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Dhampur Sugar Mills Limited (DHAMPURSUG)

₹197.67 +0.35% last close, 16 Oct

📊 NSE: DHAMPURSUG 🏢 Sugar 📢 Latest filing: 15 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Dhampur Sugar's revenue was ₹786 Cr (+50.9% year on year, +60.1% on the previous quarter), and net profit ₹6.1 Cr (+569.2% year on year); the operating margin was 4.0%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹786	+50.9%	+60.1%
Operating profit	₹31.3	+37.1%	-63.2%
Net profit	₹6.1	+569.2%	-86.8%
EPS (₹)	0.94	+623.1%	-86.8%
Operating margin	4.0%	—	—

Full quarterly financials → Results calendar →

DHAMPURSUG delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 29.4% of the DHAMPURSUG shares traded on NSE were taken to delivery, against the stock's own 20-session average of 34.88%. That is close to its usual level.

29.4%Delivery, 16 Oct

34.88%Own 20-session average

0.8×Volume vs its average

₹197.67NSE close · +0.35%

Delivery in the last 5 sessions: 27.7% · 27.1% · 22.3% · 40.0% · 29.4%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Dhampur Sugar Penalized ₹10 Lakh by UP Excise Dept for Molasses Storage Shortfall

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 15 Oct 2026, 07:29 PM

Dhampur Sugar Mills has received an order from the Office of the Molasses Controller and Excise Commissioner, Uttar Pradesh, imposing a compounding fee of ₹10,00,000 (₹10 lakh). The penalty pertains to a shortfall in prescribed molasses storage capacity at its Rajpura unit across sugar years 2021-22, 2022-23, 2024-25, and 2025-26. Relative to the company's TTM revenue of ₹2,232 crore and TTM PAT of ₹71 crore, the financial impact is negligible (0.004% of revenue). The company confirmed there is no material operational or financial impact.

Compounding penalty of ₹10,00,000 imposed by U.P. Excise Department
Order received on 14th October, 2026 regarding the Rajpura unit
Violation relates to molasses storage capacity shortfall across sugar years 2021-22, 2022-23, 2024-25, and 2025-26
Financial impact strictly capped at ₹10 lakh with no operational disruption

💡 Track whether Dhampur Sugar needs to incur capex to expand molasses storage infrastructure at the Rajpura unit to prevent recurrent regulatory compliance penalties.

Dhampur Sugar Allots ₹50 Cr Commercial Paper at 6.80% to Federal Bank

🟡 NEUTRAL ⭐ 3/10

FUNDRAISE 📅 05 Oct 2026, 05:50 PM

Dhampur Sugar Mills Limited has issued and allotted unlisted Commercial Paper (CP) of face value ₹50 crore on October 5, 2026. The issue was placed in favor of Federal Bank Limited at an interest rate of 6.80% with an 88-day tenure maturing on January 1, 2027. The net issue value received is ₹49.19 crore, backed by an 'IND A1+' credit rating. Against total debt of ₹899 crore, this short-term borrowing represents routine working capital management ahead of the upcoming sugar crushing season.

Redemption value: ₹50,00,00,000 across 1,000 Commercial Papers
Net issue proceeds: ₹49,19,35,000 at a coupon rate of 6.80%
Short tenure of 88 days with maturity scheduled for January 1, 2027
Subscribed entirely by Federal Bank Limited under IND A1+ credit rating

💡 Track the company's overall financing costs and debt levels in the upcoming quarterly results as the cane crushing season gets underway.

Dhampur Sugar Submits CFO Certificate on Commercial Paper Utilisation for Q2 FY27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Oct 2026, 06:04 PM

Dhampur Sugar Mills Limited has submitted a compliance certificate from its Chief Financial Officer confirming the utilisation of proceeds from Commercial Paper. This filing pertains to the quarter ended 30th September 2026 pursuant to SEBI circular regulations. The submission is a standard quarterly regulatory disclosure verifying that funds raised via short-term debt instruments were used as intended. The exact issuance value or amount outstanding was not disclosed in the text extract.

