Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

Dhampur Sugar Mills Ltd

DHAMPURSUG
Sugar

Dhampur Sugar Mills Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it.

The sharpest disagreement: annual EPS moved +26.8% against a −6.3% price move — the market has not yet caught up with the delivery.

The price is in a confirmed uptrend (11 weeks in) while the P/E sits at the 82nd percentile of its own 10-year range. Underneath, the last four quarters read deteriorating — profit −6.1% year on year, and 155% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.

Price
₹142
−6.3% 1Y
P/E
14.0×
82nd pctile
of its own 10-year range
Revenue (Mar 26)
₹491 Cr
−20.7% YoY
Profit (Mar 26)
₹46.0 Cr
−6.1% YoY
Operating margin
17.0%
+1.0 pp YoY
ROCE
6%
FY26
ROIC
5.3%
vs WACC 12.0% → −6.7 pp
Cash conversion
155%
of profit, last 3 FY
Unverified figures: Some figures on this page come from a second financial-data feed that could not be cross-checked against the primary source — the two do not share enough overlapping reported history to compare. They are drawn, because they are the only evidence there is, and every section carrying one is marked unverified. PEG is the exception: the quarterly curve is not drawn at all. PEG asks what is being paid for growth — both sides of that division come from the source that could not be checked, so it is withheld instead of marked.
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Dhampur Sugar Mills Ltd trades at ₹142, in a confirmed uptrend and 11 weeks into that stage. That is +3.4% against its own 200-day average. It sits at 70% of a 52-week range of ₹112 to ₹155. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (8 weeks and counting).

Today the stock is in a confirmed uptrend — week 11 of stage 2, confirmed. At ₹142 it trades +3.4% versus its 200-day average and sits at 70% of its 52-week range (₹112–₹155).

Jul 26: ₹142 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
+3.4% versus the 200-day line, week 11 of stage 2
Price50-day avg200-day avg
S2S4S2₹329₹271₹212₹154₹95.9₹142₹138Jul 23Apr 24Feb 25Nov 25Jul 26
S2S4S2₹329₹271₹212₹154₹95.9₹142₹138Jul 23Feb 25Jul 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (547 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Mar 16Jul 26

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +124% while the NIFTY 500 moved +274% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (8 weeks and counting; last ahead the week of 2026-06-12) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 82nd percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Dhampur Sugar Mills Ltd trades at 14.0× P/E, at the pricey end of its own range (82nd percentile). Its long-run median P/E is 9.2×, measured across 10.3 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 14.0× is at the pricey end of its own range (82nd percentile), against a long-run median of 9.2× measured over 10.3 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 14.0× vs a 9.2× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 10.3-year window; loss-period spikes above 28× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
at the pricey end of its own range (82nd percentile)
P/EMedianEPS (TTM) (quarterly)
29.7×₹45.822.2×₹34.414.8×₹22.97.4×₹11.50.0×₹0.0×14.00×₹10Apr 16Nov 18Jun 21Jan 24Jul 26
29.7×₹45.822.2×₹34.414.8×₹22.97.4×₹11.50.0×₹0.0×14.00×₹10Apr 16Jun 21Jul 26
P/E
14.0×
82nd percentile of 10y

Why the multiple sits where it does: over the past year annual EPS moved +26.8% against a −6.3% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the −15.3%/yr price move, ~−21.7%/yr came from earnings growth and ~+6.4 pp from the multiple (expanding); over 10y, of the +2.9%/yr price move, ~−7.4%/yr came from earnings growth and ~+10.3 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: No read

