Dwarikesh Sugar Industries Ltd: Intrinsic Value & Share Price Analysis

Share Price and Basic Stock Data

Last Updated: April 22, 2025, 10:02 pm

Market Cap	805 Cr.
Current Price	43.5
High / Low	81.8/33.0
Stock P/E
Book Value	40.4
Dividend Yield	0.00 %
ROCE	13.7 %
ROE	10.7 %
Face Value	1.00
PEG Ratio	0.00

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

Stock P/E Current Price Intrinsic Value

View Share Price Target for Dwarikesh Sugar Industries Ltd

Competitors of Dwarikesh Sugar Industries Ltd

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Gayatri Sugars Ltd	69.4 Cr.	9.33	26.5/8.06		19.1	0.00 %	93.2 %	%	10.0
Dhampure Speciality Sugars Ltd	86.6 Cr.	104	142/78.0	52.2	35.6	0.00 %	3.15 %	3.78 %	10.0
Dhampur Bio Organics Ltd	480 Cr.	72.3	164/57.3	43.4	146	3.46 %	5.02 %	3.67 %	10.0
DCM Shriram Industries Ltd	1,605 Cr.	184	242/142	13.8	100	1.09 %	16.1 %	14.9 %	2.00
Davangere Sugar Company Ltd	376 Cr.	4.01	10.9/3.45	27.8	3.64	0.00 %	6.86 %	3.75 %	1.00
Industry Average	2,051.30 Cr	300.57		23.06	224.49	0.75%	13.00%	13.21%	6.37

All Competitor Stocks of Dwarikesh Sugar Industries Ltd

Quarterly Result

Metric	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
Sales	601	475	646	540	384	533	571	446	313	380	341	246	313
Expenses	546	373	573	512	357	446	494	417	287	307	339	269	286
Operating Profit	55	102	73	28	26	86	77	29	26	73	2	-23	27
OPM %	9%	22%	11%	5%	7%	16%	13%	6%	8%	19%	1%	-9%	9%
Other Income	1	0	2	2	8	2	0	3	6	2	1	2	4
Interest	4	5	8	6	6	6	6	4	4	7	6	3	3
Depreciation	11	12	11	13	13	13	13	13	14	13	12	12	12
Profit before tax	41	86	57	11	15	70	59	15	14	56	-15	-36	16
Tax %	30%	30%	30%	30%	30%	33%	31%	31%	31%	59%	-35%	-33%	32%
Net Profit	29	60	40	8	11	47	41	10	10	23	-10	-24	11
EPS in Rs	1.53	3.17	2.11	0.42	0.56	2.48	2.16	0.54	0.52	1.22	-0.53	-1.30	0.58

Last Updated: March 3, 2025, 4:41 pm

Below is a detailed analysis of the quarterly data for Dwarikesh Sugar Industries Ltd based on the most recent figures (Dec 2024) and their trends compared to the previous period:

For Sales, as of Dec 2024, the value is 313.00 Cr.. The value appears strong and on an upward trend. It has increased from 246.00 Cr. (Sep 2024) to 313.00 Cr., marking an increase of 67.00 Cr..
For Expenses, as of Dec 2024, the value is 286.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 269.00 Cr. (Sep 2024) to 286.00 Cr., marking an increase of 17.00 Cr..
For Operating Profit, as of Dec 2024, the value is 27.00 Cr.. The value appears strong and on an upward trend. It has increased from -23.00 Cr. (Sep 2024) to 27.00 Cr., marking an increase of 50.00 Cr..
For OPM %, as of Dec 2024, the value is 9.00%. The value appears strong and on an upward trend. It has increased from -9.00% (Sep 2024) to 9.00%, marking an increase of 18.00%.
For Other Income, as of Dec 2024, the value is 4.00 Cr.. The value appears strong and on an upward trend. It has increased from 2.00 Cr. (Sep 2024) to 4.00 Cr., marking an increase of 2.00 Cr..
For Interest, as of Dec 2024, the value is 3.00 Cr.. The value remains steady. There is no change compared to the previous period (Sep 2024) which recorded 3.00 Cr..
For Depreciation, as of Dec 2024, the value is 12.00 Cr.. The value remains steady. There is no change compared to the previous period (Sep 2024) which recorded 12.00 Cr..
For Profit before tax, as of Dec 2024, the value is 16.00 Cr.. The value appears strong and on an upward trend. It has increased from -36.00 Cr. (Sep 2024) to 16.00 Cr., marking an increase of 52.00 Cr..
For Tax %, as of Dec 2024, the value is 32.00%. The value appears to be increasing, which may not be favorable. It has increased from -33.00% (Sep 2024) to 32.00%, marking an increase of 65.00%.
For Net Profit, as of Dec 2024, the value is 11.00 Cr.. The value appears strong and on an upward trend. It has increased from -24.00 Cr. (Sep 2024) to 11.00 Cr., marking an increase of 35.00 Cr..
For EPS in Rs, as of Dec 2024, the value is 0.58. The value appears strong and on an upward trend. It has increased from -1.30 (Sep 2024) to 0.58, marking an increase of 1.88.

