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DALMIASUG - Dalmia Bharat

📊 NSE: DALMIASUG 🏢 Sugar 📅 Last Updated: 12/13/2025 21:20

📢 Recent Corporate Announcements

Dalmia Bharat Sugar Appoints Sandeep Garg as CFO Following Piyush Gupta's Resignation

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 05 Mar 2026, 11:18 AM

Dalmia Bharat Sugar and Industries Limited has announced the resignation of Mr. Piyush Gupta from the position of Chief Financial Officer effective March 05, 2026. To ensure a smooth transition, the Board has concurrently appointed Mr. Sandeep Garg as the new CFO and Key Managerial Personnel. Mr. Garg is a Chartered Accountant with over 25 years of experience, including a significant stint managing a ₹17,000 crore international business division at Bajaj Auto. His extensive background in finance leadership across multinational organizations is expected to support the company's growth and governance.

Mr. Piyush Gupta resigned as CFO and Key Managerial Personnel effective March 05, 2026, citing personal reasons.
Mr. Sandeep Garg, a Chartered Accountant with 25+ years of experience, was appointed as the new CFO on the same day.
Mr. Garg previously headed the ₹17,000 crore International Business finance at Bajaj Auto Ltd across 90 countries.
The new CFO's expertise spans business strategy, FP&A, M&A, and capital structuring.

💡 Investors should view this as a routine but important leadership transition; the appointment of a highly experienced CFO suggests continuity in financial discipline. No immediate action is required, but watch for any future updates on capital allocation or strategic shifts under the new leadership.

Dalmia Bharat Sugar Appoints Sandeep Garg as CFO; Piyush Gupta Resigns

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 05 Mar 2026, 11:06 AM

Dalmia Bharat Sugar and Industries Limited has announced a leadership transition in its finance department effective March 05, 2026. Mr. Piyush Gupta has resigned from the position of Chief Financial Officer (CFO) due to personal reasons. The Board has appointed Mr. Sandeep Garg, a Chartered Accountant with over 25 years of experience, as the new CFO and Key Managerial Personnel. Mr. Garg's background includes managing a ₹17,000 crore international business at Bajaj Auto and serving as Group CFO at SLMG Beverages.

Mr. Piyush Gupta resigned as CFO and Key Managerial Personnel effective March 05, 2026.
Mr. Sandeep Garg appointed as the new CFO with immediate effect from March 05, 2026.
New CFO Sandeep Garg brings over 25 years of experience across MNCs and promoter-driven organizations.
Mr. Garg previously led the ₹17,000 crore International Business finance division at Bajaj Auto Ltd.
The appointment was approved following recommendations from the Audit and Nomination & Remuneration Committees.

💡 Investors should view this as a routine management transition; the high-caliber profile of the incoming CFO suggests a focus on maintaining strong financial governance. No immediate action is required, but watch for any shifts in capital allocation or financial strategy under the new leadership.

Dalmia Bharat Sugar Amends Code for Fair Disclosure of Price Sensitive Information

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 09 Feb 2026, 06:41 PM

Dalmia Bharat Sugar and Industries Limited has updated its 'Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information' (UPSI) following a Board meeting on February 5, 2026. The revised code aligns with SEBI (Prohibition of Insider Trading) Regulations, 2015, to ensure timely and uniform dissemination of price-sensitive data. It defines 16 specific categories of UPSI, including financial results, dividends, and M&A activities, to prevent selective disclosure. The company has also designated the CEO, CFO, and Company Secretary as authorized officials for all information dissemination to the public and stock exchanges.

Board of Directors approved the amended UPSI disclosure code in a meeting held on February 5, 2026
The code identifies 16 specific types of information as UPSI, including financial results, dividends, and changes in capital structure
Designated Authorized Officials for information dissemination include the CEO, CFO, and Company Secretary
The company will maintain a structured digital database with time-stamping and audit trails to track UPSI sharing
All material disclosures will be retained on the company's official website for a minimum period of 5 years

💡 This is a routine regulatory compliance update regarding internal governance and requires no immediate action from investors. It reflects the company's adherence to SEBI's insider trading norms and commitment to transparent communication.

