Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹1100 Cr.
Stock P/E
16.8
P/B
0.9
Current Price
₹171.1
Book Value
₹ 187.1
Face Value
10
52W High
₹199.9
52W Low
₹ 110.2
Dividend Yield
1.17%

Dhampur Sugar Mills Overview

Business

Dhampur Sugar Mills Ltd. is an integrated sugar company based in India. Its core business involves the manufacturing of sugar (white refined sugar, raw sugar, jaggery), and it has diversified into allied products and by-products. The company operates multiple sugar mills, a distillery for ethanol production, and co-generation plants to produce power from bagasse (a sugar cane by-product). It also manufactures industrial chemicals (like ethyl acetate), bio-fertilizers, and hand sanitizers. The company makes money primarily through the sale of sugar, ethanol, and electricity generated from its co-generation units, along with other chemical and agricultural products.

Revenue Mix

Dhampur Sugar Mills typically reports revenue across several key segments. While exact percentages can vary by year, the major segments and their general contributions are:

Sugar: This remains the largest segment, involving the crushing of sugarcane and production of various types of sugar.

Distillery (Ethanol): A significant and growing segment, driven by the government's ethanol blending program. It produces ethanol from molasses and sugar syrup.

Co-generation: Production and sale of electricity generated from bagasse, consumed captive and sold to the grid.

Chemical & Others: Includes products like ethyl acetate, bio-fertilizers, and hand sanitizers.

The company's strategy involves shifting a larger portion of its sugarcane juice towards ethanol production, thus diversifying its revenue mix away from sole reliance on sugar prices.

Industry

The Indian sugar industry is highly regulated, cyclical, and largely dependent on monsoon patterns and government policies. It is characterized by a fragmented structure with numerous mills, predominantly in Uttar Pradesh, Maharashtra, and Karnataka. Dhampur Sugar Mills is one of the established and leading integrated sugar producers in India, particularly prominent in Uttar Pradesh. It ranks among the larger players with significant crushing capacity and diversified operations. The industry faces challenges from cane price volatility, sugar price fluctuations, and high inventory levels, but is benefiting from government support for ethanol.

MOAT

Dhampur Sugar Mills possesses several competitive advantages:

Integrated Operations: The ability to produce sugar, ethanol, and power from the same feedstock (sugarcane) provides cost efficiencies, better utilization of by-products, and diversification of revenue streams, reducing dependence on a single product's price.

Scale and Presence: With multiple units and substantial crushing capacity, the company benefits from economies of scale in procurement, production, and distribution. Its established presence in Uttar Pradesh ensures access to a major sugarcane-producing region.

Farmer Relationships: Long-standing relationships with sugarcane farmers in its command area ensure a relatively stable supply of raw material.

Efficient Logistics: Established supply chains and distribution networks in its operating regions.

Growth Drivers

Ethanol Blending Program (EBP): The Indian government's aggressive targets for 20% ethanol blending by 2025 (E20) is a major driver. This creates a stable and remunerative demand for ethanol, allowing sugar mills to divert sugarcane juice/molasses to ethanol production, thereby stabilizing revenues and reducing sugar surplus.

Distillery Capacity Expansion: Companies like Dhampur are actively expanding their distillery capacities to capitalize on the EBP, which will boost ethanol sales volumes.

Value-Added Products: Continued focus on higher-margin chemical products and other by-products can enhance profitability.

Domestic Sugar Consumption: Steady, albeit modest, growth in domestic sugar consumption driven by population growth.

Risks

Regulatory Risks: Changes in government policies related to cane pricing (Fair and Remunerative Price - FRP/State Advised Price - SAP), sugar release mechanisms, export/import policies, and ethanol pricing can significantly impact profitability.

Climatic Dependency: Sugar cane production is highly dependent on monsoon patterns. Adverse weather conditions (droughts or floods) can impact cane availability and quality, leading to higher procurement costs or lower sugar recovery.

Commodity Price Volatility: Fluctuations in domestic and international sugar prices directly affect revenue and margins. While ethanol provides some cushion, sugar remains a significant revenue component.

Sugarcane Availability & Price: Shortages or significant increases in sugarcane procurement prices can squeeze margins.

Environmental Regulations: Stricter environmental norms for distilleries and sugar mills can lead to higher compliance costs and capital expenditure.

High Debt Levels: Like many capital-intensive sugar companies, significant debt levels can pose financial risk, especially during periods of low sugar prices or high interest rates.

Management & Ownership

Dhampur Sugar Mills is promoted by the Dhampur Group, a family-led business with a long history in the sugar industry. The company is primarily managed by the promoters, who hold a significant stake, alongside a professional management team. Promoter holding is typically substantial, reflecting long-term commitment. The management team generally brings decades of experience in the sugar and allied industries.