Overall, while many items appear to show a positive trend, any significant downward movement warrant further investigation.

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: March 6, 2025, 4:25 pm

Metric	Sep 2012	Sep 2013	Mar 2015n n 18m	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	699	928	1,128	794	1,190	1,430	1,084	1,336	1,839	1,979	2,103	1,710	1,280
Expenses	605	869	1,043	686	917	1,287	955	1,200	1,638	1,688	1,888	1,505	1,200
Operating Profit	94	59	86	108	273	142	129	136	201	291	215	205	80
OPM %	13%	6%	8%	14%	23%	10%	12%	10%	11%	15%	10%	12%	6%
Other Income	2	13	10	13	18	17	36	5	7	3	14	12	8
Interest	79	71	75	52	52	25	21	33	48	32	26	20	18
Depreciation	33	33	47	31	30	32	33	37	41	44	50	52	50
Profit before tax	-16	-32	-27	39	209	102	111	72	120	219	152	144	21
Tax %	-28%	-39%	-37%	1%	25%	1%	14%	-3%	24%	29%	31%	42%
Net Profit	-11	-19	-17	39	156	101	95	73	92	155	105	84	-0
EPS in Rs	-0.69	-1.19	-1.03	2.39	8.29	5.39	5.05	3.90	4.86	8.24	5.56	4.44	-0.03
Dividend Payout %	0%	0%	0%	0%	12%	0%	20%	26%	26%	24%	36%	0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024
YoY Net Profit Growth (%)	300.00%	-35.26%	-5.94%	-23.16%	26.03%	68.48%	-32.26%	-20.00%
Change in YoY Net Profit Growth (%)	0.00%	-335.26%	29.32%	-17.22%	49.19%	42.45%	-100.74%	12.26%

Dwarikesh Sugar Industries Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 8 years from 2016-2017 to 2023-2024.

Growth

Compounded Sales Growth
10 Years:	6%
5 Years:	10%
3 Years:	-2%
TTM:	-31%

Compounded Profit Growth
10 Years:	20%
5 Years:	-3%
3 Years:	-3%
TTM:	-100%

Stock Price CAGR
10 Years:	35%
5 Years:	20%
3 Years:	-32%
1 Year:	-41%

Return on Equity
10 Years:	21%
5 Years:	16%
3 Years:	16%
Last Year:	11%

Last Updated: Unknown

Balance Sheet

Last Updated: November 15, 2024, 12:36 am

Month	Sep 2012	Sep 2013	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	16	16	16	16	19	19	19	19	19	19	19	19	19
Reserves	103	73	56	70	267	347	445	465	560	654	721	803	731
Borrowings	541	423	655	687	533	342	656	846	609	524	375	456	223
Other Liabilities	92	148	271	229	200	276	246	279	257	222	166	137	77
Total Liabilities	752	660	999	1,001	1,019	984	1,365	1,609	1,445	1,420	1,280	1,415	1,050
Fixed Assets	470	440	399	356	331	341	319	430	410	388	582	583	564
CWIP	0	0	0	0	1	0	16	2	1	142	0	0	6
Investments	0	0	0	0	0	0	0	0	0	0	0	1	1
Other Assets	282	220	600	644	687	642	1,029	1,177	1,035	889	697	831	480
Total Assets	752	660	999	1,001	1,019	984	1,365	1,609	1,445	1,420	1,280	1,415	1,050

