Dalmia Bharat Sugar and Industries Limited – Q2 & H1 FY26 Results Summary
Announcement Date: November 4, 2025

Financial Highlights (Standalone):

  • Revenue from Operations: Rs. 988.72 Cr in Q2 FY26, up 7.4% YoY (Q2 FY25: Rs. 920.31 Cr) and 5.0% QoQ (Q1 FY26: Rs. 940.88 Cr).
  • Net Profit: Rs. 23.32 Cr in Q2 FY26, down 56% YoY (Q2 FY25: Rs. 53.37 Cr) and 41% QoQ (Q1 FY26: Rs. 39.26 Cr).
  • Net Profit Margin: Approximately 2.36% in Q2 FY26, down from 5.80% in Q2 FY25.
  • Earnings Per Share (EPS): Rs. 2.88 in Q2 FY26 versus Rs. 6.59 in Q2 FY25.
  • H1 FY26 Net Profit: Rs. 62.58 Cr versus Rs. 107.42 Cr in H1 FY25, including Rs. 83.92 Cr exceptional income recognized in H1 FY26.
  • EBITDA and EBITDA margin details not explicitly provided.

Balance Sheet and Cash Flow:

  • Total Assets: Rs. 4,234.10 Cr as of Sep 30, 2025, down from Rs. 4,648.45 Cr as of Mar 31, 2025, primarily due to demerger and inventory reduction.
  • Inventories: Declined sharply from Rs. 1,646.73 Cr to Rs. 444.60 Cr.
  • Borrowings: Non-current borrowings decreased to Rs. 477.25 Cr; current borrowings reduced significantly to Rs. 70.00 Cr from Rs. 530.37 Cr.
  • Equity: Increased to Rs. 3,224.71 Cr.
  • Capital Expenditure: Rs. 37.89 Cr in H1 FY26, down from Rs. 77.58 Cr in H1 FY25.
  • Operating Cash Flow: Strong at Rs. 806.43 Cr in H1 FY26.
  • Investing Cash Outflows: Rs. 350.11 Cr, reflecting increased investments.
  • Financing Cash Outflows: Rs. 528.84 Cr, lower than previous year due to reduced borrowings repayment.

Segment Performance:

  • Sugar Segment: Rs. 793.16 Cr revenue in Q2 FY26 (~80% of total revenue), up YoY and QoQ.
  • Distillery Segment: Rs. 251.71 Cr in Q2 FY26, down QoQ but up YoY.

Management Commentary:

  • Demerger of refractory and travel units into Dalmia Bharat Refractories Limited effective July 1, 2023; comparative figures restated accordingly.
  • Seasonal nature of the sugar business emphasized.
  • Exceptional income of Rs. 83.92 Cr recognized in H1 FY26 (no further details provided).
  • Results prepared under Ind AS 34.

Auditor’s Note:

  • Limited review report issued with no qualifications.
  • Emphasis on demerger impact on financials.

Outlook:

  • No explicit guidance provided in the announcement.

Key considerations for further analysis:

  • Details and sustainability of exceptional income.
  • Impact of demerger on future revenue and profitability.
  • Working capital dynamics given sharp inventory and current liability changes.
  • Segment-wise profitability once full data is available.
  • Seasonality effects on quarterly and annual performance.

Full Result Extract | Original Filing