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Swing Capital

Dalmia Bharat Sugar & Industries Ltd

NSE: DALMIASUG BSE: 500097Energy

Dalmia Bharat Sugar & Industries is mainly engaged in manufacturing of sugar, generation of power, manufacturing of Industrial alcohol and manufacturing of refractory products.[1]The company is among the youngest and largest sugar companies in India. Its is the fastest-growing sugar company with its presence in UP and Maharashtra.

₹338
52W: ₹261 — ₹458
PE 11.5 · Book ₹401 · -16% vs book
Market Cap₹2,739 Cr
Stock P/E11.5Price to Earnings
ROCE8.3%Return on Capital
ROE7.34%Return on Equity
Div. Yield1.76%Face Value ₹2

Strengths

  • +Stock is trading at 0.84 times its book value

Weaknesses

  • −The company has delivered a poor sales growth of 6.14% over past five years.
  • −Company has a low return on equity of 9.43% over last 3 years.
  • −Dividend payout has been low at 10.8% of profits over last 3 years

Shareholding Pattern

Promoters74.92%
FIIs0.72%
DIIs0.12%
Public24.07%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters74.92%74.92%74.92%74.92%74.92%74.92%74.92%74.92%
FIIs0.96%1.02%▲0.10.89%▼0.10.75%▼0.11.08%▲0.30.97%▼0.10.7%▼0.30.72%▲0.0
DIIs0.09%0.05%▼0.00.05%0.05%0.05%0.05%0.09%▲0.00.12%▲0.0
Public23.87%23.85%▼0.023.99%▲0.124.11%▲0.123.77%▼0.323.89%▲0.124.12%▲0.224.07%▼0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales5847509609208381,016941989698991
Expenses474631849853736818851932588820
Operating Profit109119111671011979056109171
OPM %19%16%12%7%12%19%10%6%16%17%
Net Profit6291555359199392370105
EPS ₹7.6811.296.776.597.3324.574.852.888.6213.04

AI Insights

Revenue Trend

Mar 2026 revenue at ₹3,618Cr, down 3.4% YoY. OPM at 12%.

Debt Position

Borrowings at ₹1,740Cr. Debt-to-equity ratio: 0.54x. Moderate leverage.

Capex Cycle

CWIP at ₹15Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.12% (+0.06pp change). FIIs: 0.72% (-0.18pp change). Promoters hold 74.92%.

Margin & Efficiency

ROCE improving from 5% (Mar 2015) to 8% (Mar 2026). Working capital days: 57.

Valuation

PE 11.5x with 8.3% ROCE. Price is -16% above book value of ₹401. Dividend yield: 1.76%.

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