NSE: DHAMPURSUG · BSE: 500119
DHAMPUR SUGAR MILLS LTD.
Crushes sugarcane at two mills in Uttar Pradesh to make sugar, and uses the by-products (molasses, bagasse, pressmud) to make ethanol, potable spirits, electricity and chemicals. For FY26, total revenue was Rs 2,807.57 cr, spread across sugar (Rs 1,496.23 cr, 45.2% of segment revenue), potable spirits (Rs 934.52 cr, 28.3%), ethanol (Rs 433.56 cr, 13.1%), power (Rs 249.97 cr, 7.6%) and chemicals (Rs 175.32 cr, 5.3%). Sugar is the largest stream by revenue but the thinnest earner per rupee of sales (EBIT Rs 20.03 cr on Rs 1,496.23 cr), while power — although only 7.6% of segment revenue — produced the highest EBIT of Rs 76.44 cr, lifted by a UPERC tariff hike effective 1 April 2024. Potable spirits capacity was expanded with two tetra pack lines commissioned in April and December 2024, taking FY25 volumes up 40% to 31.16 lakh cases. Sugarcane is the dominant input cost — materials made up 53.9% of revenue in FY26 — and the FY25 cane crush fell sharply as the CO238 variety was hit by red rot disease, a multi-year yield drag the company expects to normalise by FY27. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Sugar (45%), Potable Spirits (28%), Ethanol (13%), Power (8%), Chemicals (5%), Others (1%). Cyclical, agro-processing integrated sugar complex — sugar, ethanol, potable spirits, power and chemicals all from one cane feedstock.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,163 | 2,874 | 2,647 | 2,656 | 2,808 |
| EBITDA (ex other income) | 291 | 303 | 266 | 170 | 173 |
| margin % | 13.5 | 10.6 | 10.1 | 6.4 | 6.2 |
| Owners' profit | 144 | 158 | 134 | 52 | 65 |
| EPS, as reported (₹) | 21.70 | 23.72 | 20.27 | 7.98 | 10.09 |
| ROE % · ROCE % | 16.3 · 21.5 | 15.1 · 19.8 | 12.2 · 17.1 | 4.5 · 8.8 | 5.5 · 9.2 |
| Debt / equity (x) | 0.99 | 0.70 | 0.87 | 0.79 | 0.73 |
| Cash from operations | (0) | 383 | (53) | 201 | 243 |
| Capex | (88) | (149) | (74) | (21) | (30) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 581 | 587 | 810 | 741 | 712 | 667 | 687 | 786 |
| Profit before tax | (20) | 22 | 71 | 1 | (13) | 37 | 60 | 8 |
| Net profit | (13) | 15 | 49 | 1 | (8) | 27 | 46 | 6 |
| EPS (₹) | (2.06) | 2.31 | 7.49 | 0.13 | (1.23) | 4.11 | 7.08 | 0.94 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Sugar | 1,496 | 43.7 |
| Power | 250 | 7.3 |
| Ethanol | 434 | 12.7 |
| Chemicals | 175 | 5.1 |
| Potable Spirits | 935 | 27.3 |
| Others | 132 | 3.8 |
| Total, before eliminations | 3,421 | 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) | 15.2 | 14.5 | 11 of 20 | 47% |
| P/B | 0.9 | 0.9 | 13 of 26 | 52% |
| ROCE | 5.8 | 3.0 | 11 of 27 | 62% |
| ROE | 5.5 | 3.5 | 12 of 26 | 56% |
| Debt / Equity | 0.7 | 0.6 | 17 of 26 | 36% |
| EBITDA margin | 4.7 | 4.6 | 13 of 26 | 52% |
| Revenue growth | 6.1 | 5.5 | 11 of 25 | 58% |
| Profit growth | 569.2 | (14.4) | 1 of 27 | 100% |
| Market cap | 1064 | 282 | 8 of 28 | 74% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Cost auditor death date corrected to October 18, 2026 | management changes | low | — | — |
| 22 Oct 2026 · Cost Auditor Demise; Replacement Planned | management changes | low | — | — |
| 15 Oct 2026 · Compounding fee of ₹10 lakh for molasses storage shortfall at Rajpura unit | regulatory legal | medium | — | — |
| 7 Oct 2026 · Dhampur Sugar Mills files quarterly dematerialisation compliance certificate | compliance | minimal | — | — |
| 5 Oct 2026 · Dhampur Sugar Mills allots Rs 50 Cr Commercial Paper to Federal Bank | fund raising | medium | — | — |
| 4 Oct 2026 · CFO certificate on use of Commercial Paper proceeds for Jul-Sep 2026 | compliance | minimal | — | — |
| 24 Sept 2026 · Trading window closed from Oct 1, 2026 ahead of Q2 results | compliance | minimal | — | — |
| 24 Sept 2026 · Minutes of 91st AGM - all 9 resolutions approved by shareholders | board shareholder meetings | medium | — | — |
| 27 Aug 2026 · Dhampur Sugar Mills AGM 2026 results: all 9 resolutions passed | board shareholder meetings | low | — | — |
| 26 Aug 2026 · Dhampur Sugar Mills 91st AGM held; dividend and NBFC entry proposed | board shareholder meetings | 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.