Dwarikesh Sugar Industries LimitedQ1 FY27 Results & Financial Update
Dwarikesh Sugar Industries Limited: Q1 FY27 standalone results and company financials – revenue ₹358.13 Cr, PAT ₹-25.73 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Dwarikesh Sugar Industries Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Dwarikesh Sugar Industries Limited reported a total income of INR 360.07 crore and revenue from operations of INR 358.13 crore for the quarter ended June 30, 2026 (Q1 FY27). The company incurred a loss before tax (LBT) of INR 34.38 crore and a net loss after tax (PAT) of INR 25.73 crore, alongside a negative EBITDA of INR 23.76 crore.
The financial performance for the quarter was weighed down by the absence of fresh sugarcane crushing and sugar production, as the 2025-26 sugar season concluded early in March 2026. Consequently, no sugarcane was procured or crushed during Q1 FY27, leaving the company to sell out of existing inventory.
Sugar profitability was further compressed because the positive impact of higher domestic sugar realisations was largely offset by the realization of high-cost opening inventory produced during Sugar Season 2025-26, when elevated State Advised Prices (SAP) for sugarcane inflated underlying production costs.
The distillery segment faced significant headwinds from lower production and sales volumes of industrial alcohol and ethanol. During Q1 FY27, industrial alcohol sales dropped to 7.8 million litres compared to 21.6 million litres in Q1 FY26, leading to severe under-absorption of fixed manufacturing overheads and higher per-litre production costs.
Power generation and cogeneration revenue declined sharply during the quarter due to the early closure of the sugar season, resulting in negligible power generation and power evacuation sales of just INR 0.47 million compared to INR 2.96 million in the corresponding quarter of the previous year.
By-product generation was constrained by the lack of cane crushing; bagasse output was entirely consumed internally for captive needs, leaving no surplus volume available for external sales during the quarter.
Despite the challenging operational quarter, ex-factory sugar prices showed modest improvement, trading in the range of INR 4,200 to INR 4,300 per quintal, supported by steady domestic demand, lower carry-over inventories, and broader industry concerns regarding potential weather disruptions in the upcoming season.
01 · Business model
What does Dwarikesh Sugar Industries do?
Dwarikesh Sugar Industries Limited is a leading Indian sugar producer operating three fully automated and highly efficient sugar manufacturing mills located in Uttar Pradesh's sugarcane-rich belt across the Bijnor and Bareilly districts, possessing a combined aggregate sugarcane crushing capacity of 21,500 tons of cane per day (TCD).
The company's operational ecosystem integrates sugar production with modern cogeneration units and high-capacity distilleries that together convert agricultural inputs into valuable co-products, including industrial alcohol, ethanol, and surplus renewable power supplied to the state grid.
Dwarikesh Nagar (Bijnor district) houses a 6,500 TCD sugar plant, a 20 MW cogeneration facility (surplus power capacity), and a 162.5 KLPD distillery, while the Dwarikesh Puram unit (Bijnor district) operates a 7,500 TCD sugar plant and a 33 MW cogeneration facility.
The Dwarikesh Dham unit (Bareilly district) features a 7,500 TCD sugar plant, a 41 MW cogeneration installation, and a 175 KLPD distillery, bringing the enterprise's total cogeneration capacity to 94 MW and total distillery capacity to 337.5 KLPD.
Supported by extensive R&D initiatives and collaborative cane development programs engaging approximately 1.54 lakh farmers, the company focuses on optimizing varietal balance, crop health, and recovery efficiencies across its dedicated command areas.
02 · Historical context
What shaped the business before this quarter
The Sugar Season 2025-26 concluded early in March 2026, leading to a complete absence of cane crushing operations during the first quarter of fiscal 2027.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹358.13 Cr |
| Total income | ₹360.07 Cr |
| Profit before tax | ₹-34.38 Cr |
| Profit after tax | ₹-25.73 Cr |
| EPS | ₹-1.39 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Sugar sold during Q1 FY27 rose to 7.50 lakh quintals compared to 6.63 lakh quintals in Q1 FY26, with average domestic sugar realisations improving to INR 4,064 per quintal from INR 3,962 per quintal in the corresponding period last year.
Revenue from power sales and evacuation fell to INR 0.47 million in Q1 FY27 from INR 2.96 million in Q1 FY26 due to the early shutdown of the sugar season and negligible surplus power generation.
What drove margins
Lower production volumes across both sugar and distillery divisions resulted in the under-absorption of fixed manufacturing overheads, elevating per-unit production costs and eroding operating margins.
The lack of cane crushing meant zero surplus bagasse was available for external sale, eliminating high-margin by-product revenue streams during the quarter.
05 · Demand, customers & order book
Where demand is coming from
Sugar stock held as of June 30, 2026, stood at 7.80 lakh quintals, down from 9.71 lakh quintals as of June 30, 2025.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Sugar segment revenue reached INR 320.57 crore in Q1 FY27 (compared to INR 314.19 crore in Q1 FY26), though EBITDA remained negative at INR -25.29 crore, impacted by high-cost opening inventory.
