Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹3211 Cr.
Stock P/E
13.6
P/B
1
Current Price
₹396.7
Book Value
₹ 401.5
Face Value
2
52W High
₹519.4
52W Low
₹ 262.8
Dividend Yield
1.51%

Dalmia Bharat Sugar Overview

Business

Dalmia Bharat Sugar And Industries Ltd. is an integrated sugar manufacturer in India. Its core business involves the crushing of sugarcane to produce white crystal sugar. The company also leverages its by-products: molasses for manufacturing ethanol (and related products) in its distilleries, and bagasse for co-generation of power, which is used for captive consumption and sale to the grid. This integrated business model aims to mitigate the cyclicality and price volatility inherent in the standalone sugar business.

Revenue Mix

The company primarily operates through three major segments:

Sugar: Production and sale of crystal sugar. This is typically the largest revenue contributor.

Distillery: Production and sale of ethanol, primarily to Oil Marketing Companies (OMCs) for blending with petrol, as well as rectified spirit and extra neutral alcohol. This segment has grown significantly in importance.

Co-generation: Generation and sale of power using bagasse (a sugar production by-product) to the state grid, after meeting captive requirements.

Industry

The Indian sugar industry is highly regulated, subject to government policies on sugarcane pricing (Fair and Remunerative Price/State Advised Price), minimum selling price of sugar, and export/import quotas. It is also cyclical due to its agro-climatic dependence and commodity price fluctuations. Dalmia Bharat Sugar is one of the larger, integrated players in the Indian sugar sector, particularly with a significant presence in Uttar Pradesh and Maharashtra. Its integrated model, with substantial distillery and co-generation capacities, positions it to better manage the volatility compared to pure-play sugar producers.

MOAT

Integrated Operations: The ability to produce ethanol from molasses and power from bagasse significantly diversifies revenue streams and improves profitability by utilizing by-products. This reduces reliance on sugar price movements and provides stability.

Scale & Geographic Presence: Operating multiple mills in key sugar-growing regions allows for economies of scale in procurement, processing, and distribution, as well as a degree of de-risking from localized weather impacts.

Established Relationships: Long-standing relationships with sugarcane farmers in its catchment areas ensure a relatively stable supply of raw material.

Growth Drivers

Ethanol Blending Program (EBP): The Indian government's aggressive targets for ethanol blending (E20 by 2025) provide a structural and stable demand driver for ethanol, leading to capacity expansion opportunities and consistent revenue from distilleries.

Increasing Domestic Sugar Consumption: Driven by population growth and rising disposable incomes.

Operational Efficiency: Continuous focus on improving sugarcane crushing efficiency, sugar recovery rates, and energy efficiency in co-generation.

Value-added Products: Potential to explore further value-added products from sugarcane by-products.

Risks

Regulatory Risks: Significant government intervention in sugar pricing (MSP, FRP/SAP), export/import policies, and ethanol pricing can heavily impact profitability.

Climatic Risks: Dependence on monsoons and other weather patterns directly affects sugarcane yield, quality, and availability.

Commodity Price Volatility: Fluctuations in global and domestic sugar prices can lead to earnings instability.

Input Cost Volatility: Variations in sugarcane procurement prices and other operational costs.

Environmental Regulations: Stringent environmental norms for distillery and sugar operations may lead to higher compliance costs.

Management & Ownership

Dalmia Bharat Sugar is part of the diversified Dalmia Group, an established Indian conglomerate with interests in cement, sugar, and other sectors. The company is promoter-led, with the Dalmia family holding a significant ownership stake. The management team typically comprises professionals responsible for day-to-day operations and strategic execution under the board's guidance.

Outlook

Dalmia Bharat Sugar is positioned to benefit from India's growing domestic sugar consumption and, more significantly, the structural push for ethanol blending. Its integrated business model provides a crucial hedge against the inherent volatility of the sugar commodity cycle, with the distillery segment expected to offer more stable and predictable earnings. However, the company remains exposed to the risks of adverse climatic conditions affecting sugarcane availability and yield, as well as the pervasive influence of government policies on pricing and trade. While the ethanol program offers a strong growth runway, regulatory shifts or unforeseen events in agricultural output could impact its financial performance.