Below is a detailed analysis of the balance sheet data for Dwarikesh Sugar Industries Ltd based on the most recent figures (Sep 2024) and their trends compared to the previous period:

For Equity Capital, as of Sep 2024, the value is ₹19.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2024) which recorded 19.00 Cr..
For Reserves, as of Sep 2024, the value is ₹731.00 Cr.. The value appears to be declining and may need further review. It has decreased from 803.00 Cr. (Mar 2024) to ₹731.00 Cr., marking a decrease of 72.00 Cr..
For Borrowings, as of Sep 2024, the value is ₹223.00 Cr.. The value appears to be improving (decreasing). Additionally, since Reserves exceed Borrowings, this is considered a positive sign. It has decreased from 456.00 Cr. (Mar 2024) to ₹223.00 Cr., marking a decrease of 233.00 Cr..
For Other Liabilities, as of Sep 2024, the value is ₹77.00 Cr.. The value appears to be improving (decreasing). It has decreased from 137.00 Cr. (Mar 2024) to ₹77.00 Cr., marking a decrease of 60.00 Cr..
For Total Liabilities, as of Sep 2024, the value is ₹1,050.00 Cr.. The value appears to be improving (decreasing). It has decreased from 1,415.00 Cr. (Mar 2024) to ₹1,050.00 Cr., marking a decrease of 365.00 Cr..
For Fixed Assets, as of Sep 2024, the value is ₹564.00 Cr.. The value appears to be declining and may need further review. It has decreased from 583.00 Cr. (Mar 2024) to ₹564.00 Cr., marking a decrease of 19.00 Cr..
For CWIP, as of Sep 2024, the value is ₹6.00 Cr.. The value appears strong and on an upward trend. It has increased from 0.00 Cr. (Mar 2024) to ₹6.00 Cr., marking an increase of 6.00 Cr..
For Investments, as of Sep 2024, the value is ₹1.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2024) which recorded 1.00 Cr..
For Other Assets, as of Sep 2024, the value is ₹480.00 Cr.. The value appears to be declining and may need further review. It has decreased from 831.00 Cr. (Mar 2024) to ₹480.00 Cr., marking a decrease of 351.00 Cr..
For Total Assets, as of Sep 2024, the value is ₹1,050.00 Cr.. The value appears to be declining and may need further review. It has decreased from 1,415.00 Cr. (Mar 2024) to ₹1,050.00 Cr., marking a decrease of 365.00 Cr..

Notably, the Reserves (731.00 Cr.) exceed the Borrowings (223.00 Cr.), indicating a solid financial buffer.

Overall, while many items appear to show a positive trend, any significant downward movement or items where Borrowings exceed Reserves warrant further investigation.

Reserves and Borrowings Chart

Cash Flow

Month	Sep 2012	Sep 2013	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from Operating Activity +	8	203	-151	37	141	298	-250	11	296	339	314	13
Cash from Investing Activity +	-3	-4	-4	-13	-5	-41	-44	-111	-18	-198	-92	-41
Cash from Financing Activity +	-4	-199	154	-20	-140	-256	292	101	-280	-141	-222	27
Net Cash Flow	1	1	-1	4	-4	2	-2	1	-2	0	0	-0

Free Cash Flow

Month	Mar 2015n n 18m	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2012	Sep 2013
Free Cash Flow	86.00	-579.00	-260.00	-200.00	-527.00	-710.00	-408.00	-233.00	-160.00	-251.00	-447.00	-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

