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1. At a Glance
Dalmia Bharat Sugar and Industries makes sugar and alcohol out of sugarcane. Revenue for the three months to June 2026 was ₹848.19 crore. That compares with ₹940.88 crore a year earlier, a fall of 9.85 per cent. Operating profit was ₹43.29 crore, an operating margin of 5.10 per cent. Net profit was ₹7.72 crore against ₹39.26 crore in the year-ago quarter. That is a fall of 80.3 per cent. Earnings per share, the profit attached to a single share, was ₹0.95 for the quarter.
Other income was ₹27.52 crore. Interest cost for the quarter was ₹26.58 crore. Depreciation, the yearly write-down of plant and machinery as it wears out, was ₹34.40 crore. Both were charged against an operating profit of ₹43.29 crore. Profit before tax came to ₹9.83 crore.
The quarter also had a second life outside the profit and loss account. On 14 July 2026 the board approved an integrated sugar project in Tanzania, estimated at US$132 million. The same day it approved a further US$19.7 million into Eagle Agrotech Holdings Limited. It also approved a wholly owned subsidiary in the UAE and the appointment of a unit head. Four separate announcements went out on one day, in the manner of a company that has found the send button. On 7 August the board approved the June quarter results and cleared a distillery conversion at Ramgarh.
Note 6 of the results says sugar is seasonal, and that quarterly figures may not be a true reflection of annual profitability. The quarter’s segment split puts sugar revenue at ₹635.43 crore and distillery revenue at ₹217.15 crore.
2. Introduction
Dalmia Bharat Sugar and Industries Limited entered the sugar industry in 1994. It began with a single mill in Uttar Pradesh able to crush 2,500 tonnes of cane a day. Crushing capacity had reached 43,200 tonnes a day as of March 2025, roughly seventeen times where it started. That is the corporate equivalent of buying a bicycle and finding a freight train in the garage thirty years later.
The company describes itself as among the youngest and largest sugar companies in India. It also calls itself the fastest-growing one, with a presence in Uttar Pradesh and Maharashtra. It is part of the Dalmia Bharat Group. The registered office sits at Dalmiapuram in Tiruchirappalli, Tamil Nadu, while the corporate address is on Barakhamba Road in Delhi. The mills are in two entirely different states, and sugar logistics has never fitted comfortably on one page.
Recent corporate history has been busy in the way that keeps company secretaries awake. In September 2025 the National Company Law Tribunal sanctioned a demerger moving the DMC and GT units to DBRL. A demerger splits part of a company off into a separate company of its own. The order was available on 19 September 2025. A scheme of arrangement then became effective from 9 October 2025, with an appointed date of 1 July 2023. The share swap ratio was 1:48.18, a level of precision suggesting that somewhere a spreadsheet fought back.
Also in September 2025, the Madras High Court quashed demands of ₹79 crore covering the years 1966 to 2017. The same court quashed a further ₹41 crore covering 2017 to 2024.
In December 2025, ADGM, the Abu Dhabi Global Market, approved the allotment of 51 per cent of Eagle Agrotech Holdings Limited. That company became a subsidiary with effect from 18 December 2025. In March 2026 the chief financial officer, Piyush Gupta, resigned, and Sandeep Garg was appointed from 5 March 2026. In April 2026 the company received an assessment order for 2023-24 carrying additions of ₹42.54 crore. It filed an appeal on 22 April 2026. Revenue for the year to March 2026 was ₹3,617 crore, with net profit of ₹236.71 crore.
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3. Business Model: WTF Do They Even Do?
The company crushes sugarcane. It then crushes, ferments and burns what the crushing leaves behind, because cane refuses to be used only once.
The business has four parts: sugar, power generation, industrial alcohol and refractory products. Refractory products are heat-resistant materials used to line furnaces and other very hot equipment. In the year to March 2023, sugar was 67 per cent of revenue and distillery 23 per cent. The company operates five sugar plants across Maharashtra and Uttar Pradesh. It runs five co-generation plants totalling 126 MW, which burn bagasse, the fibre left after crushing, to make electricity. Four distilleries at Ramgarh, Jawaharpur, Nigohi and Kolhapur hold a combined capacity of 710 kilolitres a day.
The physical logic is tidy enough. Cane goes in, sugar comes out, bagasse burns for power, and molasses ferments into ethanol. Molasses is the thick syrup left over once the sugar has been crystallised out of the juice.
Distillery capacity was 140 kilolitres a day in the year to March 2016. It reached 850 kilolitres a day by the year to March 2025, a six-fold expansion. Distillery sales volume was 3.61 crore litres in the year to March 2017. It reached
