Shareholders meeting

REF: DSIL/2026-27/108 Date: 10th July 2026 Corporate Relationship Department National Stock Exchange of India Limited Bombay Stock Exchange “Exchange Plaza” Phiroze Jeejeebhoy Towers Bandra – Kurla Complex, Dalal Street, Fort, Mumbai - 400 001 Bandra [E], Mumbai - 400 051 Fax: 22723 2082 /3132 Scrip Code – 532610 Scrip Code – DWARKESH Sub: Regulation 34 – Submission of Notice of 32nd Annual General Meeting and Annual Report for the Financial Year 2025-26. Dear Sir/Madam, Pursuant to Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the Annual Report of the Company for the financial year 2025-26, along with the Notice convening the 32nd Annual General Meeting (AGM), scheduled to be held on Thursday, August 6, 2026, at 12:15 p.m. at the registered office of the Company at Dwarikesh Nagar – 246762, District Bijnor, Uttar Pradesh. Kindly acknowledge receipt of the same. Thanking you, Yours Sincerely B. J. Maheshwari Managing Director & CS cum CCO DIN: 00002075 Encl: as above tenacity DWARIKESH SUGAR INDUSTRIES LIMITED 32ND ANNUAL REPORT | 2025-26 2ND INTEGRATED ANNUAL REPORT importance of tenacity in 2025-26 At Dwarikesh Sugar, the three sugar seasons leading to SS 2025-26 represented arguably the most demanding agricultural phase in the Company’s recent journey. Despite a severe pressure on cane availability for reasons beyond the Company’s control, Dwarikesh remained profitable. This outcome was shaped by it’s culture of tenacity. This tenacity comprised disciplined decision-making, measured responses and an unwavering commitment to culture continuity. Even as the operating environment remained constrained, the Company protected its agricultural ecosystem, preserving financial stability and sustaining operational resilience. This approach is expected to moderate the impact of the downturn while empowering the Company to recover as soon as agricultural conditions stabilise. Disclaimer In this Annual Report we have disclosed forward-looking information to enable investors to comprehend our prospects and take informed investment decisions. This report and other statements - written and oral - that we periodically make contain forward-looking statements that set out anticipated results based on the management’s plans and assumptions. We have tried wherever possible to identify such statements by using words such as ‘anticipates’, ‘estimates’, ‘expects’, ‘projects’, ‘intends’, ‘plans’, ‘believes’ and words of similar substance in connection with any discussion of future performance. We cannot guarantee that these forward-looking statements will be realised, although we believe we have been prudent in our assumptions. The achievement of results is subject to risks, uncertainties and even inaccurate assumptions. Should known or unknown risks or uncertainties materialise or should underlying assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. Readers should bear this in mind. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information. Contents 05 42 Corporate Snapshot Our Capitals 11 88 Dwarikesh’s Financial Management Discussion Performance Across The Years and Analysis 16 105 5 Principal Messages Board of Directors’ Profiles 23 109 Chairman’s Overview Notice 25 127 Managing Director’s Statutory Reports Performance Review 29 258 Integrated Value Creation Financial Statements Dwarikesh Sugar Industries Limited 32nd Annual Report | 2025-26 2nd Integrated Annual Report About the report Purpose of the report Contribution to SDGs Dwarikesh Sugar Reporting Period Industries Limited 1st April 2025 (referred to as “DSIL”, “Company”, “we”, “our” 31st March 2026 or “us”) presents this Report to provide clear, comprehensive, and timely information to our stakeholders. Through this Report, we outline our performance Scope and Boundary External assurance across financial, The locations and business units The financial statements presented environmental, social covered in this Report include our in this Report have been audited by and governance areas, sugar manufacturing facilities, Mittal Gupta & Co. and explain how we distilleries, corporate office in create value over the Mumbai and regional offices in Uttar Forward-looking statements Pradesh and Delhi. short, medium and long This Report contains forward- term. Our purpose is to looking statements regarding market Reporting framework conditions, business dynamics, offer a transparent view This Integrated Report has been Company strategy, and future of our actions, progress prepared with reference to the prospects. These statements are and priorities during Guiding Principles and Content subject to risks and uncertainties Elements of the International <IR> that could cause actual results to the reporting period, Framework established by the differ materially. Changes in the enabling stakeholders International Financial Reporting macroenvironment may also impact to understand how we Standards Foundation (IFRS). The these outcomes. As such, these operate responsibly and Report incorporates the Business statements reflect the Company’s Responsibility and Sustainability current expectations and are plan for sustainable Report (BRSR), in reference to the subject to change. The Company is growth. guidelines set forth by the Securities not obliged to update or revise any and Exchange Board of India (SEBI). forward-looking statements in the Furthermore, it is aligned with light of new information or future the United Nations Sustainable events. Development Goals (UNSDGs). Point of contact Responsibility statement For any query, please write to: Our management recognises the Shri B. J. Maheshwari responsibility to uphold the accuracy Managing Director, Company of the information provided in this Secretary cum Chief Compliance Report. This Integrated Annual Officer Report has been reviewed and approved for publication by the Email: management of the Company. bjmaheshwari@dwarikesh.com Company Overview Statutory Reports Financial Statements Introducing our Capitals Our value creation approach is integrated across this report, with strategies and initiatives aligned to each Capital. We have combined Manufactured and Intellectual Capital to reflect how physical infrastructure and intellectual capabilities, including R&D, innovation, and digital systems, combine to enhance operational efficiency and sustainable long-term value. Financial Infrastructure and Human Capital Knowledge Capital Capital Resources available for our business Physical assets and intellectual Skills and expertise of our workforce, operations and growth property, enhancing operational driving innovation efficiency 1,401.94 24.32 1,455 H crore, Revenue, 2025-26 lakh tonnes, sugar cane crushed Permanent employees 94.03 2.37 90.43 H crore, EBITDA, 2025-26 lakh tonnes, sugar produced %, Retention rate Page 42 Page 45 Page 56 Social and Natural Relationship Capital Capital Stakeholder relationships built on Environmental resources managed trust and collaboration responsibly across production processes ~1.50 99.91 lakh, farmers engaged with %, Share of renewable energy in the Company’s energy mix 953 35,081 H crore, cane procurement MT CO₂, biogenic emissions captured equivalent to emissions from 79,736 barrels of crude oil Page 70 Page 78 Key highlights, 2025-26 ƒ ~1.50 lakh farmers engaged, ƒ CO 0238 cane variety reduced to ƒ H54.65 crore long-term debt with timely payments and strong 60.57% coverage; full replacement repaid; debt-equity ratio (factoring support during varietal transition. on track for SS 2027. long-term debt) improved to 0.11. Manifold increase in the cane ƒ H2.33 crore invested in CSR ƒ Credit rating reaffirmed by ICRA, development budget to enhance – education, healthcare, and reflecting financial prudence and farmer awareness and crop sustainabili [Showing first 8,000 characters — download PDF for full document]