Month	Sep 2012	Sep 2013	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	13	1	14	30	17	14	20	27	13	6	12	8
Inventory Days	169	89	195	333	286	172	388	330	223	191	128	222
Days Payable	7	45	80	89	36	70	86	75	49	24	13	13
Cash Conversion Cycle	175	44	129	273	267	116	322	281	187	173	128	216
Working Capital Days	53	-9	75	152	131	79	238	178	148	112	88	152
ROCE %	10%	7%	8%	11%	32%	17%	14%	9%	13%	21%	15%	14%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
Promoters	42.09%	42.09%	42.09%	42.09%	42.09%	42.09%	42.09%	42.09%	42.09%	42.09%	42.10%	42.10%
FIIs	7.70%	7.16%	7.01%	5.66%	4.37%	4.53%	5.31%	3.97%	4.36%	3.85%	2.31%	1.64%
DIIs	3.24%	3.25%	3.25%	3.27%	3.27%	3.25%	0.06%	0.07%	0.00%	0.00%	0.00%	0.00%
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	46.83%	47.36%	47.51%	48.84%	50.14%	50.00%	52.40%	53.75%	53.42%	53.92%	55.45%	56.13%
No. of Shareholders	1,42,418	1,56,902	1,62,414	1,60,483	1,62,416	1,59,071	1,66,279	1,78,492	2,02,645	2,00,036	1,95,455	1,93,085

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
Motilal Oswal Nifty Microcap 250 Index Fund	120,885	0.19	1.1	120,885	2025-04-22 06:41:30	0%
Groww Nifty Total Market Index Fund	308	0.01	0	308	2025-04-22 17:25:37	0%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	1.00	1.00	1.00	1.00	1.00
Basic EPS (Rs.)	4.44	5.57	8.24	4.86	3.90
Diluted EPS (Rs.)	4.44	5.57	8.24	4.86	3.90
Cash EPS (Rs.)	7.22	8.23	10.56	7.03	5.86
Book Value[Excl.RevalReserv]/Share (Rs.)	43.66	39.29	35.76	30.74	25.69
Book Value[Incl.RevalReserv]/Share (Rs.)	43.66	39.29	35.76	30.74	25.69
Dividend / Share (Rs.)	0.00	2.00	2.00	1.25	1.00
Revenue From Operations / Share (Rs.)	90.79	111.68	104.84	97.65	70.96
PBDIT / Share (Rs.)	11.50	12.14	15.61	11.06	7.51
PBIT / Share (Rs.)	8.72	9.47	13.29	8.89	5.55
PBT / Share (Rs.)	7.65	8.10	11.61	6.36	3.80
Net Profit / Share (Rs.)	4.44	5.57	8.24	4.86	3.90
PBDIT Margin (%)	12.67	10.86	14.89	11.33	10.58
PBIT Margin (%)	9.59	8.48	12.68	9.10	7.82
PBT Margin (%)	8.42	7.25	11.07	6.51	5.35
Net Profit Margin (%)	4.88	4.98	7.86	4.97	5.49
Return on Networth / Equity (%)	10.15	14.16	23.05	15.81	15.18
Return on Capital Employeed (%)	15.89	18.16	27.87	22.33	14.89
Return On Assets (%)	5.90	8.18	10.93	6.33	4.56
Long Term Debt / Equity (X)	0.17	0.28	0.29	0.25	0.39
Total Debt / Equity (X)	0.54	0.50	0.77	0.96	1.35
Asset Turnover Ratio (%)	1.27	1.56	1.38	1.20	0.89
Current Ratio (X)	2.16	2.30	1.62	1.41	1.21
Quick Ratio (X)	0.21	0.41	0.17	0.18	0.20
Inventory Turnover Ratio (X)	2.19	2.16	1.70	1.55	1.28
Dividend Payout Ratio (NP) (%)	0.00	35.93	39.42	0.00	51.27
Dividend Payout Ratio (CP) (%)	0.00	24.28	30.77	0.00	34.13
Earning Retention Ratio (%)	0.00	64.07	60.58	0.00	48.73
Cash Earning Retention Ratio (%)	0.00	75.72	69.23	0.00	65.87
Interest Coverage Ratio (X)	10.76	8.84	9.29	4.37	4.28
Interest Coverage Ratio (Post Tax) (X)	5.15	5.05	5.90	2.92	3.22
Enterprise Value (Cr.)	1725.65	1938.62	2843.43	1135.57	962.03
EV / Net Operating Revenue (X)	1.01	0.92	1.44	0.61	0.72
EV / EBITDA (X)	7.97	8.48	9.67	5.45	6.80
MarketCap / Net Operating Revenue (X)	0.76	0.76	1.20	0.31	0.23
Retention Ratios (%)	0.00	64.06	60.57	0.00	48.72
Price / BV (X)	1.59	2.17	3.51	1.00	0.64
Price / Net Operating Revenue (X)	0.76	0.76	1.20	0.31	0.23
EarningsYield	0.06	0.06	0.06	0.15	0.23