Outlook

Dhampur Sugar Mills is strategically positioned to benefit from the ongoing transformation in the Indian sugar industry. The government's strong push for ethanol blending provides a crucial structural tailwind, offering a more stable and predictable revenue stream, and reducing the cyclicality traditionally associated with sugar price fluctuations. Diversified operations across sugar, ethanol, and co-generation enhance resilience.

However, the company remains exposed to inherent risks of the agro-based industry, including climate dependency, sugarcane price volatility, and evolving government regulations. The efficient execution of distillery expansion projects and effective raw material management will be key to capitalizing on growth opportunities. While the ethanol segment offers a promising path for earnings stability and growth, profitability will continue to be influenced by the balance between sugar supply-demand, cane prices, and timely policy support.

Dhampur Sugar Mills Share Price

Live · BSE / NSE · Inception: 1933
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Dhampur Sugar Mills Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 667 678 581 587 810 741 712 667 687 786
Other Income 4 4 6 7 1 8 2 6 7 6
Total Income 671 682 586 594 812 749 714 674 695 792
Total Expenditure 571 651 581 545 709 718 703 612 602 755
Operating Profit 101 31 5 48 102 31 11 62 92 37
Interest 15 16 12 10 12 16 10 8 14 16
Depreciation 17 13 13 16 19 14 14 16 18 13
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 69 2 -20 22 71 1 -13 37 60 8
Provision for Tax 17 1 -7 7 22 0 -5 11 14 2
Profit After Tax 52 2 -13 15 49 1 -8 27 46 6
Adjustments -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Profit After Adjustments 52 2 -13 15 49 1 -8 26 46 6
Adjusted Earnings Per Share 7.9 0.2 -2.1 2.3 7.5 0.1 -1.2 4.1 7.1 0.9

Dhampur Sugar Mills 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 2233 2584 3352 2892 3484 2158 1904 2460 2169 1957 1967 2852
Other Income 30 29 31 34 54 15 11 17 32 22 26 21
Total Income 2263 2613 3383 2926 3538 2173 1915 2477 2201 1978 1993 2875
Total Expenditure 2023 2068 2997 2421 3127 1882 1613 2156 1903 1787 1794 2672
Operating Profit 241 546 385 505 412 292 303 321 298 191 199 202
Interest 164 172 125 103 120 42 51 46 47 54 51 48
Depreciation 55 54 58 70 76 51 50 52 59 62 62 61
Exceptional Income / Expenses 10 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 31 320 203 332 216 199 202 223 192 75 86 92
Provision for Tax 6 90 51 66 -8 55 58 65 58 23 21 22
Profit After Tax 26 230 151 265 224 143 144 158 135 52 65 71
Adjustments 0 -1 0 -14 -8 86 0 -0 -0 -0 -0 0
Profit After Adjustments 26 229 152 251 217 229 144 158 134 52 65 70
Adjusted Earnings Per Share 4.3 34.4 22.9 37.8 32.6 34.5 21.7 23.7 20.5 8 10.1 10.9

Dhampur Sugar Mills 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 711 902 1001 1225 1362 1560 885 1043 1100 1152 1197
Minority's Interest 0 2 1 1 0 0 0 0 1 1 1
Borrowings 546 523 423 531 417 320 234 217 165 143 144
Other Non-Current Liabilities -13 128 115 92 59 300 211 243 181 160 127
Total Current Liabilities 1917 1905 1684 2133 2059 1552 1029 812 1009 978 961
Total Liabilities 3160 3460 3225 3982 3899 3732 2359 2314 2456 2434 2430
Fixed Assets 1496 1494 1597 1597 1638 1614 999 1045 1150 1132 1094
Other Non-Current Assets 49 114 96 78 35 264 212 268 96 48 22
Total Current Assets 1615 1847 1532 2304 2222 1854 1147 1001 1210 1254 1313
Total Assets 3160 3460 3225 3982 3899 3732 2359 2314 2456 2434 2430

Dhampur Sugar Mills 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 9 19 20 39 13 10 72 45 38 3 114
Cash Flow from Operating Activities 168 -48 805 -203 338 880 -0 383 -53 201 243
Cash Flow from Investing Activities -42 -56 -140 -90 -49 -80 -91 -146 -92 22 -244
Cash Flow from Financing Activities -117 106 -647 268 -293 -738 77 -243 109 -111 -109
Net Cash Inflow / Outflow 9 2 19 -26 -3 63 -14 -6 -36 112 -109
Closing Cash & Cash Equivalent 19 20 39 13 10 72 45 38 3 114 5

