Dalmia Bharat Sugar and Industries Limited (DALMIASUG.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+34.1%

₹561.56

vs ₹418.70 price

Levered DCF

₹323.15

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	13.54×	7.71×	10.74×	10.94×	13.18×	5.59×	2.02×	5.81×
P/B	0.99×	0.92×	1×	1.01×	1.65×	0.71×	0.26×	0.66×
P/S	0.89×	0.8×	1.01×	0.84×	1.34×	0.61×	0.19×	0.5×
EV / EBITDA	10.99×	7.88×	7.19×	6.1×	8.74×	4.56×	4.07×	6.5×
Gross margin	17.0%	27.1%	29.3%	27.8%	26.8%	26.7%	30.9%	30.2%
Operating margin	8.0%	9.2%	22.2%	10.9%	10.1%	8.2%	14.0%	12.7%
Net margin	6.5%	10.3%	9.4%	7.7%	10.1%	10.8%	9.5%	8.7%
Current ratio	1.58×	2.59×	1.55×	2.73×	2.08×	1.73×	1.43×	1.52×
Debt / equity	0.56×	0.32×	0.49×	0.17×	0.35×	0.45×	0.84×	0.68×
Interest coverage	4.56×	5.49×	13.21×	9.38×	8.45×	3.32×	3.23×	3.74×
Dividend yield	1.5%	1.6%	1.3%	1.2%	1.2%	0.0%	9.0%	0.0%
Payout ratio	20.5%	12.0%	14.1%	12.9%	16.4%	0.0%	18.2%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	7.3%	12.0%	9.3%	9.2%	12.5%	12.6%	12.7%	11.4%
Return on invested capital	4.0%	7.6%	10.4%	7.4%	7.0%	4.6%	7.6%	8.8%
Return on assets	4.3%	8.0%	5.3%	6.6%	7.7%	7.2%	5.6%	5.5%
Free cash flow yield	2.9%	10.4%	-20.7%	13.3%	6.0%	18.1%	-4.6%	-32.2%
Earnings yield	7.4%	13.0%	9.3%	9.1%	7.6%	17.9%	49.4%	17.2%
Enterprise value	₹46.8B	₹36.9B	₹38.9B	₹31.2B	₹46.2B	₹24B	₹16B	₹20.3B
Net debt / EBITDA	3.46×	1.52×	1.78×	0.76×	1.37×	1.68×	3.08×	3.24×
Cash conversion cycle (days)	205	208	266	149	193	240	276	217