Dalmia Bharat Sugar & Industries Ltd. (DALMIASUG) AI Stock Analysis

• Market Cap: ₹22.23B
• Dividend Yield: 2%
• Average Volume (3M): 5.93K
• Price to Earnings (P/E): 6.7
• Beta (1Y): 1.80
• Revenue Growth: 17.71%
• EPS Growth: 18.17%
• Country: IN
• Employees: 2,357
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Food Confectioners
• EPS (TTM): 2.88
• Shares Outstanding: 80,939,300
• 10 Day Avg. Volume: 4,913
• 30 Day Avg. Volume: 5,931
• PEG Ratio: 0.18
• Price to Book (P/B): 0.92
• Price to Sales (P/S): 0.80
• P/FCF Ratio: 9.66
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 68 Neutral
• Price Target: ₹299.00 ▼(-0.10% Downside)

Dalmia Bharat Sugar & Industries Ltd. receives a solid score due to its strong financial performance and attractive valuation, which are the most significant factors. However, the technical analysis indicates bearish momentum, which tempers the overall score. The absence of earnings call data and corporate events means these factors do not influence the score.

Positive Factors

Revenue Growth

Sustained double-digit revenue growth signals expanding sales and effective commercialization of multiple outputs (sugar, ethanol, power). Over 2–6 months this indicates durable demand capture and operational scale that can support margin stability and reinvestment in capacity.

Balance Sheet Strength

Low leverage and a high equity ratio provide financial flexibility across sugar cycles, lowering refinancing risk and enabling capital allocation to ethanol and cogeneration projects. This solvency supports long-term resilience versus cyclical commodity swings.

Cash Generation

Recovery to positive operating and free cash flow indicates the business now converts profits into cash more reliably. Durable cash generation strengthens capacity for capex, working capital, and shareholder returns without heavy reliance on external funding.

Negative Factors

Commodity & Policy Exposure

Reliance on sugarcane inputs and government pricing/stocking rules makes margins structurally vulnerable. Over months this exposure can compress profitability when cane prices rise or policy reduces realizations, limiting visibility and returns despite operational strengths.

Cash Flow Volatility

Historical swings in cash flow underline cyclical working-capital needs and seasonality in crushing/realizations. Even with recent recovery, volatility can force short-term borrowing or deferment of investment during down cycles, constraining steady strategic execution.

Moderate Return on Equity

An ROE near 12% reflects modest capital efficiency for a cyclical, capital-intensive business. Structurally this may limit long-term shareholder value creation versus peers, necessitating sustained above-cycle margins or higher cash reinvestment to materially lift returns.

Dalmia Bharat Sugar & Industries Ltd. Business Overview & Revenue Model

Company Description

Dalmia Bharat Sugar and Industries Limited engages in the sugar business in India and internationally. It operates through Own Manufactured Sugar, Power, Distillery, and Others segments. The company manufactures and sells refined sugar and double sulphitation sugars; by-products, such as bagasse and molasses to generate power; alcohol-based hand sanitizers under the Dalmia Sanjeevani brand name; and sulphur free white crystal sugar and natural brown sugar under the Dalmia Utsav brand name. It also produces and sells alcohol, including rectified spirits, extra neutral alcohol/hydrous alcohol, denatured spirits, and ethanol or anhydrous ethanol; and manufactures refractory products. In addition, the company generates renewable energy through co-generation plants with a capacity of 123 MW; and operates wind farms with capacity of 17 MW. Further, it engages in the magnesite, travel, and electronics businesses; and production and sale of organic manure to farmers. The company was incorporated in 1951 and is headquartered in New Delhi, India.

How the Company Makes Money

Dalmia Bharat Sugar & Industries Ltd. generates revenue primarily through the production and sale of sugar, which constitutes a significant portion of its earnings. The company also profits from ethanol production, which has gained importance due to government policies promoting biofuels. Additionally, Dalmia Bharat earns revenue through the sale of surplus power generated from its sugar mills, where bagasse (sugarcane residue) is used as a fuel source. The company's partnerships with local farmers ensure a steady supply of sugarcane, mitigating raw material risks. Market dynamics such as sugar prices, government regulations, and demand for ethanol significantly influence the company's financial performance.

