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

• Market Cap: ₹23.75B
• Dividend Yield: 2%
• Average Volume (3M): 5.93K
• Price to Earnings (P/E): 8.7
• Beta (1Y): 1.57
• Revenue Growth: 17.71%
• EPS Growth: 18.17%
• Country: IN
• Employees: 2,357
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Food Confectioners
• EPS (TTM): 8.61
• 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): 29.4
• Revenue Forecast (FY): ₹36.59B

• Rating: 68 Neutral
• Price Target: ₹299.00 ▼(-0.10% Downside)
• Action: Reiterated Date: 11/28/25
• Date: Action: Reiterated 11/28/25

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

Diversified product mix

A multi-output business model—sugar, ethanol and cogenerated power—provides durable revenue diversification. This reduces reliance on a single commodity price, allows capture of policy-driven ethanol demand, and stabilizes cash flows across crushing seasons and commodity cycles.

Strong revenue and margin expansion

Material revenue growth and improving gross and net margins reflect sustained operational improvements and cost management. Higher margins increase internal cash generation capacity and support reinvestment into ethanol and cogeneration, enhancing long-term earnings durability.

Solid balance sheet and low leverage

Low leverage and a high equity ratio provide financial flexibility to fund capex, withstand cyclical sugar industry shocks, and maintain liquidity. Prudent gearing reduces refinancing risk and supports longer-term investments in capacity and by-product monetization.

Negative Factors

Agricultural and commodity cyclicality

Core reliance on sugarcane exposes earnings to weather, yield and recovery variability that persist season-to-season. These structural agricultural risks can create wide swings in production volumes, working capital needs and margins over multi-quarter horizons.

Past cash-flow volatility

Historic swings from negative to positive free cash flow indicate prior weak cash conversion and reliance on external funding during stress periods. Even with improvement, lingering volatility can constrain sustainable capex, dividends and debt-reduction plans absent consistent operating cash.

Regulatory dependence on ethanol and sugar policy

Significant exposure to government procurement and blending mandates creates structural regulatory risk. Changes in policy, procurement prices or blending targets can materially alter ethanol demand and blended realizations, affecting long-term revenue visibility and investment 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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	37.91B	37.46B	28.99B	32.45B	29.16B	24.96B
Gross Profit	9.78B	10.17B	8.48B	9.03B	7.82B	6.67B
EBITDA	4.85B	4.69B	5.40B	5.12B	5.28B	5.26B
Net Income	3.28B	3.87B	2.72B	2.50B	2.95B	2.70B
Balance Sheet
Total Assets	42.34B	48.63B	51.62B	38.03B	38.22B	37.33B
Cash, Cash Equivalents and Short-Term Investments	10.20B	3.55B	5.30B	1.68B	4.03B	3.88B
Total Debt	5.47B	10.44B	14.30B	4.54B	8.19B	9.58B
Total Liabilities	10.09B	16.29B	22.30B	10.98B	14.63B	15.90B
Stockholders Equity	32.25B	32.35B	29.32B	27.05B	23.59B	21.43B
Cash Flow
Free Cash Flow	7.69B	3.09B	-6.06B	3.65B	2.34B	2.74B
Operating Cash Flow	8.06B	4.50B	-2.39B	5.83B	5.67B	3.46B
Investing Cash Flow	-3.50B	-1.08B	-2.57B	-1.92B	-3.27B	371.30M
Financing Cash Flow	-5.29B	-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: Positive
• 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 below the 20-day moving average (MA) of 299.75, above the 50-day MA of 289.10, and below the 200-day MA of 340.38, indicating a neutral trend. The MACD of 6.34 indicates Negative momentum. The RSI at 50.54 is Neutral, neither overbought nor oversold. The STOCH value of 48.44 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	₹23.75B	8.71	―	2.00%	17.71%	18.17%
BALRAMCHIN	67 Neutral	₹97.54B	19.77	―	0.79%	9.74%	-6.32%
BANARISUG	66 Neutral	₹45.01B	23.32	―	0.35%	-7.81%	-6.64%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
TRIVENI	54 Neutral	₹75.06B	25.39	―	0.63%	14.75%	-15.81%
BAJAJHIND	46 Neutral	₹19.93B	39.15	―	―	-11.72%	-439.12%
RENUKA	46 Neutral	₹50.04B	-36.29	―	―	-18.81%	-57.61%