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Swing Capital

Dwarikesh Sugar Industries Ltd

NSE: DWARKESH BSE: 532610Energy

Dwarikesh Sugar Industries Ltd is primarily engaged in manufacturing of sugar and allied products. It has strong presence in fields such as sugar manufacturing, power and ethanol/ industrial alcohol production.[1] It is also a bio-energy company with supporting businesses of sugar manufacture and power co-generation.

₹41.2
52W: ₹32.1 — ₹53.1
PE 24.8 · Book ₹44.7 · -8% vs book
Market Cap₹764 Cr
Stock P/E24.8Price to Earnings
ROCE4.62%Return on Capital
ROE3.77%Return on Equity
Div. Yield1.18%Face Value ₹1

Strengths

  • +Company has reduced debt.
  • +Stock is trading at 0.97 times its book value

Weaknesses

  • −The company has delivered a poor sales growth of -5.28% over past five years.
  • −Company has a low return on equity of 5.71% over last 3 years.
  • −Company might be capitalizing the interest cost

Shareholding Pattern

Promoters42.15%
FIIs1.68%
DIIs0.22%
Public55.84%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters42.09%42.1%▲0.042.1%42.1%42.1%42.1%42.1%42.15%▲0.0
FIIs3.85%2.31%▼1.51.64%▼0.72%▲0.41.9%▼0.11.74%▼0.21.68%▼0.11.68%
DIIs0%0%0%0.03%▲0.00%▼0.00%0.11%▲0.10.22%▲0.1
Public53.92%55.45%▲1.556.13%▲0.755.73%▼0.455.85%▲0.156.03%▲0.255.97%▼0.155.84%▼0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales313380341246313459405246325425
Expenses287307339269286352402287287339
Operating Profit26732-23271074-413887
OPM %8%19%1%-9%9%23%1%-17%12%20%
Net Profit1023-10-241146-9-331557
EPS ₹0.521.22-0.53-1.30.582.5-0.51-1.760.833.1

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,402Cr, up 3.2% YoY. OPM at 6%.

Debt Position

Borrowings at ₹336Cr. Debt-to-equity ratio: 0.41x. Healthy balance sheet.

Institutional Flow

DIIs: 0.22% (-3.03pp change). FIIs: 1.68% (-2.85pp change). Promoters hold 42.15%.

Margin & Efficiency

ROCE declining from 8% (Mar 2015) to 5% (Mar 2026). Working capital days: 109.

Valuation

PE 24.8x with 4.62% ROCE. Price is -8% above book value of ₹44.7. Dividend yield: 1.18%.

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