Value Added Product Mix Shift
Expected: OngoingHIGH confidence
What: Ethanol Sales Volume: 145.01 lakh BL
“Ethanol sales 145.01 lakh BL vs. 133.11 lakh BL.”
Dhampur Sugar Mills Ltd: Why Is It Outperforming Nifty 500?
ActiveRS +29.6%Average7w Streak
In , Dhampur Sugar Mills Ltd (Sugar) is outperforming Nifty 500 with +29.6% relative strength. Fundamentals: Average. On a 7-week streak.
Dhampur Sugar Mills Ltd Key Facts
- PE Ratio
- 14.2x
- Market Cap
- ₹973 Cr
- PAT Growth YoY
- +80%
- Revenue Growth YoY
- +10%
- OPM
- 12.0%
- RS vs Nifty 500
- +29.6%
PE: Mid ExpansionStrong Opportunity
What's Happening
💎PE falling while earnings hold — value emerging
💪Debt reduced 48% YoY — balance sheet strengthening
👔Promoter buying — stake up 0.8% this quarter
🌐FII stake decreased 1.9% this quarter
💰Trading 66% above estimated fair value — significant premium
Earnings Acceleration Triggers
1. Value Added Product Mix Shift
OngoingHIGH
2. Operating Leverage Inflection
Q3 FY26MEDIUM
3. Demerger Spin Off Value Unlock
CompletedLOW
Key Risks
1. Higher State Advised Price (SAP) for sugarcane increasing production costs
HIGH2. Volatility in sugar realizations and chemical sales volumes
MEDIUMSector-Specific Signals
Cane Crushed11.73 Lakh tons+3.5%
Net Sugar Recovery10.02%+145 bps
Sugar Realization₹40,259/ton+5.8%
Ethanol Sales Volume145.01 Lakh BL+8.9%
Key Numbers
PAT Growth YoY
+80%
Inflection Up
Revenue YoY
+10%
Stable
Operating Margin
12.0%
+200 bps YoY
PE Ratio
14.2
Current Price
₹151
Fundamental Score
56/100
Average
3Y PAT CAGR
-29%
Market Cap
973 Cr
Valuation
Significantly Overvalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why Are Dhampur Sugar Mills Ltd's Earnings Accelerating?
Based on Q3 FY26 earnings • Updated Apr 18, 2026
Operating Leverage Inflection
Expected: Q3 FY26MEDIUM confidence
What: Cane Crushed: 11.73 Lakh tons
“Cane Crushed Lakh tons 11.73 vs 11.33.”
Demerger Spin Off Value Unlock
Expected: CompletedLOW confidence
What: Demerger Milestone: 2021
“2021 Demerger”
Sugar Realization at ₹40,259/ton
HIGH confidence
What: Sugar Realization at ₹40,259/ton
“Sugar realization Rs. 40259/ton vs. Rs 38048/ton.”
What Are the Key Risks for Dhampur Sugar Mills Ltd?
Earnings deceleration risks from management commentary
Higher State Advised Price (SAP) for sugarcane increasing production costs
HIGHTrigger: Government intervention in pricing of the primary raw material.
Management view: Not explained on call
Monitor: regulatory
Volatility in sugar realizations and chemical sales volumes
MEDIUMTrigger: Market demand fluctuations and pricing cycles in the sugar and chemical industries.
Management view: Not explained on call
Monitor: commodity
What Is Dhampur Sugar Mills Ltd's Management Saying?
Key quotes from recent conference calls
“Sugar sales 0.80 lakh tons (Q2 FY25: 0.71 lakh tons). [Previous Sugar Sales Volume guidance]”
“Approved diversification into NBFC vertical subject to completion of specified conditions & approval of RBI/Other authorities [Initiative: NBFC Diversification]”
“Higher cane price (SAP) resulted in higher cost of production of sugar. [Risk (regulatory): HIGH]”
“Chemicals sales 26.09 lakh kg vs. 68.18 lakh kg. [Risk (commodity): MEDIUM]”
What Did Dhampur Sugar Mills Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
₹667.4 Cr
YoY +13.7%QoQ -6.2%
Why: Growth was driven by higher sugar sales volumes and realizations alongside increased ethanol sales volumes compared to the previous year period.
