NSE: DHAMPURSUG · BSE: 500119 · ISIN INE041A01016
Dhampur Sugar Mills Limited stock analysis
Dhampur Sugar Mills Limited ranks #3311 in the TickerSutra evidence-ranked universe with a score of 41/100 and 95% data confidence. The latest captured fundamentals show ROCE of 6.4%, quarterly sales growth of 6.0% and quarterly profit growth of 609.4%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Strong CFO/EBITDA of 1.4×
- Institutional ownership is rising
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- Debt/equity is above 0.5×
- Extreme base-effect growth requires manual validation
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹1,904cr | ₹292cr | ₹144cr | 15.0% |
| 2023 | ₹2,460cr | ₹308cr | ₹158cr | 12.0% |
| 2024 | ₹2,169cr | ₹267cr | ₹135cr | 12.0% |
| 2025 | ₹1,957cr | ₹170cr | ₹52cr | 9.0% |
| 2026 | ₹1,967cr | ₹173cr | ₹65cr | 9.0% |
| TTM | ₹1,999cr | ₹182cr | ₹71cr | 9.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
MANAGEMENT COMMENTARY
Signals from filed documents
However, the quality of business improved, with core customer offtake maintained, procurement efficiencies realised, and pricing sustained above threshold levels despite intensifying competition. This disciplined approach led to a meaningful improvement in margins by the end of the year, positioning the business well for FY 2026–27, with the operational infrastructure and customer relationships in place to capture vo
Power generation rose 5.98% to 3,19,485 MW, driven by higher bagasse availability and extended operational uptime. Power exports grew at a faster rate of 14.55% to 1,45,985 MW, reflecting the direct benefit of the turbine’s conversion to back-pressure mode, which redirected previously condensed steam into productive export capacity. The export ratio (exports as a share of total generation) improved from 42.28% in FY
Outlook FY 2026–27 opens with the business in a stronger position than a year ago, with improved margins providing a solid foundation for the year ahead. The commercial focus will shift toward value-driven growth, strengthening the core domestic customer base while selectively expanding into specialty chemical segments and stable export markets where pricing and demand visibility are adequate. The business will remai
Th supply of this chemical is concentrated among few integrated players, with Dhampur uniquely positioned as an ethanol-based producer, offering cost and sustainability advantages over the petrochemical route. In FY 2025–26, demand softness amid global uncertainty and pricing pressure from overcapacity affected the business. The business responded with discipline, prioritising margins, strengthening customer relation
On the pricing front, the government continued to support ethanol production through administered pricing mechanisms. Ethanol derived from C-heavy molasses (CHM) has seen a marginal price increase, improving viability for producers. Meanwhile, prices for B-heavy molasses (BHM) and sugarcane juice (SCJ) have largely remained stable in recent periods.
The market is now being shaped by steady demand from pharmaceuticals, packaging, and coatings, alongside a shift toward value-driven procurement where reliability and quality command a premium. Amid weak exports and pricing pressure, Dhampur prioritised margins and customer quality over volume offtake, with improved profitability underscoring strategic effectiveness. This shift is supported by a strong policy framewo
Expenses: Total expenses increased by 5.62% from H2,599.04 Crores in FY 2024-25 to H2,745.14 Crores in FY 2025-26. Raw material costs, accounting for a 53.44% share of the Company’s revenues, marginally decreased from H1,513.02 Crores in FY 2024-25 to H1,512.88 Crores in FY 2025-26. Employee expenses, accounting for a 3.08% share of the Company’s revenues, increased by 8.64% from H80.35 Crores in FY 2024- 25 to H87.2
Capacity Consolidated Dhampur Rajpura Sugar crushing (TCD) 24,000 15,000 9,000 Renewable energy (MW) 108.50 73.0 35.50 Distillery on ‘C’ heavy (KLPD) 350 350 Chemicals (Tonnes per day) 140 140 Potable spirit (cases per day) 15,000 15,000 4 | Dhampur Sugar Mills Limited 1933 Sugar mill established at Dhampur (300 TCD) 1995 Commissioned a distillery in Dhampur with 100 KLPD 2004 Enhanced Dhampur distillery capacity to
Mitigation: A diversified portfolio spanning sugar, ethanol, power, chemicals and potable spirits reduces dependence on any single policy. Conservative capital allocation, restrained capex and a strong balance sheet enhance resilience against regulatory changes. Farmer relationship risk Risk: Delayed payments, disputes or inadequate agronomy support could weaken farmer relationships, affecting cane procurement volume
Cane from vulnerable areas is prioritised for early crushing, supported by early-warning systems to minimise disruption and maintain operational continuity. Working capital risk Risk: Seasonal cane procurement requires substantial upfront payments while sugar inventories are monetised over several months, creating periodic working capital pressure. Mitigation: Diversified earnings from ethanol, power, chemicals and p
The Policy is designed to align remuneration with the long-term interests of the Company and its shareholders and is based on the principles of merit, performance and sustainable growth. The Nomination and Remuneration Committee recommends the remuneration payable to Directors, Key Managerial Personnel and Senior Management Personnel, which is approved by the Board of Directors and, where required, by the shareholder
Annual Report 2025-26 | 17 Notice Details as required under Schedule V of the Companies Act, 2013 General information: a) Nature of industry: The Company is engaged in dealing with and manufacturing of sugar, power, industrial alcohol, ethanol, chemicals and potable spirit. b) Date or expected date of commencement of commercial production: Existing Company. Date of Incorporation: 22nd May, 1933.
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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