Dwarikesh Sugar Industries Ltd

Q2 FY26Agricultural Food & other Products

Dwarikesh Sugar Industries Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 investor presentation: what the company reported on revenue, margins and projects.

Price₹41

Market cap₹763 Cr

P/E52.6

Updated24 Sept 2026

Read5 min read

Based on Dwarikesh Sugar Industries Ltd's Q2 FY26 investor presentation. The company has not published an earnings-call transcript for this quarter, so figures here are what the presentation reports, not management guidance.

The short version

Distillery Q2 FY26: No industrial alcohol sales recorded vs. EBITDA (Q2 FY26): -389.5 million INR, compared to -210.7 million INR in Q2 FY25 (worsened by 178.8 million INR) - EBITDA Margin (Q2 FY26): -15.8%, compared to -8.6% in Q2 FY25 (declined by 7.2 percentage points) - Profit After Tax (PAT) Q2 FY26: -326.2 million INR, compared to -240.0 million INR in Q2 FY25 (declined by 86.2 million INR) - PAT Margin (Q2 FY26): -13.3%, compared to -9.8% in Q2 FY25 (declined by 3.5 percentage points) - Operating Margin: Not explicitly stated as a distinct figure, but EBITDA margin is presented as EBITDA/Revenue from operations.

From Dwarikesh Sugar Industries Ltd's Q2 FY26 earnings-call transcript · updated 24 Sept 2026.

Revenue & Sales Performance

Distillery Q2 FY26: No industrial alcohol sales recorded vs. 31.54 lakh liters in Q2 FY25. Revenue from operations dropped to ₹0 million from ₹191.8 million; EBITDA margin fell from -32.8% to 0%.
Distillery H1 FY26: Ethanol production was 214.99 lakh liters vs. 98.07 lakh liters in H1 FY25. Sales volume and revenue increased by 40% YoY. Revenue from operations rose to ₹1336.6 million from ₹947 million; EBITDA margin improved from 1.5% to 10.7%.
Sugar Q2 FY26: Domestic sugar sales volumes increased 1% YoY to 6.03 lakh quintals; average realizations 5% higher at ₹3,963/quintal. Revenue grew 6% YoY to ₹602.5 million; EBITDA margin declined from -6.5% to -13.2%.

- **Sugar H1 FY26:** Sugar sold slightly down 0.6% YoY at 12.65 lakh quintals; realizations up 4% to ₹3,963/quintal. Revenue increased 4% YoY to ₹5601.3 million; EBITDA margin declined from -3.9% to -8.7%. - **Outlook:** Sugar prices expected to remain firm (~₹4,100/quintal). Ethanol blending at 19.17% as of Sept 2025. Ethanol tender bids for 1050 crore liters show strong demand. Sugar production forecast to improve in 2025-26 season. No explicit revenue or volume guidance given beyond sector outlook trends.

2 more points management made on revenue & sales performance

Profitability & Margins

EBITDA (Q2 FY26): -389.5 million INR, compared to -210.7 million INR in Q2 FY25 (worsened by 178.8 million INR)
EBITDA Margin (Q2 FY26): -15.8%, compared to -8.6% in Q2 FY25 (declined by 7.2 percentage points)
Profit After Tax (PAT) Q2 FY26: -326.2 million INR, compared to -240.0 million INR in Q2 FY25 (declined by 86.2 million INR)
PAT Margin (Q2 FY26): -13.3%, compared to -9.8% in Q2 FY25 (declined by 3.5 percentage points)

2 more points management made on profitability & margins

See what Dwarikesh Sugar Industries Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Distillery capacity expansions detailed in key milestones:
2017: 100 KLPD distillery capacity expansion completed; operations started Dec 2019.
2019: Distillery capacity stabilized at 130 KLPD.
2020: Capacity stabilized at 162.5 KLPD.
2021-2022: Distillery of 175 KLPD commissioned at Dwarikesh Dham.
A cumulative distillery capacity of 337,500 LPD (KLPD) achieved by 2022.
Cogeneration capacity expansions:
Dwarikesh Nagar (DN): from 6 MW initially (1995) to 20 MW currently.
Dwarikesh Puram (DP): increased to 33 MW (surplus ~24 MW) by 2016.
Dwarikesh Dham (DD): commissioned with 36 MW capacity and surplus c.24 MW (2016), increased to 41 MW later.
No explicit recent capex amounts or new project timelines stated beyond historical milestones.

2 more points management made on capital expenditure plans

Top-ranked in Agricultural Food & other Products

Ranked on what management guided this quarter

5x potential

1Regaal Resources₹927 Cr

Rev 1Mar 2

2Prospect Consum.₹21 Cr

Rev 1Mar 3

3₹250 Cr

Rev 2Mar 1

4₹218 Cr

Rev 2Mar 1

5₹2.7K Cr

Rev 2Mar 2

Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

The presentation mentions past equity fundraising events:
Raised INR 540 million through GDR (Global Depository Receipt).
Raised INR 325 million through IPO, oversubscribed 23x.
Raised INR 594 million through QIP (Qualified Institutional Placement).
No explicit mention of any new fundraising through debt or equity in the current Q2 & H1 FY26 period is indicated.

- Finance cost decreased due to repayment of term loans as per the stipulated schedule (Page 16), indicating some debt reduction. - No specific details on changes in borrowings or net debt figures are presented in the current investor presentation. In summary, the presentation refers only to historical equity fundraises and mentions lower finance costs due to loan repayments but does not explicitly state any new fundraising or detailed changes in borrowings/net debt for Q2 or H1 FY26.

2 more points management made on fundraising & capital structure

See what Dwarikesh Sugar Industries Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The investor presentation does not report any information related to: - Order book - Order inflow - Pending orders No mention of order-related metrics or figures is made anywhere in the presentation content provided. The focus is primarily on operational snapshots, financial performance, production volumes, revenue, and margins for the sugar, distillery, and cogeneration businesses.

Dwarikesh Sugar Industries Ltd — Quarterly revenue & net profit

Revenue Net profit Net loss

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹425 Cr, net profit ₹57 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Dwarikesh Sugar Industries Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Dwarikesh Sugar Industries Ltd Q2 FY26 results?

What is Dwarikesh Sugar Industries Ltd share price analysis?

Dwarikesh Sugar Industries Ltd currently shows a neutral. The stock trades at a P/E of 52.6 with a market cap of ₹763 Cr. Investors should review the full earnings analysis for detailed insights.

Is Dwarikesh Sugar Industries Ltd planning capital expenditure?

Distillery capacity expansions detailed in key milestones: - 2017: 100 KLPD distillery capacity expansion completed; operations started Dec 2019.

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This analysis is AI-generated based on publicly available earnings data and the company's investor presentation. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.