Submitted CFO Certificate verifying commercial paper proceeds utilisation for the quarter ended 30th September 2026
Filed under SEBI circular SEBI/HO/DDHS/P/CIR/2021/613 updated as on 13th April 2022
Formal communication dated 1st October 2026 signed digitally on 4th October 2026
Commercial paper issuance quantum and proceeds breakdown: not disclosed

💡 Track the upcoming Q2 FY27 earnings release to assess changes in total borrowings (which stood at Rs 899 Cr as of FY26) and short-term debt financing costs.

Dhampur Sugar Shareholders Approve All 9 AGM Resolutions, Including ₹2/Share Final Dividend

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Aug 2026, 04:59 PM

Dhampur Sugar Mills Limited announced the voting results and scrutinizer's report for its 91st Annual General Meeting held on August 26, 2026. All 9 ordinary and special resolutions were approved by shareholders with strong majorities. Key approvals include the confirmation of an interim dividend of 20% (₹2.00 per share of ₹10 face value) as the final dividend for FY26, the re-appointment of directors, and the payment of minimum remuneration to executive leadership.

Shareholders approved all 9 resolutions at the 91st AGM held on August 26, 2026.
Confirmed interim dividend of 20% (₹2.00 per equity share of face value ₹10) as the final dividend for FY26 with 99.99% votes in favor.
Approved minimum remuneration for Chairman Ashok Kumar Goel (96.30% favor) and Managing Director Gaurav Goel (96.14% favor).
Overall voter turnout represented 52.49% to 52.55% of outstanding shares across resolutions.

💡 Track subsequent quarterly operational updates, ethanol blending capacity utilization, and cane crushing trends in the upcoming sugar season.

Dhampur Sugar Mills Concludes 91st AGM; Confirms ₹2/Share Dividend & Votes on 9 Resolutions

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Aug 2026, 06:21 PM

Dhampur Sugar Mills Limited conducted its 91st Annual General Meeting (AGM) on August 26, 2026, with 91 shareholders attending virtually. Shareholders considered and voted on 9 resolutions, including the adoption of FY26 financial statements and confirmation of a ₹2.00 per share (20%) interim dividend as the final dividend for FY26. Key special resolutions also covered the re-appointment and minimum remuneration for executive leadership, as well as independent director terms. Detailed voting results and scrutinizer reports are scheduled to be published within two working days.

91st Annual General Meeting held on August 26, 2026, attended by 91 shareholders via video conference.
Confirmation of interim dividend of 20% (₹2.00 per equity share of face value ₹10) as final dividend for FY26.
A total of 9 resolutions (4 Ordinary, 5 Special) were tabled and transacted via remote e-voting and AGM e-voting.
Management highlighted operational initiatives, cost trends in maize-based ethanol, and potential foray into the NBFC sector.

💡 Track the upcoming disclosure of final scrutinizer voting results within 2 working days and monitor regulatory progress regarding the proposed NBFC diversification.

IND A+ Rating: Dhampur Sugar Mills Downgraded from IND AA- on Margin Pressure and High Leverage

🔴 NEGATIVE ⭐ 9/10

REGULATORY 📅 03 Aug 2026, 06:22 PM

India Ratings & Research (Ind-Ra) has downgraded Dhampur Sugar Mills' long-term rating to 'IND A+' from 'IND AA-' with a Stable outlook. The downgrade is driven by a significant compression in EBITDA margins to 7.2% in FY26 from 10.4% in FY24 and a rise in net leverage to 2.8x, exceeding the agency's negative trigger of 2.0x. While the company maintains an integrated business model with a 450 KLPD distillery capacity, agricultural challenges like red rot infestation have reduced cane supply and increased production costs.

