Dwarikesh Sugar Industries LimitedQ2 FY27 Results & Financial Update
Dwarikesh Sugar Industries Limited: Q2 FY27 standalone results and company financials – revenue ₹256.59 Cr, PAT ₹-13.12 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 Q2 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
The financial performance during the quarter was constrained by the seasonal lull typical of the monsoon interlude, as no cane crushing operations were undertaken during Q2 FY27. This absence of crushing activity led to the under-absorption of fixed overheads.
Despite the absence of active crushing and negligible industrial alcohol sales of 35 KL during the quarter due to feedstock non-availability, the net loss narrowed considerably compared to the LAT of ₹32.62 crore reported in Q2 FY26. This year-over-year improvement was underpinned by significantly stronger domestic sugar selling price realizations.
Domestic sugar realisations averaged over ₹4,530 per quintal during the quarter, showing a strong recovery from ₹3,963 per quintal recorded in the corresponding period of the previous fiscal year.
Sugar inventory stood at 2.20 lakh quintals as of September 30, 2026, dropping noticeably from 3.68 lakh quintals held on September 30, 2025, reflecting active liquidation of stocks during the preceding periods.
As of September 30, 2026, the company's outstanding long-term borrowings stood at ₹74.24 crore, entirely related to the distillery project at the DD unit and availed at concessional interest rates. The company maintains an ICRA A+ (stable) long-term credit rating.
01 · Business model
What does Dwarikesh Sugar Industries do?
Dwarikesh Sugar Industries Limited is a prominent Indian sugar producer operating three fully automated and highly efficient sugar mills located in the sugarcane-rich belt of Uttar Pradesh's Bijnor and Bareilly districts. The company possesses an aggregate cane crushing capacity of 21,500 tons of sugarcane per day.
The operational footprint integrates sugar manufacturing with valuable by-product streams, utilizing modern and technologically advanced facilities to produce ethanol, industrial alcohol, and bagasse-based power as key growth enablers.
Dwarikesh emphasizes high recovery rates, plant efficiencies, and extensive cane development initiatives. Through a collaborative approach with local farming communities, the company assists growers in improving crop yields and maximizing returns.
Focused research and development efforts support streamlined agricultural operations and ensure a reliable, quality supply of sugarcane, allowing the production units to maintain competitive recovery levels.
02 · Historical context
What shaped the business before this quarter
The 2025-26 sugar season officially concluded on September 30, 2026, with ISMA estimating net domestic sugar production at approximately 279.47 lakh tons after accounting for a diversion of about 32 lakh tons of sugar equivalent toward ethanol.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹256.59 Cr | ₹358.13 Cr |
| Total income | ₹262.11 Cr | ₹360.07 Cr |
| Profit before tax | ₹-17.52 Cr | ₹-34.38 Cr |
| Profit after tax | ₹-13.12 Cr | ₹-25.73 Cr |
| EPS | ₹-0.71 | ₹-1.39 |
Financial interpretation
What the reported numbers mean
Profit after tax represented -5.1% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to -6.8% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹5.52 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Sugar sales during Q2 FY27 stood at 5.61 lakh quintals, representing a slight decline from the 6.03 lakh quintals recorded in Q2 FY26.
Average realization from domestic sugar sales improved notably to ₹4,530 per quintal during Q2 FY27, compared to ₹3,963 per quintal in the corresponding quarter of the previous financial year.
Industrial alcohol sales stood at 35 KL in Q2 FY27, compared to nil sales in Q2 FY26, while cumulative H1 FY27 sales reached 7,852 KL compared to 21,649 KL in H1 FY26.
What drove margins
The complete absence of cane crushing operations during the inter-season quarter resulted in the under-absorption of fixed overheads, adversely impacting operating margins.
The liquidation of high-value inventory during the quarter resulted in lower contribution margins compared to the corresponding period of the previous year.
The non-availability of certain preferred feedstocks restricted ethanol production capacity, limiting high-margin by-product realization during the quarter.
05 · Segments, products & geography
Which parts of the business are doing the work
Geography and market mix
All three manufacturing units—DN and DP in Bijnor district and DD in Bareilly district—are situated in the sugarcane-rich belt of Uttar Pradesh.
06 · Strategy & new businesses
How the company is trying to change its growth mix
In view of government restrictions on specific feedstocks, management's stated endeavor is to maximize sugar production while undertaking ethanol production only to the extent feasible using C-heavy molasses in compliance with regulations.
07 · Reported developments
What changed operationally
Average domestic sugar realisations improved significantly to ₹4,530 per quintal in Q2 FY27 from ₹3,963 per quintal in Q2 FY26, bolstering overall revenue quality.
The company retained its long-term credit rating of ICRA A+ (stable) as of September 30, 2026.
08 · Pressure points & risks
What is not going smoothly
Regulatory restrictions on sugarcane juice, syrup, and B-heavy molasses constrained ethanol production capabilities.
09 · Beyond the numbers
What changed beyond the numbers
Reported update
Sugar Season 2026-27 Crushing Schedule
Crushing operations for the upcoming 2026-27 season are scheduled to commence on November 5, 2026, at the DN and DP units in Bijnor, and on November 11, 2026, at the DD unit in Bareilly.
Reported update
Cane Crop Protection & Varietal Migration
Management noted that focused R&D initiatives and crop protection measures are underway to counter red-rot infestation and adverse weather conditions, with varietal migration progressing satisfactorily.
10 · Previous-quarter changes
What changed since the previous quarter
Sugar prices recovered from approximately ₹4,100 per quintal in the previous quarter to average over ₹4,530 per quintal in Q2 FY27.
11 · Key Q&A
The quarter, answered directly
What does Dwarikesh Sugar Industries do?
Dwarikesh Sugar Industries Limited is a prominent Indian sugar producer operating three fully automated and highly efficient sugar mills located in the sugarcane-rich belt of Uttar Pradesh's Bijnor and Bareilly districts. The company possesses an aggregate cane crushing capacity of 21,500 tons of sugarcane per day.
What is the clearest takeaway from Q2 FY27?
The financial performance during the quarter was constrained by the seasonal lull typical of the monsoon interlude, as no cane crushing operations were undertaken during Q2 FY27. This absence of crushing activity led to the under-absorption of fixed overheads.
What drove revenue or demand?
Sugar sales during Q2 FY27 stood at 5.61 lakh quintals, representing a slight decline from the 6.03 lakh quintals recorded in Q2 FY26.
What mattered most for margins or profitability?
The complete absence of cane crushing operations during the inter-season quarter resulted in the under-absorption of fixed overheads, adversely impacting operating margins.
What changed operationally beyond the headline numbers?
In view of government restrictions on specific feedstocks, management's stated endeavor is to maximize sugar production while undertaking ethanol production only to the extent feasible using C-heavy molasses in compliance with regulations.
What are the main pressure points disclosed for the quarter?
Regulatory restrictions on sugarcane juice, syrup, and B-heavy molasses constrained ethanol production capabilities.
12 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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13 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Crushing Season Kickoff: Monitor the commencement of crushing operations scheduled for November 5, 2026, at Bijnor units and November 11, 2026, at the Bareilly unit.
- 02
Sugar Recovery Rates: Track cane recovery percentages and crushing volumes for Sugar Season 2026-27 amidst unseasonal rainfall and varietal migration efforts.
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Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.