Key Financial Figures (Standalone)

Quarter Ended September 30, 2026 (Q2 FY27):

  • Revenue from Operations: ₹1,061 crore (vs. ₹989 crore in Q2 FY26, +7% YoY)
  • EBITDA: ₹144 crore (vs. ₹76 crore in Q2 FY26, +90% YoY)
  • EBITDA Margin: 13.6% (vs. 7.7% in Q2 FY26)
  • PBT: ₹95 crore (vs. ₹31 crore in Q2 FY26)
  • PAT: ₹71 crore (vs. ₹23 crore in Q2 FY26, +203% YoY)
  • EPS (not annualized): ₹8.7 per share (vs. ₹2.9 per share in Q2 FY26)

Half Year Ended September 30, 2026 (6M FY27):

  • Revenue from Operations: ₹1,909 crore (vs. ₹1,930 crore in 6M FY26)
  • EBITDA: ₹215 crore (vs. ₹177 crore in 6M FY26)
  • EBITDA Margin: 11.3% (vs. 9.2% in 6M FY26)
  • PBT: ₹106 crore (vs. ₹84 crore in 6M FY26)
  • PAT: ₹79 crore (vs. ₹63 crore in 6M FY26)
  • EPS (not annualized): ₹9.8 per share (vs. ₹7.7 per share in 6M FY26)

Segment Performance

Sugar Segment (Q2 FY27):

  • Sales Volume: 1.6 LMT (vs. 1.8 LMT in Q2 FY26)
  • Average Net Sugar Realization (NSR): ₹46.8/kg (vs. ₹39.9/kg in Q2 FY26)
  • Gross Revenue: ₹769 crore (vs. ₹793 crore in Q2 FY26)
  • EBIT: ₹79 crore (vs. ₹19 crore in Q2 FY26)
  • Sugar Inventory as on September 30, 2026: 0.81 LMT valued at ₹37.3/kg

Distillery Segment (Q2 FY27):

  • Sales Volume: 4.4 crore liters (vs. 4.0 crore liters in Q2 FY26, +10% YoY)
  • Gross Revenue: ₹327 crore (vs. ₹252 crore in Q2 FY26)
  • EBIT: ₹28 crore (vs. ₹21 crore in Q2 FY26)

Corporate Actions and Updates

  • Demerger Scheme Approved: Board of directors on November 3, 2026 approved Scheme of Arrangement between Hippostores Technology Private Limited (Demerged Company) and Dalmia Bharat Sugar under Sections 230-232 of Companies Act, 2013.
  • Transaction Details: Transfer of Hippostores' business (multi-supplier aggregation, AI/ML optimization, technology solutions) on going concern basis. Company will issue Redeemable Preference Shares of face value ₹10 each to equity and preference shareholders of Hippostores in proportion defined in scheme.
  • Appointed Date: January 1, 2027
  • Subsidiary Incorporation: Dalmia Bharat Global Holdings Limited, a wholly owned subsidiary, incorporated in United Arab Emirates during the quarter to hold present and future investments of the Company.
  • Project Updates: Tanzania sugarcane plantation and sugar manufacturing unit, CBG (Bio-CNG) project at Kolhapur, and conversion of existing Cane distillery in Ramgarh to Dual feed 100 KLPD distillery are tracking within targeted timelines.

Regulatory Environment

  • FRP Increase: For sugar season 2026-27, FRP increased from ₹355/quintal to ₹365/quintal at base recovery of 10.25%. State advised prices (SAP) yet to be announced.
  • Ethanol Production Restrictions: DFPD direction dated October 22, 2026 prohibited sugar diversion (B heavy and sugarcane juice/syrup) for ethanol production during Ethanol Supply Year 2026-27.
  • Trade Measures: Government prohibited sugar exports and permitted imports of up to 1 million tonnes of raw sugar under Tariff Reduction Quota (TRQ), which may continue next year.
  • Levy Obligation Increase: Government of Uttar Pradesh increased levy obligation on B-heavy molasses from 18% to 19% (August 3, 2026 notification) and subsequently to 20% (September 25, 2026 notification).

Outlook Commentary

  • Sugar Season 2026-27 Concerns: Uneven monsoon rainfall raised concerns over sugarcane availability and recovery, with potential El Niño-related disruptions in Maharashtra and Karnataka.
  • Ethanol Production Shift: Prohibition on B-heavy molasses and sugarcane juice/syrup for ethanol will reduce sugar-based ethanol contribution. Grain distilleries will be critical to meet projected ethanol demand.
  • Margin Pressure: Increase in maize prices from ~₹18 to ₹25/kg and decrease in maize-based ethanol realization expected to pressure margins in upcoming ethanol year.

Company Background

Dalmia Bharat Sugar and Industries Limited is a fully integrated Indian sugar and bioenergy producer with manufacturing hubs across Uttar Pradesh and Maharashtra. Operational footprint includes:

  • Six sugar plants with aggregate cane crushing capacity of 43,200 TCD
  • Five distillery units with combined capacity of 950 KLPD
  • Integrated power operations generating 138 MW of co-generation capacity