NSE: DALMIASUG · BSE: 500097
DALMIA BHARAT SUG IN LTD
Manufactures sugar from sugarcane and converts the by-product molasses into ethanol (distillery), with sugar making up 70.7% of segment revenue and distillery contributing 29.1% for FY26. Total FY26 revenue stood at ₹3,618.08 crore with a net profit of ₹235.66 crore and an EBITDA margin of 14.35%. The company operates a sugar milling capacity of 43,200 TCD (tonnes crushed per day) and a distillery capacity of 950 KLPD (kilolitres per day), spanning units such as Jawaharpur, Ramgarh, Gangapur and Ninaidevi in Uttar Pradesh. It has approved a 3,500 TCD greenfield sugar project in Tanzania via its 51%-owned subsidiary Eagle Agrotech, covering a 10,000-hectare sugarcane plantation, an initial 70,000 MT per annum sugar capacity, and a 20 MW cogeneration facility at a cost of about US$132 million. The board has also altered its objects clause to enter biofuels including bio-ethanol, bio-methanol, sustainable aviation fuel, HVO, bio-diesel, bio-CNG and green hydrogen, leveraging sugarcane, molasses, bagasse and cellulosic biomass. Materials (sugarcane, molasses and other inputs) account for 73.7% of revenue, making raw material cost the dominant cost line. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Sugar (71%), Distiller (29%), Others (0%). Asset-heavy, agro-linked cyclical sugar and ethanol business with a renewables/biofuels expansion push.
Exhibit 1: Financial summary, FY20–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY20 | FY21 | FY22 | FY24 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,035 | 2,686 | 3,018 | 2,899 | 3,618 |
| EBITDA (ex other income) | 260 | 471 | 448 | 412 | 426 |
| margin % | 12.8 | 17.6 | 14.8 | 14.2 | 11.8 |
| Owners' profit | 0 | 0 | 0 | 0 | 237 |
| EPS, as reported (₹) | 23.87 | 33.40 | 36.54 | 33.66 | 29.12 |
| ROE % · ROCE % | 12.7 · 16.1 | 12.6 · 16.8 | 12.5 · 14.4 | 9.3 · 11.6 | 7.3 · 9.6 |
| Debt / equity (x) | 0.79 | 0.43 | 0.35 | 0.49 | 0.55 |
| Cash from operations | — | 346 | 567 | (239) | 219 |
| Capex | — | (72) | (333) | (366) | (124) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 584 | 750 | 960 | 926 | 841 | 698 | 991 | 848 |
| Profit before tax | 96 | 107 | 75 | 38 | 76 | 93 | 143 | 10 |
| Net profit | 65 | 91 | 55 | 66 | 60 | 70 | 104 | 7 |
| EPS (₹) | 8.02 | 11.28 | 6.76 | 8.18 | 7.35 | 8.59 | 12.79 | 0.85 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Sugar | 1,440 | 69.3 |
| Distiller | 312 | 15.0 |
| Others | 2 | 0.1 |
| Distillery | 324 | 15.6 |
| Total, before eliminations | 2,078 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BALRAMPUR CHINI MILLS LTD | 13,331 | 34.4 | 3.22 | 21.2 | 9.1 | 9.7 | 5.4 | 7.9 |
| TRIVENI ENGG. & INDS. LTD | 4,955 | 17.6 | 1.48 | 11.6 | 8.0 | 9.4 | 10.1 | 3.3 |
| BAJAJ HINDUSTHAN SUGAR LT | 4,237 | 13.1 | 1.11 | 20.6 | 3.3 | 1.5 | (3.9) | (10.4) |
| BANNARI AMMAN SUGARS LTD | 3,944 | 32.4 | 2.06 | — | 7.7 | 8.7 | — | 0.5 |
| SHREE RENUKA SUGARS LTD | 3,894 | — | — | 70.7 | 29.6 | (108.2) | 10.2 | (3.1) |
| DALMIA BHARAT SUG IN LTD ◆ | 3,284 | 13.7 | 1.02 | 9.1 | 7.3 | 8.0 | 6.1 | 8.3 |
| UTTAM SUGAR MILLS LTD. | 1,202 | 13.8 | 1.35 | 8.1 | 11.3 | 12.7 | — | 4.5 |
| DHAMPUR SUGAR MILLS LTD. | 1,064 | 15.2 | 0.89 | 9.8 | 5.5 | 5.8 | (7.9) | 4.7 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.7 | 14.5 | 8 of 20 | 63% |
| P/B | 1.0 | 0.9 | 15 of 26 | 44% |
| ROCE | 8.0 | 3.0 | 8 of 27 | 73% |
| ROE | 7.3 | 3.5 | 10 of 26 | 64% |
| Debt / Equity | 0.6 | 0.6 | 12 of 26 | 56% |
| EBITDA margin | 8.3 | 4.6 | 9 of 26 | 68% |
| Revenue growth | (8.4) | 5.5 | 19 of 25 | 25% |
| Profit growth | (89.6) | (14.4) | 20 of 27 | 27% |
| Market cap | 3284 | 282 | 6 of 28 | 82% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 22 Oct 2026 · Subsidiary signs $87.5M loan for Tanzania sugar project | capex operations | high | — | — |
| 15 Oct 2026 · Dalmia Bharat Sugar incorporates WOS in Abu Dhabi | strategic transactions | medium | — | — |
| 8 Oct 2026 · UP-GST imposes Rs 1.55 lakh penalty on Dalmia Bharat Sugar | general | medium | — | — |
| 6 Oct 2026 · Routine SEBI Regulation 74(5) certificate filed with exchanges | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closure from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 10 Aug 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
| 7 Aug 2026 · Dalmia Bharat Sugar Q1 FY27: Revenue Rs 848 Cr, PAT drops to Rs 8.6 Cr | compliance | low | — | — |
| 7 Aug 2026 · Q1 FY27 results: Revenue down 10% YoY, Net Profit falls 78% to Rs 8.57 cr | results | high | — | — |
| 27 Jul 2026 · Board meeting on Aug 7 to consider Q1 FY27 results | results | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.