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Dhampur Sugar Mills Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 10 quarters across 3 curves, on partial evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. Where the trailing-twelve-month history is short, the curve falls back to single-quarter year-on-year growth — noisier, and the classifier smooths and caps base-effect spikes before reading. Base-effect spikes shown pinned (▲). A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
24%110%8.1%0.0%−7.9%−110%−24%−220%−40%−330%%%−20.7%−6.1%26.7%Jun 23Sep 24Mar 26
24%110%8.1%0.0%−7.9%−110%−24%−220%−40%−330%%%−20.7%−6.1%26.7%Jun 23Sep 24Mar 26
ROCE Annual readings — the quarterly balance-sheet pieces this curve needs are not held for this stock, so the returns read moves once a year and carries less weight in the call.
the return curve, annual readings
ROCE
16%13%11%7.9%5.3%%6%FY23FY24FY26
16%13%11%7.9%5.3%%6%FY23FY24FY26
Revenue growth
Falling
latest −20.7% · span −33.1% to +19.7%
Profit growth
Flat
latest −6.1% · span −95.6% to +80.0%
ROCE
Falling
latest 6.0% · span 6.0%–15.0%

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

The latest quarter’s profit carries a one-off item larger than the operating base, so the profit curve is shown but does not vote in the stage call.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

Growth, year by year: revenue +0.5% in FY26, profit +25.0% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn. Turnaround-year spikes shown pinned (▲).
Revenue YoYProfit YoYEPS YoY
36%329%12%224%−12%119%−37%14%−61%−90%%%0.5%25%FY16FY21FY26
36%329%12%224%−12%119%−37%14%−61%−90%%%0.5%25%FY16FY21FY26
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis). The acceleration read compares the last 4 quarters (+0.6%) with the last 8 annualized (−4.7%).
revenue accelerating, profit accelerating
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
14%34%3.6%8.3%−6.8%−17%−17%−43%−28%−68%%%0.6%24.5%Jun 23Sep 24Mar 26
14%34%3.6%8.3%−6.8%−17%−17%−43%−28%−68%%%0.6%24.5%Jun 23Sep 24Mar 26
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+0.5%−7.2%−13.9%−1.3%
Profit+25.0%−25.6%−22.3%+9.6%
EPS+26.8%−24.7%−21.8%+8.9%
Share price−6.3%−19.3%−15.3%+2.9%
Revenue YoY (Mar 26)
−20.7%
latest quarter vs a year ago
Profit YoY (Mar 26)
−6.1%
latest quarter vs a year ago
Revenue 10y
−1.3%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

53.9/100 — rank 6 of 20 in Sugar · 83% evidence confidence

Dhampur Sugar Mills Ltd scores 53.9 out of 100 against the 20 companies it is compared with in Sugar, ranking 6. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 18.9 + 10.2 + 9.5 + 15.3 = 53.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Dhampur Sugar Mills Ltd reported ₹491 Cr of revenue in the Mar 26 quarter, −20.7% year on year. Over 10 years it has compounded at −1.3% a year. The last full year, FY26, came in at ₹1,967 Cr. The last four reported quarters add to ₹1,967 Cr.

Dhampur Sugar Mills Ltd reported ₹491 Cr of revenue in the Mar 26 quarter, −20.7% year on year. Over 10 years it has compounded at −1.3% a year. The last full year, FY26, came in at ₹1,967 Cr. The last four reported quarters add to ₹1,967 Cr.

FY26 revenue came in at ₹1,967 Cr (+0.5% on the year), capping 10 years at −1.3% compound. The latest quarter (Mar 26) printed ₹491 Cr, −20.7% year on year.

FY26 revenue ₹1,967 Cr (+0.5% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
−1.3% a year over 10 years
RevenueYoY growth
4.5k36%3.4k12%2.2k−12%1.1k−37%0−61%₹ Cr%₹1,9670.5%FY16FY21FY26
4.5k36%3.4k12%2.2k−12%1.1k−37%0−61%₹ Cr%₹1,9670.5%FY16FY21FY26
Mar 26: ₹491 Cr (−20.7% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Revenue (quarterly)YoY growth
84624%6348.1%423−7.9%211−24%0−40%₹ Cr%₹491−20.7%Jun 23Sep 24Mar 26
84624%6348.1%423−7.9%211−24%0−40%₹ Cr%₹491−20.7%Jun 23Sep 24Mar 26

Pace check: the last four quarters averaged +3.0% growth against the decade's −1.3% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +0.6% over the last 4 quarters against −4.7%/yr over the last 8 — accelerating; TTM profit +24.5% vs −29.8%/yr — accelerating.

