Q3 FY26 Results · Quarterly Results (Oct–Dec 2025)
Dalmia Bharat Sugar:
₹321 Stock. 7.66x P/E. Crushes Like It’s Running Out of Cane.
The oldest trick in India’s sugar playbook: turn sugarcane into sugar, ethanol, power, and pure profit. Dalmia Bharat has been doing it for 30+ years. Now they’re doing it better than ever — crushing records, cutting debt, and making investors from Mumbai to Chennai wonder why they didn’t buy earlier.
Market Cap₹2,595 Cr
CMP₹321
P/E Ratio7.66x
Div Yield1.87%
ROE12.4%
01 — At a Glance
The Sugar Crusader Nobody Talks About But Everyone Eats
- 52-Week High / Low₹465 / ₹261
- Q3 FY26 Revenue₹698 Cr
- Q3 FY26 PAT₹69.8 Cr
- TTM EPS₹41.9
- Annualised EPS (Q1-Q3 Avg × 4)₹21.80
- Book Value / Share₹399
- Price to Book0.80x
- Debt / Equity0.17x
- Interest Coverage7.20x
- Total Crushing Capacity43,200 TCD
Flash Summary: Dalmia Bharat just delivered Q3 FY26 revenue of ₹698 crore with PAT rising 17.6% quarter-on-quarter. The stock trades at 0.80x book value, 7.66x P/E, and just 1.87% dividend yield. While the market went chasing IPOs and tech startups, Dalmia quietly became one of India’s most capital-efficient sugar companies. The crushing capacity stands at 43,200 TCD. The distillery capacity is 950 KLPD and still growing. And the Dalmia family has controlled it for three decades without letting the stock run away on price. Welcome to boring excellence.
02 — Introduction
The Company That Turns Sweetness Into Returns (No IPO Banners Needed)
In 1994, when the Dalmia Group decided to enter the sugar business, it was not a glamorous decision. The sugar industry in India is about as predictable as the monsoons — which is to say, very unpredictable. You have government-mandated cane prices, FRP (Fair Remunerative Price), domestic export quotas, ethanol mandates that change faster than Union Budget tax slabs, and a farmer base that can be a blessing or a curse depending on the year’s rainfall.
Yet, Dalmia Bharat Sugar & Industries (DBSIL) did it. Thirty years later, they operate five sugar mills across Uttar Pradesh and Maharashtra with a crushing capacity of 43,200 tonnes per day. Four distilleries with 950 KLPD capacity. Cogeneration units producing 126 MW of power. The revenue is split: sugar (64%), distillery (30%), power (9%). The business is boring. The returns are not.
Q3 FY26 saw revenue of ₹698 crore, PAT of ₹69.8 crore. YoY profit growth: 17.6%. The stock is trading at ₹321 — down from 52-week high of ₹465, which means someone is selling a story nobody is buying. We’re here to find out why, and whether they should be buying more instead.
The ICRA Rating Note (Dec 2025): ICRA reaffirmed [ICRA]A1+ rating for commercial paper and gave comfort on the capital structure. The rating draws comfort from “operationally-efficient sugar mill operations” and “geographically diversified operations” providing “buffer against agro-climatic fluctuations.” Translation: the company is built to survive cyclicality. The question is: are investors buying it at the right price?
03 — Business Model: WTF Do They Even Do?
They Crush Cane, Distill It, Power It, and Profit From It. Repeat.
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