit from government subsidies and incentives related to biofuel production and renewable energy initiatives. Strategic partnerships with agricultural producers and distribution networks further enhance its market reach and profitability.

Dwarikesh Sugar Industries Ltd. Financial Statement Overview

Summary

Dwarikesh Sugar Industries Ltd. faces challenges with fluctuating revenues and profitability pressures, reflected in declining profit margins and unstable cash flows. High leverage adds financial risk, although the equity base provides some stability. Improvement in Free Cash Flow is a positive sign, but the company needs to address cash flow volatility and leverage to enhance its financial health.

Income Statement

Dwarikesh Sugar Industries Ltd. has experienced fluctuating revenue trends with a notable decline in Total Revenue in the most recent year. Gross Profit Margin has decreased significantly over the years, indicating pressure on profitability. Net Profit Margin has also weakened, suggesting challenges in cost management or increased expenses. Despite these challenges, EBIT and EBITDA margins have remained relatively stable, indicating some operational efficiency.

Balance Sheet

The company's Debt-to-Equity Ratio remains high, reflecting significant leverage, which could pose financial risks if earnings do not stabilize. Return on Equity has been declining, which may concern investors seeking high returns. However, the Equity Ratio indicates a solid proportion of equity financing relative to assets, providing some stability.

Cash Flow

Operating Cash Flow has been volatile, with a substantial decline in the latest year. Although Free Cash Flow has shown improvement recently, the overall inconsistency in cash generation could signal potential liquidity issues. The Operating Cash Flow to Net Income Ratio has decreased, indicating less cash is being generated relative to reported net income.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	14.23B	13.59B	17.10B	21.03B	19.74B	18.39B
Gross Profit	2.54B	1.67B	4.30B	4.48B	4.81B	3.91B
EBITDA	1.21B	1.20B	2.16B	2.27B	2.90B	2.03B
Net Income	236.78M	233.36M	835.17M	1.05B	1.55B	915.38M
Balance Sheet
Total Assets	0.00	14.63B	14.15B	12.80B	14.20B	14.45B
Cash, Cash Equivalents and Short-Term Investments	822.51M	831.99M	7.71M	6.68M	2.33M	3.48M
Total Debt	0.00	5.07B	4.56B	3.75B	5.23B	6.07B
Total Liabilities	-8.06B	6.57B	5.93B	5.40B	7.46B	8.67B
Stockholders Equity	8.06B	8.06B	8.22B	7.40B	6.73B	5.79B
Cash Flow
Free Cash Flow	0.00	370.10M	-374.10M	2.15B	1.77B	2.76B
Operating Cash Flow	0.00	494.29M	133.68M	3.14B	3.52B	2.96B
Investing Cash Flow	0.00	-111.87M	-406.67M	-915.06M	-1.75B	-176.24M
Financing Cash Flow	0.00	432.11M	271.97M	-2.22B	-1.78B	-2.80B

Dwarikesh Sugar Industries Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 36.95
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DWARKESH, the sentiment is Negative. The current price of 36.95 is below the 20-day moving average (MA) of 39.43, below the 50-day MA of 41.67, and below the 200-day MA of 42.61, indicating a bearish trend. The MACD of -0.89 indicates Positive momentum. The RSI at 36.59 is Neutral, neither overbought nor oversold. The STOCH value of 32.62 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:DWARKESH.

Dwarikesh Sugar Industries Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
UTTAMSUGAR	64 Neutral	₹9.99B	8.87	―	0.96%	19.83%	46.44%
MAGADSUGAR	63 Neutral	₹7.06B	8.55	―	2.49%	8.96%	-19.55%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
AVADHSUGAR	60 Neutral	₹7.41B	11.68	―	2.70%	4.95%	-26.77%
DHAMPURSUG	59 Neutral	₹7.97B	14.23	―	―	11.07%	-19.56%
KOTARISUG	49 Neutral	₹2.28B	-179.53	―	―	-39.31%	-110.49%
DWARKESH	46 Neutral	₹6.85B	45.49	―	1.35%	11.15%	―

Dwarikesh Sugar Industries Ltd. Corporate Events

Dwarikesh Sugar Industries Opens Special Window for Transfer Deed Re-lodgment

Dwarikesh Sugar Industries Ltd. announced the opening of a special window for the re-lodgment of transfer deeds in eligible cases, as per Regulation 47 of the SEBI Regulations. This announcement, published in major newspapers, aims to streamline the process for stakeholders, potentially enhancing operational efficiency and compliance with regulatory requirements.

Dwarikesh Sugar Industries Releases Q2 and H1 FY26 Investor Presentation

Dwarikesh Sugar Industries Ltd. has released its investor presentation for the second quarter and half-year ending September 30, 2025, in compliance with SEBI regulations. This disclosure aims to provide stakeholders with insights into the company’s performance, potentially impacting its market positioning and stakeholder interests.