TickerSutra

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%.
Complete evidence gate pass governance reviewUpdated 29 Sept 2026
TICKERSUTRA SCORE41/100

Avoid / exit review

#3311 of 5,430 ranked equities
Market capitalisation₹1,094.67cr
ROCE6.4%
Quarterly sales growth6.0%
Quarterly profit growth609.4%
P/E ratio15.6×
Promoter pledge0.0%

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

PeriodRevenueOperating profitNet profitOperating margin
2022₹1,904cr₹292cr₹144cr15.0%
2023₹2,460cr₹308cr₹158cr12.0%
2024₹2,169cr₹267cr₹135cr12.0%
2025₹1,957cr₹170cr₹52cr9.0%
2026₹1,967cr₹173cr₹65cr9.0%
TTM₹1,999cr₹182cr₹71cr9.0%
Debt / equity0.75×
CFO / EBITDA1.40×
Operating margin9.0%
Free cash flow₹214cr
Sales CAGR · 3Y-7.2%
Profit CAGR · 3Y-25.6%

EXCHANGE EVENT TRIGGERS

Latest corporate disclosures

0 positive catalysts0 negative catalysts0 routine filings
No current exchange announcement is mapped to this research snapshot.

MANAGEMENT COMMENTARY

Signals from filed documents

Margin expansionHigh severity · 2 mentions
Positive catalyst

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

Export growthHigh severity · 1 mention
Positive catalyst

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

Export market updatesHigh severity · 2 mentions
Constructive

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

Demand slowdownHigh severity · 1 mention
Risk easing

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

Pricing commentaryHigh severity · 1 mention
Constructive

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.

Pricing pressureHigh severity · 4 mentions
Risk easing

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

Raw material inflationModerate severity · 1 mention
Negative warning

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 expansion plansModerate severity · 1 mention
Positive catalyst

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

Regulatory updatesModerate severity · 80 mentions
Watch

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

Working capital stretchLow severity · 1 mention
Risk easing

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

Regulatory approvalLow severity · 25 mentions
Watch

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

Capacity commissioningLow severity · 1 mention
Watch

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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