Dalmia Bharat Sugar Q3 PAT Rises 17% to ₹70 Cr; Declares ₹4.50 Interim Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 09:19 PM

Dalmia Bharat Sugar reported a 17% YoY growth in Q3 PAT to ₹70 crore, despite a 17% decline in revenue to ₹698 crore. Profitability was supported by higher sugar realizations and improved distillery performance, which helped offset a 34% drop in sugar sales volumes. The company declared an interim dividend of ₹4.50 per share and successfully expanded its distillery capacity to 950 KLPD. While operational efficiencies are improving, rising sugarcane prices in Uttar Pradesh remain a key headwind for margins.

Q3 PAT increased 17% YoY to ₹70 Cr with EBITDA margins expanding to 16% from 12% YoY.
Board approved an interim dividend of ₹4.50 per share on a face value of ₹2.
Total distillery capacity increased to 950 KLPD following the commissioning of a 100 KLPD grain-based facility.
Sugar sales volume fell 34% YoY to 0.8 LMT, though average realization improved to ₹39.3/kg.
New 13 TPD Compressed Bio Gas (CBG) project approved for Kolhapur plant with Nov 2026 commissioning target.

💡 Investors should view the PAT growth and capacity expansion in the distillery segment as positive long-term drivers. However, keep a close watch on rising input costs due to the ₹30/Qtl hike in UP sugarcane prices which may pressure near-term margins.

Dalmia Bharat Sugar Q3 Net Profit Up 17% to ₹69.6 Cr; Declares ₹4.50 Interim Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 09:06 PM

Dalmia Bharat Sugar reported a 17.3% YoY increase in consolidated net profit to ₹69.56 crore for Q3 FY26, despite a 16.7% decline in revenue from operations to ₹697.75 crore. The company declared an interim dividend of ₹4.50 per share (225%) with a record date of February 11, 2026. Management also approved two significant capital expenditure projects totaling ₹107 crore focused on Compressed Bio-Gas (CBG) and steam efficiency. While quarterly performance was resilient, the nine-month net profit of ₹132.14 crore still trails the previous year's ₹166.74 crore.

Consolidated Net Profit for Q3 FY26 rose to ₹69.56 crore from ₹59.31 crore in the previous year.
Interim dividend of ₹4.50 per equity share (225% of face value) declared with Feb 11, 2026, as record date.
Approved ₹58 crore capex for a 13 TPD Compressed Bio-Gas project at Kolhapur Distillery.
Approved ₹49 crore Steam Saving Project at Jawaharpur to save 54,000 MT of bagasse annually.
Distillery segment revenue remained strong at ₹323.88 crore for the quarter.

💡 Investors should monitor the record date of Feb 11 for dividend eligibility and track the progress of the CBG project which diversifies revenue into green energy. The focus on steam saving and bagasse conservation indicates a positive shift toward operational efficiency and cost reduction.

Dalmia Bharat Sugar Declares ₹4.50 Dividend; Q3 Net Profit Rises to ₹69.56 Cr

🟢 POSITIVE ⭐ 8/10

DIVIDEND 📅 05 Feb 2026, 09:05 PM

Dalmia Bharat Sugar has declared an interim dividend of ₹4.50 per share (225%) for FY 2025-26, with the record date set for February 11, 2026. The company reported a consolidated net profit of ₹69.56 crore for Q3 FY26, marking a growth from ₹59.31 crore in the same period last year, despite a decline in revenue. Furthermore, the board approved two strategic capital expenditure projects totaling ₹107 crore focused on Compressed Bio-Gas (CBG) and steam saving. These projects are expected to enhance operational efficiency and diversify revenue streams within the next 7-9 months.

Declared interim dividend of ₹4.50 per equity share (225% of face value) for FY 2025-26
Consolidated Net Profit grew to ₹69.56 crore in Q3 FY26 from ₹59.31 crore YoY
Approved ₹58 crore Compressed Bio-Gas (CBG) project at Kolhapur with 13 TPD capacity
Approved ₹49 crore Steam Saving Project at Jawaharpur to save 54,000 MT of bagasse annually
Revenue from operations for the quarter stood at ₹697.75 crore compared to ₹837.67 crore YoY

💡 Investors should note the record date of February 11 for the dividend payout and the company's focus on high-margin green energy projects. The improvement in profitability despite lower revenue indicates strong operational management.