Long-term Issuer Rating downgraded to 'IND A+' from 'IND AA-' with a Stable outlook
Net leverage increased to 2.8x in FY26 from 1.8x in FY24, primarily due to lower operating profits
EBITDA fell to Rs 174 Cr in FY26 from Rs 266 Cr in FY24, with margins dropping to 7.2%
Sugar production costs increased by 7.3% to Rs 37,416 per ton due to lower cane availability
Interest coverage ratio moderated to 4.1x in FY26 from 6.8x in FY24

💡 Investors should monitor the company's ability to reduce debt and improve margins through its ethanol vertical. Watch for government policy updates on ethanol diversion caps and sugar export bans, which are critical for the company's profitability recovery.

Q1 FY27 PAT Jumps to ₹6.03 Cr from ₹0.85 Cr; Sugar Realizations Up 3%

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 31 Jul 2026, 06:51 PM

Dhampur Sugar Mills reported a significant recovery in profitability for Q1 FY27, with consolidated PAT rising to ₹6.03 Cr from ₹0.85 Cr in the year-ago period. Gross revenue grew 6.1% YoY to ₹786.17 Cr, supported by higher sugar sales volumes of 0.85 lakh tons and improved realizations of ₹41,202 per ton. While ethanol volumes declined 17% to 151.53 lakh BL, the company benefited from higher margins in maize-based ethanol and its chemical business. The company is also pursuing diversification into the NBFC sector, pending regulatory approvals.

Consolidated PAT increased over 600% YoY to ₹6.03 Cr in Q1 FY27
Sugar realizations improved by 3% to ₹41,202 per ton compared to ₹39,999 per ton YoY
Chemical sales volumes grew 10.1% to 86.48 lakh kg with improved margins
Ethanol sales volumes dropped 17% to 151.53 lakh BL due to feedstock shifts
PBT margin improved to 1.05% from 0.18% in the corresponding quarter last year

💡 Investors should monitor the execution of the NBFC vertical diversification and the sustainability of maize-based ethanol margins as a hedge against sugar cyclicality.

₹6.09 Cr Q1 Net Profit: Dhampur Sugar Reports Sharp Recovery; Revenue Up 6% YoY

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 31 Jul 2026, 05:35 PM

Dhampur Sugar Mills reported a consolidated net profit of ₹6.09 Cr for Q1 FY27, a significant jump from ₹0.91 Cr in the year-ago period. Revenue from operations grew 6.1% YoY to ₹786.17 Cr, representing approximately 32.6% of its TTM revenue. The Sugar segment showed a notable turnaround, posting an EBIT of ₹7.52 Cr compared to a loss of ₹3.10 Cr in Q1 FY26. However, Ethanol segment revenue declined 14% YoY to ₹113.37 Cr, reflecting ongoing regulatory and supply-side constraints.

Consolidated Net Profit rose to ₹6.09 Cr from ₹0.91 Cr in the previous year's corresponding quarter.
Revenue from operations increased 6.1% YoY to ₹786.17 Cr.
Sugar segment EBIT turned positive at ₹7.52 Cr vs a loss of ₹3.10 Cr YoY.
Chemicals segment revenue grew 36.3% YoY to ₹73.41 Cr.
Ethanol segment revenue saw a contraction to ₹113.37 Cr from ₹131.85 Cr YoY.

💡 Investors should monitor the recovery in ethanol volumes and the progress of the NBFC vertical diversification, which is currently pending RBI approval.

Dhampur Sugar Mills Announces 91st AGM and Book Closure from August 20-26, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Jul 2026, 06:51 PM

Dhampur Sugar Mills Limited has scheduled its 91st Annual General Meeting (AGM) for August 26, 2026, to discuss the financial year ended March 31, 2026. In preparation for the meeting, the company will close its Register of Members and Share Transfer Books from August 20 to August 26, 2026. The meeting will be held via video conferencing at 3:00 PM. This is a standard administrative procedure for listed entities to finalize shareholder records.

91st Annual General Meeting scheduled for August 26, 2026, at 3:00 PM
Book closure period fixed from August 20, 2026, to August 26, 2026
AGM to be conducted through Video Conferencing (VC) or Other Audio-Visual Means (OAVM)
Relates to the financial year ending March 31, 2026

💡 Investors should look for the full Annual Report and AGM notice to understand management's progress on the 450 KLPD ethanol expansion and the pending RBI approval for the NBFC vertical.

