Investor Presentation

REF: DSIL/2026-2027/231 Date: October 29, 2026 Corporate Relationship Department N a t i o n a l S t o c k E xchange of India Limited BSE Limited “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: Disclosure under regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 – Investor Presentation; Dear Sir, Pursuant to regulation 30 – Schedule III - Part A – Item no.15 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, we are enclosing herewith Investor Presentation for quarter (Q2) and half year ended September 30, 2026 for the purpose of making disclosures under Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 to the stock exchange(s). Kindly take the same on record. Thanking you, Yours faithfully, For Dwarikesh Sugar Industries Ltd. B. J. Maheshwari Managing Director & CS cum CCO DIN: 00002075 Investor Presentation Company Performance Date Q2 & H1 FY27 Results 29 October 2026 This presentation and the accompanying slides (the “Presentation”), which have been prepared by Dwarikesh Sugar Industries Ltd (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. This presentation contains certain forward looking statements concerning the Company’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost overruns on contracts, our ability to manage our international operations, government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the Company. Safe harbor statement • Sector outlook ... 4 Table of • Business overview ... 6 • Financial performance ... 11 contents • Operation trends ... 17 • Pictures of our facilities ... 25 ❑ According to the ISO’s August 2026 report, global sugar production for 2025–26 is projected at a record 180.1 MMT, against consumption of 180.4 MMT, resulting in a marginal deficit of 0.3 MMT. For 2026–27, production is estimated at 180.7 MMT versus consumption of 179.6 MMT, indicating a modest surplus. However, intensifying El Niño concerns pose downside risks to production, potentially tightening global supply- demand balances. ❑ Global sugar prices have strengthened amid concerns over the impact of uneven monsoon rainfall in India, particularly in Maharashtra, Karnataka and Uttar Pradesh, on sugarcane yields and production. These concerns, coupled with potential El Niño-related disruptions, have supported prices, with New York raw sugar futures trading above 20 cents/lb and London white sugar futures exceeding USD 540/MT. ❑ Sugar production and supply: India’s 2025–26 sugar season concluded on 30th September 2026, with provisional ISMA estimates indicating net sugar production of 279.47 lakh tons, after accounting for the diversion of approximately 3.2 million tons of sugar towards ethanol production. Domestic consumption is estimated at 285 lakh tons. After factoring in exports of 8.25 lakh tons and imports of 0.75 lakh tons, closing stocks are projected at 36.66 lakh tons, providing comfortable supply coverage until fresh production from the upcoming season becomes available. ❑ Sugar price trends: Ex-factory sugar prices improved from an average of approximately Rs. 4,000 per quintal in FY 2025–26 to over Rs. 4,500 per quintal in Q2 FY 2026–27. Prices currently stand at around Rs. 4,700 per quintal and are expected to remain firm in the near term. ❑ SS 2026–27 Outlook and Government measures: El Niño poses a downside risk to sugarcane production, particularly in Maharashtra and Karnataka, while output in Uttar Pradesh is expected to remain broadly stable. Trade estimates indicate a potential production decline of at least 2 million tons. To bolster domestic sugar availability, the government has banned the use of B-heavy molasses and sugarcane juice/syrup for ethanol production during SS 2026-27 season Sector outlook ❑ Government measures to stabilize sugar Prices: The DFPD held meetings with sugar mills in Uttar Pradesh on 15–16 October 2026 to review market availability and preparedness for the upcoming crushing season. Effective 15th October 2026, dealer stockholding limits were revised to 15 days, capped at 1,000 quintals generally and 2,000 quintals for Kolkata and Assam, alongside other measures to curb price increases and ensure adequate domestic supplies. ❑ Ethanol supply and policy changes: As of September 2026, ethanol supplies to OMCs reached 987 crore litres against 1,197 crore litres allocated, with sugar-based sources contributing 282 crore litres and grain-based sources 705 crore litres. The EBP programme achieved 20% blending, while sugar diversion towards ethanol was estimated at 32 lakh tons. For ESY 2026–27, OMCs have invited bids for approximately 1,100 crore litres, excluding ethanol produced from sugarcane juice, syrup and B-heavy molasses to eliminate sugar diversion, while permitting supplies from C-heavy molasses, maize, damaged food grains and surplus FCI rice, subject to tender conditions. ❑ Until early September, the sugarcane crop in Uttar Pradesh appeared to be in good condition, despite a marginal decline in the area under cultivation. However, unseasonal and excessive rainfall towards the end of September and during the first half of October has significantly altered the outlook. Waterlogging across cane fields, lodging of standing crops and concerns over stunted growth are raising the risk of lower yields. Consequently, what had initially appeared to be a promising season may now fall short of expectations ❑ Impact of red rot disease, which had severely affected the widely cultivated Co 0238 variety, has largely subsided, as the variety has been substantially replaced by newer, disease-resistant alternatives. However, the transition to improved varieties has been a prolonged and challenging process. With several promising varieties in the pipeline, the Uttar Pradesh sugar industry is expected to see a gradual recovery in cane productivity and yields, potentially regaining its growth momentum over the next two sugar seasons ❑ Uttar Pradesh government increased the State Advised Price (SAP) of sugarcane by Rs. 30 per quintal for the 2025/26 sugar season. Announcement [Showing first 8,000 characters — download PDF for full document]