Dwarikesh Sugar Industries Ltd. (DWARKESH) AI Stock Analysis

• Market Cap: ₹8.26B
• Dividend Yield: 1.34%
• Average Volume (3M): 44.59K
• Price to Earnings (P/E): 11.3
• Beta (1Y): 1.41
• Revenue Growth: 11.15%
• EPS Growth: N/A
• Country: IN
• Employees: 1,443
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Food Confectioners
• EPS (TTM): 0.83
• 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: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 5.2
• Revenue Forecast (FY): ₹18.45B

• Rating: 59 Neutral
• Price Target: ₹48.00 ▲(28.93% Upside)
• Action: Reiterated Date: 03/31/26
• Date: Action: Reiterated 03/31/26

The score is driven primarily by middling financial performance (pressure on revenue/margins, volatile operating cash flow, and high leverage) tempered by strong technical momentum (price above key moving averages with positive MACD). Valuation is supportive with a modest P/E and a small dividend yield.

Positive Factors

Integrated diversified revenue streams

The integrated sugarcane value chain (sugar, ethanol, power, by-products) creates multiple durable cash channels. This structural diversification reduces dependence on volatile sugar realizations, allows margin capture across co-products, and smooths cash generation across seasons and policy cycles.

Negative Factors

High leverage

Elevated debt-to-equity increases refinancing and interest-rate exposure and limits strategic flexibility. If earnings or cash flow weaken, high leverage can force asset sales, higher financing costs, or constrained capex, making capital structure a persistent downside risk for the next several quarters.

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 pr...

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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 pr...

How the Company Makes Money

DWARKESH makes money mainly through an integrated sugarcane-based value chain with multiple revenue streams: (1) Sugar sales: The core revenue stream comes from manufacturing and selling sugar produced from procured sugarcane. Revenue is driven by...

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DWARKESH makes money mainly through an integrated sugarcane-based value chain with multiple revenue streams: (1) Sugar sales: The core revenue stream comes from manufacturing and selling sugar produced from procured sugarcane. Revenue is driven by...

Dwarikesh Sugar Industries Ltd. Financial Statement Overview

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	14.23B	13.59B	17.10B	21.03B	19.74B	18.39B
Gross Profit	2.74B	1.67B	4.30B	4.48B	4.81B	3.91B
EBITDA	1.04B	1.20B	2.16B	2.27B	2.90B	2.03B
Net Income	150.51M	233.36M	835.17M	1.05B	1.55B	915.38M
Balance Sheet
Total Assets	10.28B	14.63B	14.15B	12.80B	14.20B	14.45B
Cash, Cash Equivalents and Short-Term Investments	2.89B	831.99M	7.71M	6.68M	2.33M	3.48M
Total Debt	1.75B	5.07B	4.56B	3.75B	5.23B	6.07B
Total Liabilities	2.73B	6.57B	5.93B	5.40B	7.46B	8.67B
Stockholders Equity	7.55B	8.06B	8.22B	7.40B	6.73B	5.79B
Cash Flow
Free Cash Flow	5.54B	370.10M	-374.10M	2.15B	1.77B	2.76B
Operating Cash Flow	5.59B	494.29M	133.68M	3.14B	3.52B	2.96B
Investing Cash Flow	-55.44M	-111.87M	-406.67M	-915.06M	-1.75B	-176.24M
Financing Cash Flow	-3.51B	432.11M	271.97M	-2.22B	-1.78B	-2.80B

Dwarikesh Sugar Industries Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 37.23
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• 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 Positive. The current price of 37.23 is below the 20-day moving average (MA) of 40.89, below the 50-day MA of 37.84, and below the 200-day MA of 40.98, indicating a bullish trend. The MACD of 2.30 indicates Negative momentum. The RSI at 61.48 is Neutral, neither overbought nor oversold. The STOCH value of 76.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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
AVADHSUGAR	68 Neutral	₹9.57B	11.08	―	2.63%	4.95%	-26.77%
UTTAMSUGAR	64 Neutral	₹9.30B	8.10	―	0.95%	19.83%	46.44%
MAGADSUGAR	63 Neutral	₹6.78B	7.06	―	2.49%	8.96%	-19.55%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
DWARKESH	59 Neutral	₹8.26B	11.32	―	1.34%	11.15%	―
DHAMPURSUG	59 Neutral	₹8.69B	7.49	―	―	11.07%	-19.56%
KOTARISUG	49 Neutral	₹2.03B	4.71	―	―	-39.31%	-110.49%