→ Revenue slipped — did margins hold as it scaled? Next: 17.0% this quarter (+1.0 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Dhampur Sugar Mills Ltd's operating margin is 17.0% in the Mar 26 quarter, +1.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 7.0% to 20.0%. The current quarter sits inside that band.

Dhampur Sugar Mills Ltd's operating margin is 17.0% in the Mar 26 quarter, +1.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 7.0% to 20.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 17.0%, +1.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 7.0%–20.0%.

Why the margin moved: operating margin went +1.0 pp year on year while gross margin went +3.4 pp — the gain came mostly from the gross line: input costs and pricing.

FY26: 9.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 13-year window.
within a 7.0–20.0% band over 13 years
operating marginYoY change (pp)
21%13%17%6.8%14%1.0%9.7%−4.8%6.0%−11%%%9%0%FY14FY20FY26
21%13%17%6.8%14%1.0%9.7%−4.8%6.0%−11%%%9%0%FY14FY20FY26
Mar 26: 17.0% operating margin (+1.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
18%2.7%13%0.1%8.5%−2.5%3.6%−5.1%−1.4%−7.7%%%17%1%Jun 23Sep 24Mar 26
18%2.7%13%0.1%8.5%−2.5%3.6%−5.1%−1.4%−7.7%%%17%1%Jun 23Sep 24Mar 26

→ Margins held — did that reach the bottom line? Next: profit −6.1% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Dhampur Sugar Mills Ltd earned ₹46.0 Cr of net profit in the Mar 26 quarter, −6.1% year on year. Full-year FY26 profit was ₹65.0 Cr. The 10-year compound rate is 9.6%. That is 9.4% of the quarter's revenue. The same quarter a year earlier earned ₹49.0 Cr. 2 of the last 12 reported quarters were loss-making.

Dhampur Sugar Mills Ltd earned ₹46.0 Cr of net profit in the Mar 26 quarter, −6.1% year on year. Full-year FY26 profit was ₹65.0 Cr. The 10-year compound rate is 9.6%. That is 9.4% of the quarter's revenue. The same quarter a year earlier earned ₹49.0 Cr. 2 of the last 12 reported quarters were loss-making.

Mar 26 profit was ₹46.0 Cr, −6.1% year on year. On the full year, FY26 printed ₹65.0 Cr (+25.0%), and the 10-year compound rate is 9.6%.

FY26 profit ₹65.0 Cr (+25.0% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
9.6% a year over 10 years
Net profitYoY growth
271852%203607%136362%68116%0−129%₹ Cr%₹6525%FY16FY21FY26
271852%203607%136362%68116%0−129%₹ Cr%₹6525%FY16FY21FY26
Mar 26: ₹46.0 Cr (−6.1% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Net profit (quarterly)YoY growth
57115%38−12%20−140%0−268%−18−395%₹ Cr%₹46−6.1%Jun 23Sep 24Mar 26
57115%38−12%20−140%0−268%−18−395%₹ Cr%₹46−6.1%Jun 23Sep 24Mar 26

🚨 Why profit moved: revenue contributed −20.7% and the margin +1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +8.0% vs revenue +3.0%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 155% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 155% of Dhampur Sugar Mills Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹243 Cr of operating cash against ₹65.0 Cr of profit. After ₹28.0 Cr of capital spending, ₹215 Cr was left as free cash.

FY26: operating cash of ₹243 Cr against reported profit of ₹65.0 Cr, leaving free cash of ₹215 Cr after ₹28.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 155% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹243 Cr vs profit ₹65.0 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution. FY22 reflects an acquisition year — point shown clipped.
155% of 3-year profit arrived as cash
Operating cashNet profitFree cash
973636299−39−376₹ Cr₹243₹65₹215FY16FY21FY26
973636299−39−376₹ Cr₹243₹65₹215FY16FY21FY26
FY26: CFO = 374% of profit (three-year rate 155%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
330%220%110%0.0%−111%%300%FY16FY21FY26
330%220%110%0.0%−111%%300%FY16FY21FY26

Why conversion sits at 155%: the cash cycle stretched 84 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

→ So follow the cash to where it goes. Next: a 189-day cycle and ₹142 Cr of building.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Dhampur Sugar Mills Ltd's cash conversion cycle runs 189 days in FY26, up from 105 days in FY21. Capital spending ran ₹142 Cr over the last 3 years. At FY26 sales of ₹1,967 Cr each day of that cycle holds about ₹5.4 Cr, so roughly ₹1,019 Cr sits inside the business at any moment.