Dalmia Bharat Sugar Share Price

Live · BSE / NSE · Inception: 1951
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Dalmia Bharat Sugar Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 584 750 960 926 838 1016 941 698 991 848
Other Income 27 37 16 16 19 16 11 29 34 28
Total Income 610 787 976 942 857 1032 952 726 1025 876
Total Expenditure 474 631 849 861 737 818 851 588 821 805
Operating Profit 136 156 127 82 120 213 101 138 204 71
Interest 8 16 26 12 9 16 16 12 25 27
Depreciation 32 33 26 32 35 38 32 33 37 34
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 96 107 75 38 76 160 53 93 143 10
Provision for Tax 31 15 20 -28 16 -39 13 23 39 3
Profit After Tax 65 91 55 66 59 199 39 70 104 7
Adjustments 0 0 0 0 0 0 0 0 1 1
Profit After Adjustments 65 91 55 66 59 199 39 70 104 8
Adjusted Earnings Per Share 8 11.3 6.8 8.2 7.3 24.6 4.8 8.6 12.9 1

Dalmia Bharat Sugar Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 1166 1686 2244 2019 2111 2686 3018 3252 2899 3725 3618 3478
Other Income 22 24 25 75 56 54 86 76 129 61 94 102
Total Income 1188 1710 2270 2093 2167 2739 3104 3328 3028 3786 3712 3579
Total Expenditure 940 1308 2010 1781 1774 2213 2592 2816 2488 3247 3193 3065
Operating Profit 248 402 259 312 393 526 512 512 540 539 519 514
Interest 87 102 69 69 88 62 35 38 50 63 63 80
Depreciation 113 56 54 52 57 96 95 121 127 131 136 136
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 47 244 136 192 247 369 382 353 363 345 320 299
Provision for Tax -11 57 14 16 54 98 85 105 91 -20 84 78
Profit After Tax 58 186 122 175 193 271 297 248 272 366 236 220
Adjustments 0 0 0 0 0 -1 -2 2 0 0 1 2
Profit After Adjustments 58 186 122 175 193 270 296 250 272 366 237 221
Adjusted Earnings Per Share 7.2 23 15.1 21.6 23.9 33.4 36.5 30.9 33.7 45.2 29.2 27.3

Dalmia Bharat Sugar Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 513 1261 1505 1532 1519 2143 2359 2705 2932 3063 3242
Minority's Interest 0 0 0 0 0 0 0 0 0 0 -7
Borrowings 571 396 376 461 424 227 337 326 338 514 511
Other Non-Current Liabilities 83 170 151 228 279 348 417 535 543 479 580
Total Current Liabilities 916 1108 882 1057 1348 1175 918 513 1600 838 1528
Total Liabilities 2082 2935 2913 3277 3570 3893 4032 4079 5413 4895 5853
Fixed Assets 752 1280 1293 1316 1353 1308 1531 1652 1847 1657 1784
Other Non-Current Assets 137 253 351 352 287 549 593 1027 1079 1078 1655
Total Current Assets 1192 1402 1269 1609 1930 2035 1880 1400 2488 2159 2415
Total Assets 2082 2935 2913 3277 3570 3893 4032 4079 5413 4895 5853

Dalmia Bharat Sugar Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 36 45 58 59 28 53 71 95 66 469 287
Cash Flow from Operating Activities -24 155 706 -220 59 346 567 583 -239 410 219
Cash Flow from Investing Activities -77 -144 -178 -29 -179 37 -327 -192 -257 -113 -851
Cash Flow from Financing Activities 112 2 -528 219 145 -364 -217 -419 902 -480 664
Net Cash Inflow / Outflow 11 13 1 -31 25 18 23 -29 405 -182 32
Closing Cash & Cash Equivalent 46 58 59 28 53 71 95 66 471 287 328