Rs 100 Cr Commercial Paper Redemption by Dhampur Sugar Mills

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Jul 2026, 06:44 PM

Dhampur Sugar Mills Limited has successfully redeemed Commercial Papers (CP) worth Rs 100 crore on its maturity date of July 30, 2026. The CP was issued on June 30, 2026, representing a short-term 30-day borrowing. This redemption amount is significant, accounting for approximately 11.1% of the company's total debt of Rs 899 crore. The timely payment confirms the company's ability to meet its short-term financial obligations and manage its working capital cycle.

Redemption of Commercial Paper worth Rs 100.00 Crores completed on 30-07-2026.
The instrument had a short-term tenure of 30 days, having been issued on 30-06-2026.
Redemption value represents ~11.1% of the company's total debt of Rs 899 Cr.
The payment was made in compliance with SEBI Master Circular dated 22-May-2024.

💡 Investors should monitor the company's overall debt-to-equity ratio (currently 0.75) and interest coverage in the next quarterly results to assess the efficiency of its working capital management.

Dhampur Sugar Mills Sets 91st AGM for Aug 26; Book Closure Starts Aug 20

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Jul 2026, 06:17 PM

Dhampur Sugar Mills has announced its 91st Annual General Meeting (AGM) for the financial year ended March 31, 2026, to be held on August 26, 2026. In conjunction with the meeting, the company will close its Register of Members and Share Transfer Books from August 20 to August 26, 2026. This is a standard administrative procedure to determine shareholder eligibility for participation in the virtual meeting. Investors should look for the upcoming Annual Report to assess progress on the company's 450 KLPD ethanol expansion and NBFC diversification plans.

91st Annual General Meeting scheduled for August 26, 2026, at 03:00 P.M.
Book closure period defined from August 20, 2026, to August 26, 2026 (7 days inclusive).
Meeting to be conducted via Video Conferencing (VC) or Other Audio-Visual Means (OAVM).
Relates to the financial year ended March 31, 2026, which saw TTM revenue of ₹2,409 Cr.
TTM PAT for the period under review stands at ₹65 Cr with an OPM of 7.2%.

💡 Review the forthcoming Annual Report for management's outlook on sugar realizations and the status of the RBI approval for their new NBFC vertical.

DHAMPURSUG 91st AGM on Aug 26; Rs 2.00 Dividend and Executive Pay on Agenda

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 30 Jul 2026, 05:10 PM

Dhampur Sugar Mills has scheduled its 91st Annual General Meeting (AGM) for August 26, 2026, to adopt FY26 financial results and confirm a 20% interim dividend (Rs 2.00 per share). A key agenda item is a special resolution to ensure minimum remuneration for the Chairman and Managing Director even in cases of inadequate profits for FY27-28. The company reported TTM revenue of Rs 2,409 Cr with a PAT of Rs 65 Cr. Shareholders will also vote on a commission for independent directors capped at 1% of net profits.

91st AGM scheduled for August 26, 2026, via Video Conferencing
Confirmation of Rs 2.00 per equity share (20% of face value) as the final dividend for FY26
Special resolution proposed for minimum remuneration to Chairman Ashok Kumar Goel and MD Gaurav Goel for FY27-28
Commission for Non-Executive Independent Directors capped at 1% of net profits for FY26
Cut-off date for reckoning voting rights fixed as August 19, 2026

💡 Investors should monitor the voting outcomes, particularly regarding the executive remuneration clauses which provide a safety net for management pay during cyclical industry downturns.

Dhampur Sugar issues reminder for unclaimed dividends due for IEPF transfer by Oct 8, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jul 2026, 06:16 PM

Dhampur Sugar Mills has issued a formal notice to shareholders regarding unpaid or unclaimed dividends that are nearing the seven-year statutory limit. Specifically, the final dividend for FY 2018-19 is scheduled to be transferred to the Investor Education and Protection Fund (IEPF) on October 8, 2026. Along with the funds, the corresponding equity shares for which dividends have remained unclaimed for seven consecutive years will also be transferred to the IEPF demat account. This is a standard regulatory procedure under Section 124 of the Companies Act, 2013.