Dalmia Bharat Sugar Q3 PAT Rises 17% to ₹69.6 Cr; Declares ₹4.50 Interim Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 09:01 PM

Dalmia Bharat Sugar reported a 17.3% YoY increase in consolidated net profit to ₹69.56 crore for Q3 FY26, despite a 16.7% decline in revenue from operations to ₹697.75 crore. The board declared a substantial interim dividend of ₹4.50 per share (225%) with a record date of February 11, 2026. The company also announced a ₹107 crore capital expenditure plan, including a Compressed Bio-Gas (CBG) project at Kolhapur and a steam-saving project at Jawaharpur. These projects are aimed at diversifying revenue into green energy and improving operational efficiency through bagasse savings.

Consolidated Net Profit increased to ₹69.56 crore in Q3 FY26 from ₹59.31 crore in Q3 FY25.
Declared an interim dividend of ₹4.50 per equity share (225%) for the financial year 2025-26.
Approved ₹58 crore for a 13 TPD Compressed Bio-Gas (CBG) project at Kolhapur Distillery.
Approved ₹49 crore for a Steam Saving Project at Jawaharpur to reduce steam consumption by 10%.
Revenue from operations decreased to ₹697.75 crore compared to ₹837.67 crore in the year-ago period.

💡 Investors should take note of the improved profitability and healthy dividend payout despite lower revenues. The strategic shift towards Bio-Gas and energy efficiency projects suggests long-term margin improvement potential.

Dalmia Bharat Sugar Acquires 51% Stake in UAE-based Eagle Agrotech Holdings

🟢 POSITIVE ⭐ 8/10

M&A 📅 08 Jan 2026, 03:13 PM

Dalmia Bharat Sugar and Industries Limited has successfully completed the acquisition of a 51% controlling stake in Eagle Agrotech Holdings Limited (EAHL), a company based in Abu Dhabi, UAE. The Abu Dhabi Global Market (ADGM) granted formal approval for the share allotment on January 07, 2026. Consequently, EAHL has officially become a subsidiary of the company with an effective date of December 18, 2025. This strategic move involves a partnership with H.E. Mr. Mohamed Ali Rashed Alabbar, signaling a significant international expansion for the sugar major.

Acquisition of 51% ordinary shares in Eagle Agrotech Holdings Limited (EAHL) completed.
EAHL officially became a subsidiary of Dalmia Bharat Sugar effective December 18, 2025.
Regulatory approval from ADGM, Abu Dhabi received on January 07, 2026.
Partnership established with H.E. Mr. Mohamed Ali Rashed Alabbar in the UAE.

💡 Investors should view this as a positive strategic expansion into international markets and monitor the impact of this new subsidiary on consolidated revenue and export opportunities.

Dalmia Bharat Sugar Files SEBI Compliance Certificate for Quarter Ended Dec 31, 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Jan 2026, 01:11 PM

Dalmia Bharat Sugar and Industries Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFin Technologies Limited, confirms the processing of dematerialization and rematerialization requests for the quarter ended December 31, 2025. This is a standard procedural filing required by all listed companies in India to ensure the integrity of shareholding records. There are no financial implications or material changes to the company's operations reported in this document.

Compliance certificate submitted for the quarter ended December 31, 2025
Issued by Registrar and Share Transfer Agent, KFin Technologies Limited
Confirms details of securities dematerialized/rematerialized have been furnished to stock exchanges
Filing is in accordance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018

💡 No action is required as this is a routine regulatory filing. Investors should focus on upcoming quarterly financial results for performance assessment.

Dalmia Bharat Sugar to Close Trading Window from Jan 1, 2026 for Q3 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Dec 2025, 04:39 PM

Dalmia Bharat Sugar and Industries Limited has announced the closure of its trading window starting January 01, 2026. This move is in compliance with SEBI's Prohibition of Insider Trading Regulations for the upcoming Q3 financial results. The restriction applies to all designated persons and their relatives until 48 hours after the results for the quarter ended December 31, 2025, are declared. This is a standard procedure for listed companies in India and does not indicate any fundamental change in the company's operations.

Trading window closure effective from January 01, 2026.
Closure pertains to the financial results for the quarter ending December 31, 2025.
Window will reopen 48 hours after the official announcement of results.
Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 No immediate action is required as this is a routine regulatory announcement. Investors should monitor the company's upcoming earnings release for performance updates.

