Dalmia Bharat Sugar Q1FY27: PAT plunges 82% YoY to ₹6.9 Cr as sugar segment collapses
PAT -81.99% YoY · revenue -10.04% · margins compressing
₹848.19 Cr
-10.04% YoY
₹6.91 Cr
-81.99% YoY
0.79%
-3.2pp YoY
₹0.85
Dalmia Bharat Sugar's consolidated Q1 FY27 (quarter ended June 30, 2026) revenue fell 10% YoY to ₹848.2 Cr (from ₹942.9 Cr) and 14% QoQ (from ₹990.7 Cr), while consolidated PAT collapsed 82% YoY to ₹6.9 Cr (from ₹38.4 Cr) and 93% QoQ (from ₹103.5 Cr). Standalone tells largely the same story — PAT of ₹8.57 Cr, down from ₹39.3 Cr YoY — with the gap to consolidated explained by a loss at the newly consolidated foreign subsidiaries (Eagle Agrotech Holdings and its Tanzania step-down unit), which booked nil revenue and a ₹1.66 Cr loss this quarter. No exceptional items were recorded in either period, so the decline is entirely operational, not a one-off — the raw and adjusted YoY PAT decline are the same, ~82%.
Q1 FY-2027 vs prior quarters
Consolidated operating margin (EBITDA/revenue) compressed to roughly 5.1% from about 9.1% a year ago and 17.2% in the seasonally strong March quarter; net margin fell to 0.8% from 4.0% YoY. Segment data shows where the pain sits: the Sugar segment result crashed to just ₹0.64 Cr from ₹45.7 Cr a year ago (down ~99%), while Distillery held up well, growing to ₹35.3 Cr from ₹22.4 Cr (+57% YoY) and partly cushioning the group number. Finance costs rose 66% YoY to ₹26.6 Cr and depreciation rose 7% to ₹34.4 Cr, both eating further into PBT, which fell 81% YoY to ₹9.83 Cr on a consolidated basis.
The stock went into the print at ₹404.4, up 11.7% over the past month of trading.
What the summary numbers don't show
EPS ₹0.85 (consolidated) vs ₹4.85 YoY and ₹12.79 QoQ
Management has issued no formal guidance on record for this quarter, and a web search for analyst/consensus previews on Dalmia Bharat Sugar (DALMIASUG) turned up none — this smaller, seasonal sugar name appears to carry thin sell-side coverage, so both vs-guidance and vs-street verdicts are unknown rather than a miss. No management press-release commentary was available in the extraction context beyond the exchange filing. The quarter's other notable corporate action was the board's July 14, 2026 approval of a $132 million Tanzania sugar project alongside a $19.7 million investment in Eagle Agrotech Holdings and a new UAE subsidiary — plausibly the driver of the higher finance cost and the fresh foreign-subsidiary losses already visible in this quarter's consolidated numbers. The company also saw two management changes during the quarter (a unit head resignation on June 25 and a senior management retirement on June 30), though the filing gives no detail tying these to the result.
W1
Sugar segment profitability recovery once the new crushing season (H2 FY27) begins — Q1 result was just ₹0.64 Cr vs ₹45.7 Cr a year ago
W2
Finance cost trajectory as the $132M Tanzania project and $19.7M EAHL investment draw down capital — already up 66% YoY to ₹26.6 Cr this quarter
W3
Consolidated drag from foreign subsidiaries (Eagle Agrotech Tanzania) — booked nil revenue and a ₹1.66 Cr loss this quarter as the project ramps
No exceptional items either period. Consolidated PAT (6.91) < standalone (8.57) because 2 foreign subsidiaries (Eagle Agrotech Holdings/Tanzania) added nil revenue and a Rs.1.66cr loss this quarter; of consol PAT, Rs.7.72cr is attributable to owners and Rs.(0.81)cr to NCI. Our year-ago comparison context (rev 942.87/PAT 38.37) differs slightly from the filing's own year-ago column (940.88/39.26) — likely a later regrouping; used context figures for YoY per instructions.