Value Added Product Mix Shift
Expected: FY26HIGH confidence
What: Distillery Capacity: 950 KLPD
Impact: EBITDA > ₹5.5 billion in FY26
Dalmia Bharat Sugar & Industries Ltd: Stock Analysis & Fundamentals
Updated this weekDalmia Bharat Sugar & Industries Ltd (Sugar) — fundamental analysis, earnings data, and key metrics. PE: 11.4. ROE: 7.3%. This stock is not currently in the Nifty 500 momentum outperformers list.
Dalmia Bharat Sugar & Industries Ltd Key Facts
What's Happening
📊Debt increased 51% YoY — leverage rising
Earnings Acceleration Triggers
1. Value Added Product Mix Shift
FY26HIGH
2. Interest Cost Reduction Deleveraging
FY26MEDIUM
Key Risks
1. Government restrictions on ethanol production routes (B-heavy/cane juice) and la
HIGH2. Agro-climatic fluctuations affecting cane availability and recovery rates
MEDIUM3. Increase in cane prices not matched by output price increases could compress mar
MEDIUMSector-Specific Signals
Sugar Sales Volume0.8 LMT-34%
Distillery Volume4.9 Cr litres+2%
Sugar Net Sales Realisation₹39.3/kg+1%
Total Distillery Capacity950 KLPD
Key Numbers
Current Price
₹325
Dividend Yield
1.85%
Market Cap
2.6K Cr
Valuation
N/AWhy Are Dalmia Bharat Sugar & Industries Ltd's Earnings Accelerating?
Based on Q3 FY26 (web) earnings • Updated Apr 19, 2026
Interest Cost Reduction Deleveraging
Expected: FY26MEDIUM confidence
What: Net Leverage: < 1.5x
Impact: Reduction from 2.2x
What Are the Key Risks for Dalmia Bharat Sugar & Industries Ltd?
Earnings deceleration risks from management commentary
Government restrictions on ethanol production routes (B-heavy/cane juice) and la
HIGHTrigger: Government restrictions on ethanol production routes (B-heavy/cane juice) and lack of clarity on ethanol pricing for ESY25.
Management view: Calling for increases in Minimum Support Price for sugar and ethanol prices.
Monitor: regulatory
Agro-climatic fluctuations affecting cane availability and recovery rates
MEDIUMTrigger: Agro-climatic fluctuations affecting cane availability and recovery rates.
Management view: Geographically diversified plants in UP and Maharashtra to mitigate region-specific risks.
Monitor: climate
Increase in cane prices not matched by output price increases could compress mar
MEDIUMTrigger: Increase in cane prices not matched by output price increases could compress margins.
Management view: Focus on cost efficiency and steam-saving projects.
Monitor: commodity
What Did Dalmia Bharat Sugar & Industries Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
₹698 Cr
YoY -17%QoQ -28%
Revenue decline was primarily driven by a sharp 34% YoY drop in sugar sales volumes to 0.8 LMT.
EBITDA
₹109 Cr
YoY +8%Margin 16%
Margins expanded by 400 bps YoY due to improved operational efficiency and a shift toward higher-margin distillery contributions.
PAT
₹70 Cr
YoY +17%QoQ +198.3%
PAT growth outpaced revenue due to margin expansion and lower operating expenses, which fell 19.6% YoY.
Other Highlights
• Interim dividend of ₹4.50 per equity share declared.
• Sugar sales volume fell 34% YoY to 0.8 LMT.
• Distillery volume increased 2% YoY to 4.9 Cr litres.
What Sector Metrics Matter for Dalmia Bharat Sugar & Industries Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Sugar Sales Volume
0.8 LMT
YoY -34%
Why: Sharp drop in sales volume during the quarter.
Distillery Volume
4.9 Cr litres
YoY +2%
Why: Resilience in the distillery segment despite broader revenue declines.
Sugar Net Sales Realisation
₹39.3/kg
YoY +1%
Why: Marginal increase in realization despite volume drop.
Total Distillery Capacity
950 KLPD
Why: Expansion through acquisition of Baghauli Sugar and Distillery.
Cane Crushing Capacity
41,950 TCD
Why: Includes capacity from BSDL acquisition.
Net Debt to EBITDA
0.6x
Why: Strong balance sheet position maintained.
What Is Dalmia Bharat Sugar & Industries Ltd's Management Guidance?
Forward-looking targets from management for Annual
Revenue Growth Target
3.7%
OPM Guidance
13%
Capex Plan
₹107 Cr
Revenue Outlook
3.7%
Margin Outlook
EBITDA margins expected to be at 12%-14% over the near term.
Capex Plan
₹107 Cr
Sustainability projects and steam saving equipment
Volume
Distillery volumes expected to grow to 22 crore litres by FY24 (historical reference) with continued expansion to 950 KLPD.
Management Tone: CAUTIOUS
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 19, 2026.
Frequently Asked Questions: Dalmia Bharat Sugar & Industries Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Dalmia Bharat Sugar & Industries Ltd's latest quarterly results?
Dalmia Bharat Sugar & Industries Ltd's latest quarterly results (Mar 2026) show
- PAT Growth YoY: -47.7%
- Revenue Growth YoY: -2.5%
- Operating Margin: 17.0%
What is Dalmia Bharat Sugar & Industries Ltd's current PE ratio?
Dalmia Bharat Sugar & Industries Ltd's current PE ratio is 11.4x.
- Current PE: 11.4x
- Market Cap: 2.6K Cr
- Dividend Yield: 1.85%
What is Dalmia Bharat Sugar & Industries Ltd's price-to-book ratio?
