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Dalmia Bharat Sugar & Industries
SectorFMCG
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Company insights, generated from the most recent coverage.
FY26 distillery revenue was ₹1,214 Cr for just ₹97 Cr of EBIT on 18.7 crore litres — roughly ₹5.2/litre of profit. Volume is worth far less than it looks, so losing cane-based litres hurts revenue optics more than cash profit.
With 950 KLPD of capacity and 18.7 crore litres sold in FY26, utilisation is roughly 54-67% depending on run-rate assumption. Idle capacity plus interest costs is the real drag, not the lost ethanol margin itself.
Dalmia produced 19.23 crore litres of ethanol in FY2026 on a 65% molasses / 35% grain mix. With 35% already grain-fed it is better positioned than pure-cane peers, but the 65% molasses leg is exposed once B-heavy diversion goes to zero.