$DHAMPURSUG Dhampur Sugar Mills – Integrated Sugar & Ethanol Play with Diversified Revenue Streams

$DHAMPURSUG Dhampur Sugar Mills is a well-established integrated sugar company with operations spanning sugar, ethanol, potable spirits, power cogeneration, and chemicals. The company is strategically positioned to benefit from India's ethanol blending program, which is reducing dependence on the cyclical sugar business and creating a more stable earnings profile. Key Financial Highlights • FY26 consolidated revenue increased to ₹2,808 crore, up from ₹2,656 crore in FY25. • FY26 net profit grew 25% YoY to ₹65.3 crore. • FY26 profit before tax improved to ₹85.8 crore from ₹75.1 crore. • Q3 FY26 PAT jumped 75% YoY to ₹26.5 crore, reflecting improving operational performance. • Strong contribution from ethanol, potable spirits, and power businesses supports diversification. Investment Rationale • Beneficiary of India's ethanol blending and biofuel initiatives. • Diversified revenue mix reduces dependence on sugar price cycles. • Growing ethanol and spirits businesses offer higher-margin opportunities. • Integrated operations improve operational efficiency and by-product utilization. • Improving profitability and lower finance costs strengthen the balance sheet. • Attractive play on rising demand for ethanol and renewable energy. With its integrated business model, growing ethanol capacity, diversified revenue streams, and improving financial performance, Dhampur Sugar Mills is well-positioned to benefit from India's long-term ethanol blending and sugar sector growth story.