Dwarikesh Sugar Industries Limited has successfully completed its postal ballot process for the re-appointment of two independent directors, with shareholders approving both special resolutions through remote e-voting. The company announced the outcome on December 13, 2025, in compliance with Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.

Approved Director Re-appointments

Shareholders approved the re-appointment of both independent directors for their second consecutive terms:

Director Profiles and Expertise

Both directors bring significant experience to the board. Shri Rajan Medhekar is a retired senior IPS officer and former Director General of Police with extensive experience in law enforcement, governance, and strategic management. His expertise spans risk management, corporate governance, and regulatory compliance.

Shri Gopal Bhimrao Hosur is a retired IPS officer with more than three decades of distinguished service in policing, administration, and public safety. He brings experience in leadership, risk management, ethics, and contributes to corporate governance and strategic oversight.

Regulatory Compliance and Process

The postal ballot notice was approved by the Board of Directors at its meeting held on October 31, 2025. The remote e-voting facility was provided to all members as per the provisions of the Companies Act, 2013, the Companies (Management and Administration) Rules, 2014, and applicable MCA Circulars.

Independence Confirmation

Both directors have been confirmed as not being related to any Director or Key Managerial Personnel of the company. Additionally, neither Shri Rajan Medhekar nor Shri Gopal Bhimrao Hosur is debarred from holding the office of Director by SEBI or any other authority, ensuring their eligibility for the independent director positions.

The successful completion of this postal ballot process strengthens the company's board composition with experienced independent directors continuing their governance roles for another five-year term.

Dwarikesh Sugar Industries Ltd. (DSIL) has unveiled plans for integrated growth through multiple strategic initiatives, even as it navigates through a challenging second quarter. The company's focus on expanding sugarcane acreage, improving productivity, and maximizing ethanol capacity utilization comes against the backdrop of its latest financial results.

Q2 and H1 FY26 Financial Performance

For the quarter ended September 30, 2025 (Q2 FY26), DSIL reported a Loss After Tax (LAT) of ₹32.62 crore, compared to a LAT of ₹24.00 crore in the same quarter last year. The half-year (H1 FY26) results showed a LAT of ₹42.01 crore, against ₹33.72 crore in H1 FY25.

Key Financial Highlights

Operational Performance

• Sugar sales in Q2 FY26 stood at 6.03 lakh quintals, slightly up from 5.97 lakh quintals in Q2 FY25.
• Average realization on domestic sugar sales improved to ₹3,963 per quintal in Q2 FY26, compared to ₹3,767 per quintal in Q2 FY25.
• Sugar inventory as of September 30, 2025, was 3.68 lakh quintals, significantly lower than 5.59 lakh quintals a year ago.
• Industrial alcohol sales in H1 FY26 increased to 21,649 KL from 15,512 KL in H1 FY25.

Strategic Growth Initiatives

Amidst these financial challenges, DSIL is positioning itself for integrated growth through several strategic initiatives:

1. Sugarcane Acreage Expansion: The company is focusing on increasing sugarcane acreage to ensure a stable and increased supply of raw material.

2. Productivity Improvements: DSIL is implementing measures to enhance sugarcane yield and sugar recovery rates.

3. Ethanol Capacity Utilization: Maximizing the utilization of ethanol production capacity to capitalize on the growing demand for biofuels.

4. Value-Added Opportunities: Exploring ethanol blending opportunities to diversify revenue streams.

5. Operational Efficiency: Enhancing plant efficiency and implementing cost control measures to improve profitability.

6. Green Energy Initiatives: Diversifying into green energy projects to align with sustainability trends and create additional revenue sources.

Market Outlook

Vijay S. Banka, Managing Director of DSIL, commented on the market outlook: "Sugar prices, which were hovering around ₹4,000 per quintal during the previous quarter, have since rebounded and are currently nearing ₹4,100 per quintal. Going forward, sugar prices are expected to remain firm."

Future Prospects

DSIL remains optimistic about the forthcoming sugar season, expecting improved crushing volumes and a more diversified varietal mix. The company anticipates that continuous efforts in crop protection and varietal development will help mitigate challenges related to adverse weather conditions and red-rot infestation.

Crushing operations for the 2025-26 sugar season are set to commence on November 7, 2025, at the DN and DP units in Bijnor district, and on November 10, 2025, at the DD unit in Bareilly district.

Despite the current challenges, DSIL's management remains committed to enhancing operational efficiencies and maintaining rigorous cost controls. The company's strategic focus on integrated growth, coupled with its efforts to optimize operations, positions it to potentially overcome the current headwinds and drive sustainable performance in the long term.

Investors and stakeholders will be keenly watching how these strategic initiatives translate into financial performance in the coming quarters, especially given the cyclical nature of the sugar industry and the evolving regulatory landscape for ethanol blending in India.