Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
post
Last Updated: April 2, 2026, 2:51 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 532610 | NSE: DWARKESH

Dwarikesh Sugar Industries Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹41.04Overvalued by 11.74%vs CMP ₹46.50

P/E (43.6) × ROE (2.9%) × BV (₹40.70) × DY (1.08%)

₹31.66Overvalued by 31.91%vs CMP ₹46.50
MoS: -46.9% (Negative)Confidence: 61/100 (Moderate)Models: 2 Under, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹27.2320%Over (-41.4%)
Graham NumberEarnings₹31.1615%Over (-33%)
Earnings PowerEarnings₹25.3510%Over (-45.5%)
DCFCash Flow₹1.2012%Over (-97.4%)
Net Asset ValueAssets₹40.787%Over (-12.3%)
EV/EBITDAEnterprise₹60.548%Under (+30.2%)
Dividend DiscountDividends₹12.758%Over (-72.6%)
Earnings YieldEarnings₹10.607%Over (-77.2%)
ROCE CapitalReturns₹93.468%Under (+101%)
Revenue MultipleRevenue₹36.705%Over (-21.1%)
Consensus (10 models)₹31.66100%Overvalued
Key Drivers: EPS CAGR -33.6% drags value — could be higher if earnings stabilize. | ROE 2.9% is below cost of equity.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -33.6%

*Investments are subject to market risks

Investment Snapshot

46
Dwarikesh Sugar Industries Ltd scores 46/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health53/100 · Moderate
ROCE 5.5% WeakROE 2.9% WeakD/E 0.96 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 42.1% Stable
Earnings Quality50/100 · Moderate
OPM stable around 10% Steady
Quarterly Momentum50/100 · Moderate
Revenue (4Q): +11% YoY GrowingOPM: -17.0% (down 8.0% YoY) Margin pressure
Industry Rank20/100 · Weak
P/E 43.6 vs industry 20.7 Premium to peersROCE 5.5% vs industry 8.6% AverageROE 2.9% vs industry 7.9% Below peers3Y sales CAGR: -12% Shrinking

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:51 am

Market Cap 861 Cr.
Current Price 46.5
Intrinsic Value₹27.23
High / Low 52.6/32.1
Stock P/E43.6
Book Value 40.7
Dividend Yield1.08 %
ROCE5.48 %
ROE2.86 %
Face Value 1.00
PEG Ratio-1.30

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Dwarikesh Sugar Industries Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Dwarikesh Sugar Industries Ltd 861 Cr. 46.5 52.6/32.143.6 40.71.08 %5.48 %2.86 % 1.00
Dhampur Sugar Mills Ltd 905 Cr. 141 162/10913.2 1750.00 %5.86 %4.44 % 10.0
Uttam Sugar Mills Ltd 933 Cr. 245 331/1818.10 2051.02 %11.8 %12.4 % 10.0
Avadh Sugar & Energy Ltd 942 Cr. 470 586/30612.5 5292.13 %9.19 %8.24 % 10.0
Dhampur Bio Organics Ltd 754 Cr. 114 127/65.031.8 1451.10 %3.97 %1.56 % 10.0
Industry Average2,024.68 Cr265.4020.73225.550.76%8.62%7.89%6.37

All Competitor Stocks of Dwarikesh Sugar Industries Ltd

Quarterly Result

MetricSep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales 540384533571446313380341246313459405246
Expenses 512357446494417287307339269286352402287
Operating Profit 282686772926732-23271074-41
OPM % 5%7%16%13%6%8%19%1%-9%9%23%1%-17%
Other Income 2820362124002
Interest 6666447633852
Depreciation 13131313131413121212121212
Profit before tax 11157059151456-15-361688-13-53
Tax % 30%30%33%31%31%31%59%-35%-33%32%47%-28%-38%
Net Profit 8114741101023-10-241146-9-33
EPS in Rs 0.420.562.482.160.540.521.22-0.53-1.300.582.50-0.51-1.76

Last Updated: January 1, 2026, 10:04 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: March 30, 2026, 6:30 am

MetricSep 2013Mar 2015n n n 18mMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 9281,1287941,1901,4301,0841,3361,8391,9792,1031,7101,3591,435
Expenses 8691,0436869171,2879551,2001,6381,6881,8881,5051,2451,328
Operating Profit 5986108273142129136201291215205113107
OPM % 6%8%14%23%10%12%10%11%15%10%12%8%7%
Other Income 131013181736573141266
Interest 71755252252133483226201916
Depreciation 33473130323337414450524949
Profit before tax -32-2739209102111721202191521445248
Tax % -39%-37%1%25%1%14%-3%24%29%31%42%56%
Net Profit -19-1739156101957392155105842320
EPS in Rs -1.19-1.032.398.295.395.053.904.868.245.564.441.261.06
Dividend Payout % 0%0%0%12%0%20%26%26%24%36%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)300.00%-35.26%-5.94%-23.16%26.03%68.48%-32.26%-20.00%-72.62%
Change in YoY Net Profit Growth (%)0.00%-335.26%29.32%-17.22%49.19%42.45%-100.74%12.26%-52.62%

