Dwarikesh Sugar Industries Limited (DWARKESH) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Dwarikesh Sugar Industries Limited stock ₹34.95, price ₹42.95, that is 18.6% below the price, quality 62 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.
How to read this chart
60‑month range ₹32.53 – ₹137.87 · fair‑value band ₹26.21 – ₹43.69 · the ₹42.95 price screens above the ₹34.95 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.
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Dwarikesh Sugar Industries Limited engages in the manufacture and sale of sugar in India. It is also involved in the co-generation and sale of power; manufacture of industrial alcohol, molasses, and ethanol; and production of hand sanitizers and liquid carbon dioxide.
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The company was formerly known as Dwarka Sugar Limited and changed its name to Dwarikesh Sugar Industries Limited in April 1994. Dwarikesh Sugar Industries Limited was incorporated in 1993 and is based in Mumbai, India.
Stock analysis
Dwarikesh Sugar Industries Limited (DWARKESH) currently trades at ₹42.95, while our model-based Fair Value estimate is ₹34.95, 19% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of ₹55.42 per share, and 12 of the 26 models we run sit above the ₹42.95 price.
Bear case: the Asset-Based group reads lowest at ₹15.71, and 14 of the 26 models stay below the price. Data coverage for this calculation is low.
Scenario range: ₹26.21 (bear) to ₹43.69 (bull), the price of ₹42.95 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 62/100 (solid quality), in the Consumer Defensive sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Dwarikesh Sugar Industries Limited reported revenue of ₹14.0B in FY2026 versus ₹19.7B in FY2022, a compound −8.2%/yr. Reported net income was ₹308M in FY2026, compounding −33.2%/yr from FY2022.
Key figures
Market cap ₹8.0B (≈ $84.7M) Micro · P/E ratio 55.1 · P/S ratio 0.59 · EPS (TTM) ₹0.7800 · Dividend yield 1.2% · Net margin 1.1% · Return on equity 3.8% · Return on assets (EBIT) 9.9% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 24 out of 100 (low confidence).
What moves the price
The share trades about 22% below its 52-week high and 32% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at −6% fair-value upside, at −19%, DWARKESH screens richer than that median.
Fair Value models
Bear₹26.21Fair Value ₹34.95Bull₹43.69
Price ₹42.95 · Downside -18.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (₹0.4808 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+3.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−12.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−5.3%
Start year 2021 (pandemic). Over 10 years: +5.8% a year
Revenue growth 20 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.3%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−18.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−19.3%
Dividend (yield on the price)1.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−19.3% vs −11.6%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.9% → 4%
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+4.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +0.5% a year for the price.
Compare Dwarikesh Sugar Industries Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Confectioners · 86 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score62 · Top 25%
Fair Value upside−18.6% · Below median
Profitability
Return on equity (12 months)3.8% · Below median
Return on assets2.4% · Above median
Net margin (12 months)1.1% · Below median
Operating margin (12 months)−9.3% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−11.7% · Bottom 25%
Dividend yield (12 months)1.2% · Below median
Balance sheet
Debt / equity0.07× · Below median
Valuation Multiplesvs Confectioners median · lower = cheaper
P/E (12 months)55.1× · Priciest 25%
P/B0.96× · Cheaper than median
P/S (12 months)0.59× · Cheaper than median
Price / free cash flow (fiscal year)7.0× · Cheaper than median
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Is Dwarikesh Sugar Industries Limited (DWARKESH) overvalued or undervalued?
As of Nov 10, 2026, our model estimates a fair value of ₹34.95 versus a price of ₹42.95, about 19% lower (overvalued).
What is the fair value of DWARKESH?
Our model-based fair value for Dwarikesh Sugar Industries Limited is ₹34.95 (as of Nov 10, 2026), built from audited fundamentals. The current price: ₹42.95.
What is the quality score of DWARKESH?