FY26: debtors at 21 days, inventory at 206 days — roughly 6.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 189 days, looser than FY21's 105.

The full loop: cash goes out to suppliers and production on day 0; stock waits 206 days to sell; customers pay about 21 days after that; and suppliers themselves are paid at 38 days — netting out to the 189-day cycle.

In money terms: at FY26 sales of ₹1,967 Cr, each day of the cycle holds about ₹5.4 Cr — so the 189-day loop keeps roughly ₹1,019 Cr sitting inside the business at any moment.

FY26: a 189-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 13-year window.
+84 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
351263174850days189d206d21d38dFY14FY17FY20FY23FY26
351263174850days189d206d21d38dFY14FY20FY26

On the investment side: capital spending of ₹142 Cr over the last 3 fiscal years against ₹183 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹13.0 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹28.0 Cr, work-in-progress ₹13.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
steady investment
CapexWork-in-progress
376126−125−376−626₹ Cr₹28₹13FY16FY18FY21FY23FY26
376126−125−376−626₹ Cr₹28₹13FY16FY21FY26

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 6% and the ROIC − WACC spread is −6.7 pp.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Dhampur Sugar Mills Ltd earns a ROCE of 6% in FY26. That is up from a trough of 4% in FY14. Return on invested capital clears the cost of that capital by −6.7 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 3.3% net margin on 0.81× asset turns.

FY26 ROCE is 6%, recovered from a FY14 trough of 4% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 3.3% net margin × 0.81× asset turns × 2.02× balance-sheet leverage ≈ 5.4% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 5.3% − 12.0% = a −6.7 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

FY26: ROCE 6% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 13-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY14's 4%
ROCEROIC (annual)WACC
20%16%11%7.0%2.6%%6%4.5%FY14FY20FY26
20%16%11%7.0%2.6%%6%4.5%FY14FY20FY26
Q4 FY26: ROCE 7.6% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
20%16%12%7.2%2.9%%7.6%5.5%Q1 FY24Q2 FY25Q4 FY26
20%16%12%7.2%2.9%%7.6%5.5%Q1 FY24Q2 FY25Q4 FY26

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.75.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Dhampur Sugar Mills Ltd carries total debt of ₹899 Cr against shareholder equity of ₹1,198 Cr as of Mar 26, a debt-to-equity of 0.75. On the annual view that ratio went from 1.00 in FY22 to 0.75 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹899 Cr against shareholder equity of ₹1,198 Cr — a debt-to-equity of 0.75. On the annual view, debt-to-equity went from 1.00 (FY22) to 0.75 (FY26). Read the returns on this page with that leverage in mind.

FY26: debt ₹899 Cr at 0.75× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
1.1k1.02×7950.94×5300.85×2650.77×00.69×₹ Cr×₹8990.75×FY22FY24FY26
1.1k1.02×7950.94×5300.85×2650.77×00.69×₹ Cr×₹8990.75×FY22FY24FY26
Mar 26: debt ₹899 Cr, debt-to-equity 0.75 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
1.1k0.9×7950.8×5300.6×2650.5×00.3×₹ Cr×₹8990.75×Jun 23Sep 24Mar 26
1.1k0.9×7950.8×5300.6×2650.5×00.3×₹ Cr×₹8990.75×Jun 23Sep 24Mar 26

→ Who owns this, and are they adding or leaving? Next: Foreign institutions cut 3.5 points over 8 quarters.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions cut 3.5 points of Dhampur Sugar Mills Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 1.9% of the company. Promoters moved +0.7 points over the same window, to 49.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −3.5 points over 8 quarters to 1.9%; Promoters: +0.7 points over 8 quarters to 49.9%; Domestic institutions: +0.7 points over 8 quarters to 1.1%.