Unclaimed dividend for Financial Year 2018-19 is due for transfer to IEPF on October 8, 2026
Shares with unclaimed dividends for 7 consecutive years will be transferred to the IEPF demat account
Notice covers multiple periods including FY 2018-19 (Final) and interim dividends from FY 2019-20 to FY 2022-23
Shareholders must submit a signed request, PAN, and bank proof to the RTA (Alankit Assignments Limited) to claim funds

💡 Shareholders should verify their bank credit history for dividends from 2018-19 onwards and contact the Registrar and Transfer Agent (RTA) before the October 8, 2026 deadline if payments are missing.

₹1 Lakh penalty imposed on Dhampur Sugar by U.P. Excise Department for storage non-compliance

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 03 Jul 2026, 06:16 PM

Dhampur Sugar Mills Limited has received an order from the Excise Commissioner, Uttar Pradesh, imposing a penalty of ₹1,00,000. The penalty is due to alleged non-compliance with the Uttar Pradesh Excise Rules, 2018, specifically regarding the storage of Liquor, Extra Neutral Alcohol (ENA), and Tetra Packs at unauthorized locations. Given the company's TTM revenue of ₹2,409 crore, this financial impact is negligible. Operations are reported to be continuing normally without any material disruption.

Penalty of ₹1,00,000 imposed under Section 74 of the United Provinces Excise Act, 1910
Violation pertains to storage of Liquor, ENA, and Tetra Packs at locations other than those prescribed in the license
Penalty amount represents less than 0.001% of the company's TTM revenue of ₹2,409 crore
Order received by the company on July 2, 2026

💡 No action is required as the penalty is immaterial; however, investors should note the strict regulatory environment governing the company's distillery operations.

Dhampur Sugar Mills confirms utilization of Commercial Paper proceeds for Q1 FY27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Jul 2026, 06:09 PM

Dhampur Sugar Mills has submitted a compliance certificate from its Chief Financial Officer for the quarter ended June 30, 2026. The certificate confirms that the proceeds from the issuance of Commercial Papers were utilized for the purposes stated in the offer documents, as per SEBI regulations. This is a standard procedural filing for companies utilizing short-term debt instruments. With a total debt of ₹899 Cr and a Debt-to-Equity ratio of 0.75, such disclosures are part of routine credit and regulatory hygiene.

Confirmation of fund utilization for the quarter ended June 30, 2026
Compliance with SEBI circular SEBI/HO/DDHS/P/CIR/2021/613
Certification provided by the Chief Financial Officer (CFO)
Company maintains a Debt-to-Equity ratio of 0.75 as per latest context

💡 No action required as this is a routine administrative filing. Investors should monitor the upcoming Q1 FY27 results for any significant changes in interest costs or total debt levels.

View All DHAMPURSUG Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Sugar sales volume grew 6% in H1 FY26 (1.59 lakh tons vs 1.50 lakh tons). Ethanol sales volume grew 32.1% in H1 FY26 (314.86 lakh BL vs 238.29 lakh BL). Chemicals sales volume declined 5.77% in H1 FY26 (166.05 lakh kg vs 176.22 lakh kg).

Geographic Revenue Split

100% of manufacturing operations are concentrated in Uttar Pradesh, India, with mills located in Dhampur and Rajpura. Revenue is primarily domestic-driven due to export restrictions.

Profitability Margins

Net profit margin declined from 5.09% in FY24 to 1.98% in FY25. H1 FY26 reported a net loss of INR 0.6 Cr, though this was an improvement from a loss of INR 1.0 Cr in H1 FY25.

EBITDA Margin

EBITDA margin was 7.05% in FY25, a significant drop of 35.7% from 10.97% in FY24. H1 FY26 EBITDA margin stood at 2.8%, up from 2.9% in H1 FY25.