Dhampur Sugar Mills 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) 4.3 34.43 22.85 37.82 32.62 34.53 21.7 23.73 20.54 7.99 10.12
CEPS(Rs) 13.46 42.75 31.48 50.6 45.2 29.3 29.27 31.65 29.57 17.49 19.82
DPS(Rs) 0 6 3 6.5 6 6 6 6 0 0 2
Book NAV/Share(Rs) 66.52 135.88 150.83 184.49 205.12 235.01 133.32 157.06 168.3 176.27 186.21
Core EBITDA Margin(%) 9.04 19.01 10.44 16.3 10.15 12.37 13.47 10.55 10.06 6.38 6.17
EBIT Margin(%) 8.41 18.09 9.65 15.03 9.53 10.77 11.67 9.35 9.05 4.87 4.88
Pre Tax Margin(%) 1.35 11.77 5.97 11.47 6.12 8.89 9.32 7.75 7.26 2.83 3.06
PAT Margin (%) 1.11 8.45 4.45 9.18 6.36 6.42 6.66 5.5 5.08 1.97 2.33
Cash Profit Margin (%) 3.48 10.45 6.15 11.61 8.51 8.71 8.98 7.31 7.3 4.3 4.54
ROA(%) 0.84 6.93 4.53 7.37 5.69 3.76 4.73 6.76 5.64 2.14 2.69
ROE(%) 6.72 35.25 15.9 23.85 17.32 9.81 11.78 16.39 12.56 4.65 5.56
ROCE(%) 9.61 20.09 12.44 15.81 10.93 8.3 11.31 15.21 12.5 6.27 6.63
Receivable days 37.22 31.4 24.79 40.16 38.02 52.31 38.53 22.5 24.68 21.44 17.09
Inventory Days 197.3 184.01 140.96 177.94 169.7 236.71 180.97 96.46 109.2 124.74 114.17
Payable days 120.55 78.31 54.48 107.55 85.24 135.73 111.6 40.12 32.39 29.37 35.98
PER(x) 21.65 6.3 5.98 6.16 2.54 5.3 24.65 9.41 10.12 14.97 14.02
Price/Book(x) 1.4 1.6 0.91 1.26 0.4 0.78 4.01 1.42 1.24 0.68 0.76
Dividend Yield(%) 0 2.76 2.2 2.79 7.25 3.28 1.12 2.69 0 0 1.41
EV/Net Sales(x) 0.99 1.29 0.69 1.16 0.65 1.05 2.3 0.88 1.06 0.8 0.9
EV/Core EBITDA(x) 9.17 6.1 5.99 6.63 5.5 7.81 14.44 6.71 7.72 8.2 8.93
Net Sales Growth(%) 25.63 15.7 29.73 -13.71 20.47 -38.06 -11.77 29.19 -11.82 -9.79 0.56
EBIT Growth(%) 94.63 151.11 -33.3 32.65 -22.74 -28.39 5 6.39 -10.87 -46 6.05
PAT Growth(%) 301.71 786.9 -34.1 75.51 -15.61 -36.01 0.47 9.69 -14.86 -61.03 24.63
EPS Growth(%) 296.69 701.03 -33.63 65.48 -13.75 5.85 -37.15 9.34 -13.41 -61.13 26.78
Debt/Equity(x) 3.99 2.12 1.45 1.49 1.27 0.73 0.99 0.7 0.88 0.79 0.73
Current Ratio(x) 0.84 0.97 0.91 1.08 1.08 1.19 1.11 1.23 1.2 1.28 1.37
Quick Ratio(x) 0.18 0.19 0.23 0.3 0.3 0.36 0.29 0.41 0.29 0.36 0.47
Interest Cover(x) 1.19 2.86 2.62 4.23 2.79 5.74 4.96 5.86 5.05 2.39 2.67
Total Debt/Mcap(x) 2.96 1.33 1.6 1.18 3.16 0.94 0.25 0.49 0.71 1.16 0.96

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +1% -7% -2% -1%
Operating Profit CAGR +4% -15% -7% -2%
PAT CAGR +25% -26% -15% +10%
Share Price CAGR +27% -17% -11% +3%
ROE Average +6% +8% +10% +15%
ROCE Average +7% +8% +10% +12%

Dhampur Sugar Mills Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 49.87 %
FII 1.95 %
DII (MF + Insurance) 1.13 %
Public (retail) 47.05 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 49.1249.1249.1249.149.149.8749.8749.8749.8749.87
FII 6.025.53.992.141.972.042.051.912.411.95
DII 0.460.460.460.460.470.480.480.580.831.13
Public 44.444.9246.4348.348.4647.6147.647.6446.947.05
Others 0000000000
Total 100100100100100100100100100100

Dhampur Sugar Mills Peer Comparison

Dhampur Sugar Mills Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Dhampur Sugar Mills Pros & Cons

Pros

  • Stock is trading at 0.9 times its book value

Cons

  • Promoter holding is low: 49.87%.
  • Company has a low return on equity of 8% over the last 3 years.
  • Debtor days have increased from 29.37 to 35.98days.
  • The company has delivered a poor profit growth of -14% over past five years.
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