Dwarikesh Sugar Board Approves FY26 Results, Dividend & Key Appointments
Dwarikesh Sugar Industries held its Board meeting on May 14, 2026, approving audited standalone financial results for FY26 with total income of ₹1,40,193.92 lakhs and net profit after tax of ₹3,083.80 lakhs. The Board recommended a 10% dividend of ₹0.10 per share, scheduled the 32nd AGM for August 6, 2026, appointed cost and internal auditors for FY 2026-27, and approved the reappointment of Gautam R. Morarka as Executive Chairman for five years from January 1, 2027. Results were published in newspapers on May 15, 2026, per Regulation 47 of SEBI LODR.
*this image is generated using AI for illustrative purposes only.
Dwarikesh Sugar Industries Limited held a Board of Directors meeting on Thursday, May 14, 2026, via video conferencing, where several significant decisions were considered and approved. The meeting commenced at 12.05 p.m. and concluded at 3.35 p.m. Key outcomes included the adoption of audited financial results for the quarter and year ended March 31, 2026, recommendation of a dividend, scheduling of the 32nd Annual General Meeting (AGM), and appointments of auditors and a director. In compliance with Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the audited financial results were subsequently published in Business Standard (New Delhi Edition, English) and Shah Times (Moradabad Edition, Hindi), both on May 15, 2026.
Audited Financial Results
The Board adopted the Audited Standalone Financial Results for the quarter and year ended March 31, 2026, along with the Auditor's Report issued by M/s Mittal Gupta & Co., Chartered Accountants, and a Declaration for the Auditor's Report with Unmodified Opinion. The following table presents the key financial metrics as published in the newspaper extract:
| Sr. No. | Particulars | Q4 FY26 (Mar 31, 2026) Audited | Q3 FY26 (Dec 31, 2025) Unaudited | Q4 FY25 (Mar 31, 2025) Audited | FY26 (Mar 31, 2026) Audited | FY25 (Mar 31, 2025) Audited |
|---|---|---|---|---|---|---|
| 1 | Total Income from Operations | 42,542.55 | 32,511.58 | 45,885.06 | 1,40,193.92 | 1,35,888.34 |
| 2 | Net Profit/(Loss) before Tax, Exceptional items | 8,170.06 | 2,679.25 | 8,763.34 | 4,252.24 | 5,246.05 |
| 3 | Net Profit/(Loss) before Tax (after Exceptional items) | 8,170.06 | 2,679.25 | 8,763.34 | 4,252.24 | 5,246.05 |
| 4 | Net Profit/(Loss) after Tax (after Exceptional items) | 5,740.95 | 1,543.50 | 4,633.00 | 3,083.80 | 2,333.57 |
| 5 | Total Comprehensive Income | 5,818.30 | 1,543.50 | 4,589.29 | 3,161.15 | 2,289.86 |
| 6 | Paid-up Equity Share Capital (face value ₹1 each) | 1,853.01 | 1,853.01 | 1,853.01 | 1,853.01 | 1,853.01 |
| 7 | Reserves (excl. Revaluation Reserve) | — | — | — | 81,018.39 | 78,768.63 |
| 8 | Securities Premium Account | — | — | — | 14,688.11 | 14,688.11 |
| 9 | Net Worth | — | — | — | 82,871.40 | 80,621.64 |
| 10 | Basic EPS (₹, face value ₹1 each, not annualised) | 3.10 | 0.83 | 2.50 | 1.66 | 1.26 |
| 10 | Diluted EPS (₹, face value ₹1 each, not annualised) | 3.10 | 0.83 | 2.50 | 1.66 | 1.26 |
Note: Figures for the last quarter are balancing figures between audited full-year figures and published unaudited year-to-date figures up to the third quarter. All figures in ₹ lakhs unless otherwise stated.
Dividend Declaration and AGM Details
The Board of Directors recommended a dividend of ₹0.10 per equity share of face value ₹1 each (10%) for the financial year 2025-26, subject to approval of members at the 32nd AGM. The 32nd Annual General Meeting is scheduled for Thursday, August 6, 2026, at the registered office of the Company. The register of members and share transfer books will remain closed from Friday, July 31, 2026, to Thursday, August 6, 2026 (both days inclusive) for the purpose of the AGM and determining dividend eligibility.
| Parameter: | Details |
|---|---|
| AGM Date: | Thursday, August 6, 2026 |
| Book Closure Period: | Friday, July 31, 2026 to Thursday, August 6, 2026 |
| Record Date: | Thursday, July 30, 2026 |
| Dividend: | ₹0.10 per equity share (10%) |
| Face Value: | ₹1 per equity share |
Auditor Appointments
The Board approved two key auditor appointments for the financial year 2026-27. M/s. Ramanath Iyer & Co., Cost Accountants (Firm Registration No. 000019), was appointed as Cost Auditors of the Company. The remuneration is subject to ratification by shareholders at the ensuing AGM pursuant to Section 148(3) of the Companies Act, 2013. Additionally, M/s. S.S. Kothari Mehta & Company, Chartered Accountants, was appointed as Internal Auditors of the Company in terms of Section 138 of the Companies Act, 2013.
| Appointment: | Firm: | Role: |
|---|---|---|
| Cost Auditor: | M/s. Ramanath Iyer & Co., Cost Accountants (Firm Reg. No. 000019) | Cost Audit for FY 2026-27 |
| Internal Auditor: | M/s. S.S. Kothari Mehta & Company, Chartered Accountants | Internal Audit for FY 2026-27 |
Reappointment of Executive Chairman
Based on the recommendation of the Nomination and Remuneration Committee, the Board approved the reappointment of Mr. Gautam R. Morarka (DIN: 00002078) as Whole-Time Director, designated as Executive Chairman, for a further term of five consecutive years with effect from January 1, 2027, upon expiry of his current term on December 31, 2026. The reappointment is subject to approval of shareholders at the ensuing AGM. Mr. Morarka brings over four decades of extensive experience in the sugar and allied industries, with deep expertise in strategic planning, business expansion, and operations management across integrated sugar complexes, including distillery operations. Ms. Priyanka G. Morarka is his daughter, as disclosed under the relationship between directors.
| Parameter: | Details |
|---|---|
| Name: | Shri Gautam R. Morarka |
| DIN: | 00002078 |
| Designation: | Whole-Time Director (Executive Chairman) |
| Reappointment Effective Date: | January 1, 2027 |
| Term: | Five consecutive years |
| Subject To: | Shareholder approval at ensuing AGM |
Source: None/Company/INE366A01041/85752cf8-247a-4e7f-b540-e84163a7e082.pdf
Historical Stock Returns for Dwarikesh Sugar Industries
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -3.93% | -13.01% | -7.79% | +1.08% | -7.08% | -17.28% |
Given that Dwarikesh Sugar's full-year net profit after tax grew ~32% YoY to ₹3,083.80 lakhs, how might the company deploy its strengthened balance sheet to expand distillery or ethanol blending capacity amid India's evolving biofuel policy?
With a dividend of only ₹0.10 per share (10% on face value) despite improved profitability, what factors—such as debt repayment, capex plans, or working capital needs—could be influencing the conservative payout, and is a higher dividend likely in coming years?
How might the reappointment of Gautam R. Morarka as Executive Chairman for another five-year term impact Dwarikesh Sugar's long-term strategic direction, particularly regarding succession planning and corporate governance given the family relationship with Ms. Priyanka G. Morarka?
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