ICICI Direct's research report on Dwarikesh Sugar
Dwarikesh Sugar (DSL) is a UP based sugar company with sugar crushing capacity of 21500 TCD, distillery capacity of 337.5 KLD & co-generation capacity of 91 MW. It has commissioned a new distillery at its Dwarikesh Dham unit in June-2022 with capacity of 175 KLD and investment of Rs 230 crore. The company would be able to increase distillery volumes to 11 crore litre in FY24 from 5.6 crore litre in FY22.
We maintain our BUY rating on the stock. We value the stock at Rs 135, valuing the business at 10x FY24 PE.
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