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: Why Is It Outperforming Nifty 500?
ActiveRS +34.4%Average4w Streak
In , Dalmia Bharat Sugar & Industries Ltd (Sugar) is outperforming Nifty 500 with +34.4% relative strength. Fundamentals: Average. On a 4-week streak.
Dalmia Bharat Sugar & Industries Ltd Key Facts
- PE Ratio
- 8.6x
- Market Cap
- ₹3,217 Cr
- PAT Growth YoY
- +19%
- Revenue Growth YoY
- -17%
- OPM
- 16.0%
- RS vs Nifty 500
- +34.4%
PE: Near TroughStrong Opportunity
What's Happening
💎PE falling while earnings hold — value emerging
📊Debt increased 51% YoY — leverage rising
💰Trading 1% above estimated fair value
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
PAT Growth YoY
+19%
Stable
Revenue YoY
-17%
Inflection Down
Operating Margin
16.0%
+400 bps YoY
PE Ratio
8.6
Current Price
₹398
Dividend Yield
1.51%
Fundamental Score
55/100
Average
3Y PAT CAGR
+7%
Market Cap
3.1K Cr
Valuation
Fairly Valued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why 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
How Fast Is Dalmia Bharat Sugar & Industries Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | -17% | +7% | Inflection Down |
| PAT (Net Profit) | +19% | +7% | Stable |
| OPM | 16.0% | +400 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 19, 2026.
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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 (Dec 2025) show
- PAT Growth YoY: +18.6% (stable)
- Revenue Growth YoY: -16.7%
- Operating Margin: 16.0% (volatile)
Is Dalmia Bharat Sugar & Industries Ltd's profit growing or declining?
Dalmia Bharat Sugar & Industries Ltd's profit is growing with an stable trend.
- PAT Growth YoY: +18.6% (latest quarter)
- PAT Growth QoQ: +204.3% (sequential)
- 3-Year PAT CAGR: +7.2%
- Trend: Stable — consistent growth pattern
What is Dalmia Bharat Sugar & Industries Ltd's revenue growth trend?
Dalmia Bharat Sugar & Industries Ltd's revenue growth trend is inflecting downward.
- Revenue Growth YoY: -16.7%
- Revenue Growth QoQ: -29.4% (sequential)
- 3-Year Revenue CAGR: +7.3%
How is Dalmia Bharat Sugar & Industries Ltd's operating margin trending?
Dalmia Bharat Sugar & Industries Ltd's operating margin is volatile.
- Current OPM: 16.0%
- OPM Change YoY: +4.0% basis points
- OPM Change QoQ: +10.0% basis points
What is Dalmia Bharat Sugar & Industries Ltd's 3-year profit and revenue CAGR?
Dalmia Bharat Sugar & Industries Ltd's long-term compounding rates
- 3-Year Profit CAGR: +7.2%
- 3-Year Revenue CAGR: +7.3%
Is Dalmia Bharat Sugar & Industries Ltd's growth accelerating or decelerating?
Dalmia Bharat Sugar & Industries Ltd's earnings growth is stable with improving on a sequential basis.
- YoY Acceleration: +83.8% bps
- Sequential Acceleration: +91.0% bps
What is Dalmia Bharat Sugar & Industries Ltd's trailing twelve month (TTM) performance?
Dalmia Bharat Sugar & Industries Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹338 Cr
- TTM PAT Growth: +24.7% YoY
- TTM Revenue: ₹4,000 Cr
- TTM Revenue Growth: +5.0% YoY
- TTM Operating Margin: 12.6%
Is Dalmia Bharat Sugar & Industries Ltd overvalued or undervalued?
Dalmia Bharat Sugar & Industries Ltd appears fairly valued based on our fair value analysis.
- Valuation Signal: Fairly Valued
- Current PE: 8.6x
- Price-to-Book: 1.1x
What is Dalmia Bharat Sugar & Industries Ltd's current PE ratio?
Dalmia Bharat Sugar & Industries Ltd's current PE ratio is 8.6x.
- Current PE: 8.6x
- Market Cap: 3.2K Cr
- Dividend Yield: 1.51%
How does Dalmia Bharat Sugar & Industries Ltd's valuation compare to its history?
Dalmia Bharat Sugar & Industries Ltd's current PE is 8.6x.
- Current PE: 8.6x
- Valuation Assessment: Fairly Valued
What is Dalmia Bharat Sugar & Industries Ltd's price-to-book ratio?
Dalmia Bharat Sugar & Industries Ltd's price-to-book ratio is 1.1x.
- Price-to-Book (P/B): 1.1x
- Book Value per Share: ₹375
- Current Price: ₹398
Is Dalmia Bharat Sugar & Industries Ltd a fundamentally strong company?
Dalmia Bharat Sugar & Industries Ltd is rated Average with a fundamental score of 55.1/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: -16.7% (10% weight)
- PAT Growth YoY: +18.6% (10% weight)
- PAT Growth QoQ: +204.3% (10% weight)
- Margins stable (10% weight)
Is Dalmia Bharat Sugar & Industries Ltd debt free?
Dalmia Bharat Sugar & Industries Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹547 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
- FY2023: ROCE 12.0%
- FY2024: ROCE 10.0%
- FY2025: ROCE 9.0%
Is Dalmia Bharat Sugar & Industries Ltd's cash flow positive?
Dalmia Bharat Sugar & Industries Ltd's operating cash flow is positive (FY2025).
- Cash from Operations (CFO): ₹450 Cr
- Free Cash Flow (FCF): ₹342 Cr
- CFO/PAT Ratio: 123% (strong cash conversion)
What is Dalmia Bharat Sugar & Industries Ltd's dividend yield?
Dalmia Bharat Sugar & Industries Ltd's current dividend yield is 1.51%.
- Dividend Yield: 1.51%
- Current Price: ₹398
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)
How long has Dalmia Bharat Sugar & Industries Ltd been outperforming Nifty 500?
Dalmia Bharat Sugar & Industries Ltd has been outperforming Nifty 500 for 4 consecutive weeks, indicating building momentum.
Is Dalmia Bharat Sugar & Industries Ltd a new momentum entry or an established outperformer?
Dalmia Bharat Sugar & Industries Ltd is an established outperformer with 4 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
- Earnings growing at +18.6% YoY
- Cash flow is positive — CFO ₹450 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
- Earnings Trend: stable
- Revenue Trend: inflecting downward
- Margin Trend: volatile
- Valuation: Fairly Valued
- 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.