Dharani Sugars & Chemicals Ltd. (DHARSUGAR) AI Stock Analysis

• Market Cap: ₹286.52M
• Dividend Yield: N/A
• Average Volume (3M): N/A
• Price to Earnings (P/E): ―
• Beta (1Y): N/A
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: IN
• Employees: 763
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Food Confectioners
• EPS (TTM): -4.89
• Shares Outstanding: 33,200,000
• 10 Day Avg. Volume: N/A
• 30 Day Avg. Volume: N/A
• PEG Ratio: <0.01
• Price to Book (P/B): -0.19
• Price to Sales (P/S): 44.14
• P/FCF Ratio: 5.28
• 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: 46 Neutral
• Price Target: ―
• Action: N/A Date: 01/04/26
• Date: Action: N/A 01/04/26

The score is primarily driven down by very weak and volatile financial performance—large losses, collapsing revenue, and a highly leveraged balance sheet with negative equity. With no usable technical or valuation inputs provided, these factors are neutral and do not materially offset the financial risk.

Dharani Sugars & Chemicals Ltd. Business Overview & Revenue Model

Company Description

Dharani Sugars and Chemicals Limited engages in the manufacture and sale of white sugar in India. The company is also involved in the generation of electricity; and production of industrial alcohol, including ethanol. In addition, it produces molasses and other by-products. The company was incorporated in 1987 and is based in Chennai, India.

How the Company Makes Money

The company primarily makes money by selling sugar produced from sugarcane. A secondary revenue stream typically comes from monetizing sugar manufacturing co-products and by-products generated during processing (for example, molasses, bagasse, and press mud) through sales to other industries and/or internal use where applicable. Realizations depend on product mix, volumes sold, and prevailing domestic commodity prices and regulatory conditions affecting sugar. Specific details on segment-wise revenue, pricing mechanisms, long-term offtake agreements, or material partnerships are null.

Dharani Sugars & Chemicals Ltd. Financial Statement Overview

Summary

Overall financial quality is weak: the latest year shows deeply negative profitability (gross profit -429.97M; net income -929.95M) with sharply negative margins and an 87.5% revenue decline. The balance sheet is highly stressed with very high debt (4.36B) and negative equity (-1.63B). Cash flow is a partial offset (positive operating and free cash flow in 2025), but it is small versus the debt load and has been volatile across years.

Income Statement

Profitability is very weak: the latest annual period (2025-03-31) shows deeply negative gross and operating profitability (gross profit -429.97M; net income -929.95M) with highly negative margins (gross margin -60.1%, net margin -130.0%). Revenue also collapsed year over year (revenue down 87.5%), signaling severe demand/volume disruption or business contraction. While 2024 reported positive net income, revenue was recorded at zero and the profitability profile is inconsistent across years, reducing confidence in earnings quality and stability.

Balance Sheet

Leverage and solvency are major concerns. Total debt remains very high (4.36B in 2025) while shareholders’ equity is negative (-1.63B), which typically indicates accumulated losses and balance-sheet stress. Assets (4.71B) are only modestly above debt levels, leaving limited cushion for creditors and increasing refinancing risk. Return on equity is not very informative here due to negative equity, but overall the capital structure looks fragile.

Cash Flow

Cash generation is mixed but somewhat better than earnings. In 2025, operating cash flow and free cash flow were positive (~60.3M and ~59.8M), which is a constructive sign versus large accounting losses; however, cash flow is small relative to the debt load, and cash coverage of interest-like obligations appears weak (operating cash flow coverage ~0.03). Prior years were volatile, including negative operating/free cash flow in 2023 and 2022, followed by a very strong 2024 cash inflow, indicating inconsistent cash conversion and higher operating risk.

Breakdown	TTM	Mar 2025	Jun 2024	Mar 2023	Sep 2022	Jun 2021
Income Statement
Total Revenue	3.07M	7.15M	0.00	8.21M	396.73M	310.88M
Gross Profit	-130.35M	-429.97M	-7.31M	1.06M	48.00M	46.56M
EBITDA	-239.13M	-208.98M	95.97M	-90.98M	-168.14M	-125.31M
Net Income	-939.53M	-929.95M	1.21B	-313.57M	-401.97M	-380.38M
Balance Sheet
Total Assets	4.64B	4.71B	4.92B	5.17B	5.36B	5.68B
Cash, Cash Equivalents and Short-Term Investments	54.54M	3.12M	4.23M	6.53M	1.47M	58.01M
Total Debt	4.09B	4.36B	4.19B	5.39B	5.33B	5.36B
Total Liabilities	6.68B	6.34B	5.68B	7.15B	7.02B	6.94B
Stockholders Equity	-2.04B	-1.63B	-757.75M	-1.97B	-1.66B	-1.27B
Cash Flow
Free Cash Flow	466.37M	59.80M	1.26B	-54.59M	-29.02M	-135.11M
Operating Cash Flow	466.37M	60.31M	1.26B	-54.59M	-29.02M	-135.11M
Investing Cash Flow	49.00K	214.00K	1.39M	895.00K	423.00K	6.32M
Financing Cash Flow	-465.00M	-62.69M	-1.27B	58.75M	-27.94M	180.90M

Dharani Sugars & Chemicals Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DALMIASUG	68 Neutral	₹23.80B	8.71	―	2.00%	17.71%	18.17%
RANASUG	67 Neutral	₹1.74B	3.78	―	―	8.83%	160.77%
ASALCBR	64 Neutral	₹13.41B	16.60	―	0.21%	16.02%	48.63%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
DHARSUGAR	46 Neutral	₹286.52M	-0.44	―	―	―	―
BAJAJHIND	46 Neutral	₹20.13B	39.15	―	―	-11.72%	-439.12%
SIMBHALS	40 Underperform	₹300.92M	-2.42	―	―	―	―