Dhampur Bio Organics Limited (DBOL) share price

₹118.55 on NSE as of 2026-09-11. -1.52% on the day. market cap ₹787 Cr. P/E 23.4. 52-week range ₹69.44 to ₹135.61. Fast Moving Consumer Goods.

What the company does

Agricultural food and other products Sugar DBOL is an integrated sugar player with presence in sugar (refined, raw sugar), biofuels and spirits (ethanol and country liquor), organic fertilizers and Co-generation. DBOL was demerged from DSML vide a Scheme of Arrangement, which was ratified by the National Company Law Tribunal (NCLT) vide its order dated April 27, 2022 , and became effective from May 03, 2022. The undivided company (DSML) was incorporated in 1933, when it established a 300 TPD sugar mill in Dhampur. In March 2021, the company’s promoters, Gaurav Goel and Gautam Goel, jointly have decided to segregate management and ownership of different manufacturing facilities/units for cane crushing, co-generation of power and chemicals, equally between the two promoter family groups. DSML had plants at five locations, Dhampur, Asmoli, Mansurpur, Rajpura, and Meerganj. Per the scheme of arrangement, DSML got Dhampur and Rajpura plants, while DBOL got three plants in western-central UP, in, Asmoli, Mansurpur, and Meerganj with combined capacity to crush 26,000 MT of cane per day and produce 2000 MT of refined sugar and 800 MT of raw sugar per day. The company also has 312.5 KLPD of ethanol and 95.5 MW of cogeneration capacity.

Filed by CARE Ratings, page 5.

Dhampur Bio Organics Q1 FY27: A ₹63.89 Cr Land Sale Rescues a ₹13.75 Cr Operating Loss

At a glance

Dhampur Bio Organics closed the June 2026 quarter with consolidated revenue of ₹533 Cr, up 8% year-on-year from ₹492 Cr. Consolidated net profit came in at ₹36.8 Cr, versus a loss of ₹22 Cr in the same quarter last year. That looks like a clean recovery until you open the profit line. Continuing operations posted a loss before tax of ₹18.3 Cr; the reported profit is carried by ₹63.89 Cr in gains from selling the Meerganj sugar unit, a one-time disposal completed on 18 June 2026 for ₹305 Cr.

Operating profit for the quarter was ₹8.9 Cr on ₹533 Cr of sales — an operating margin near 2%. Other income for the quarter was ₹51.75 Cr, which is larger than the operating profit itself. The board declared no interim dividend and appointed Grant Thornton Bharat as internal auditor for FY27.

In January 2026, CARE downgraded the company's long-term bank facilities to CARE BBB+;Stable from CARE A-;Stable, citing subdued operational performance and red-rot infestation in its Uttar Pradesh command area. The market currently prices the business at a Screener trailing P/E of 29x, against a sugar-industry P/E of 16.5x.

How a sugar company reports its best headline profit in the same quarter it books an operating loss — that story sits in the segments below.

Introduction

Dhampur Bio Organics was carved out of the old Dhampur Sugar Mills Limited through a demerger ratified by the NCLT in April 2022 and effective from May 2022. The undivided parent traces back to 1933, when a 300-TPD mill went up in Dhampur; the 2021 family decision to split management and ownership between two promoter groups gave DBOL three plants in western-central UP — Asmoli, Mansurpur and Meerganj.

Meerganj is now gone. The company sold that unit via slump sale in June 2026, leaving it with two integrated facilities at Asmoli and Mansurpur. Combined, these crush around 20,500 TCD of cane and run forward-integrated into a molasses-based distillery, cogeneration power, and a country-liquor operation.

The last twelve months carried a run of corporate events. Chairman and Executive Director Vijay Kumar Goel — a figure CARE noted had sat on the sugar-industry board since 1960 — died on 10 May 2026. Gautam Goel was redesignated Chairman and CEO effective 31 May 2026. Alongside the Meerganj sale, the board approved a Sonitron acquisition, a JV with Orgonew, and the incorporation of a UAE subsidiary with an initial commitment of USD 2 million. The Income Tax Department also conducted a search at the company's offices and units between 29 October and 4 November 2025; per management, there was no immediate impact on operations.

Business model

Sugarcane goes in one end; sugar, alcohol, electricity and booze come out the other. That is the integrated-sugar pitch, and DBOL runs the full version.

The sugar vertical makes refined, white, retail and pharma-grade sugar — the last of which is FSSAI-approved and, per the company, sold to institutional clients as it repositions toward premium packaged sugar rather than bulk. In FY25, sugar was the largest revenue driver.

The biofuels and spirits vertical runs a 312.5-KLPD distillery at Asmoli, of which 100 KLPD was converted to dual-feed (molasses plus grain) in June 2025. This lets the company, in the Managing Director's phrase, "play both sides of the coin" — switching feedstock between B-heavy molasses, C-molasses, syrup and grain depending on which one the government has priced generously that year. Ethanol prices for the juice and B-heavy routes have, per CARE, sat unchanged since ESY23 while costs rose, so the swing capacity is less a luxury than a hedge against a pricing regime that moves on its own schedule.

Then there is Country Liquor — Indian Made Indian Liquor, sold in tetra packs and bottles. Management studied the branded IMFL market, decided "it wasn't for us," and is instead scaling country liquor, even opening its own CL depots in UP. In Q1 FY27, country liquor volumes ran through those depots and included cases bought in from other distilleries. Cogeneration exports surplus power to the grid at a realisation around ₹4.43/unit. Four products, one cane stalk, and a distillery that reconfigures itself around whatever the state's pricing bulletin says this season.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Dhampur Bio Organics Limited.

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