Dalmia Bharat Sugar Sets 94.55:5.45 Cost Apportionment Ratio for DBRL Demerger

🟡 NEUTRAL ⭐ 7/10

M&A 📅 18 Dec 2025, 01:04 PM

Dalmia Bharat Sugar and Industries Limited has announced the cost of acquisition apportionment following the demerger of its Dalmia Magnesite and Govan Travels units into Dalmia Bharat Refractories Limited (DBRL). Shareholders as of the October 31, 2025 record date are entitled to 1 share of DBRL for every 48.18 shares held in DALMIASUG. For tax purposes, the original cost of acquisition must be split, with 94.55% allocated to DALMIASUG and 5.45% to DBRL. This procedural update is essential for shareholders to accurately calculate future capital gains tax liabilities.

Share exchange ratio fixed at 1 equity share of DBRL (FV Rs 10) for every 48.18 shares of DALMIASUG (FV Rs 2)
Cost of acquisition split determined as 94.55% for DALMIASUG and 5.45% for DBRL
Demerger involves the transfer of Dalmia Magnesite Corporation and Govan Travels to DBRL
Appointed date for the scheme was July 01, 2023, with the record date set as October 31, 2025
The apportionment is based on the net book value of assets transferred relative to the net worth of the demerged company

💡 Investors should update their records to reflect the 94.55% and 5.45% cost split for their holdings to ensure correct capital gains calculations during future share sales. No immediate buy or sell action is required as this is a tax-related regulatory filing.

ICRA reaffirms Dalmia Bharat Sugar's Commercial Paper rating at A1+

🟡 NEUTRAL ⭐ 5/10

REGULATORY 📅 12 Dec 2025, 03:09 PM

ICRA has reaffirmed the A1+ rating for Dalmia Bharat Sugar and Industries Limited's commercial paper, increasing the rated amount from ₹500 crore to ₹1,000 crore. The reaffirmation considers the company's efficient sugar mill operations and geographically diversified operations with a crushing capacity of 43,200 TCD. ICRA anticipates the company will maintain low leverage due to sucrose diversion towards ethanol and the distillery capacity expansion to 350 KLPD. Investors should note that the company's profitability remains vulnerable to government policies and agro-climatic risks.

Commercial Paper rating reaffirmed at A1+ by ICRA.
Rated amount for Commercial Paper enhanced to ₹1,000 crore.
Sugar capacity of 43,200 TCD across Uttar Pradesh and Maharashtra.
Distillery capacity expected to increase to 950 KLPD in FY2026.
Net debt to equity of 0.2-0.3 times in the past two years.

💡 Investors should monitor government policies related to cane prices and sugar trade, as well as agro-climatic conditions affecting sugarcane production. Keep an eye on the progress of the distillery capacity expansion and its impact on the company's revenue mix.

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💰 Financial Performance

Revenue Growth by Segment

Total operating income grew 29% YoY to INR 3,762.6 Cr in FY25 from INR 2,915.7 Cr in FY24. Sugar sales volumes increased 42.7% to 605k MT, while distillery sales volumes grew 1.7% to 180k KL. Co-generation sales declined 7.6% to 207 million units.

Geographic Revenue Split

Operations are strategically diversified across two major sugar-producing states: Uttar Pradesh (UP) and Maharashtra, utilizing 6 sugar mills with a combined 43,200 TCD capacity to mitigate regional climatic risks.

Profitability Margins

Net Profit (PAT) margin improved to 10.33% in FY25 from 9.38% in FY24. However, H1FY26 PAT margin dropped significantly to 3.2% due to seasonal factors and regulatory constraints. Return on Equity (ROE) rose to 13% from 10% in the previous year.

EBITDA Margin

Operating EBITDA margin compressed by 169 basis points to 12.52% in FY25 from 14.21% in FY24. This was primarily due to lower grain ethanol profitability, higher cane costs, and limited sugar diversion during the off-season in ESY 24.

Capital Expenditure

The company is executing a planned expansion of its distillery capacity from 850 KLPD to 950 KLPD scheduled for completion in FY2026 to enhance high-margin downstream revenue.

Credit Rating & Borrowing

ICRA reaffirmed [ICRA]A1+ for Commercial Paper, enhancing the rated amount to INR 1,000 Cr. Interest coverage stood at 7.7x in FY25 (down from 8.5x in FY24), while Net Debt to OPBIDTA improved to 1.5x from 2.2x.

