India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

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Equity Bottom-Up

<ul>
<li>DBOL reported a revenue increase in FY25, driven by sugar and country liquor segments, but faced profit headwinds from lower ethanol volumes and sugar recovery issues.</li>
<li>Despite a challenging sugar season with reduced recovery rates and ethanol sector pressures, DBOL is strategically diversifying into grain-based ethanol and aggressively expanding its country liquor market share.</li>
<li>The focus on varietal replacement in cane, commissioning of a grain distillery, and aiming for country liquor market share provide avenues for future margin improvement and stability, despite near-term risks.</li>
</ul>


DBOL reported a revenue increase in FY25, driven by sugar and country liquor segments, but faced profit headwinds from lower ethanol volumes and sugar recovery issues.
Despite a challenging sugar season with reduced recovery rates and ethanol sector pressures, DBOL is strategically diversifying into grain-based ethanol and aggressively expanding its country liquor market share.
The focus on varietal replacement in cane, commissioning of a grain distillery, and aiming for country liquor market share provide avenues for future margin improvement and stability, despite near-term risks.


Dhampur Bio OrganicsQ4 FY25 Update: Challenges with Strategic Diversification & Operational Focus

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dhampur-bio-organics-limited" target="_blank" data-smartkarma-citation="entities:43978:1" rel="noopener">Dhampur Bio Organics (DBOL IN)</a>’ Q3 FY25 revenue surged 74.33% YoY, fueled by robust sugar and country liquor performance amid increased sales volumes.</li>
<li>The significant revenue growth indicates strong market demand and positions DBO to transition toward value-added sugar production, mitigating commodity risks.</li>
<li>Despite operational challenges and declining EBITDA margins, DBO’s strategic focus on premiumization and improved cane development underscores resilient long-term growth potential.</li>
</ul>



Dhampur Bio Organics (DBOL IN)’ Q3 FY25 revenue surged 74.33% YoY, fueled by robust sugar and country liquor performance amid increased sales volumes.
The significant revenue growth indicates strong market demand and positions DBO to transition toward value-added sugar production, mitigating commodity risks.
Despite operational challenges and declining EBITDA margins, DBO’s strategic focus on premiumization and improved cane development underscores resilient long-term growth potential.


Dhampur Bio Organics Limited: Q3 & 9M FY25 Quarterly Update

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Thematic (Sector/Industry)

<ul>
<li>India's sugar industry is experiencing an unexpected rally driven by pricing power due to an 18% production drop, leading to rising sugar prices.</li>
<li>This shift is boosting sugar mills' profitability, as evidenced by improved quarterly results, despite unchanged ethanol margins and rising cane costs.</li>
<li>The sector is now a compelling "margin-driven" recovery story, moving beyond its traditionally dull, regulation-heavy image.</li>
</ul>


India's sugar industry is experiencing an unexpected rally driven by pricing power due to an 18% production drop, leading to rising sugar prices.
This shift is boosting sugar mills' profitability, as evidenced by improved quarterly results, despite unchanged ethanol margins and rising cane costs.
The sector is now a compelling "margin-driven" recovery story, moving beyond its traditionally dull, regulation-heavy image.


The Sugar Sector Reversal: How Sugar Companies Are Finally Tasting Profits?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dhampur-bio-organics-limited" target="_blank" data-smartkarma-citation="entities:43978:1" rel="noopener">Dhampur Bio Organics (DBOL IN)</a>: Integrated sugar manufacturer listed in 2022 post demerger from <a href="https://www.smartkarma.com/entities/dhampur-sugar-mills-ltd" target="_blank" data-smartkarma-citation="entities:10655:1" rel="noopener">Dhampur Sugar Mills (DSM IN)</a> </li>
<li>With change in Ethanol policy from Sep-24, Company will be significantly benefitted with its grain-based ethanol plant and higher sugar production with good monsoon. </li>
<li>Company is reducing its debt significantly to deleverage its balance sheet.</li>
</ul>



Dhampur Bio Organics (DBOL IN): Integrated sugar manufacturer listed in 2022 post demerger from Dhampur Sugar Mills (DSM IN) 
With change in Ethanol policy from Sep-24, Company will be significantly benefitted with its grain-based ethanol plant and higher sugar production with good monsoon. 
Company is reducing its debt significantly to deleverage its balance sheet.


The Beat Ideas: Dhampur Bio Organics Ltd.- Ethanol, Value Added Products & Deleveraging

India

Dhampur Bio Organics Limited operates as an integrated sugarcane processing company. The Company manufactures refined and raw sugar, bio-fuels, biomass based renewable power, and other related products. Dhampur Bio Organics serves customers in India.

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Dhampur Bio Organics (DBOL IN)

Dhampur Bio OrganicsQ4 FY25 Update: Challenges with Strategic Diversification & Operational Focus

DBOL sees revenue growth in FY25 from sugar and country liquor, but profits impacted by lower ethanol volumes and sugar recovery challenges.

Sudarshan Bhandari

Dhampur Bio Organics Limited: Q3 & 9M FY25 Quarterly Update

Dhampur Bio Organics (DBOL IN) sees 74.33% YoY revenue surge in Q3 FY25 from strong sugar and liquor sales, paving the way for value-added sugar...

Sudarshan Bhandari

The Sugar Sector Reversal: How Sugar Companies Are Finally Tasting Profits?

India's sugar industry sees unexpected rally with rising prices and improved profitability despite production drop and rising costs, shifting...

Nimish Maheshwari

The Beat Ideas: Dhampur Bio Organics Ltd.- Ethanol, Value Added Products & Deleveraging

Dhampur Bio Organics, a sugar manufacturer, set to benefit from new ethanol policy and debt reduction and huge capex in FY24.

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Dhampur Bio OrganicsQ4 FY25 Update: Challenges with Strategic Diversification & Operational Focus

​DBOL sees revenue growth in FY25 from sugar and country liquor, but profits impacted by lower ethanol volumes and sugar recovery challenges.

Sudarshan Bhandari

Dhampur Bio Organics Limited: Q3 & 9M FY25 Quarterly Update

​Dhampur Bio Organics (DBOL IN) sees 74.33% YoY revenue surge in Q3 FY25 from strong sugar and liquor sales, paving the way for value-added sugar...

Sudarshan Bhandari

The Sugar Sector Reversal: How Sugar Companies Are Finally Tasting Profits?

​India's sugar industry sees unexpected rally with rising prices and improved profitability despite production drop and rising costs, shifting...

Nimish Maheshwari

The Beat Ideas: Dhampur Bio Organics Ltd.- Ethanol, Value Added Products & Deleveraging

​Dhampur Bio Organics, a sugar manufacturer, set to benefit from new ethanol policy and debt reduction and huge capex in FY24.

Sudarshan Bhandari

DBOL sees revenue growth in FY25 from sugar and country liquor, but profits impacted by lower ethanol volumes and sugar recovery challenges.

Dhampur Bio Organics (DBOL IN) sees 74.33% YoY revenue surge in Q3 FY25 from strong sugar and liquor sales, paving the way for value-added sugar...

India's sugar industry sees unexpected rally with rising prices and improved profitability despite production drop and rising costs, shifting...

Dhampur Bio Organics, a sugar manufacturer, set to benefit from new ethanol policy and debt reduction and huge capex in FY24.