Revenue growth was supported by a 19% increase in sugar sales volume and a 5.8% improvement in sugar realizations.
EBITDA
₹62.0 Cr
YoY +28.9%Margin 9.3%
Why: Profitability improved due to higher realizations in sugar and power segments, though partially offset by higher cane prices.
EBITDA margins expanded by 110 bps year-on-year despite the headwind of increased State Advised Price for sugarcane.
PAT
₹26.5 Cr
YoY +76.7%
Why: The sharp increase in PAT was primarily due to improved operational performance in the sugar and ethanol segments and higher interest income.
Net profit growth significantly outpaced revenue growth due to margin expansion and better segment mix.
Other Highlights
• Sugar realizations increased to ₹40,259 per ton from ₹38,048 per ton YoY.
• Ethanol sales volumes grew to 145.01 lakh BL from 133.11 lakh BL YoY.
• Power realization improved to ₹4.57 per unit from ₹3.46 per unit YoY.
What Sector Metrics Matter for Dhampur Sugar Mills Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Cane Crushed
11.73 Lakh tons
YoY +3.5%
Why: Higher availability and crushing efficiency during the season.
Net Sugar Recovery
10.02%
YoY +145 bps
Why: Improved cane quality and process efficiencies.
Sugar Realization
₹40,259/ton
YoY +5.8%
Why: Favorable market pricing for white sugar.
Ethanol Sales Volume
145.01 Lakh BL
YoY +8.9%
Why: Increased distillery throughput and demand.
Power Realization
₹4.57/unit
YoY +32.1%
Why: Higher tariff realizations for exported power.
Sugar Inventory
0.94 Lakh tons
YoY -6.9%
Why: Higher sales volumes leading to lower closing stock.
Potable Spirits Sales
8.58 Lakh Cases
YoY +8.5%
Why: Expansion in the potable spirits business segment.
Chemicals Sales Volume
26.09 Lakh kg
YoY -61.7%
What Is Dhampur Sugar Mills Ltd's Management Guidance?
Forward-looking targets from management
Management Tone: CAUTIOUS
How Fast Is Dhampur Sugar Mills Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +10% | +1% | Stable |
| PAT (Net Profit) | +80% | -29% | Inflection Up |
| OPM | 12.0% | +200 bps | Stable |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
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Frequently Asked Questions: Dhampur Sugar Mills Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Dhampur Sugar Mills Ltd's latest quarterly results?
Dhampur Sugar Mills Ltd's latest quarterly results (Dec 2025) show
- PAT Growth YoY: +80.0% (turning around (inflection up))
- Revenue Growth YoY: +9.5%
- Operating Margin: 12.0% (stable)
Is Dhampur Sugar Mills Ltd's profit growing or declining?
Dhampur Sugar Mills Ltd's profit is growing with an turning around (inflection up) trend.
- PAT Growth YoY: +80.0% (latest quarter)
- PAT Growth QoQ: +437.5% (sequential)
- 3-Year PAT CAGR: -28.8%
- Trend: Turning around (inflection up) — consistent growth pattern
What is Dhampur Sugar Mills Ltd's revenue growth trend?
Dhampur Sugar Mills Ltd's revenue growth trend is stable.
- Revenue Growth YoY: +9.5%
- Revenue Growth QoQ: -10.5% (sequential)
- 3-Year Revenue CAGR: +0.9%
How is Dhampur Sugar Mills Ltd's operating margin trending?
Dhampur Sugar Mills Ltd's operating margin is stable.
- Current OPM: 12.0%
- OPM Change YoY: +2.0% basis points
- OPM Change QoQ: +10.0% basis points
What is Dhampur Sugar Mills Ltd's 3-year profit and revenue CAGR?
