Dalmia Bharat Sugar and Industries500097Quarterly results

Q2 FY27 results: Revenue Rs. 1061 Cr, EBITDA Rs. 144 Cr, PAT Rs. 71 Cr; board approves Hippostores scheme

Q2 FY27: Revenue Rs. 1061 Cr (+7% YoY), EBITDA Rs. 144 Cr (+90%), PAT Rs. 71 Cr (+203%).

By ScoutQuest · Tue 3 Nov 2026, 7:20 PM IST · 3 min read

Revenue from operations Rs. 1061 Cr for the quarter, up 7% year on year (Q2'26: Rs. 989 Cr).
EBITDA Rs. 144 Cr, up 90% year on year (Q2'26: Rs. 76 Cr); EBITDA margin 13.6% against 7.7%.
PBT Rs. 95 Cr (Q2'26: Rs. 31 Cr); PAT Rs. 71 Cr, up 203% year on year (Q2'26: Rs. 23 Cr).
EPS Rs. 8.7 per share for the quarter against Rs. 2.9.
Half year (6M'27): revenue Rs. 1909 Cr, EBITDA Rs. 215 Cr, EBITDA margin 11.3%, PBT Rs. 106 Cr, PAT Rs. 79 Cr, EPS Rs. 9.8.

Sugar sales volume 1.6 LMT in the quarter against 1.8 LMT in Q2'26.
Gross revenue Rs. 769 Cr (Q2'26: Rs. 793 Cr); EBIT Rs. 79 Cr (Q2'26: Rs. 19 Cr).
Average sugar NSR improved to Rs. 46.8/kg from Rs. 39.9/kg a year earlier, which the company says supported revenue despite commodity price headwinds.
Sugar inventory as on 30 September 2026 was 0.81 LMT, valued at Rs. 37.3/kg.
Half year: volume 2.9 LMT, gross revenue Rs. 1404 Cr, EBIT Rs. 81 Cr.

Distillery sales volume 4.4 Cr litres, up 10% year on year (Q2'26: 4.0 Cr litres).
Gross revenue Rs. 327 Cr (Q2'26: Rs. 252 Cr); EBIT Rs. 28 Cr (Q2'26: Rs. 21 Cr).
Half year: volume 8.7 Cr litres, gross revenue Rs. 614 Cr, EBIT Rs. 64 Cr.

The board on November 3, 2026 approved a Scheme of Arrangement between Hippostores Technology Private Limited (the "Demerged Company") and the Company under Sections 230 to 232 of the Companies Act, 2013.
The scheme provides for transfer of the Demerged Company's business, on a going concern basis. That business is described as multi-supplier aggregation, AI/ML driven optimization, and developing, implementing and scaling technology-led solutions.
In consideration, the Company shall issue and allot Redeemable Preference Shares of face value Rs. 10 each to the equity and preference shareholders of the Demerged Company in the proportion defined in the scheme.
The appointed date of the scheme is January 1, 2027.

The Tanzania project for a sugarcane plantation and sugar manufacturing unit, the CBG (Bio-CNG) project at Kolhapur, and the conversion of the existing cane distillery at Ramgarh to a dual feed 100 KLPD distillery are tracking within targeted timelines.
A wholly owned subsidiary, Dalmia Bharat Global Holdings Limited, was incorporated in the United Arab Emirates to hold present and future investments of the Company.

For sugar season 2026-27, the FRP was increased from Rs. 355/Qtl to Rs. 365/Qtl at a base recovery of 10.25%. State advised prices (SAP) are yet to be announced.
The Department of Food and Public Distribution, through its direction dated 22 October 2026, prohibited sugar diversion (B heavy and sugarcane juice/syrup) for ethanol production during Ethanol Supply Year 2026-27.
The Government of India prohibited sugar exports and subsequently permitted imports of up to 1 million tonnes of raw sugar under Tariff Reduction Quota (TRQ), which may continue for next year as well, to maintain a balanced domestic demand-supply situation.
The Government of Uttar Pradesh increased the levy obligation on B-heavy molasses from 18% to 19% and then to 20% through notifications dated August 3, 2026 and September 25, 2026.

In the upcoming sugar season 26-27, uneven monsoon rainfall has raised concerns over sugarcane availability and recovery, with potential El Nino-related disruptions posing additional risks, particularly in Maharashtra and Karnataka.
With the prohibition on use of B-heavy molasses and sugarcane juice/syrup for ethanol, the company expects the contribution of sugar-based ethanol to go down and grain distilleries to be critical to meet projected ethanol demand; it points to its grain-based distillery capabilities of 350 KLPD.
An increase in maize prices from about Rs. 18 to Rs. 25/Kg and a decrease in maize-based ethanol realisation are expected to put pressure on margins in the upcoming ethanol year.

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