Dhampur Bio's ₹37 Cr Q1 profit is all a one-off asset-sale gain; core ops stay loss-making
revenue +22.4% · margins flat
₹918.56 Cr
+22.4% YoY
₹36.79 Cr
4%
+6.8pp YoY
₹5.59
Dhampur Bio Organics reported a consolidated net profit of ₹36.79 Cr for Q1 FY27 (EPS ₹5.59), reversing a ₹22.00 Cr loss in the year-ago quarter. The reversal is not operational: it rests entirely on a ₹63.89 Cr gain from the slump-sale of the Meerganj (Bareilly) sugar and co-generation unit for ₹305 Cr, transferred June 18, 2026 and classified under discontinued operations. Strip that one-off out and the group would have posted a net loss of roughly ₹27 Cr — wider than last year's ₹22 Cr loss (~-23% adjusted). Continuing operations alone lost ₹13.75 Cr after tax on a ₹18.29 Cr pre-tax loss, only marginally better than the ₹20.88 Cr pre-tax loss a year ago.
Q1 FY-2027 vs prior quarters
Continuing-operations revenue rose ~22% YoY to ₹918.56 Cr (₹750.64 Cr) and ~33% sequentially, but this is a seasonal print — management explicitly flags that a single sugar quarter is not representative of the year. The mix shifted sharply: Country Liquor nearly doubled to ₹489.08 Cr and is now the largest segment, while Sugar (₹371.32 Cr) and Bio Fuels & Spirits (₹80.78 Cr) both shrank YoY. Profitability is the problem — total segment results were just ₹12.54 Cr (1.4% of revenue), and finance costs of ₹15.56 Cr alone more than wiped that out, keeping the core business in the red despite higher sales; net margin excluding the one-off is negative.
For context: this is the second-highest quarterly PAT of the last 6 quarters; revenue is at a 6-quarter high.
What the summary numbers don't show
Standalone net profit ₹38.40 Cr (EPS ₹5.84) vs consolidated ₹36.79 Cr (EPS ₹5.59) — ~4% divergence, same story; ₹305 Cr Meerganj consideration fully received.
Alongside the result, the board acquired a 74% stake in DBION Pvt Ltd (July 9), reappointed Grant Thornton Bharat as internal auditor and declared no interim dividend; the numbers are unaudited (limited review, unmodified conclusion). The company gives no formal guidance and there is no brokerage consensus on record for a stock of this size, so there is no street or guidance benchmark to measure against. Net read: the headline profit is a portfolio-restructuring event — exiting a sugar unit — not a turn in the underlying business, which stayed loss-making even as revenue grew.
What to watch
W1
Can continuing operations turn profitable without one-offs? Q1 continuing net loss was ₹13.75 Cr — the next non-seasonal quarter is the real test.
W2
Redeployment of the ₹305 Cr Meerganj proceeds and ₹63.89 Cr gain, including the newly acquired 74% stake in DBION Pvt Ltd (July 9, 2026).
W3
Sustainability of the Country Liquor surge (₹489 Cr, up ~70% YoY) against shrinking Sugar/Bio-fuel segments, and whether the mix lifts the 1.4% segment margin.
Digital PDF, clear headers. Statement splits continuing vs discontinued ops. Income/Expenses on the face are continuing-only (rev 918.56, exp 938.06, continuing PBT -18.29, continuing PAT -13.75 consol). Discontinued ops (Meerganj sugar unit slump sale) hold a ₹63.89 Cr exceptional gain; reported PBT/tax/PAT here are TOTAL (continuing+discontinued) to reconcile to net profit ₹36.79 Cr consol / ₹38.40 Cr standalone. Continuing operations remain loss-making. Unaudited, limited review by Mittal Gupta & Co.