Capital Expenditure

The company does not have major capital expenditure plans for the foreseeable future as of March 2025, focusing instead on debt management and operational efficiency.

Credit Rating & Borrowing

Credit rating is IND AA-/Negative (revised from Stable). Interest costs rose 18.25% to INR 50.28 Cr in FY25 due to rising debt levels and higher working capital utilization.

⚙️ Operational Drivers

Raw Materials

Sugarcane represents 56.58% of total revenue costs. Other inputs include molasses for distillery and bagasse for co-generation.

Import Sources

100% of sugarcane is sourced locally from the command areas in Uttar Pradesh, specifically within a 30 km radius of the Dhampur and Rajpura mills.

Key Suppliers

Raw material is sourced from thousands of local independent cane farmers through long-term relationship fostering and support initiatives.

Capacity Expansion

Current installed capacity includes 24,000 TCD for sugar crushing, 450 KLPD for distillery (350 KLPD cane-based, 100 KLPD multi-feed), and 126.5 MW for power co-generation.

Raw Material Costs

Raw material costs were INR 1,513.02 Cr in FY25, a decrease of 13.64% YoY, primarily because cane crushing volume fell 22.35% to 28.49 lakh tonnes due to red rot infestation.

Manufacturing Efficiency

Cost of production for sugar increased 7.3% to INR 37,416/ton in SS 2024-25 (vs INR 34,861/ton) due to lower pol in cane and reduced crushing volumes.

Logistics & Distribution

Logistics are managed through well-established road networks within a 30 km radius of key cane-growing areas to ensure fresh cane delivery.

📈 Strategic Growth

Expected Growth Rate

15.37%

Growth Strategy

Growth is targeted through the expansion of the 'Mishti by Dhampur' retail brand, increasing ethanol production capacity to 450 KLPD to maximize higher-margin fuel blending, and diversifying into the NBFC sector (pending RBI approval).

Products & Services

Refined sugar, Ethanol (fuel grade), Ethyl Acetate (chemicals), Power (renewable), and Potable Spirits (20,000 cases per day).

Brand Portfolio

Mishti by Dhampur (Sugar).

New Products/Services

Diversification into NBFC vertical (financial services) and expansion of the 'Mishti' branded retail sugar portfolio.

Market Expansion

Expansion into the financial services sector via a new NBFC vertical and increasing retail market penetration for branded sugar.

🌍 External Factors

Industry Trends

The industry is shifting toward an integrated 'Sugar-Ethanol' model to reduce cyclicality; DSML is positioned with 450 KLPD distillery capacity to capitalize on the 20% ethanol blending target.

Competitive Landscape

Highly cyclical and seasonal industry with intense competition for cane acreage in Uttar Pradesh.

Competitive Moat

Moat is built on a 90-year operational history and deep forward integration into ethanol and power, which provides a sustainable hedge against volatile sugar prices.

Macro Economic Sensitivity

Sensitive to agricultural GDP and manufacturing sector growth (which grew 9.1% in Q2 FY26), impacting demand for industrial chemicals like Ethyl Acetate.

Consumer Behavior

Increasing consumer preference for branded and packaged food products, supporting the 'Mishti' retail brand growth.

Geopolitical Risks

Sugar export bans and international trade barriers on agricultural commodities impact the ability to capitalize on global price spikes.

⚖️ Regulatory & Governance

Industry Regulations

Operations are heavily governed by the National Biofuel Policy 2018, government-fixed ethanol prices, and sugar export quotas/bans.

Environmental Compliance

ESG risks are primarily climatic; the company provides mobile health services and educational incentives as part of its social governance.

Taxation Policy Impact

Effective tax provision was INR 22.69 Cr in FY25 on a PBT of INR 75.11 Cr (approx 30%).

Legal Contingencies

Promoter reclassification application for Mrs. Ritu Sanghi was filed in August 2024; NCLT Allahabad Bench approved the Scheme of Arrangement with Dhampur Bio Organics.