Dhampur Sugar Mills Ltd's long-term compounding rates
- 3-Year Profit CAGR: -28.8%
- 3-Year Revenue CAGR: +0.9%
Is Dhampur Sugar Mills Ltd's growth accelerating or decelerating?
Dhampur Sugar Mills Ltd's earnings growth is turning around (inflection up) with mixed signals on a sequential basis.
- YoY Acceleration: +41.5% bps
- Sequential Acceleration: +100.0% bps
What is Dhampur Sugar Mills Ltd's trailing twelve month (TTM) performance?
Dhampur Sugar Mills Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹69 Cr
- TTM PAT Growth: +23.2% YoY
- TTM Revenue: ₹2,000 Cr
- TTM Revenue Growth: +10.3% YoY
- TTM Operating Margin: 8.8%
Is Dhampur Sugar Mills Ltd overvalued or undervalued?
Dhampur Sugar Mills Ltd appears significantly overvalued based on our fair value analysis.
- Valuation Signal: Significantly Overvalued
- Current PE: 14.2x
- Price-to-Book: 0.9x
What is Dhampur Sugar Mills Ltd's current PE ratio?
Dhampur Sugar Mills Ltd's current PE ratio is 14.2x.
- Current PE: 14.2x
- Market Cap: 973 Cr
How does Dhampur Sugar Mills Ltd's valuation compare to its history?
Dhampur Sugar Mills Ltd's current PE is 14.2x.
- Current PE: 14.2x
- Valuation Assessment: Significantly Overvalued
What is Dhampur Sugar Mills Ltd's price-to-book ratio?
Dhampur Sugar Mills Ltd's price-to-book ratio is 0.9x.
- Price-to-Book (P/B): 0.9x
- Book Value per Share: ₹175
- Current Price: ₹151
Is Dhampur Sugar Mills Ltd a fundamentally strong company?
Dhampur Sugar Mills Ltd is rated Average with a fundamental score of 56.14/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +9.5% (10% weight)
- PAT Growth YoY: +80.0% (10% weight)
- PAT Growth QoQ: +437.5% (10% weight)
- Margins stable (10% weight)
Is Dhampur Sugar Mills Ltd debt free?
Dhampur Sugar Mills Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹936 Cr
What is Dhampur Sugar Mills Ltd's return on equity (ROE) and ROCE?
Dhampur Sugar Mills Ltd's return ratios over recent years
- FY2023: ROCE 15.0%
- FY2024: ROCE 11.0%
- FY2025: ROCE 6.0%
Is Dhampur Sugar Mills Ltd's cash flow positive?
Dhampur Sugar Mills Ltd's operating cash flow is positive (FY2025).
- Cash from Operations (CFO): ₹201 Cr
- Free Cash Flow (FCF): ₹223 Cr
- CFO/PAT Ratio: 387% (strong cash conversion)
What is Dhampur Sugar Mills Ltd's dividend yield?
Dhampur Sugar Mills Ltd currently does not pay a significant dividend (yield 0.00%).
- Dividend Yield: 0.00%
- Current Price: ₹151
Who holds Dhampur Sugar Mills Ltd shares — promoters, FII, DII?
Dhampur Sugar Mills Ltd's shareholding pattern (Mar 2026)
- Promoters: 49.9%
- FII (Foreign): 2.4%
- DII (Domestic): 0.8%
- Public: 46.9%
Is promoter holding increasing or decreasing in Dhampur Sugar Mills Ltd?
Dhampur Sugar Mills Ltd's promoter holding has remained stable recently.
- Current Promoter Holding: 49.9% (Mar 2026)
- Previous Quarter: 49.9% (Dec 2025)
- Change: 0.00% (stable)
How long has Dhampur Sugar Mills Ltd been outperforming Nifty 500?
Dhampur Sugar Mills Ltd has been outperforming Nifty 500 for 7 consecutive weeks, indicating building momentum.