⚙️ Operational Drivers

Raw Materials

Sugarcane is the primary raw material, supplemented by grains for ethanol production. Cane costs increased in FY25, contributing to a 169 bps compression in EBITDA margins.

Import Sources

Sourced domestically from a 60,000-hectare command area across Uttar Pradesh and Maharashtra through deep farmer engagement programs.

Key Suppliers

Sourced directly from local farmers in the command areas of its six sugar mills in UP and Maharashtra.

Capacity Expansion

Current sugar crushing capacity is 43,200 TCD. Distillery capacity is 850 KLPD, expanding to 950 KLPD by FY2026. Co-generation capacity is 138 MW.

Raw Material Costs

Cane costs rose in FY25 due to government-mandated price hikes (FRP/SAP). The company manages costs through high varietal efficiency and early harvesting strategies.

Manufacturing Efficiency

Sugar production was 556k MT in FY25 with a healthy gross recovery rate. Wind farm plant load factor (PLF) was 14% in FY25, down from 18% in FY24.

Logistics & Distribution

Distribution is managed through integrated facilities; trade receivable turnover ratio improved 38% to 29.74 in FY25 due to higher sales volumes.

📈 Strategic Growth

Expected Growth Rate

29%

Growth Strategy

Growth is driven by increasing distillery capacity to 950 KLPD, deepening ethanol diversion to protect margins from sugar cyclicality, and the merger of Baghauli Sugar and Distillery Limited to streamline operations. The company also maintains financial flexibility through a 1.71% stake in Dalmia Bharat Limited valued at INR 582 Cr.

Products & Services

Refined sugar, Ethanol (B-heavy, Juice-based, and Grain-based), Co-generated Power, Wind Power, and Travel Services (Govan Travels).

Brand Portfolio

Dalmia Bharat Sugar

New Products/Services

Increased focus on grain-based ethanol to ensure year-round distillery operations, although currently facing lower profitability compared to cane-based feedstock.

Market Expansion

Expansion is focused on downstream integration in UP and Maharashtra to increase the share of ethanol in the total revenue mix.

Market Share & Ranking

One of the leading integrated sugar manufacturers in India and the only major private-sector player from UP with legacy strengths.

Strategic Alliances

Part of the Dalmia Bharat Group, providing access to diversified lenders and group-level financial flexibility.

🌍 External Factors

Industry Trends

The industry is shifting toward a 'Sugar-as-a-Fuel' model with the government's 20% ethanol blending target by 2025-26, which supports long-term demand for distillery operations.

Competitive Landscape

Competes with other large integrated players like Balrampur Chini and Triveni Engineering, but benefits from being part of the Dalmia Bharat Group.

Competitive Moat

Moat is built on geographical diversification (UP & Maharashtra), deep farmer relationships across 60,000 hectares, and high integration (Sugar-Distillery-Power) which cushions against cyclicality.

Macro Economic Sensitivity

Highly sensitive to monsoon patterns and agro-climatic conditions affecting cane yield. Profitability is also tied to global sugar price fluctuations.

Consumer Behavior

Increasing demand for ethanol as a green fuel and stable domestic sugar consumption drive long-term volumes.

Geopolitical Risks

International trade bans on sugar exports by the Indian government to control domestic inflation directly limit global market participation.

⚖️ Regulatory & Governance

Industry Regulations

Operations are highly regulated by the Central and State governments via Fair and Remunerative Price (FRP), State Advised Price (SAP), domestic sugar sale quotas, and ethanol pricing policies.

Environmental Compliance

The company operates bagasse-based co-generation and wind farms (16.53 MW) to promote renewable energy use.

Taxation Policy Impact

Effective tax rate resulted in a PAT of INR 386.8 Cr from a PBT of INR 350 Cr in FY25, aided by deferred tax adjustments or credits.

Legal Contingencies

The NCLT approved the merger of Baghauli Sugar and Distillery Limited on April 25, 2025. The demerger of non-core units received NSE/BSE observation letters on July 30, 2024.

⚠️ Risk Analysis

Key Uncertainties

Regulatory shifts in ethanol blending mandates or pricing could impact distillery margins by 10-15%. Agro-climatic risks remain a primary threat to feedstock security.