Dwarikesh Sugar Industries Ltd. · NSE:DWARKESH
Dwarikesh Sugar Industries — Q2 FY27 Earnings Presentation
32 slides from Dwarikesh Sugar Industries's earnings presentation, Oct 29, 2026
Slide 1: Exchange filing cover letter
REF: DSIL/2026-2027/231 Date: October 29, 2026 Corporate Relationship Department National Stock Exchange of India Limited BSE Limited “Exchange Plaza” Phiroze Jeejeebhoy Towers Bandra – Kurla Complex, Dalal Street, Fort, Mumbai - 400 001 Bandra [E], Mumbai - 400 051 Fax: 22723 2082 /3132 Scrip Code
Slide 2: Investor Presentation Q2 & H1 FY27 Results
Investor Presentation Company Performance Date Q2 & H1 FY27 Results 29 October 2026
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
❑ According to the ISO’s August 2026 report, global sugar production for 2025–26 is projected at a record 180.1 MMT, against consumption of 180.4 MMT, resulting in a marginal deficit of 0.3 MMT. For 2026–27, production is estimated at 180.7 MMT versus consumption of 179.6 MMT, indicating a modest su
Slide 6: Sector outlook
❑ Government measures to stabilize sugar Prices: The DFPD held meetings with sugar mills in Uttar Pradesh on 15–16 October 2026 to review market availability and preparedness for the upcoming crushing season. Effective 15th October 2026, dealer stockholding limits were revised to 15 days, capped at
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 Q2FY27 H1FY27 Q2FY26 H1FY26 FY26 Total Income 2,621.1 6,221.8 2,482.3 6,542.0 14,090.9 EBIDTA -90.5 -328.1 -389.5 -345.2 940.3 PAT -131.2 -388.5 -326.2 -420.1 308.4 In INR Q2FY27 H1FY27 Q2FY26 H1FY26 FY26 EPS -0.71 -2.10 -1.76 -2.27 1.66
Slide 14: Quarterly trends
Quarterly trends Revenue from Operations (Million) EBITDA (Million) PAT (Million) EBITDA Margin PAT Margin Average Domestic Sugar Realization INR/Quintal Q2FY26 Q2FY27 4530.6 Q2FY26 Q2FY27 -90.5 -131.2 -3.5% -5.1% -326.2 -389.5 3963.4 2459.3 2565.9 -13.3% -15.8% Q2FY26 Q2FY27 PAT Margin is PAT / Rev
Slide 15: Half yearly trends
Half yearly trends PAT(Million) Revenue from Operations - External (INR Million) PAT Margin EBITDA (INR Million) H1FY26 H1FY27 EBITDA Margin -420.1 -388.5 -6.3% -5.3% -6.4% 6514.0 6147.2 -5.3% H1FY26 -345.2 H1FY27 -328.1 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 27 H1 FY 27 Q2 FY 26 H1 FY 26 FY 26 REMARKS On a QoQ basis, revenue growth was primarily driven by higher sugar prices, while the decline in Revenue from operations 2,565.9 6,147.2 2,459.3 6,514.0 14,019.4 revenue during the half-year was mainly attri
Slide 17: Financials - Summary (continued)
FINANCIALS - SUMMARY (continued) In INR million INCOME Q2 FY 27 H1 FY 27 Q2 FY 26 H1 FY 26 FY 26 REMARKS Depreciation and amortization expense 74.3 150.7 122.4 243.0 367.4 Other expenses remained broadly in line with the corresponding quarter of the previous year in Q2 FY27, Other expense 261.9 476.
Slide 18: Operational trends
Operational trends
Slide 19: Sugar business - Synopsis
• Sugar sales in Q2 FY27 declined to 5.61 lakh quintals from 6.03 lakh quintals YoY, while average realization increased to Rs. 4,530 per quintal from Rs. 3,963. For H1 FY27, sales rose to 13.11 lakh quintals from 12.65 lakh quintals, with average realization improving to Rs. 4,263 per quintal from
Slide 20: Sugar business - Quarterly snapshot
Sugar business - Quarterly snapshot Sugar Sold ('000 Quintal) Revenue from Operations (INR Million) Average Domestic Sugar Realization EBITDA (INR Million) INR/Quintal EBITDA Margin 15.0% 4530.6 11.6% 10.0% 5.0% 0.0% 3963.4 -5.0% 298.5 2459.3 2563.7 -10.0% 602.5 560.8 -13.2% -325.8 -15.0% Q2FY26 Q2F
Slide 21: Sugar business - Half-yearly snapshot
Sugar business – Half-yearly snapshot Revenue from Operations (INR Million) Sugar Sold ('000 Quintals) EBITDA (INR Million) 2.0% Average Domestic Sugar EBITDA Margin 0.8% Realization(INR/Quintal) 0.0% 4263.5 -2.0% -4.0% -6.0% 3962.7 5601.3 -8.7% 5769.4 45.7 -8.0% -488.5 1265.2 1311.2 -10.0% H1FY26 H
Slide 22: Cogeneration data
Cogeneration data Power Generated (Mn Unit) Power Exported (Mn Unit) Average Realization (INR/Unit) SNAPSHOT 3.00 Due to the early closure of the sugar season, power revenue was negligible in H1 FY27, with revenue from power evacuation and sales amounting to Rs. 0.78 million, compared with Rs. 4.41
Slide 23: Distillery quarterly snapshot
Distillery quarterly snapshot Industrial alcohol sales in Q2 FY27 increased by 35 KL, generating revenue of Rs. 2.13 million, compared with nil sales in the corresponding quarter of the previous year 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 FY27, ethanol production across both distilleries declined to 28.85 lakh litres from 214.99 lakh litres in H1 FY26. Sales volume and revenue declined by 64% year-on-year, primarily due to feedstock unavailability, which adversely impacted the performance of
Slide 25: Outlook
Outlook ❑ Crushing operations for SS 2026–27 are expected to commence on 5th November 2026 at the DN and DP units in Bijnor and on 11th November 2026 at the DD unit in Bareilly. Despite unseasonal rainfall, the Company expects improved crushing volumes, supported by ongoing crop protection and varie
Slide 26: Pictures of our facilities
ly, @ Pictures of our = facilities S88 SS _———— 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
Dwarikesh Sugar Industries — Q2 FY27 Earnings Presentation on 6ix