Distillery segment revenue fell sharply to INR 48.26 crore in Q1 FY27 from INR 133.66 crore in Q1 FY26, with EBITDA contracting to INR 1.52 crore and EBITDA margin declining to 3.2% from 15.5%.
Geography and market mix
All three manufacturing units remain situated in the sugarcane-rich districts of Bijnor and Bareilly in Uttar Pradesh, maintaining proximity to key domestic consumer markets via national highway connectivity.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The company maintains a total aggregate sugarcane crushing capacity of 21,500 TCD across three units, 94 MW of total cogeneration capacity (with c. 54 MW surplus), and 337.5 KLPD of total distillery capacity.
Industrial alcohol production during Q1 FY27 stood at 28.85 million litres compared to 214.99 million litres produced in Q1 FY26.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Management regards ethanol as the primary long-term business driver for future growth, supported by full operational integration across sugar, cogeneration, and distillery assets.
09 · Reported developments
What changed operationally
The impact of red rot disease on the widely cultivated Co 0238 cane variety has largely receded, with substantial replacement by newer disease-resistant varieties improving crop development in Uttar Pradesh.
Average domestic sugar realisations improved to INR 4,064 per quintal in Q1 FY27, with market spot prices strengthening further to the INR 4,200–4,300 per quintal range.
10 · Pressure points & risks
What is not going smoothly
The early conclusion of Sugar Season 2025-26 in March 2026 resulted in zero cane crushing and zero sugar/power production during Q1 FY27, significantly depressing quarterly revenues and profitability.
The industry continues to face headwinds from unrevised ethanol prices for sugarcane juice and B-Heavy molasses alongside preferential offtake of grain-based ethanol.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
As of June 30, 2026, the company held outstanding long-term loans of INR 83.52 crore, specifically related to the distillery project at the Dwarikesh Dham (DD) unit, carrying concessional rates of interest.
12 · Management guidance & targets
What management is targeting from here
Management expects a healthy sugarcane crop in the upcoming season, subject to normal weather conditions and the absence of climatic aberrations during the critical post-September period, aided by improved varietal balance and receding red rot disease.
Management anticipates that domestic sugar prices will remain firm in the near term, supported by steady domestic demand, lower carry-over inventories, and production uncertainties.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Government Regulatory Measures
In response to tightening sugar balances, the Government has imposed stock-holding limits on traders and dealers and issued warnings of punitive action against sugar mills failing to sell their monthly release quotas.
Reported update
Ethanol Blending Progress
India's national ethanol blending program continues to progress with blending levels hovering around 20%, though the program faces ongoing scrutiny regarding vehicle compatibility and food security concerns.
14 · Key Q&A
The quarter, answered directly
What does Dwarikesh Sugar Industries do?
Dwarikesh Sugar Industries Limited is a leading Indian sugar producer operating three fully automated and highly efficient sugar manufacturing mills located in Uttar Pradesh's sugarcane-rich belt across the Bijnor and Bareilly districts, possessing a combined aggregate sugarcane crushing capacity of 21,500 tons of cane per day (TCD).
What is the clearest takeaway from Q1 FY27?
Dwarikesh Sugar Industries Limited reported a total income of INR 360.07 crore and revenue from operations of INR 358.13 crore for the quarter ended June 30, 2026 (Q1 FY27). The company incurred a loss before tax (LBT) of INR 34.38 crore and a net loss after tax (PAT) of INR 25.73 crore, alongside a negative EBITDA of INR 23.76 crore.
What drove revenue or demand?
Sugar sold during Q1 FY27 rose to 7.50 lakh quintals compared to 6.63 lakh quintals in Q1 FY26, with average domestic sugar realisations improving to INR 4,064 per quintal from INR 3,962 per quintal in the corresponding period last year.
What mattered most for margins or profitability?
Lower production volumes across both sugar and distillery divisions resulted in the under-absorption of fixed manufacturing overheads, elevating per-unit production costs and eroding operating margins.
What changed operationally beyond the headline numbers?
The company maintains a total aggregate sugarcane crushing capacity of 21,500 TCD across three units, 94 MW of total cogeneration capacity (with c. 54 MW surplus), and 337.5 KLPD of total distillery capacity.
What is management guiding or targeting from here?
Management expects a healthy sugarcane crop in the upcoming season, subject to normal weather conditions and the absence of climatic aberrations during the critical post-September period, aided by improved varietal balance and receding red rot disease.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Post-September Weather Conditions: Monitor weather patterns and monsoon progress during the critical post-September period to assess actual sugarcane availability and crop yields for Sugar Season 2026-27.
- 02
Ethanol Pricing Policy: Track potential policy announcements from the government regarding upward revisions in ethanol procurement prices derived from sugarcane juice and B-Heavy molasses.
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