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Shareholding Info
  • Promoters
    42.09 %
  • Foreign institutions-FII
    5.31 %
  • Other domestic institutions
    0.14 %
  • Retail and other
    52.4 %
  • Mutual Funds
    0.05 %

Dwarikesh Sugar Industries Limited overview

The company was originally founded as Dwarka Sugar Limited on 1st November 1993. The company was registered with the Registrar of Companies, Maharashtra. On 18th April 1994, the company officially changed its name to Dwarikesh Sugar Industries Limited. Bundki is the name of the brand under which the company deals.

Dwarikesh Sugar Industries Limited manufactures sugar and its byproducts. In 1993, Dwarikesh established its first plant with a capacity of 2500 TCD in the Bijnor district of Uttar Pradesh. It has a presence in sugar production, power generation and ethanol / industrial spirit / alcohol production.

Dwarikesh Nagar (Najibabad), Dwarikesh Puram (Afzalgarh) and Dwarikesh Dham (Tehsil Faridpur, District Bareilly) are three of the company's plants, which have a combined capacity of 21,500 tons of sugar each day.

Dwarikesh Sugar Industries Limited journey

The following are the key milestones since the company was founded:

  • 1993: The company gets incorporated on 1st November.
  • 1994: Dwarikesh Sugar releases a letter of intent for 2,500 TCD. The company's name was changed from Dwarka Sugar Limited to Dwarikesh Sugar Ind Limited.
  • 1995: The firm lays the foundation for the temple and commissions a plant.
  • 1996: Dwarikesh Sugar gets its industrial license of 2,500 TCD. It releases a letter of intent for expansion up to 5,000 TCD.
  • 2001: The firm starts a new office in New Delhi.
  • 2003: It completes production of 6,500 TCD.
  • 2004: Dwarikesh Sugar lays the foundation for the distillery of 30 KLPD. The company gets listed on the NSE and BSE.
  • 2006: The company marks its highest manufacture of 30 KLPD.
  • 2018: The firm lays the foundation for 100 KLPD distillery.
  • 2019: Dwarikesh Sugar commissions production of 100 KLPD.
  • 2020: The company marks its highest production of sugar at 9,310 quintals. It commissions its sanitiser plant.
  • 2021: The company marks the highest production of 130 KLP of ethanol.

Dwarikesh Sugar Industries Limited - Initial Public Offer (IPO)

The company went public on 31st December 2004 by issuing 50,00,000 equity shares of ₹10 each. They were issued for cash at a premium of ₹55 a piece, amounting to ₹33 crore. The opening date was 29th November 2004 and the closing date was 3rd December 2004, with a lot size of 100 equities per lot.

Dwarikesh Sugar Industries' share price is trading at a PE multiple of 13.23.

Dwarikesh Sugar Industries Limited products


In addition to L-31, M-31, S-31, L-30, M-30 and S-30, the company's maximum production is 31 colours of sugar. Colour and grain size are graded in sugar, and the units match sugar to NSI specifications regularly.

Ethanol and sanitizer

Using ethanol with motor spirit as a blend significantly reduces vehicular emissions and pollution since it is a good oxygenate and a byproduct of the sugar-producing industry. As part of its product spirit manufacturing, they have also begun manufacturing sanitiser. Their existing 30 KLPD plant has been upgraded to a 40 KLPD plant. This was done to maximise levy molasses utilisation, which is otherwise being sold to distilleries at a loss. The distillery unit at Dwarikesh Dham will be expanded to 175 KLPD.

During FY2021-22, this business generated revenues of ₹32,621 lakh.

Power Generation

Co-generation was first incorporated into the company's operations in 1996 with a 6 MW power plant. This was later expanded to 9 MW. Their current power co-generation capacity is 91 MW. Dwarikesh Sugar Industries stock price return in 5 years - 83.21%

Dwarikesh Sugar Industries business highlights

The company’s key verticals are:

Financial Year





Sugar cane crushed (lakh tons)





Sugar produced (lakh tons)





Power generated (lakh units)





Ethanol / rectified spirit sold (lakh litre)





Dwarikesh Sugar Industries performance highlights

3-year CAGR (revenue)


EBITDA (FY2021-22)

₹294 crore

Profit (FY2021-22)

₹155 crore

Share price return in last 3 years


ROCE (FY2021-22)


ROE (FY2021-22)


Dwarikesh Sugar Industries management

Board of Directors

Founder-Promoter (Executive Chairman): Gautam R. Morarka
Independent Woman Director on the Board: Nina Chatrath
Managing Director and CS and CCO: B. J. Maheshwari
Whole Time Director and Chief Financial Officer: Vijay S. Banka

Indian sugar industry overview

The following are the key players in the sugar industry:

Serial No.

Key players

Mcap (in crore)


Andhra Sugar



Avadh Sugar



Dalmia Sugar



Dwarikesh Sugar Industries Limited


Size of the Indian sugar industry

  • India is the world's largest sugar producer and consumer. It is also the largest exporter of sugar in the world.
  • During the sugar season of 2021-2022, the nation produced over 5,000 lakh metric tonnes (LMT) of sugarcane, of which 3,574 LMT was crushed into sugar (sucrose) by sugar mills.
  • Sugar mills produced 359 LMT of sugar, whereas 35 LMT of sugar was diverted to ethanol production. Another highlight of the season was the export, totalling approximately 109.8 LMT without any financial assistance.
  • As a result of these exports, the nation brought in approximately ₹40,000 crore (USD 4.9 billion) in foreign exchange.

Sugar industry growth prospects

  • The country is expected to produce 36.5 million tonnes of sugar for the 2022–23 marketing season, up 2% from last year.
  • Despite increased diversion for ethanol, the ISMA anticipates that exports will reach about 9 million tonnes this season.
  • According to predictions, Uttar Pradesh will produce 12.3 million tons of sugar in the season 2022-23, Maharashtra will produce 15 million tons and Karnataka will produce 7 million tons.

Dwarikesh Sugar growth prospects

  • Another 175 KLPD plant is being picked up by the company. This plant will increase the company's ethanol capacity to over 330 KLPD per day.
  • About 30% of revenue is expected to be generated by the distillery segment, which will sell ethanol, and about 7-10% will come from power sales.

Risks and concerns

  • The sugar industry poses a high threat of water pollution and a threat to PM Narendra Modi's net zero commitment.
  • A total of 85.7 million litres per day (MLD) of wastewater is discharged into Uttar Pradesh's river system by the 56 biggest sugar mills.
  • Water discharged from sugar mills and distilleries into the Ganga River is among India's 17 most polluting industries.


Universal Capital Securities Pvt. Ltd. 21/25, Shakil Nivas, Opp. Satya Saibaba Temple, Mahakali Caves Road, Andheri (East)
Mumbai - 400093
Tel: 022-28207203, 28207204, 28207205, 28257641
Fax: 022-28262920, 28267207

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