After reviewing the key financial ratios for Dwarikesh Sugar Industries Ltd, here is a detailed analysis based on the latest available data and recent trends:

For FaceValue, as of Mar 24, the value is 1.00. This value is within the healthy range. There is no change compared to the previous period (Mar 23) which recorded 1.00.
For Basic EPS (Rs.), as of Mar 24, the value is 4.44. This value is below the healthy minimum of 5. It has decreased from 5.57 (Mar 23) to 4.44, marking a decrease of 1.13.
For Diluted EPS (Rs.), as of Mar 24, the value is 4.44. This value is below the healthy minimum of 5. It has decreased from 5.57 (Mar 23) to 4.44, marking a decrease of 1.13.
For Cash EPS (Rs.), as of Mar 24, the value is 7.22. This value is within the healthy range. It has decreased from 8.23 (Mar 23) to 7.22, marking a decrease of 1.01.
For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 43.66. It has increased from 39.29 (Mar 23) to 43.66, marking an increase of 4.37.
For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 43.66. It has increased from 39.29 (Mar 23) to 43.66, marking an increase of 4.37.
For Dividend / Share (Rs.), as of Mar 24, the value is 0.00. This value is below the healthy minimum of 1. It has decreased from 2.00 (Mar 23) to 0.00, marking a decrease of 2.00.
For Revenue From Operations / Share (Rs.), as of Mar 24, the value is 90.79. It has decreased from 111.68 (Mar 23) to 90.79, marking a decrease of 20.89.
For PBDIT / Share (Rs.), as of Mar 24, the value is 11.50. This value is within the healthy range. It has decreased from 12.14 (Mar 23) to 11.50, marking a decrease of 0.64.
For PBIT / Share (Rs.), as of Mar 24, the value is 8.72. This value is within the healthy range. It has decreased from 9.47 (Mar 23) to 8.72, marking a decrease of 0.75.
For PBT / Share (Rs.), as of Mar 24, the value is 7.65. This value is within the healthy range. It has decreased from 8.10 (Mar 23) to 7.65, marking a decrease of 0.45.
For Net Profit / Share (Rs.), as of Mar 24, the value is 4.44. This value is within the healthy range. It has decreased from 5.57 (Mar 23) to 4.44, marking a decrease of 1.13.
For PBDIT Margin (%), as of Mar 24, the value is 12.67. This value is within the healthy range. It has increased from 10.86 (Mar 23) to 12.67, marking an increase of 1.81.
For PBIT Margin (%), as of Mar 24, the value is 9.59. This value is below the healthy minimum of 10. It has increased from 8.48 (Mar 23) to 9.59, marking an increase of 1.11.
For PBT Margin (%), as of Mar 24, the value is 8.42. This value is below the healthy minimum of 10. It has increased from 7.25 (Mar 23) to 8.42, marking an increase of 1.17.
For Net Profit Margin (%), as of Mar 24, the value is 4.88. This value is below the healthy minimum of 5. It has decreased from 4.98 (Mar 23) to 4.88, marking a decrease of 0.10.
For Return on Networth / Equity (%), as of Mar 24, the value is 10.15. This value is below the healthy minimum of 15. It has decreased from 14.16 (Mar 23) to 10.15, marking a decrease of 4.01.
For Return on Capital Employeed (%), as of Mar 24, the value is 15.89. This value is within the healthy range. It has decreased from 18.16 (Mar 23) to 15.89, marking a decrease of 2.27.
For Return On Assets (%), as of Mar 24, the value is 5.90. This value is within the healthy range. It has decreased from 8.18 (Mar 23) to 5.90, marking a decrease of 2.28.
For Long Term Debt / Equity (X), as of Mar 24, the value is 0.17. This value is below the healthy minimum of 0.2. It has decreased from 0.28 (Mar 23) to 0.17, marking a decrease of 0.11.
