Dwarikesh Sugar Industries Ltd. · NSE:DWARKESH
Dwarikesh Sugar Industries — Q2 FY26 Earnings Presentation
32 slides from Dwarikesh Sugar Industries's earnings presentation, Oct 31, 2025
Slide 1: Dwarikesh Sugar Industries Limited - Regulation 30 filing letter
DWARIKESH SUGAR INDUSTRIES LIMITED Corp. off.; 511, Maker Chambers V, 221, Nariman Point, Mumbai – 400021. Tel.: 2283 2486, 2204 2945, Fax: 2204 7288 E Mail: dsilbom@dwarikesh.com Website: www.dwarikesh.com, CIN: L15421UP1993PLC018642 REF: DSIL/2025-26/193 October 31, 2025 Corporate Relationship Dep
Slide 2: Investor Presentation Q2 & H1 FY26 Results
Investor Presentation Company Performance Date Q2 & H1 FY26 Results 31 October 2025
Slide 3: Safe harbor statement
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Dwarikesh Sugar Industries Ltd (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities
Slide 4: Table of contents
• Sector outlook ... 4 Table of • Business overview ... 6 contents • Financial performance ... 11 • Operation trends ... 17 • Pictures of our facilities ... 25
Slide 5: Sector outlook
❑ Global sugar balances are shifting, with S&P Global now projecting a surplus of about 2.23 million tons in 2025/26 and 2.32 million tons in 2026/27, following a significant deficit of over 4.5 million tons in 2024/25. In contrast, ISO continues to estimate a marginal deficit for 2025/26. Asia rema
Slide 6: Sector outlook
❑ Domestic sugar prices hovered around ₹4,000 per quintal during the quarter gone by. However, market sentiment has strengthened recently, with prices now approaching ₹4,100 per quintal. Looking ahead, sugar prices are expected to remain firm, supported by steady demand ❑ As of September 30, 2025, a
Slide 7: Business overview
Business overview A brief run through
Slide 8: At a glance
At a glance • All 3 Plants located in UP-India’s largest sugar producing state. • 2 Plants located in Bijnor District– a District with focused concentration on cane production on highly fertile & well-irrigated land. • Plant at Bareilly – the low-lying Ganges plains district with fertile alluvial so
Slide 9: Operations Overview
Operations Overview Farmers Molasses (nearly 1.54 lakhs) (External Sales) Industrial Alcohol (162.5 KLPD at Cane Development Sugarcane Molasses Distillery Dwarikesh Nagar & & Marketing 175 KLPD at Dwarikesh Dham) Clarification Dwarikesh Sugar Crushing Sugar Sugarcane Juice Evaporation Industries Ltd
Slide 10: Management
G. R. Morarka Vijay S. Banka B. J. Maheshwari • Founder and Promoter • Executive Chairman • Managing Director • Managing Director, • Commerce graduate & • Chartered Accountant Company Secretary ICWA Inter • Associated with the cum Chief Compliance • Received ‘Indira Gandhi company Officer Priyadarsh
Slide 11: Key Milestones
Key Milestones Set up DN Distillery with 30,000 LPD capacity; Debottlenecking of 100 KLPD Commissioned Dwarikesh Puram Commencement of DN Distillery by Distillery capacity DN Crushing capacity (DP) plant with crushing capacity surplus power commissioning expansion project reached 6,500 TCD; of 7,500
Slide 12: Financial performance
Financial performance Q2 & H1 FY26
Slide 13: Financial performance
Financial performance In INR million Q2FY26 H1FY26 Q2FY25 H1FY25 FY25 Total Income 2,482.3 6,542.0 2,480.1 5,898.6 13,653.2 EBIDTA -389.5 -345.2 -210.7 -181.8 1,199.1 PAT -326.2 -420.1 -240.0 -337.2 233.4 In INR Q2FY26 H1FY26 Q2FY25 H1FY25 FY25 EPS -1.76 -2.27 -1.29 -1.82 1.26
Slide 14: Quarterly trends
Quarterly trends Revenue from Operations (Million) EBITDA (Million) PAT (Million) Average Domestic Sugar Realization EBITDA Margin PAT Margin INR/Quintal Q2FY25 Q2FY26 Q2FY25 Q2FY26 3963.4 -210.7 -240.0 -326.2 -8.6% 3766.6 -389.5 -9.8% -15.8% 2460.6 2459.3 -13.3% Q2FY25 Q2FY26 PAT Margin is PAT / Re
Slide 15: Half yearly trends
Half yearly trends Revenue from Operations - External (INR Million) PAT(Million) EBITDA (INR Million) PAT Margin EBITDA Margin H1FY25 H1FY26 -337.2 -420.1 -5.7% -3.1% -6.4% 5873.1 -181.8 6514.0 -345.2 H1FY25 H1FY26 -5.3% PAT Margin is PAT / Revenue from operations EBITDA Margin is EBITDA / Revenue f