Is Dhampur Sugar Mills Ltd a new momentum entry or an established outperformer?
Dhampur Sugar Mills Ltd is an established outperformer with 7 weeks of consecutive Nifty 500 outperformance.
What are the growth catalysts for Dhampur Sugar Mills Ltd?
Dhampur Sugar Mills Ltd has 4 key growth catalysts identified from recent earnings analysis
- Value Added Product Mix Shift — Increased focus on ethanol production from B-heavy molasses and grain feedstocks.
- Operating Leverage Inflection — Higher crushing volumes allow for better fixed cost absorption across the mills.
- Demerger Spin Off Value Unlock — The company has previously undergone a demerger to streamline operations.
- Sugar Realization at ₹40,259/ton — Better market dynamics and pricing environment for white sugar.
What are the key risks in Dhampur Sugar Mills Ltd?
Dhampur Sugar Mills Ltd has 2 key risks worth monitoring
- [HIGH] Higher State Advised Price (SAP) for sugarcane increasing production costs — Government intervention in pricing of the primary raw material.
- [MEDIUM] Volatility in sugar realizations and chemical sales volumes — Market demand fluctuations and pricing cycles in the sugar and chemical industries.
What did Dhampur Sugar Mills Ltd's management say in the latest earnings call?
In Q3 FY26, Dhampur Sugar Mills Ltd's management highlighted
- "Sugar sales 0.80 lakh tons (Q2 FY25: 0.71 lakh tons). [Previous Sugar Sales Volume guidance]"
- "Approved diversification into NBFC vertical subject to completion of specified conditions & approval of RBI/Other authorities [Initiative: NBFC Diver..."
- "Higher cane price (SAP) resulted in higher cost of production of sugar. [Risk (regulatory): HIGH]"
What is Dhampur Sugar Mills Ltd's management guidance for growth?
Dhampur Sugar Mills Ltd's management has provided the following forward guidance
- Revenue outlook: Not Given
- Margin outlook: Not Given
- Capex plan: Not Given for Not Given
- Management tone: cautious
What sector-specific metrics matter most for Dhampur Sugar Mills Ltd?
Dhampur Sugar Mills Ltd's most important sub-sector-specific KPIs from the latest concall
- Cane Crushed: 11.73 Lakh tons (YoY +3.5%) — Higher availability and crushing efficiency during the season.
- Net Sugar Recovery: 10.02% (YoY +145 bps) — Improved cane quality and process efficiencies.
- Sugar Realization: ₹40,259/ton (YoY +5.8%) — Favorable market pricing for white sugar.
- Ethanol Sales Volume: 145.01 Lakh BL (YoY +8.9%) — Increased distillery throughput and demand.
- Power Realization: ₹4.57/unit (YoY +32.1%) — Higher tariff realizations for exported power.
- Sugar Inventory: 0.94 Lakh tons (YoY -6.9%) — Higher sales volumes leading to lower closing stock.
Is Dhampur Sugar Mills Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Dhampur Sugar Mills Ltd may be worth studying
- Earnings growing at +80.0% YoY
- Cash flow is positive — CFO ₹201 Cr
What is the investment thesis for Dhampur Sugar Mills Ltd?
Dhampur Sugar Mills Ltd investment thesis summary:
Research Signals (Bull Case)
- Growth catalyst: Value Added Product Mix Shift
Risk Factors (Bear Case)
- Appears significantly overvalued
- Key risk: Higher State Advised Price (SAP) for sugarcane increasing production costs
What is the future outlook for Dhampur Sugar Mills Ltd?
Dhampur Sugar Mills Ltd's forward outlook based on current data signals
- Earnings Trend: turning around (inflection up)
- Revenue Trend: stable
- Margin Trend: stable
- Valuation: Significantly Overvalued
- Key Catalyst: Value Added Product Mix Shift
- Key Risk: Higher State Advised Price (SAP) for sugarcane increasing production costs
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.