Dwarikesh Sugar Industries Limited (DWARKESH.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+182.7%

₹120.07

vs ₹42.48 price

Levered DCF

₹78.55

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	27.66×	31.06×	16.46×	15.32×	15.24×	6.34×	4.24×	6.06×
P/B	1.03×	0.9×	1.67×	2.17×	3.51×	1×	0.64×	1.24×
P/S	0.61×	0.53×	0.8×	0.76×	1.2×	0.32×	0.23×	0.53×
EV / EBITDA	12.48×	9.58×	8.48×	8.74×	9.97×	5.84×	8.39×	7.64×
Gross margin	11.0%	12.3%	25.2%	21.3%	24.4%	21.3%	22.1%	25.4%
Operating margin	3.6%	4.7%	8.9%	7.8%	12.6%	8.9%	7.6%	11.9%
Net margin	2.2%	1.7%	4.9%	5.0%	7.9%	5.0%	5.5%	8.8%
Current ratio	2.33×	1.9×	2.16×	2.3×	1.62×	1.41×	1.21×	1.29×
Debt / equity	0.41×	0.63×	0.55×	0.51×	0.78×	1.05×	1.71×	1.41×
Interest coverage	3.39×	3.48×	7.57×	6.16×	9.11×	3.85×	3.77×	7.71×
Dividend yield	1.1%	0.0%	0.0%	2.3%	1.0%	0.0%	14.6%	0.0%
Payout ratio	30.0%	0.0%	0.0%	36.0%	15.2%	0.0%	61.8%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	3.7%	2.9%	10.2%	14.2%	23.1%	15.8%	15.2%	20.5%
Return on invested capital	2.9%	2.1%	6.6%	9.8%	14.5%	10.3%	7.5%	9.8%
Return on assets	2.4%	1.6%	5.9%	8.2%	10.9%	6.3%	4.6%	7.0%
Free cash flow yield	13.3%	5.1%	-2.7%	13.4%	7.5%	47.6%	-32.3%	-51.8%
Earnings yield	3.6%	3.2%	6.1%	6.5%	6.6%	15.8%	23.6%	16.5%
Enterprise value	₹11.7B	₹11.5B	₹18.3B	₹19.8B	₹28.9B	₹11.9B	₹11.4B	₹12.3B
Net debt / EBITDA	3.41×	3.54×	2.11×	1.65×	1.8×	2.99×	6.09×	4.05×
Cash conversion cycle (days)	210	237	207	124	168	192	295	337