🚨 Why the register moved: foreign institutions drove it (−3.5 points), absorbed on the other side by promoters (+0.7 points) — distribution into the market’s bid.

Fiscal-year ends: promoters +0.8 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
54%39%25%11%−3.5%%49.9%2.4%0.8%46.9%Mar 24Mar 25Mar 26
54%39%25%11%−3.5%%49.9%2.4%0.8%46.9%Mar 24Mar 25Mar 26
Foreign institutions cut 3.5 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
54%39%25%11%−3.5%%49.9%1.9%1.1%47.0%Jun 23Dec 24Jun 26
54%39%25%11%−3.5%%49.9%1.9%1.1%47.0%Jun 23Dec 24Jun 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Dhampur Sugar Mills Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Related companies · same sector · Sugar Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
Dhampur Sugar Mills Ltd this page14.0×₹914 CrNo read
DCM Shriram Ltd18.5×₹15,685 CrImproving
EID Parry (India) Ltd20.6×₹13,489 CrMixed
Balrampur Chini Mills Ltd34.1×₹12,890 CrMixed
Triveni Engineering and Industries Ltd19.6×₹5,480 CrNo read
Shree Renuka Sugars Ltd₹4,732 CrNo read
Bannari Amman Sugars Ltd29.7×₹4,391 CrMixed
Bajaj Hindusthan Sugar Ltd29.4×₹4,133 CrNo read
Dalmia Bharat Sugar & Industries Ltd12.7×₹2,930 CrMixed
M.V.K. Agro Food Product Ltd42.0×₹1,958 Cr
Godavari Biorefineries Ltd42.4×₹1,427 CrNo read
Andhra Sugars Ltd11.7×₹1,170 CrMixed
Avadh Sugar & Energy Ltd16.8×₹1,052 CrNo read
Uttam Sugar Mills Ltd8.6×₹871 CrNo read
Dwarikesh Sugar Industries Ltd₹803 CrNo read
Zuari Industries Ltd6.6×₹765 CrNo read
Magadh Sugar & Energy Ltd11.0×₹696 CrNo read
Dhampur Bio Organics Ltd26.5×₹678 CrNo read
Davangere Sugar Company Ltd58.6×₹499 CrMixed
DCM Shriram Industries Ltd8.2×₹498 CrDeteriorating
12 · Frequently asked questions

Frequently asked questions

What is Dhampur Sugar Mills Ltd's share price today?

Dhampur Sugar Mills Ltd trades at ₹142, −6.3% over the past year. The company is valued at ₹914 Cr. The stock sits at 70% of its 52-week range of ₹112–₹155, +3.4% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 11 weeks in. — as of 24 July 2026.

What were Dhampur Sugar Mills Ltd's latest quarterly results?

Dhampur Sugar Mills Ltd reported revenue of ₹491 Cr and net profit of ₹46.0 Cr for the Mar 26 quarter. Revenue fell 20.7% and profit fell 6.1% year on year. Earnings per share were ₹7.10. The operating margin was 17.0%, 1.0 pp higher than a year earlier. — as of 24 July 2026.

What is Dhampur Sugar Mills Ltd's revenue?

Dhampur Sugar Mills Ltd reported revenue of ₹491 Cr in the Mar 26 quarter, −20.7% year on year. For the full FY26 fiscal year, revenue was ₹1,967 Cr (+0.5%). Over the last 10 years revenue compounded at −1.3% a year. — as of 24 July 2026.

What is Dhampur Sugar Mills Ltd's profit?

Dhampur Sugar Mills Ltd earned ₹46.0 Cr of net profit in the Mar 26 quarter, −6.1% year on year. Full-year FY26 profit was ₹65.0 Cr. The operating margin ran 17.0% in the latest quarter. — as of 24 July 2026.

What is Dhampur Sugar Mills Ltd's market cap?

