About Dwarikesh Sugar Industries Limited

Dwarikesh Sugar Industries Limited is a three-decade-old integrated sugar and bio-energy company founded by Shri G. R. Morarka in 1993. The Company commenced operations in 1995 with sugar manufacturing, industrial alcohol production and power generation from bagasse—the fibrous residue of sugarcane. Over the years, it expanded into ethanol to support India’s Ethanol Blending Programme (EBP), evolving into a fully integrated sugar, ethanol and co-generation enterprise with strong forward linkages across its value chain.

The Company operates three manufacturing units in Central Uttar Pradesh—Dwarikesh Nagar and Dwarikesh Puram (located 45 km apart) in Bijnor district, and Dwarikesh Dham in Bareilly district—strategically positioned near cane-growing regions and major sugar-consumption markets. As on March 31, 2025, its operational capacities comprised three sugar mills (aggregate crushing capacity: 21,500 TCD), two distilleries (capacity: 337.5 KL/day) and co-generation assets of 94 MW, supporting a strong integrated model.

The Company’s product portfolio includes white sugar, ethanol and industrial alcohol, surplus renewable electricity supplied to the state grid, and by-products such as liquid CO₂ and press mud. A circular-economy approach underpins its operations by maximising utilisation of bagasse, molasses and other residues. Dwarikesh serves customers across India via direct sales, B2B and institutional channels and sells renewable power to Uttar Pradesh Power Corporation Limited under long-term arrangements.

The Company has no subsidiaries as on March 31, 2025. Its milestones include commissioning its first 2,500 TCD sugar unit in 1995, diversifying into co-generation (6 MW) the same year, and commissioning distillery operations in 2005 which later transitioned into ethanol production for supply to nearby OMC depots.

Dwarikesh Sugar Industries Limited Key Milestones

Milestones include:

• Commissioning the first sugar unit (2,500 TCD) and co-generation (6 MW) in 1995.
• Expanding distillery operations in 2005, later transitioning to ethanol for India’s EBP.
• Establishing an integrated model with 21,500 TCD crushing capacity, 337.5 KL/day distillation and 94 MW co-generation.
• Launching farmer-connect initiatives, especially through the e-kisan app.
• Introducing varietal rejuvenation programmes to replace red-rot-affected cane varieties.
• Publication of the first Integrated Annual Report in 2024–25.

Dwarikesh Sugar Industries Limited Business Segments

Sugar & Co-generation

• Contribution to turnover (FY 2024–25): 71.69%

Distillery and Allied Products

• Contribution to turnover (FY 2024–25): 28.31%

Geographic Revenue Mix

• Domestic: 100%
• International: 0% (Exports: Nil; sugar exports may take place through merchant exporters)

Dwarikesh Sugar Industries Limited Key Management

• Gautam R. Morarka – Executive Chairman
• Vijay S. Banka – Managing Director
• B. J. Maheshwari – Managing Director & Company Secretary-cum-Chief Compliance Officer
• Sunil Kumar Goel – Chief Financial Officer

Latest Updates on Dwarikesh Sugar Industries Limited

Integrated reporting:
The Company released its first Integrated Annual Report for FY 2024–25, presenting strategy, performance and governance in a unified reporting framework.

Credit ratings:
ICRA reaffirmed the Company’s ratings:

• Long-term borrowings: [ICRA] AA- (Positive)
• Commercial paper: [ICRA] A1+

Strengthened balance sheet:
Dwarikesh repaid Rs 67.22 crore of long-term debt during FY 2024–25, improving its debt-equity ratio (long-term debt basis) to 0.18.

Cane development and varietal replacement:
To counter red rot, the Company accelerated varietal replacement in its command areas—shifting from Co 0238 to resistant strains like Co 0118 and CoJ 85. The cane development budget was significantly increased to support farmer awareness, resilience and field-level engagement.

Farmer digital engagement:
The Company strengthened its farmer outreach through the e-kisan mobile app, registering 1.51 lakh farmers and enhancing extension services and digital advisory capabilities.

Operational performance:

• Cane crushed (FY 2024–25): 262.97 lakh quintals
• Sugar production: 20.98 lakh quintals
• Net recovery: 8.00%, after diversion for ethanol
  The focus remained on varietal rejuvenation and process efficiency improvements.

Distillery efficiencies:
The distillery segment operated at high efficiency levels, achieving 94.02% fermentation efficiency and 98.91% distillation efficiency. Total industrial alcohol sales were 605 lakh litres during the year.

Co-generation operations:
The Company supplied 932 lakh units of renewable electricity to the state grid in 2024–25, supported by 94 MW of co-generation capacity across its three sites.