Dalmia Bharat Sugar Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 7.21 23.01 15.11 21.64 23.87 33.4 36.53 30.89 33.66 45.15 29.24
CEPS(Rs) 21.22 29.88 21.75 28 30.94 45.28 48.43 45.65 49.34 61.27 45.95
DPS(Rs) 0.6 2 0 1.6 2 3 4 4 5 6 6
Book NAV/Share(Rs) 62.86 155.83 185.86 189.22 187.62 264.69 291.42 334.15 362.22 378.41 400.55
Core EBITDA Margin(%) 18.75 21.42 10.29 11.74 15.95 17.59 14.1 13.42 14.2 12.82 11.76
EBIT Margin(%) 11.15 19.62 9.04 12.89 15.91 16.04 13.8 12.02 14.26 10.96 10.58
Pre Tax Margin(%) 3.92 13.81 5.99 9.49 11.72 13.74 12.65 10.86 12.53 9.27 8.83
PAT Margin (%) 4.83 10.56 5.38 8.68 9.15 10.09 9.84 7.64 9.4 9.81 6.51
Cash Profit Margin (%) 14.2 13.71 7.74 11.23 11.86 13.65 12.98 11.36 13.78 13.32 10.28
ROA(%) 2.97 7.43 4.18 5.66 5.64 7.26 7.5 6.12 5.74 7.09 4.39
ROE(%) 12.1 21.04 8.84 11.54 12.67 14.81 13.21 9.81 9.67 12.19 7.47
ROCE(%) 8.89 16.79 8.65 10.73 12.52 14.61 13.28 12.34 11 9.64 8.38
Receivable days 27.74 22.44 14.97 25.28 32.28 19.37 17.03 17.71 16.93 11.81 15.2
Inventory Days 244.3 200.3 142.03 166.8 209.6 183.77 158.14 127.93 176.89 167.55 168.46
Payable days 134.69 74.57 64.45 110 105.57 66.09 45.31 36.88 54.9 38.94 24.22
PER(x) 13.76 7.53 4.26 5.67 2.05 5.59 13.19 10.89 10.1 7.99 13.51
Price/Book(x) 1.58 1.11 0.35 0.65 0.26 0.7 1.65 1.01 0.94 0.95 0.99
Dividend Yield(%) 0.6 1.15 0 1.3 4.09 1.61 0.83 1.19 1.47 1.66 1.52
EV/Net Sales(x) 1.62 1.52 0.55 0.99 0.76 0.89 1.53 0.96 1.26 0.98 1.29
EV/Core EBITDA(x) 7.63 6.37 4.77 6.42 4.09 4.54 9.02 6.07 6.76 6.78 8.97
Net Sales Growth(%) 1.42 44.55 33.12 -10.06 4.57 27.23 12.39 7.75 -10.85 28.47 -2.87
EBIT Growth(%) 72.29 156.54 -40.57 26.51 29.08 28.29 -3.24 -6.25 5.79 -1.28 -6.19
PAT Growth(%) 3819.46 218.94 -34.34 43.21 10.3 40.3 9.7 -16.49 9.73 34.14 -35.52
EPS Growth(%) 3818.69 218.94 -34.34 43.21 10.3 39.94 9.39 -15.44 8.96 34.14 -35.24
Debt/Equity(x) 2.24 0.96 0.52 0.68 0.84 0.45 0.35 0.17 0.49 0.34 0.55
Current Ratio(x) 1.3 1.27 1.44 1.52 1.43 1.73 2.05 2.73 1.55 2.58 1.58
Quick Ratio(x) 0.3 0.34 0.59 0.49 0.45 0.56 0.69 0.71 0.45 0.61 0.47
Interest Cover(x) 1.54 3.38 2.96 3.79 3.8 6.97 11.97 10.37 8.26 6.48 6.04
Total Debt/Mcap(x) 1.42 0.87 1.49 1.04 3.23 0.63 0.21 0.17 0.52 0.36 0.56

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -3% +4% +6% +12%
Operating Profit CAGR -4% 0% 0% +8%
PAT CAGR -36% -2% -3% +15%
Share Price CAGR +13% -3% -2% +13%
ROE Average +7% +10% +10% +12%
ROCE Average +8% +10% +11% +12%

Dalmia Bharat Sugar Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 74.91 %
FII 0.5 %
DII (MF + Insurance) 0.44 %
Public (retail) 24.14 %
Others 0.01 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 74.9174.9174.9174.9174.9174.9174.9174.9174.9174.91
FII 1.020.961.010.880.741.070.960.690.710.5
DII 0.260.260.220.220.230.230.230.260.290.44
Public 23.8123.8723.8523.9924.1223.7923.924.1424.0824.14
Others 0000000000
Total 100100100100100100100100100100

Dalmia Bharat Sugar Peer Comparison

Dalmia Bharat Sugar Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Dalmia Bharat Sugar Pros & Cons

Pros

  • Debtor days have improved from 38.94 to 24.22days.
  • Company has reduced debt.

Cons

  • Company has a low return on equity of 10% over the last 3 years.
  • The company has delivered a poor profit growth of -2% over past five years.
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