Dwarikesh Sugar Industries Limited has a Quality Score of 62/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Dwarikesh Sugar Industries Limited (DWARKESH)?
Our model-based price target is the fair value of ₹34.95 (as of Nov 10, 2026) from 26 valuation models. Cautious scenario ₹26.21, optimistic scenario ₹43.69. It is a calculation from audited fundamentals, not an analyst target.
What is the Dwarikesh Sugar Industries Limited stock forecast for 2026?
Our models put fair value at ₹34.95, about 19% lower versus a price of ₹42.95 (overvalued). Cautious scenario ₹26.21, optimistic scenario ₹43.69. The calculation is refreshed regularly with new filings.
What is the revenue of Dwarikesh Sugar Industries Limited (DWARKESH)?
Dwarikesh Sugar Industries Limited reported trailing-twelve-month revenue of about ₹13.5B (latest available figure, as of Nov 10, 2026).
Does Dwarikesh Sugar Industries Limited pay a dividend?
Dwarikesh Sugar Industries Limited currently shows a dividend yield of 1.16% relative to its recent price (as of Nov 10, 2026).
How much is the dividend of Dwarikesh Sugar Industries Limited (DWARKESH)?
Dwarikesh Sugar Industries Limited has a dividend yield of 1.2%.
What growth is priced into Dwarikesh Sugar Industries Limited (DWARKESH)?
For today's price to be fair in a discounted-cash-flow model, Dwarikesh Sugar Industries Limited would have to grow free cash flow by +4.6 % per year for five years (discount rate 13.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -5.3 % per year. As of Nov 10, 2026.
What discount rate (WACC) does the fair value of DWARKESH use?
Our models discount Dwarikesh Sugar Industries Limited at 13.9 %: a base by market capitalisation (micro), damped by beta 0.06, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Dwarikesh Sugar Industries Limited that is +4.6 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.9 %) and the same formula as our fair value.
How much growth has Dwarikesh Sugar Industries Limited (DWARKESH) delivered so far?
Over the past 5 years revenue at Dwarikesh Sugar Industries Limited grew -5.3 % a year. The price currently implies free-cash-flow growth of +4.6 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Dwarikesh Sugar Industries Limited (DWARKESH) growing?
The median revenue growth in the sector is +3.6 % a year. That is the yardstick for the growth priced into Dwarikesh Sugar Industries Limited (+4.6 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Dwarikesh Sugar Industries Limited (DWARKESH)?
The free-cash-flow yield on the price is 14.25 %: that much free cash flow Dwarikesh Sugar Industries Limited produces per unit of market value. When it exceeds the discount rate of our models (13.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Dwarikesh Sugar Industries Limited (DWARKESH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Dwarikesh Sugar Industries Limited it is ₹34.95 per share (as of Nov 10, 2026), against a price of ₹42.95. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Dwarikesh Sugar Industries Limited stock overvalued or undervalued in 2026?
As of Nov 10, 2026, DWARKESH trades above its calculated fair value: price ₹42.95, fair value ₹34.95, a gap of about −19% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of DWARKESH?
No. The price is what the market pays today (₹42.95); the fair value is what the company's own numbers justify (₹34.95). For Dwarikesh Sugar Industries Limited the two are ₹8.00 per share apart. That gap is exactly why we show both numbers side by side.
How much is Dwarikesh Sugar Industries Limited worth?
The market values Dwarikesh Sugar Industries Limited at about ₹8.0B (market capitalisation, as of Nov 10, 2026). Per share that is ₹42.95; our models calculate a fair value of ₹34.95 per share.
What do the bullish and bearish scenarios say about DWARKESH?
Our models span a range for Dwarikesh Sugar Industries Limited: cautious scenario ₹26.21, base ₹34.95, optimistic ₹43.69 per share (as of Nov 10, 2026, price ₹42.95). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DWARKESH?
