Key Financial Results (Standalone)

Quarterly Performance (Q1 FY27 vs Q1 FY26):

  • Revenue from Operations: Rs 848 crore (vs Rs 941 crore in Q1 FY26) - decline of 10%
  • EBITDA: Rs 71.4 crore (vs Rs 100.7 crore in Q1 FY26)
  • EBITDA Margin: 8.4% (vs 10.7% in Q1 FY26)
  • PBT: Rs 11.5 crore (vs Rs 52.7 crore in Q1 FY26)
  • PAT: Rs 8.6 crore (vs Rs 39.3 crore in Q1 FY26)
  • EPS (not annualized): Rs 1.1 per share (vs Rs 4.9 per share in Q1 FY26)

Segment Performance

Sugar Segment (Q1 FY27 vs Q1 FY26):

  • Sales Volume: 1.3 LMT (vs 1.5 LMT)
  • Average Realization (incl. exports): Rs 40.6/kg (vs Rs 39.9/kg)
  • Gross Revenue: Rs 635 crore (vs Rs 717 crore)
  • EBIT: Rs 1.5 crore (vs Rs 45.7 crore)
  • Sugar inventory as on June 30, 2026: 2.36 Lac MT valued at Rs 36.9/kg

Distillery Segment (Q1 FY27 vs Q1 FY26):

  • Sales Volume: 4.3 crore liters (vs 5.2 crore liters)
  • Gross Revenue: Rs 287 crore (vs Rs 326 crore)
  • EBIT: Rs 35.3 crore (vs Rs 22.4 crore)

Operational Highlights

  • Sugar NSR improved from Rs 39.9/kg in Q1 FY26 to Rs 40.6/kg in Q1 FY27
  • Sugar NSR in July 2026 prevailing in range of Rs 43-44/kg
  • Credit ratings reaffirmed: Long-term at CARE AA+ (Stable), Short-term at CARE A1+

Project Updates

Kolhapur CBG (Bio-CNG) Project:

  • Ongoing project tracking within targeted timelines
  • Expected commissioning: November 2026

Tanzania Project:

  • Approved on July 14, 2026
  • Comprises development of 10,000 Ha sugarcane plantation
  • Manufacturing unit with sugar capacity of ~10,000 MT
  • 20 MW cogeneration facility
  • Estimated project cost: US$132 million
  • Medium to long term expansion potential: 20,000 Ha plantation and 150,000 MT sugar production capacity
  • Intention to transform into diversified bio-energy platform

Ramgarh Distillery Conversion:

  • Board approved conversion of existing cane distillery to dual feed 100 KLPD distillery
  • Project cost: Rs 49 crore
  • Expected commissioning: April 2027

Regulatory Update

  • For sugar season 2026-27, FRP increased from Rs. 355/Qtl to Rs. 365/Qtl at basic recovery of 10.25%

Outlook Commentary

  • Lower Q1 sales volume resulted in stock accumulation, expected to be recovered in upcoming quarters of FY27
  • Sugar prices expected to remain firm in near term due to steady domestic demand and balanced supply position
  • Expectation of healthy sugarcane crop in upcoming season, subject to weather conditions including El Nino impact

Company Background

Dalmia Bharat Sugar has total cane crushing capacity of 43,200 TCD, 138 MW co-generation capacity, and distillery of 950 KLPD with incineration boilers.