Dalmia Bharat Sugar & Industries Ltd's price-to-book ratio is 0.8x.
- Price-to-Book (P/B): 0.8x
- Book Value per Share: ₹401
- Current Price: ₹325
Is Dalmia Bharat Sugar & Industries Ltd a fundamentally strong company?
Dalmia Bharat Sugar & Industries Ltd's fundamental strength based on key financial ratios
- Return on Capital (ROCE): 8.0%
Is Dalmia Bharat Sugar & Industries Ltd debt free?
Dalmia Bharat Sugar & Industries Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹2,000 Cr
What is Dalmia Bharat Sugar & Industries Ltd's return on equity (ROE) and ROCE?
Dalmia Bharat Sugar & Industries Ltd's return ratios over recent years
- FY2024: ROCE 10.0%
- FY2025: ROCE 10.0%
- FY2026: ROCE 8.0%
Is Dalmia Bharat Sugar & Industries Ltd's cash flow positive?
Dalmia Bharat Sugar & Industries Ltd's operating cash flow is positive (FY2026).
- Cash from Operations (CFO): ₹219 Cr
- Free Cash Flow (FCF): ₹-624 Cr
- CFO/PAT Ratio: 93% (strong cash conversion)
What is Dalmia Bharat Sugar & Industries Ltd's dividend yield?
Dalmia Bharat Sugar & Industries Ltd's current dividend yield is 1.85%.
- Dividend Yield: 1.85%
- Current Price: ₹325
Who holds Dalmia Bharat Sugar & Industries Ltd shares — promoters, FII, DII?
Dalmia Bharat Sugar & Industries Ltd's shareholding pattern (Mar 2026)
- Promoters: 74.9%
- FII (Foreign): 0.7%
- DII (Domestic): 0.1%
- Public: 24.1%
Is promoter holding increasing or decreasing in Dalmia Bharat Sugar & Industries Ltd?
Dalmia Bharat Sugar & Industries Ltd's promoter holding has remained stable recently.
- Current Promoter Holding: 74.9% (Mar 2026)
- Previous Quarter: 74.9% (Dec 2025)
- Change: 0.00% (stable)
Is Dalmia Bharat Sugar & Industries Ltd a new momentum entry or an established outperformer?
Dalmia Bharat Sugar & Industries Ltd is an established outperformer with 1 weeks of consecutive Nifty 500 outperformance.
What are the growth catalysts for Dalmia Bharat Sugar & Industries Ltd?
Dalmia Bharat Sugar & Industries Ltd has 2 key growth catalysts identified from recent earnings analysis
- Value Added Product Mix Shift — The shift toward distillery and ethanol is the primary driver for margin expansion and EBITDA growth.
- Interest Cost Reduction Deleveraging — Inventory correction and EBITDA improvement are expected to drive significant deleveraging.
What are the key risks in Dalmia Bharat Sugar & Industries Ltd?
Dalmia Bharat Sugar & Industries Ltd has 3 key risks worth monitoring
- [HIGH] Government restrictions on ethanol production routes (B-heavy/cane juice) and la — Government restrictions on ethanol production routes (B-heavy/cane juice) and lack of clarity on ethanol pricing for ESY25.
- [MEDIUM] Agro-climatic fluctuations affecting cane availability and recovery rates — Agro-climatic fluctuations affecting cane availability and recovery rates.
- [MEDIUM] Increase in cane prices not matched by output price increases could compress mar — Increase in cane prices not matched by output price increases could compress margins.
What is Dalmia Bharat Sugar & Industries Ltd's management guidance for growth?
Dalmia Bharat Sugar & Industries Ltd's management has provided the following forward guidance for Annual
- Revenue growth target: 3.7%
- OPM guidance: 13%
- Capex plan: ₹107 Cr for Sustainability projects and steam saving equipment
- Management tone: cautious
What sector-specific metrics matter most for Dalmia Bharat Sugar & Industries Ltd?
Dalmia Bharat Sugar & Industries Ltd's most important sub-sector-specific KPIs from the latest concall
- Sugar Sales Volume: 0.8 LMT (YoY -34%) — Sharp drop in sales volume during the quarter.
- Distillery Volume: 4.9 Cr litres (YoY +2%) — Resilience in the distillery segment despite broader revenue declines.
- Sugar Net Sales Realisation: ₹39.3/kg (YoY +1%) — Marginal increase in realization despite volume drop.
- Total Distillery Capacity: 950 KLPD — Expansion through acquisition of Baghauli Sugar and Distillery.
- Cane Crushing Capacity: 41,950 TCD — Includes capacity from BSDL acquisition.
- Net Debt to EBITDA: 0.6x — Strong balance sheet position maintained.
Is Dalmia Bharat Sugar & Industries Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Dalmia Bharat Sugar & Industries Ltd may be worth studying
- Cash flow is positive — CFO ₹219 Cr
What is the investment thesis for Dalmia Bharat Sugar & Industries Ltd?
Dalmia Bharat Sugar & Industries Ltd investment thesis summary:
Research Signals (Bull Case)
- Growth catalyst: Value Added Product Mix Shift
Risk Factors (Bear Case)
- Key risk: Government restrictions on ethanol production routes (B-heavy/cane juice) and la
What is the future outlook for Dalmia Bharat Sugar & Industries Ltd?
Dalmia Bharat Sugar & Industries Ltd's forward outlook based on current data signals
- Key Catalyst: Value Added Product Mix Shift
- Key Risk: Government restrictions on ethanol production routes (B-heavy/cane juice) and la
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.