Dwarikesh Sugar Industries Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 9 years from 2016-2017 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:2%
5 Years:0%
3 Years:-12%
TTM:-4%
Compounded Profit Growth
10 Years:13%
5 Years:-21%
3 Years:-47%
TTM:-29%
Stock Price CAGR
10 Years:33%
5 Years:8%
3 Years:-25%
1 Year:-40%
Return on Equity
10 Years:19%
5 Years:13%
3 Years:9%
Last Year:3%

Last Updated: September 5, 2025, 3:15 am

Balance Sheet

Last Updated: February 1, 2026, 12:36 am

MonthSep 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 16161619191919191919191919
Reserves 735670267347445465560654721803788736
Borrowings 423655687533342656846609524375456507175
Other Liabilities 14827122920027624627925722216613714999
Total Liabilities 6609991,0011,0199841,3651,6091,4451,4201,2801,4151,4631,028
Fixed Assets 440399356331341319430410388582583547524
CWIP 0001016211420004
Investments 0000000000111
Other Assets 2206006446876421,0291,1771,035889697831915500
Total Assets 6609991,0011,0199841,3651,6091,4451,4201,2801,4151,4631,028

Reserves and Borrowings Chart

Cash Flow

MonthSep 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 203-15137141298-250112963393141361
Cash from Investing Activity + -4-4-13-5-41-44-111-18-198-92-41-7
Cash from Financing Activity + -199154-20-140-256292101-280-141-2222727
Net Cash Flow 1-14-42-21-200-081
Free Cash Flow 200-15524136257-298-100276178216-3748
CFO/OP 346%-176%34%66%240%-178%19%147%129%160%19%64%

Free Cash Flow

MonthMar 2015n n n 18mMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2013
Free Cash Flow86.00-579.00-260.00-200.00-527.00-710.00-408.00-233.00-160.00-251.00-394.00-364.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthSep 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 114301714202713612817
Inventory Days 89195333286172388330223191128222272
Days Payable 458089367086754924131312
Cash Conversion Cycle 44129273267116322281187173128216277
Working Capital Days -69-40-11211071525653608793
ROCE %7%8%11%32%17%14%9%13%21%15%14%5%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 42.09%42.09%42.09%42.09%42.09%42.09%42.10%42.10%42.10%42.10%42.10%42.10%
FIIs 4.37%4.53%5.31%3.97%4.36%3.85%2.31%1.64%2.00%1.90%1.74%1.68%
DIIs 3.27%3.25%0.06%0.07%0.00%0.00%0.00%0.00%0.03%0.00%0.00%0.11%
Government 0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%
Public 50.14%50.00%52.40%53.75%53.42%53.92%55.45%56.13%55.73%55.85%56.03%55.97%
No. of Shareholders 1,62,4161,59,0711,66,2791,78,4922,02,6452,00,0361,95,4551,93,0851,90,1891,85,4631,83,1241,78,088