For Total Debt / Equity (X), as of Mar 24, the value is 0.54. This value is within the healthy range. It has increased from 0.50 (Mar 23) to 0.54, marking an increase of 0.04.
For Asset Turnover Ratio (%), as of Mar 24, the value is 1.27. It has decreased from 1.56 (Mar 23) to 1.27, marking a decrease of 0.29.
For Current Ratio (X), as of Mar 24, the value is 2.16. This value is within the healthy range. It has decreased from 2.30 (Mar 23) to 2.16, marking a decrease of 0.14.
For Quick Ratio (X), as of Mar 24, the value is 0.21. This value is below the healthy minimum of 1. It has decreased from 0.41 (Mar 23) to 0.21, marking a decrease of 0.20.
For Inventory Turnover Ratio (X), as of Mar 24, the value is 2.19. This value is below the healthy minimum of 4. It has increased from 2.16 (Mar 23) to 2.19, marking an increase of 0.03.
For Dividend Payout Ratio (NP) (%), as of Mar 24, the value is 0.00. This value is below the healthy minimum of 20. It has decreased from 35.93 (Mar 23) to 0.00, marking a decrease of 35.93.
For Dividend Payout Ratio (CP) (%), as of Mar 24, the value is 0.00. This value is below the healthy minimum of 20. It has decreased from 24.28 (Mar 23) to 0.00, marking a decrease of 24.28.
For Earning Retention Ratio (%), as of Mar 24, the value is 0.00. This value is below the healthy minimum of 40. It has decreased from 64.07 (Mar 23) to 0.00, marking a decrease of 64.07.
For Cash Earning Retention Ratio (%), as of Mar 24, the value is 0.00. This value is below the healthy minimum of 40. It has decreased from 75.72 (Mar 23) to 0.00, marking a decrease of 75.72.
For Interest Coverage Ratio (X), as of Mar 24, the value is 10.76. This value is within the healthy range. It has increased from 8.84 (Mar 23) to 10.76, marking an increase of 1.92.
For Interest Coverage Ratio (Post Tax) (X), as of Mar 24, the value is 5.15. This value is within the healthy range. It has increased from 5.05 (Mar 23) to 5.15, marking an increase of 0.10.
For Enterprise Value (Cr.), as of Mar 24, the value is 1,725.65. It has decreased from 1,938.62 (Mar 23) to 1,725.65, marking a decrease of 212.97.
For EV / Net Operating Revenue (X), as of Mar 24, the value is 1.01. This value is within the healthy range. It has increased from 0.92 (Mar 23) to 1.01, marking an increase of 0.09.
For EV / EBITDA (X), as of Mar 24, the value is 7.97. This value is within the healthy range. It has decreased from 8.48 (Mar 23) to 7.97, marking a decrease of 0.51.
For MarketCap / Net Operating Revenue (X), as of Mar 24, the value is 0.76. This value is below the healthy minimum of 1. There is no change compared to the previous period (Mar 23) which recorded 0.76.
For Retention Ratios (%), as of Mar 24, the value is 0.00. This value is below the healthy minimum of 30. It has decreased from 64.06 (Mar 23) to 0.00, marking a decrease of 64.06.
For Price / BV (X), as of Mar 24, the value is 1.59. This value is within the healthy range. It has decreased from 2.17 (Mar 23) to 1.59, marking a decrease of 0.58.
For Price / Net Operating Revenue (X), as of Mar 24, the value is 0.76. This value is below the healthy minimum of 1. There is no change compared to the previous period (Mar 23) which recorded 0.76.
For EarningsYield, as of Mar 24, the value is 0.06. This value is below the healthy minimum of 5. There is no change compared to the previous period (Mar 23) which recorded 0.06.

Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation.

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of Dwarikesh Sugar Industries Ltd as of April 23, 2025 is: 52.91

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of April 23, 2025, Dwarikesh Sugar Industries Ltd is Undervalued by 21.63% compared to the current share price 43.50

Default values used*: Default value of 15 for Stock P/E is used

Intrinsic Value of Dwarikesh Sugar Industries Ltd as of April 23, 2025 is: 37.11

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of April 23, 2025, Dwarikesh Sugar Industries Ltd is Overvalued by 14.69% compared to the current share price 43.50

Default values used*: Default value of 15 for Stock P/E is used

Last 5 Year EPS CAGR: -29.86%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The company has shown consistent growth in sales (187.08 cr) and profit (85.69 cr) over the years.	The stock has a low average ROCE of 14.25%, which may not be favorable. The stock has a high average Working Capital Days of 116.42, which may not be favorable. The stock has a high average Cash Conversion Cycle of 192.58, which may not be favorable. The company has higher borrowings (528.46) compared to reserves (407.31), which may suggest financial risk.

Stock Analysis

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Dwarikesh Sugar Industries Ltd:
1. Net Profit Margin: 4.88%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: 15.89% (Industry Average ROCE: 13%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: 10.15% (Industry Average ROE: 13.21%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): 5.15
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 0.21
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 0 (Industry average Stock P/E: 23.06)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 0.54
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

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. 1709.57 Cr. and Equity Capital is Rs. 18.83 Cr. for the Year ended 31/03/2024.

INDUSTRY	ADDRESS	CONTACT
Sugar	Dwarikesh Nagar, Bijnor District Uttar Pradesh 246762	investors@dwarikesh.com http://www.dwarikesh.com

Management
Name	Position Held
Mr. G R Morarka	Executive Chairman
Mr. Vijay S Banka	Managing Director
Mr. B J Maheshwari	Managing Director
Mr. K N Prithviraj	Independent Director
Ms. Nina Chatrath	Independent Director
Mr. Gopal B Hosur	Independent Director
Mr. Rajan K Medhekar	Independent Director

FAQ

What is the intrinsic value of Dwarikesh Sugar Industries Ltd?

Dwarikesh Sugar Industries Ltd's intrinsic value (as of 23 April 2025) is ₹52.91 — 21.63% higher the current market price of 43.50, indicating undervalued. Calculated using the PE ratio method, this valuation considers the company's 805 Cr. market cap, FY2025-2026 high/low of ₹81.8/33.0, reserves of 731 Cr, and liabilities of 1,050 Cr.

What is the Market Cap of Dwarikesh Sugar Industries Ltd?

The Market Cap of Dwarikesh Sugar Industries Ltd is 805 Cr..

What is the current Stock Price of Dwarikesh Sugar Industries Ltd as on 23 April 2025?

The current stock price of Dwarikesh Sugar Industries Ltd as on 23 April 2025 is 43.5.

What is the High / Low of Dwarikesh Sugar Industries Ltd stocks in FY 2025-2026?

In FY 2025-2026, the High / Low of Dwarikesh Sugar Industries Ltd stocks is ₹81.8/33.0.

What is the Stock P/E of Dwarikesh Sugar Industries Ltd?

The Stock P/E of Dwarikesh Sugar Industries Ltd is .

What is the Book Value of Dwarikesh Sugar Industries Ltd?

The Book Value of Dwarikesh Sugar Industries Ltd is 40.4.

What is the Dividend Yield of Dwarikesh Sugar Industries Ltd?

The Dividend Yield of Dwarikesh Sugar Industries Ltd is 0.00 %.

What is the ROCE of Dwarikesh Sugar Industries Ltd?

The ROCE of Dwarikesh Sugar Industries Ltd is 13.7 %.

What is the ROE of Dwarikesh Sugar Industries Ltd?

The ROE of Dwarikesh Sugar Industries Ltd is 10.7 %.

What is the Face Value of Dwarikesh Sugar Industries Ltd?

The Face Value of Dwarikesh Sugar Industries Ltd is 1.00.