Dwarikesh Sugar Industries Limited trades at a price-to-earnings ratio of 55.1 (as of Nov 10, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹34.95 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2018 to 2026), reported earnings: 15.2. Other multiples: P/B 1.0, P/S 0.6, EV/EBITDA 15.0.
How solid is the balance sheet of Dwarikesh Sugar Industries Limited (DWARKESH)?
Balance-sheet figures for Dwarikesh Sugar Industries Limited (as of Nov 10, 2026): return on equity 3.8%, debt of 0.07 per unit of equity. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is DWARKESH from its 52-week high?
Dwarikesh Sugar Industries Limited trades at ₹42.95, about 22% below its 52-week high of ₹55.38 and 32% above the low of ₹32.53 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of ₹34.95 is for.
Which stocks are comparable to Dwarikesh Sugar Industries Limited?
From the same area (Consumer Defensive) we also value Mondelez International, Inc, The Hershey Company, Chocoladefabriken Lindt & Sprüngli AG, Barry Callebaut AG, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Dwarikesh Sugar Industries Limited stock attractive at the current price?
The data as of Nov 10, 2026: price ₹42.95, calculated fair value ₹34.95 (−19%), Quality Score 62/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of DWARKESH calculated?
We run Dwarikesh Sugar Industries Limited through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of ₹34.95 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Dwarikesh Sugar Industries Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Dwarikesh Sugar Industries Limited (DWARKESH)?
The closing price on Nov 9, 2026 was ₹42.95. Our model-based fair value is ₹34.95, about 19% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Dwarikesh Sugar Industries Limited right now?
Solid but not exceptional quality (62/100) and above fair value, neither a clear bargain nor a standout compounder. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Where does the earnings growth of Dwarikesh Sugar Industries Limited (DWARKESH) come from?
Earnings per share at Dwarikesh Sugar Industries Limited grew −9.6 % a year from 2016 to 2026. Broken into its drivers: revenue per share +3.8 %, EBIT margin −11.5 %, tax rate −3.6 %, residual (interest, one-offs) +2.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Dwarikesh Sugar Industries Limited
How large is the market capitalisation of Dwarikesh Sugar Industries Limited (DWARKESH)?
The market capitalisation of Dwarikesh Sugar Industries Limited is ₹8.0B (≈ $84.7M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Dwarikesh Sugar Industries Limited (DWARKESH)?
The price-to-sales ratio of Dwarikesh Sugar Industries Limited is 0.59 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Dwarikesh Sugar Industries Limited (DWARKESH)?
Earnings per share at Dwarikesh Sugar Industries Limited are ₹0.7800 (price ÷ EPS = P/E 55.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Dwarikesh Sugar Industries Limited (DWARKESH)?
The dividend yield of Dwarikesh Sugar Industries Limited is 1.2% (payout 64.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Dwarikesh Sugar Industries Limited (DWARKESH)?
The net margin of Dwarikesh Sugar Industries Limited is 1.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Dwarikesh Sugar Industries Limited (DWARKESH)?
The return on equity (ROE) of Dwarikesh Sugar Industries Limited is 3.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Dwarikesh Sugar Industries Limited (DWARKESH)?
On an EBIT basis the return on assets of Dwarikesh Sugar Industries Limited is 9.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Dwarikesh Sugar Industries Limited (DWARKESH)?
The operating margin of Dwarikesh Sugar Industries Limited is −9.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Dwarikesh Sugar Industries Limited (DWARKESH)?
Revenue at Dwarikesh Sugar Industries Limited is growing −11.7% versus a year earlier (3y avg −12.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Dwarikesh Sugar Industries Limited (DWARKESH)?
Earnings per share at Dwarikesh Sugar Industries Limited are growing +23.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Dwarikesh Sugar Industries Limited (DWARKESH) carry?
The net debt of Dwarikesh Sugar Industries Limited is ₹3.2B (fiscal year 2026, ≈ 2.8 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 10, 2026