Dwarikesh Sugar Industries Ltd. · NSE:DWARKESH
Dwarikesh Sugar Industries — Q3 FY26 Earnings Presentation
32 slides from Dwarikesh Sugar Industries's earnings presentation, Feb 11, 2026
Slide 1: Regulation 30 disclosure covering letter
REF: DSIL/2025-26/275 February 11, 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 - 53261
Slide 2: Investor Presentation Q3 & 9M FY26 Results
Investor Presentation Company Performance Date Q3 & 9M FY26 Results 11 February 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
❑ Global Sugar Production: The USDA projects record global sugar output of 189.3 million metric tons (MMT), up 4.6% year over year, driven by higher production in Brazil and India, with market estimates pointing to a surplus ranging from 1.6 MMT to nearly 8 MMT. Meanwhile, the International Sugar Or
Slide 6: Sector outlook
❑ Industry representations for an increase in the Minimum Selling Price (MSP) of sugar are gaining traction, and a favorable response from the Government could provide further support to prices. ❑ As per data from the OMCs, out of a total ethanol allocation of approximately 1,133 crore liters for ES
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 Q3FY26 9MFY26 Q3FY25 9MFY25 FY25 Total Income 3,281.6 9,823.6 3,163.9 9,062.5 13,653.2 EBIDTA 406.8 61.5 308.9 127.1 1,199.1 PAT 154.4 -265.7 107.3 -229.9 233.4 In INR Q3FY26 9MFY26 Q3FY25 9MFY25 FY25 EPS 0.83 -1.43 0.58 -1.24 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 12.5% 4.7% 4012.7 406.8 9.9% 3.4% 308.9 3772.3 3127.2 3251.2 107.3 154.3 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 PAT Margin is PAT / Revenue fro
Slide 15: 9M trends
9M trends PAT(Million) PAT Margin Revenue from Operations - External (INR Million) EBITDA (INR Million) 9MFY25 9MFY26 -229.9 -265.7 1.4% -2.6% 0.6% 9000.3 127.1 9765.1 61.5 -2.7% 9MFY25 9MFY26 PAT Margin is PAT / Revenue from operations EBITDA Margin is EBITDA / Revenue from operations Previous peri
Slide 16: Financials - Summary
FINANCIALS - SUMMARY In INR million INCOME Q3 FY 26 9M FY 26 Q3 FY 25 9M FY 25 FY 25 REMARKS On QoQ basis, revenue from operations remained largely stable and the growth in revenue during the Revenue from operations 3,251.2 9,765.1 3,127.2 9,000.3 13,588.8 9 months period was primarily driven by hig
Slide 17: Financials - Summary (continued)
FINANCIALS - SUMMARY (continued) In INR million INCOME Q3 FY 26 9M FY 26 Q3 FY 25 9M FY 25 FY 25 REMARKS Depreciation and amortization expense 124.5 367.6 124.1 370.3 489.3 Other expenses rose mainly due to an increase in costs Other expense 292.3 819.9 246.5 749.0 1,020.7 commensurate with business
Slide 18: Operational trends
Operational trends
Slide 19: Sugar business - Synopsis
• During Q3 FY26, domestic sugar sales volumes increased slightly by 4%, and for 9M FY26 by 1% compared to the corresponding periods of the previous year. However, average domestic sugar realizations improved. In Q3 FY26, realizations increased by 6% to ₹ 4,013 per quintal, and in 9M FY26 they were
Slide 20: Sugar business – Q3 snapshot
Sugar business – Q 3 snapshot Sugar Sold ('000 Quintal) Revenue from Operations (INR Million) Average Domestic Sugar Realization EBITDA (INR Million) INR/Quintal 4012.7 9.5% 5.6% 3772.3 302.5 498.7 520.1 3154.8 177.4 3199.2 Q3FY25 Q3FY26 EBITDA Margin is EBITDA / Revenue from operations (including i
Slide 21: Sugar business – 9M snapshot
Sugar business – 9 M snapshot Sugar Sold ('000 Quintals) Revenue from Operations (INR Million) Average Domestic Sugar Realization(INR/Quintal) EBITDA (INR Million) EBITDA Margin 3977.3 -0.2% 3793.5 8190.9 -2.1% 1770.9 1785.2 8800.4 -18.5 -186 9MFY25 9MFY26 EBITDA Margin is EBITDA / Revenue from oper
Slide 22: Cogeneration data
Cogeneration data Power Generated (Mn Units) Power Exported (Mn Unit) Average Realization (INR/Unit) 4.4 SNAPSHOT 3.4 Power revenue for Q3 FY26 stood at Rs. 176 million, compared to Rs. 151 million in the corresponding quarter of the previous year. For the nine months ended FY26, 44.7 41.4 power rev
Slide 23: Distillery Q3 snapshot
Distillery Q 3 snapshot Industrial alcohol sales volumes and revenue saw a decline in Q3 FY26, with 124.32 lakhs litres sales recorded during the quarter, while there was 149.58 lakh liters sale in Q3FY25. Industrial Alcohol Sold (Mn L) Revenue from Operations (INR Million) Average Realization(INR/L
Slide 24: Distillery – 9M snapshot
Distillery – 9 M snapshot During 9M FY26, a total of 354.64 lakh liters of ethanol was produced across both distilleries as compared to 250.78 lakh liters during the corresponding period last year. However sales volume and revenue during 9M FY26 increased by 12% and 8% respectively as compared to 9M
Slide 25: Outlook
Outlook ❑ Crushing operations for the SS 2025–26 season commenced on 7 November 2025 at the DN and DP units in Bijnor district, and on 10 November 2025 at the DD unit in Bareilly district. Cane availability from the ratoon crop has been lower due to reduced yields; however, recovery trends have rema
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
Dwarikesh Sugar Industries — Q3 FY26 Earnings Presentation on 6ix