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1. At a Glance
Revenue for the June 2026 quarter came in at ₹848.19 crore, against ₹940.88 crore a year earlier — a fall of 9.85%. Operating profit was ₹43.29 crore, giving an OPM of 5.10%, and net profit was ₹7.72 crore against ₹39.26 crore in the year-ago quarter, down 80.3%. EPS for the quarter was ₹0.95.
Other Income was ₹27.52 crore. Interest cost was ₹26.58 crore. Depreciation was ₹34.40 crore. Add those last two together and you get a number comfortably larger than the operating profit that was meant to cover them — an arithmetic sequence the profit-before-tax line records as ₹9.83 crore.
The quarter also had a second life outside the P&L. On July 14, 2026, the board approved an integrated sugar project in Tanzania estimated at US$132 million, plus an additional US$19.7 million investment into Eagle Agrotech Holdings Limited, plus a UAE wholly-owned subsidiary, plus a unit head appointment — all filed on the same day, in four separate announcements, in the manner of a company that has discovered the “send” button. On August 7, the board approved the Q1 results and also cleared a Ramgarh distillery conversion.
Sugar is a seasonal business, and the company says so itself in note 6 of the results: quarterly figures may not be a true reflection of annual profitability. What the quarter does contain is a segment split — Sugar revenue ₹635.43 crore, Distillery ₹217.15 crore — and a company that spent the period drawing a map of East Africa.
2. Introduction
Dalmia Bharat Sugar and Industries Limited entered the sugar industry in 1994 with a 2,500 TCD mill in Uttar Pradesh. Cane crushing capacity has since reached 43,200 TCD as of March 2025, which is roughly seventeen times where it started — 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, and as the fastest-growing one, with presence in UP and Maharashtra. It is part of the Dalmia Bharat Group. The registered office sits at Dalmiapuram in Tiruchirappalli, Tamil Nadu; the corporate address is on Barakhamba Road in Delhi; the mills are in two entirely different states. Sugar logistics has always been a subject that refuses to fit on one page.
Recent corporate history has been busy in the way that keeps company secretaries awake. In September 2025, the NCLT sanctioned a demerger transferring the DMC and GT units to DBRL, with the order available on September 19. In October 2025 a scheme of arrangement became effective from October 9, with an appointed date of July 1, 2023 and a share swap ratio of 1:48.18 — a ratio precise enough to suggest that somewhere, a spreadsheet fought back. Also in September 2025, the Madras High Court quashed demands of ₹79 crore covering 1966–2017 and ₹41 crore covering 2017–2024. A tax matter that opens in 1966 and closes in 2025 is not litigation; it is an heirloom.
In December 2025, the allotment of 51% of Eagle Agrotech Holdings Limited was approved by ADGM, making EAHL a subsidiary effective December 18, 2025. In March 2026, CFO Piyush Gupta resigned and Sandeep Garg was appointed effective March 5, 2026. In April 2026, the company received an AY23-24 assessment order carrying additions of ₹42.54 crore and filed an appeal on April 22, 2026.
FY26 revenue was ₹3,617 crore with net profit of ₹236.71 crore.
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3. Business Model: WTF Do They Even Do?
They crush cane. Then, because cane is generous and refuses to be crushed only once, they crush the leftovers of crushing.
The business is four things: sugar, power generation, industrial alcohol, and refractory products. FY23 revenue mix was Sugar 67% and Distillery 23%. The company operates five sugar plants across Maharashtra and Uttar Pradesh, five co-generation plants totalling 126 MW, and four distilleries at Ramgarh, Jawaharpur, Nigohi and Kolhapur with a combined capacity of 710 KLPD. The physical logic is elegant: cane goes in, sugar comes out, bagasse burns to make electricity, molasses ferments into ethanol, and the only thing that leaves without a job is the receipt.
Distillery capacity has gone from 140 KLPD in FY16 to 850 KLPD in FY25 — a six-fold expansion — while distillery sales volume moved from 3.61 crore litres in FY17 to 18.00 crore litres in FY25. Cane crushed was 55.60 lakh MT in FY25. Gross sugar recovery rate was 12.30%, meaning roughly twelve kilos of sugar emerge from every hundred kilos of cane and the other eighty-eight go on to have careers of their own.
The client list reads like a supermarket aisle that decided to become a spreadsheet: Coca-Cola, PepsiCo, Mondelez, Perfetti, Britannia, Walmart India, Dabur, D-Mart, India Glycols, Radico Khaitan, Bacardi India, United Breweries, Carlsberg and SABMiller. Sugar is one of the few products where the buyers include both the biscuit industry and the beer industry, and both are entirely serious.
Geographical split in FY23
