Dhampur Sugar Mills

Improving sugar recovery rates (11.09% vs 9.54% YoY) enhance operational leverage, allowing better margin retention during price fluctuations compared to peers with stagnant efficiency.

High alcohol exposure (55.48% revenue) acts as a natural hedge against sugar export curbs and price controls, stabilizing earnings trajectory.

Ability to divert cane to syrup and B-heavy/C-heavy ethanol provides operational flexibility to shift production based on relative economics, reducing industry cyclicality.