Dwarikesh Sugar Q1 FY27 Results (NSE: DWARKESH)
Signal: Slipped to loss
The read
Standalone loss of ₹2,573 Cr in Q1FY27 reflects a dramatic reversal from profitability in Q4FY26 (₹5,741 Cr profit) and Q1FY26 (₹570 Cr profit), driven by both sugar and distillery segments swinging into the red. Revenue decline of 11.7% YoY was aggravated by a 63.9% collapse in distillery revenue. Operating margin turned negative (-3.0%) vs positive 9.4% a year ago. The filing cites seasonal industry nature but does not provide specific volume or pricing drivers.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹358.13 Cr | -11.7% | -15.8% |
| EBIT | ₹-31.4 Cr | -135.7% | |
| Net profit | ₹-25.73 Cr | -548.5% | |
| EPS | ₹-1.39 | -144.8% | |
| EBIT margin | -3.0% |
P&L walk
Company has no subsidiaries; standalone-only.
Segments
Both segments turned loss-making: sugar segment PBIT swung from profit of ₹6,598.35 Lakh in Q4FY26 to loss of ₹2,824.21 Lakh; distillery segment PBIT swung from profit of ₹2,334.17 Lakh to loss of ₹238.92 Lakh, indicating severe stress across operations.
Key concerns
- Both sugar and distillery segments reported operating losses, with distillery revenue collapsing 63.9% YoY.
- Overall revenue declined 11.7% YoY while operating expenses (excluding cost of materials) did not fall proportionately, leading to negative operating margin.
- Employee cost as % of revenue rose to 6.9% from 6.3% a year ago, eroding margin.
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