In , Dwarikesh Sugar Industries Ltd (Sugar) is outperforming Nifty 500 with +37.4% relative strength. Fundamentals: Very Weak. On a 6-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: Ethanol Blending Rate: 19.97%
“The overall ethanol blending percentage achieved stands at approximately 19.24%, with a monthly average blending rate of 19.97% recorded for October 2025.”
What: MSP Increase: Not Given
“Industry representations for an increase in the Minimum Selling Price (MSP) of sugar are gaining traction, and a favorable response from the Government could provide further support to prices.”
What: Sugar Realization at ₹4,013/quintal
“In Q3 FY26, realizations increased by 6% to ₹ 4,013 per quintal, and in 9M FY26 they were higher by 5% at ₹ 3,977 per quintal.”
Earnings deceleration risks from management commentary
Trigger: The Government of Uttar Pradesh announced a sharp increase in cane prices to ₹400 per quintal.
Management view: Seeking supportive policy interventions like an increase in the MSP for sugar.
Monitor: regulatory
Trigger: Yields have been below expectations in Uttar Pradesh, Maharashtra, and Karnataka.
Management view: Focusing on varietal replacement and improved recoveries from the plant cane crop.
Monitor: commodity
Key quotes from recent conference calls
“Crushing operations for SS 2025-26 are expected to commence on 7th November 2025 at the DN and DP units... and on 10th November 2025 at the DD unit. [Previous Crushing Commencement guidance]”
“Focused varietal replacement program has been actively undertaken by sugar mills in Uttar Pradesh to phase out Co 0238. [Initiative: Varietal Replacement Program]”
“Consequently, the price of early variety sugarcane delivered at the factory gate has been revised to ₹ 400 per quintal. This represents a sharp and unexpected increase in cane prices. [Risk (regulatory): HIGH]”
“Recent trends indicate that yields of the ratoon cane crop have been below expectations across major sugar-producing states, including Uttar Pradesh, Maharashtra, and Karnataka. [Risk (commodity): MEDIUM]”
Headline numbers from the latest earnings call
Revenue
₹3,251.2 million
Why: Growth was primarily driven by higher ethanol sales volumes and improved domestic sugar realizations during the quarter.
Revenue showed resilience despite a challenging first half of the fiscal year.
EBITDA
₹406.8 million
Why: The increase was driven by the resumption of regular crushing operations and higher domestic sugar realizations compared to the previous year.
Margins expanded significantly from 9.9% to 12.5% year-on-year.
PAT
₹154.4 million
Why: Profitability improved due to stable distillery activities and better realizations in the sugar segment during the third quarter.
The company returned to profitability in Q3 after a loss-making H1.
Other Highlights
• Sugar realizations increased 6% YoY to ₹4,013 per quintal.
• Ethanol production reached 354.64 lakh liters in 9M FY26.
• Finance costs decreased to ₹14.3 million due to loan repayments.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Average Domestic Sugar Realization
₹4,013
Why: Improved market sentiment and steady demand for sugar.
Total Ethanol Produced (9M)
354.64 lakh liters
Why: Higher production across both distilleries compared to the previous year.
Sugar Sold (9M)
17.85 lakh quintals
Why: Slight increase in domestic sales volumes.
Sugarcane SAP (Early Variety)
₹400
Why: Government of Uttar Pradesh announced an unexpected increase in cane prices.
Ethanol Blending Rate (Monthly)
19.97%
Why: Steady progress toward the national blending target.
Cogeneration Power Revenue (Q3)
₹176 million
Why: Resumption of crushing operations leading to higher power generation.
Distillery EBITDA Margin (Q3)
13.6%
Why: Stable distillery activities and efficient operations.
Total Crushing Capacity
21,500 TCD
Why: Capacity remained stable across the three facilities.
Forward-looking targets from management
Sugar production in UP expected to be in line with previous season
Guidance Changes
UP Sugar Production Estimate: In excess of 10 million tons → 9.3 million tons
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | -8% | — | Inflection Down |
| PAT (Net Profit) | -2600% | — | Inflection Down |
| OPM | -16.0% | -4300 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Dwarikesh Sugar Industries Ltd's latest quarterly results (Sep 2010) show
Dwarikesh Sugar Industries Ltd's profit is declining with an inflecting downward trend.
Dwarikesh Sugar Industries Ltd's revenue growth trend is inflecting downward.
Dwarikesh Sugar Industries Ltd's operating margin is volatile.
Dwarikesh Sugar Industries Ltd's earnings growth is inflecting downward with mixed signals on a sequential basis.
Dwarikesh Sugar Industries Ltd's trailing twelve month (TTM) performance
Dwarikesh Sugar Industries Ltd appears significantly overvalued based on our fair value analysis.
Dwarikesh Sugar Industries Ltd is rated Very Weak with a fundamental score of 14/100. This score is calculated from objective financial metrics
Dwarikesh Sugar Industries Ltd has a debt-to-equity ratio of N/A.
Dwarikesh Sugar Industries Ltd's current dividend yield is 1.06%.
Dwarikesh Sugar Industries Ltd's shareholding pattern (Mar 2026)
Dwarikesh Sugar Industries Ltd's promoter holding has increased recently.
Dwarikesh Sugar Industries Ltd has been outperforming Nifty 500 for 6 consecutive weeks, indicating building momentum.
Dwarikesh Sugar Industries Ltd is an established outperformer with 6 weeks of consecutive Nifty 500 outperformance.
Dwarikesh Sugar Industries Ltd has 3 key growth catalysts identified from recent earnings analysis
Dwarikesh Sugar Industries Ltd has 2 key risks worth monitoring
In Q3 FY26, Dwarikesh Sugar Industries Ltd's management highlighted
Dwarikesh Sugar Industries Ltd's management has provided the following forward guidance
Dwarikesh Sugar Industries Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Dwarikesh Sugar Industries Ltd may be worth studying
Dwarikesh Sugar Industries Ltd investment thesis summary:
Dwarikesh Sugar Industries Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
