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Dhampur Bio Organics Ltd

| Quarterly Financial Results Q3 FY 2025–26

NEUTRAL SENTIMENT

Report Source

⬤21st Jan 26

Summary : Dhampur Bio Organics reported a quarterly profit, exploring Mycoprotein production, but faces seasonal industry challenges.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Consolidated total expenses for Q3 FY26: ₹734.53 Crores.
  2. Consolidated total expenses for 9M FY26: ₹2,414.51 Crores.
  3. Key consolidated expenses (Q3 FY26): Raw Materials ₹597.33 Cr, Excise Duty ₹264.92 Cr, Employee Benefits ₹29.59 Cr, Finance Costs ₹10.60 Cr.
  4. Consolidated revenue from operations for Q3 FY26: ₹751.26 Crores.
  5. Consolidated revenue from operations for 9M FY26: ₹2,359.82 Crores.
  6. Segment-wise consolidated revenue (Q3 FY26): Sugar ₹422.27 Cr, Bio Fuels & Spirits ₹83.02 Cr, Country Liquor ₹293.86 Cr.
  7. Consolidated total segment assets as of Dec 31, 2025: ₹1,975.47 Crores.
  8. Consolidated total segment liabilities as of Dec 31, 2025: ₹998.15 Crores.
  9. Paid-up equity share capital: ₹66.39 Crores.
  10. Interest-free loan of ₹5 Crore granted to DBO Employee Welfare Trust.
  11. Both standalone and consolidated financial results are presented.
  12. Consolidated results include Parent Company and two wholly-owned subsidiaries.

Corporate Overview

  1. India (primary operations)
  2. International (subsidiary Dhampur International Pte Limited)
  3. Seasonal nature of the sugar industry affecting quarterly performance.
  4. Sugar and side streams as feedstock for Mycoprotein production.
  5. Production of sugar, bio fuels & spirits, and country liquor.
  6. Exploring exclusive Mycoprotein production in India.
  7. Formal and factual, reporting board meeting outcomes and financial results.
  8. Sugar
  9. Bio Fuels & Spirits
  10. Country Liquor
  11. Exploring exclusive Mycoprotein production and commercialization in India (non-binding).

Risk Factors

  1. Sugar industry performance is highly seasonal.
  2. Mycoprotein venture is currently non-binding.
  3. New labor codes' impact is uncertain.
  4. Nine-month period still shows losses.

Key Drivers

  1. Exploring new Mycoprotein production in India.
  2. Partnership with Planetary SA for Mycoprotein.
  3. Achieved quarterly profit after prior losses.
  4. Employee stock option scheme approved.

Auditor’s Report

  1. Unmodified conclusion on the limited review of financial results.
  2. Reliance on management certification for subsidiary Dhampur International Pte Limited's financial information.
  3. Interim financial results of subsidiary Dhampur International Pte Limited certified by management, deemed not material.

Board Commentary

  1. Seasonal nature of the sugar industry.
  2. Potential impacts of new Labour Codes.
  3. Compliance with SEBI Listing Regulations 2015 for disclosures.
  4. Reassessment of employee benefit obligations due to new Labour Codes.
  5. Approved DBO Employee Stock Option Scheme 2025, granting 357,881 stock options.
  6. Granted interest-free loan of ₹5 Crore to DBO Employee Welfare Trust for share acquisition.

Corporate Governance

  1. Audit Committee and Nomination and Remuneration Committee are active.

Management Discussion & Analysis

Future Strategy

  1. Exploring exclusive Mycoprotein production and commercialization in India with Planetary SA.

Risk Control Measures

  1. Management assesses new Labour Codes impact as unlikely to be material.

Critical Risks

  1. Seasonal nature of the sugar industry.
  2. Potential impacts from new Labour Codes (management views as immaterial).
Dhampur Bio Organics Ltd (DBOL) Quarterly Report Analysis & Insights | Dhanarthi