Dhampur Sugar Mills Ltd's market capitalisation is ₹914 Cr at a share price of ₹142. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is Dhampur Sugar Mills Ltd's P/E ratio?

Dhampur Sugar Mills Ltd trades at a P/E of 14.0×, at the 82nd percentile of its own 10-year range, against a long-run median of 9.2×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does Dhampur Sugar Mills Ltd pay a dividend?

Yes — Dhampur Sugar Mills Ltd's dividend payout was 20% of profit in FY26, and it recorded a payout in 8 of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.

Is Dhampur Sugar Mills Ltd overvalued?

On its own history, Dhampur Sugar Mills Ltd looks expensive against its own history: its P/E of 14.0× sits at the 82nd percentile of its 10-year range (long-run median 9.2×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.

Is Dhampur Sugar Mills Ltd growing?

Not right now — Dhampur Sugar Mills Ltd's latest numbers are shrinking: latest-quarter revenue −20.7% year on year, profit −6.1%, and the margin +1.0 pp at 17.0%. The 10-year compound rates are −1.3% (revenue) and 9.6% (profit). The earnings engine currently reads: deteriorating — as of 24 July 2026.

How is Dhampur Sugar Mills Ltd performing?

Dhampur Sugar Mills Ltd is in a confirmed uptrend, 11 weeks in. Its latest quarter's revenue fell 20.7% and profit fell 6.1% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 8 weeks. This describes what the data did, not a rating. — as of 24 July 2026.

Is Dhampur Sugar Mills Ltd in an uptrend?

Yes — the price is in a confirmed uptrend (week 11 of stage 2), trading +3.4% versus its 200-day average and at 70% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is Dhampur Sugar Mills Ltd beating the market?

Not lately — on a trailing-13-week view Dhampur Sugar Mills Ltd is currently behind the NIFTY 500 (8 weeks and counting; last ahead the week of 2026-06-12), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.3 years the stock moved +124% against the NIFTY 500's +274% — behind the index over the full window. — as of 24 July 2026.

Will Dhampur Sugar Mills Ltd's share price go up?

This page publishes no price forecast for Dhampur Sugar Mills Ltd. What it measures instead: the share price is ₹142, the price is in a confirmed uptrend 11 weeks in. Its P/E of 14.0× sits at the 82nd percentile of its own 10-year range. — as of 24 July 2026.

Who owns Dhampur Sugar Mills Ltd?

Promoters hold 49.9% of Dhampur Sugar Mills Ltd, foreign institutions 1.9%, domestic institutions 1.1% and the public 47.0% (latest quarter). The biggest move on the register over the last two years: Foreign institutions cut 3.5 points over 8 quarters. — as of 24 July 2026.

Does Dhampur Sugar Mills Ltd have too much debt?

It is moderate — Dhampur Sugar Mills Ltd's debt-to-equity is 0.75, and operating profit covers the interest bill 4×. FY26 borrowings were ₹899 Cr against equity of ₹1,197 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.

What is Dhampur Sugar Mills Ltd's capex?

Dhampur Sugar Mills Ltd spent ₹142 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹28.0 Cr, with ₹13.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is Dhampur Sugar Mills Ltd's cash flow?

Dhampur Sugar Mills Ltd generated ₹243 Cr of operating cash flow in FY26 and ₹215 Cr of free cash flow after ₹28.0 Cr of capital spending. Reported profit that year was ₹65.0 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is Dhampur Sugar Mills Ltd's profit real cash?

Yes — over the last 3 fiscal years, 155% of Dhampur Sugar Mills Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹243 Cr against reported profit of ₹65.0 Cr. The cash then goes into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 24 July 2026.

Where is Dhampur Sugar Mills Ltd in its business cycle?

Dhampur Sugar Mills Ltd's FY26 operating margin was 9.0%, against a 13-year band of 7.0%–20.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 17.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the Dhampur Sugar Mills Ltd story?

The sharpest disagreement: annual EPS moved +26.8% against a −6.3% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is Dhampur Sugar Mills Ltd a stock worth studying right now?

This is not investment advice. The machine read: Dhampur Sugar Mills Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

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