Shareholding Pattern Chart

No. of Shareholders

Dwarikesh Sugar Industries Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Motilal Oswal Nifty Microcap 250 Index Fund 120,885 0.19 1.1120,8852025-04-22 06:41:300%
Groww Nifty Total Market Index Fund 308 0.01 03082025-04-22 17:25:370%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 1.001.001.001.001.00
Basic EPS (Rs.) 1.264.445.578.244.86
Diluted EPS (Rs.) 1.264.445.578.244.86
Cash EPS (Rs.) 3.907.228.2310.567.03
Book Value[Excl.RevalReserv]/Share (Rs.) 43.5143.6639.2935.7630.74
Book Value[Incl.RevalReserv]/Share (Rs.) 43.5143.6639.2935.7630.74
Dividend / Share (Rs.) 0.500.002.002.001.25
Revenue From Operations / Share (Rs.) 73.3390.79111.68104.8497.65
PBDIT / Share (Rs.) 6.4711.5012.1415.6111.06
PBIT / Share (Rs.) 3.838.729.4713.298.89
PBT / Share (Rs.) 2.837.658.1011.616.36
Net Profit / Share (Rs.) 1.264.445.578.244.86
PBDIT Margin (%) 8.8212.6710.8614.8911.33
PBIT Margin (%) 5.229.598.4812.689.10
PBT Margin (%) 3.868.427.2511.076.51
Net Profit Margin (%) 1.714.884.987.864.97
Return on Networth / Equity (%) 2.8910.1514.1623.0515.81
Return on Capital Employeed (%) 7.1915.8918.1627.8722.33
Return On Assets (%) 1.595.908.1810.936.33
Long Term Debt / Equity (X) 0.110.170.280.290.25
Total Debt / Equity (X) 0.620.540.500.770.96
Asset Turnover Ratio (%) 0.941.271.561.381.20
Current Ratio (X) 1.902.162.301.621.41
Quick Ratio (X) 0.320.210.410.170.18
Inventory Turnover Ratio (X) 1.822.192.161.701.55
Dividend Payout Ratio (NP) (%) 0.000.0035.9339.420.00
Dividend Payout Ratio (CP) (%) 0.000.0024.2830.770.00
Earning Retention Ratio (%) 0.000.0064.0760.580.00
Cash Earning Retention Ratio (%) 0.000.0075.7269.230.00
Interest Coverage Ratio (X) 6.4710.768.849.294.37
Interest Coverage Ratio (Post Tax) (X) 2.265.155.055.902.92
Enterprise Value (Cr.) 1104.191725.651938.622843.431135.57
EV / Net Operating Revenue (X) 0.811.010.921.440.61
EV / EBITDA (X) 9.217.978.489.675.45
MarketCap / Net Operating Revenue (X) 0.500.760.761.200.31
Retention Ratios (%) 0.000.0064.0660.570.00
Price / BV (X) 0.841.592.173.511.00
Price / Net Operating Revenue (X) 0.500.760.761.200.31
EarningsYield 0.030.060.060.060.15

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Dwarikesh Sugar Industries Ltd. is a Public Limited Listed company incorporated on 01/11/1993 and has its registered office in the State of Uttar Pradesh, India. Company's Corporate Identification Number(CIN) is L15421UP1993PLC018642 and registration number is 018642. Currently Company is involved in the business activities of Manufacture or refining of sugar (sucrose) from sugercane. Company's Total Operating Revenue is Rs. 1358.88 Cr. and Equity Capital is Rs. 18.53 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
SugarDwarikesh Nagar, Bijnor District Uttar Pradesh 246762Contact not found
Management
NamePosition Held
Mr. Gautam Radheshyam MorarkaExecutive Chairman
Mr. Vijay Sitaram BankaManaging Director
Mr. Balkishan J MaheshwariManaging Director
Mr. Prithviraj Natrajan KokkarneInd. Non-Executive Director
Mr. Rajan Krishnanath MedhekarInd. Non-Executive Director
Mr. Arun Kumar TulsianInd. Non-Executive Director
Ms. Nina ChatrathInd. Non-Executive Woman Director
Mrs. Bharati BalajiInd. Non-Executive Woman Director

FAQ

What is the intrinsic value of Dwarikesh Sugar Industries Ltd and is it undervalued?

As of 03 April 2026, Dwarikesh Sugar Industries Ltd's intrinsic value is ₹31.66, which is 31.91% lower than the current market price of ₹46.50, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (2.86 %), book value (₹40.7), dividend yield (1.08 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Dwarikesh Sugar Industries Ltd?

Dwarikesh Sugar Industries Ltd is trading at ₹46.50 as of 03 April 2026, with a FY2026-2027 high of ₹52.6 and low of ₹32.1. The stock is currently in the middle of its 52-week range. Market cap stands at ₹861 Cr..

How does Dwarikesh Sugar Industries Ltd's P/E ratio compare to its industry?

Dwarikesh Sugar Industries Ltd has a P/E ratio of 43.6, which is above the industry average of 20.73. This significantly elevated P/E suggests the market expects strong future growth, or the stock may be overpriced relative to current earnings.

Is Dwarikesh Sugar Industries Ltd financially healthy?

Key indicators for Dwarikesh Sugar Industries Ltd: ROCE of 5.48 % is on the lower side compared to the industry average of 8.62%; ROE of 2.86 % is below ideal levels (industry average: 7.89%). Dividend yield is 1.08 %.

Is Dwarikesh Sugar Industries Ltd profitable and how is the profit trend?

Dwarikesh Sugar Industries Ltd reported a net profit of ₹23 Cr in Mar 2025 on revenue of ₹1,359 Cr. Compared to ₹155 Cr in Mar 2022, the net profit shows a declining trend.

Does Dwarikesh Sugar Industries Ltd pay dividends?

Dwarikesh Sugar Industries Ltd has a dividend yield of 1.08 % at the current price of ₹46.50. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Dwarikesh Sugar Industries Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
Explore Industry-wise Stock Analysis Reports