Dalmia Bharat Sugar & Industries Ltd. Financial Statement Overview

Summary

Dalmia Bharat Sugar & Industries Ltd. shows strong financial health with significant revenue growth, improved profitability metrics, and robust cash flow generation. The low leverage and high equity ratio further bolster its financial stability. While past cash flow volatility posed challenges, recent improvements signal effective management and strategic growth positioning.

Income Statement

Dalmia Bharat Sugar & Industries Ltd. demonstrated strong growth with a revenue growth rate of 29.19% from 2024 to 2025. The gross profit margin is healthy at 27.15%, and the net profit margin improved to 10.32%, indicating effective cost management. EBIT and EBITDA margins are also robust at 21.16% and 12.52%, respectively, showcasing operational efficiency. The overall income statement reflects a consistent upward trajectory in profitability and revenue, enhancing the company's financial stability.

Balance Sheet

The company maintains a solid balance sheet with a low debt-to-equity ratio of 0.32, indicating prudent financial leverage. The return on equity stands at 11.95%, reflecting efficient use of shareholder funds. The equity ratio of 66.52% underscores strong financial solvency and stability. Although total liabilities increased, the company's equity growth and low leverage mitigate potential risks.

Cash Flow

Strong free cash flow growth is evident, recovering from a negative position in 2024 to positive in 2025. The operating cash flow to net income ratio of 1.17 indicates effective cash generation relative to profitability. The free cash flow to net income ratio of 0.80 suggests substantial cash retained post-investment activities. Despite past volatility, the recent positive cash flow trends enhance the company's liquidity position.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	37.28B	37.46B	28.99B	32.45B	29.16B	24.96B
Gross Profit	9.84B	10.17B	8.48B	9.03B	7.82B	6.67B
EBITDA	4.91B	4.69B	5.40B	5.12B	5.28B	5.26B
Net Income	3.70B	3.87B	2.72B	2.50B	2.95B	2.70B
Balance Sheet
Total Assets	0.00	48.63B	51.62B	38.03B	38.22B	37.33B
Cash, Cash Equivalents and Short-Term Investments	3.54B	3.55B	5.30B	1.68B	4.03B	3.88B
Total Debt	0.00	10.44B	14.30B	4.54B	8.19B	9.58B
Total Liabilities	-32.35B	16.29B	22.30B	10.98B	14.63B	15.90B
Stockholders Equity	32.35B	32.35B	29.32B	27.05B	23.59B	21.43B
Cash Flow
Free Cash Flow	0.00	3.09B	-6.06B	3.65B	2.34B	2.74B
Operating Cash Flow	0.00	4.50B	-2.39B	5.83B	5.67B	3.46B
Investing Cash Flow	0.00	-1.08B	-2.57B	-1.92B	-3.27B	371.30M
Financing Cash Flow	0.00	-4.80B	9.02B	-4.19B	-2.17B	-3.64B

Dalmia Bharat Sugar & Industries Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 299.30
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DALMIASUG, the sentiment is Negative. The current price of 299.3 is above the 20-day moving average (MA) of 279.39, above the 50-day MA of 292.34, and below the 200-day MA of 359.39, indicating a bearish trend. The MACD of -5.99 indicates Negative momentum. The RSI at 41.99 is Neutral, neither overbought nor oversold. The STOCH value of 54.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:DALMIASUG.

Dalmia Bharat Sugar & Industries Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DALMIASUG	68 Neutral	₹22.23B	6.74	―	2.00%	17.71%	18.17%
BANARISUG	66 Neutral	₹45.14B	36.89	―	0.35%	-7.81%	-6.64%
BALRAMCHIN	63 Neutral	₹84.97B	20.40	―	0.79%	9.74%	-6.32%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
TRIVENI	54 Neutral	₹81.90B	25.78	―	0.63%	14.75%	-15.81%
BAJAJHIND	49 Neutral	₹20.99B	-12.30	―	―	-11.72%	-439.12%
RENUKA	46 Neutral	₹53.45B	-7.19	―	―	-18.81%	-57.61%