Dwarikesh Sugar Industries Ltd

Q3 FY26Agricultural Food & other Products

Dwarikesh Sugar Industries Q3 FY26 earnings call: Revenue & Margins

Q3 FY26 investor presentation: what the company reported on revenue, margins and projects.

Price₹41

Market cap₹763 Cr

P/E52.6

Updated24 Sept 2026

Read4 min read

Based on Dwarikesh Sugar Industries Ltd's Q3 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

Sugar Business Q3FY26 vs Q3FY25: - Sugar sold: 5.20 lakh quintals vs 4.99 lakh quintals (+4%) - Average realization: ₹4,013/quintal vs ₹3,772/quintal (+6%) - Revenue from operations: ₹520.1 mi EBITDA (Q3 FY26): ₹406.8 million, up from ₹308.9 million in Q3 FY25.

From Dwarikesh Sugar Industries Ltd's Q3 FY26 earnings-call transcript · updated 24 Sept 2026.

Revenue & Sales Performance

Sugar Business Q3FY26 vs Q3FY25:
Sugar sold: 5.20 lakh quintals vs 4.99 lakh quintals (+4%)
Average realization: ₹4,013/quintal vs ₹3,772/quintal (+6%)
Revenue from operations: ₹520.1 million vs ₹498.7 million (+4%)
EBITDA: ₹302.5 million vs ₹177.4 million (significant increase)
EBITDA margin: 9.5% vs 5.6%
PAT: ₹154.4 million vs ₹107.3 million (+44%)
Distillery Q3FY26 vs Q3FY25:
Industrial alcohol sold: 124.32 lakh liters vs 149.58 lakh liters (decline)
Revenue from operations: ₹768.4 million vs ₹987.7 million (decline)
EBITDA: ₹104.3 million vs ₹131.5 million (decline)
EBITDA margin: 13.6% vs 13.3%
Distillery 9MFY26 vs 9MFY25:
Ethanol produced: 354.64 lakh liters vs 250.78 lakh liters
Sales volume and revenue increased by 12% and 8% respectively
Outlook:
Industry expects potential support from MSP hike in sugarcane price
Surplus ethanol production capacity indicated by bids in ESY 2025-26

2 more points management made on revenue & sales performance

Profitability & Margins

EBITDA (Q3 FY26): ₹406.8 million, up from ₹308.9 million in Q3 FY25.
EBITDA Margin (Q3 FY26): 12.5%, an increase from 9.9% in Q3 FY25.
Profit After Tax (PAT) (Q3 FY26): ₹154.4 million, up from ₹107.3 million in Q3 FY25.

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 Expansion at Dwarikesh Dham:
Current capacity: 175 KLPD (as of 2022).
Increased from 162.5 KLPD in 2021; earlier expansions include 100 KLPD in 2017, 130 KLPD in 2019, and 162.5 KLPD in 2020.
No specific future capex or timeline mentioned for further distillery expansions.
Cogeneration Capacity Increases:
Dwarikesh Puram plant increased to 33 MW (surplus approx. 24 MW) by 2008.
Dwarikesh Dham plant capacity increased to 41 MW by 2022 (surplus approx. 24 MW).
Total renewable energy capacity stands at 94 MW with c.54 MW surplus.
No new capex or timeline for further expansion stated.
Crushing Capacities:
Dwarikesh Nagar at 6,500 TCD, Dwarikesh Puram and Dham at 7,500 TCD each.
No new plant or capacity expansion beyond 21,500 TCD total stated.
Other Projects:

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 fundraising events:
Raised INR 540 million through Global Depository Receipts (GDR) in 2005.
Raised INR 325 million through an Initial Public Offering (IPO) oversubscribed 23x in 2007.
Raised INR 594 million through Qualified Institutional Placement (QIP) in 2016.
Financials section (Page 16) notes:
Finance cost for 9M FY26 decreased to INR 85.8 million from INR 108.4 million in 9M FY25.
The lower finance cost is attributed to repayment of term loans as per the stipulated schedule.

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 for Dwarikesh Sugar Industries Ltd (Q3 & 9M FY26) does not report any information about order book, order inflow, or pending orders. The presentation primarily covers: - Financial performance and operational snapshots for sugar, distillery, and cogeneration businesses. - Sector outlook including sugar and ethanol market conditions. - Business overview, operational trends, and facility details.

2 more points management made on order book & pipeline

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 Q3 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 Expansion at Dwarikesh Dham: - Current capacity: 175 KLPD (as of 2022). - Increased from 162.5 KLPD in 2021; earlier expansions include 100 KLPD in 2017, 130 KLPD in 2019, and 162.5 KLPD in 2020. - No specific future capex or timeline mentioned for further distillery expansions. - Cogeneration Capacity Increases: - Dwarikesh Puram plant increased to 33 MW (surplus approx.

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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.