Slide 16: Financials - Summary
FINANCIALS - SUMMARY In INR million INCOME Q2 FY 26 H1 FY 26 Q2 FY 25 H1 FY 25 FY 25 REMARKS On QoQ basis, revenue from operations remained largely stable and the growth in revenue during the Revenue from operations 2459.3 6,514.0 2,460.6 5,873.1 13,588.8 half year was primarily driven by higher eth
Slide 17: Financials - Summary (continued)
FINANCIALS - SUMMARY (continued) In INR million INCOME Q2 FY 26 H1 FY 26 Q2 FY 25 H1 FY 25 FY 25 REMARKS Depreciation and amortization expense 122.4 243.0 123.2 246.3 489.3 Other expenses remained broadly in line with the previous Other expense 255.5 527.7 254.0 502.5 1,020.7 year, with a marginal i
Slide 18: Operational trends
Operational trends
Slide 19: Sugar business - Synopsis
• During Q2 FY26, domestic sugar sales volumes increased slightly by 1%, while for H1 FY26 they declined marginally by 0.6% compared to the corresponding periods of the previous year. However, average domestic sugar realizations improved. In Q2 FY26, realizations increased by 5% to ₹3,963 per quinta
Slide 20: Sugar business - Quarterly snapshot
Sugar business - Quarterly snapshot Sugar Sold ('000 Quintal) Revenue from Operations (INR Million) EBITDA (INR Million) Average Domestic Sugar Realization 0.0% INR/Quintal EBITDA Margin 3963.4 -2.0% -4.0% -6.5% -6.0% -8.0% 3766.6 -10.0% 2284.3 2459.3 -12.0% 597.0 602.5 -147.7 -325.8 -14.0% Q2FY25 Q
Slide 21: Sugar business - Half-yearly snapshot
Sugar business – Half-yearly snapshot Sugar Sold ('000 Quintals) Revenue from Operations (INR Million) EBITDA (INR Million) Average Domestic Sugar 0.0% Realization(INR/Quintal) EBITDA Margin -1.0% 3962.7 -2.0% -3.0% -3.9% -4.0% -5.0% 3801.7 -6.0% -7.0% 1272.2 1265.2 5036.1 5601.3 -8.7% -8.0% H1FY25
Slide 22: Cogeneration data
Cogeneration data Power Generated (Mn Unit) Power Exported (Mn Unit) Average Realization (INR/Unit) SNAPSHOT 3.5 2.8 Due to early closure of season, there was virtually no power revenue during H1 FY26. Total revenue of ₹ 4.41 million was generated from evacuation and sale of power during the H1 FY26
Slide 23: Distillery quarterly snapshot
Distillery quarterly snapshot Industrial alcohol sales volumes and revenue saw a sharp decline in Q2 FY26, with no sales recorded during the quarter, while there was 31.54 lakh liters sale in Q2FY25. Revenue from Operations (INR Million) Industrial Alcohol Sold (Mn L) EBITDA (INR Million) Average Re
Slide 24: Distillery half-yearly snapshot
Distillery half-yearly snapshot During H1 FY26, a total of 214.99 lakh liters of ethanol was produced across both distilleries as compared to 98.07 lakh liters during the corresponding period last year. However both sales volume and revenue during H1 FY26 increased by 40% as compared to H1 FY25. Ind
Slide 25: Outlook
Outlook ❑ Crushing operations for SS 2025-26 are expected to commence on 7th November 2025 at the DN and DP units in Bijnor district, and on 10th November 2025 at the DD unit in Bareilly district. The Company remains optimistic about the forthcoming season, with expectations of improved crushing vol
Slide 26: Pictures of our facilities
ly, @ Pictures of our = facilities S88 S _——— Or
Slide 27: Dwarikesh Nagar unit (Bijnor district)
Dwarikesh Nagar unit (Bijnor district) Sugar plant overview Distillation house & multi-effect evaporator Bagasse silos & feeders of boiler Continuous pan
Slide 28: Dwarikesh Puram unit (Bijnor district)
Dwarikesh Puram unit (Bijnor district) Juice evaporator Centrifugal station Cogeneration control panel Switch yard
Slide 29: Dwarikesh Dham unit (Bareilly district)
Dwarikesh Dham unit (Bareilly district) Facility overview 24 MW TG set Pan station Clarification section
Slide 30: Dwarikesh Nagar distillery (Bijnor district)
Dwarikesh Nagar distillery (Bijnor district) 162.5 KLPD distillery
Slide 31: Dwarikesh Dham distillery (Bareilly district)
Dwarikesh Dham distillery (Bareilly district) 175 KLPD distillery
Slide 32: Thank You
Thank You Vijay S. Banka Managing Director (DSIL) Email: vsbanka@dwarikesh.com
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