Dwarikesh Sugar Industries Ltd. (IN:DWARKESH)
:DWARKESH
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Dwarikesh Sugar Industries Ltd.
(DWARKESH)
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Rating:52Neutral
Price Target:
₹45.00
▲(20.87% Upside)
Action:Reiterated
Date:05/22/26
The score is held down primarily by meaningful margin compression and uneven revenue/cash-flow consistency, only partly offset by improving leverage and positive FY2026 free cash flow. Technical indicators are neutral-to-soft, and valuation (P/E ~27.7 with a modest ~1.13% yield) does not strongly compensate for the weaker earnings profile.
Positive Factors
Integrated, diversified business model
Dwarikesh's vertically integrated model—sugar production plus ethanol, bagasse-based power and by-product sales—creates multiple revenue streams that reduce reliance on standalone sugar prices. This structural diversification supports more stable cash generation across crop and price cycles over the next several months.
Negative Factors
High leverage
Material leverage increases refinancing, interest and covenant risks, especially in a cyclical commodity business. High debt amplifies earnings volatility and constrains strategic flexibility; if margins or cash flow weaken, servicing debt could force austerity or asset-light strategies in the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated, diversified business model
Dwarikesh's vertically integrated model—sugar production plus ethanol, bagasse-based power and by-product sales—creates multiple revenue streams that reduce reliance on standalone sugar prices. This structural diversification supports more stable cash generation across crop and price cycles over the next several months.
Read all positive factors
Dwarikesh Sugar Industries Ltd. (DWARKESH) vs. iShares MSCI India ETF (INDA)
Market Cap
₹7.98B
Dividend Yield1.34%
Average Volume (3M)44.59K
Price to Earnings (P/E)27.7
Beta (1Y)1.36
Revenue Growth3.17%
EPS Growth31.79%
CountryIN
Employees1,443
SectorConsumer Defensive
Sector Strength42
IndustryFood Confectioners
Share Statistics
EPS (TTM)0.81
Shares Outstanding185,301,470
10 Day Avg. Volume46,261
30 Day Avg. Volume44,588
Financial Highlights & Ratios
PEG Ratio0.87
Price to Book (P/B)1.03
Price to Sales (P/S)0.61
P/FCF Ratio7.53
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)5.2
Revenue Forecast (FY)₹18.45B
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...
How the Company Makes Money
DWARKESH makes money primarily by processing sugarcane into sugar and selling it, and by monetizing co-products generated during the sugar-manufacturing process. (1) Sugar sales: The core revenue stream is the sale of sugar produced from sugarcane...
Dwarikesh Sugar Industries Ltd. Financial Statement Overview
Summary
Income Statement
48
Neutral
Balance Sheet
63
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 14.23B | 14.02B | 13.59B | 17.10B | 21.03B | 19.74B |
| Gross Profit | 2.74B | 1.54B | 1.67B | 4.30B | 4.48B | 4.81B |
| EBITDA | 1.04B | 868.78M | 1.20B | 2.16B | 2.27B | 2.90B |
| Net Income | 150.51M | 308.38M | 233.36M | 835.17M | 1.05B | 1.55B |
Balance Sheet | ||||||
| Total Assets | 10.28B | 12.98B | 14.63B | 14.15B | 12.80B | 14.20B |
| Cash, Cash Equivalents and Short-Term Investments | 2.89B | 158.28M | 831.99M | 7.71M | 6.68M | 2.33M |
| Total Debt | 1.75B | 3.36B | 5.07B | 4.56B | 3.75B | 5.23B |
| Total Liabilities | 2.73B | 4.69B | 6.57B | 5.93B | 5.40B | 7.46B |
| Stockholders Equity | 7.55B | 8.29B | 8.06B | 8.22B | 7.40B | 6.73B |
Cash Flow | ||||||
| Free Cash Flow | 5.54B | 1.13B | 370.10M | -374.10M | 2.15B | 1.77B |
| Operating Cash Flow | 5.59B | 1.20B | 494.29M | 133.68M | 3.14B | 3.52B |
| Investing Cash Flow | -55.44M | -88.03M | -111.87M | -406.67M | -915.06M | -1.75B |
| Financing Cash Flow | -3.51B | -1.80B | 432.11M | 271.97M | -2.22B | -1.78B |
Dwarikesh Sugar Industries Ltd. Technical Analysis
Positive
37.23
Price Trends
43.69
Positive
39.81
Positive
40.77
Positive
Market Momentum
-0.26
Positive
49.08
Neutral
30.31
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 45.53, below the 50-day MA of 43.69, and below the 200-day MA of 40.77, indicating a neutral trend. The MACD of -0.26 indicates Positive momentum. The RSI at 49.08 is Neutral, neither overbought nor oversold. The STOCH value of 30.31 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
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
60 Neutral | ₹9.39B | 16.40 | ― | 2.63% | 2.20% | -34.95% | |
60 Neutral | ₹9.37B | 9.50 | ― | 0.95% | 19.27% | 13.55% | |
59 Neutral | ₹9.28B | 7.49 | ― | ― | 10.36% | 25.84% | |
59 Neutral | ₹6.77B | 3.50 | ― | 2.49% | -5.88% | -41.97% | |
54 Neutral | ₹2.08B | 28.69 | ― | ― | -20.40% | -36.29% | |
52 Neutral | ₹7.98B | 27.66 | ― | 1.34% | 3.17% | 31.79% |
* Consumer Defensive Sector Average
IN:DWARKESH
Dwarikesh Sugar Industries Ltd.
44.48
-4.08
-8.40%
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IN:MAGADSUGAR
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IN:UTTAMSUGAR
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-75.17
-23.70%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.