Dharani Sugars & Chemicals financials and balance sheet

BSE: 507442Agricultural Food & other Products

Trading suspended since 3 Jul 2023

Last traded ₹8.55 on 30 Jun 2023

10 years at a glance

Standalone: the listed company alone, without its subsidiaries. ₹ crore, years to March.Dharani Sugars & Chemicals annual reports

Revenue, net profit and borrowings, ₹ crore

  • Revenue
  • Net profit
  • Borrowings
  • Loss
Peak revenue ₹533 Cr, year to Mar 2017A loss in 9 of the 10 years shown

Operating and net margin, per cent

  • Operating margin
  • Net margin

Results for the year to Mar 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

  1. Revenue0.0
  2. Employee costs−17
  3. Other expenses−6.8
  4. Operating profit−24
  5. Depreciation−22
  6. Other income+2.4
  7. One-off items−22
  8. Finance costs−39
  9. Profit before tax−105
  10. Tax0.0
  11. Net profit−105

What the company owns

  • Plant, investments and other assets₹444 Cr
  • Receivables₹5 Cr
  • Inventory₹0 Cr
  • Cash and bank₹0 Cr

What pays for it: net worth and liabilities

  • Borrowings₹392 Cr
  • Owed to suppliers₹52 Cr
  • Other liabilities₹5 Cr

Dharani Sugars & Chemicals business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Standalone, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Dharani Sugars & Chemicals segment results by quarter

Revenue by segment

–Total

    Segment results by year

    Standalone, ₹ crore, years to March.

    • Distillery

      Revenue, ₹ crore
      Profit, ₹ crore

    • Power

      Revenue, ₹ crore
      Profit, ₹ crore

    • Sugar

      Revenue, ₹ crore
      Profit, ₹ crore
    ₹ croreMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
    Revenue of all businesses34712631401–––
    Company revenue, as in its results316110314010–0
    Revenue4947100000
    Revenue growth–−5.4%−98.6%−100.0%––––
    Profit83−9−10−8−8−9−9
    Profit growth–−65.7%––––––
    Margin16.1%5.8%−1,370.5%–––––
    Return on capital9.0%3.5%−11.3%−12.4%−12.2%−11.5%−13.3%−17.0%
    Assets13912612512511511811580
    Liabilities5148484848484929
    Capital employed8877777767706651
    Revenue183000000
    Revenue2807630401000
    Revenue40610012
    Profit is before tax and finance costs, the way companies report their segments.

    Profit and loss

    Standalone, ₹ crore, years to March.Dharani Sugars & Chemicals quarterly results

    ₹ croreMar 2017Mar 2018Mar 2019Filed 3 JunMar 2020Filed 30 JulMar 2021Filed 31 JulMar 2022Filed 11 NovMar 2023Filed 27 MayMar 2024Filed 24 JulMar 2025Filed 16 JunMar 2026Filed 14 Oct
    Revenue from operations533488316110314010–0
    45449135315449571072224
    Materials and goods bought3754042788425330000
    Employee costs24–24221413411117
    Other expenses55–5248111265107
    Operating profit before depreciation79−3−37−44−18−18−9−7–−24
    Operating margin14.7%−0.7%−11.8%−39.9%−59.0%−44.9%−1,124.1%–––
    Materials, % of revenue70.4%–88.0%76.4%80.4%83.5%−1.0%–––
    Employee costs, % of revenue4.6%–7.5%19.7%44.0%31.6%508.0%–––
    Other expenses, % of revenue10.3%–16.4%43.8%34.7%29.8%717.0%–––
    Depreciation and amortisation23232322232322222222
    Operating profit after depreciation56−26−60−66−42−41−31−29–−46
    Other income41840610012
    Finance costs757675220064239
    Profit before one-off items and tax−16−85−131−68−38−40−31−35−85−83
    One-off items0–035000156−8−22
    Profit before tax−16−85−131−33−38−40−31121−93−105
    2118−3000000
    Net profit−17−85−149−30−38−40−31121−93−105
    Other comprehensive income––101110−35
    Total comprehensive income––−149−30−37−40−31121−96−100
    Net margin−3.3%−17.5%−47.3%−27.2%−122.3%−101.3%−3,817.1%–––
    Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Revenue from operations, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2025: the filing states revenue as 0 for a year whose own quarters state revenue, a placeholder rather than a figure, so revenue and what is made from it are not held.
    Earlier years, Mar 2008 to Mar 2016
    ₹ croreMar 2008Mar 2009Mar 2010Mar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016
    Revenue from operations199223581843617579525381369
    194169471761531486475374322
    Materials and goods bought163126413697464404399313264
    Employee costs8912161819212323
    Other expenses243445495063553836
    Operating profit before depreciation55411182869350647
    Operating margin2.3%24.3%19.0%9.7%13.9%16.1%9.6%1.7%12.6%
    Materials, % of revenue81.7%56.4%71.1%82.7%75.2%69.8%75.9%82.3%71.5%
    Employee costs, % of revenue4.0%4.1%2.1%1.9%2.8%3.3%4.1%6.0%6.2%
    Other expenses, % of revenue12.0%15.2%7.8%5.8%8.0%10.8%10.4%10.0%9.6%
    Depreciation and amortisation7714212124292121
    Operating profit after depreciation−2479760656922−1526
    Other income1–11––1111
    Finance costs162333584954656767
    Profit before one-off items and tax–257521617−43−81−40
    One-off items000000000
    Profit before tax−17257521617−43−81−40
    Tax−91529−165−9−6−28
    Net profit−8104641012−34−74−12
    Net margin−4.0%4.5%7.9%0.4%1.7%2.1%−6.4%−19.5%−3.2%
    Standalone, ₹ crore, years to March.

    Balance sheet

    Standalone, ₹ crore, at 31 March.

    ₹ croreMar 2019Filed 3 JunMar 2020Filed 30 JulMar 2021Filed 31 JulMar 2022Filed 11 NovMar 2023Filed 27 MayMar 2024Filed 24 JulMar 2025Filed 16 JunMar 2026Filed 14 Oct
    −59−89−127−166−197−76−163−263
    Share capital3333333333334242
    Reserves−92−122−160−200−230−109−205−304
    364512536533539419436392
    576672669677689263218274
    17720252525306416437
    Total assets694603568536517492471449
    604575554530508486464441
    892714610778
    Net debt362511530533539418435392
    Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

    Cash flow

    Standalone, ₹ crore, years to March.

    ₹ croreMar 2021Filed 31 JulMar 2022Filed 11 NovMar 2023Filed 27 MayMar 2024Filed 24 JulMar 2025Filed 16 JunMar 2026Filed 14 Oct
    −143−5120681
    −143−5126681
    ––4−2335126
    Receivables––0000
    Inventories––0000
    Payables––0036126
    Other working capital––3−23−1−1
    Tax paid000000
    Interest paid000−600
    Capital spending000000
    Free cash flow−143−5120681
    100002
    18−36−121−6−83
    Dividends paid000000
    Shares bought back000000
    Shares issued000000
    Net change in cash501000
    Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

    Per share

    Standalone, ₹ per share, years to March.Dharani Sugars & Chemicals dividend history

    ₹ per shareMar 2017Mar 2018Mar 2019Filed 3 JunMar 2020Filed 30 JulMar 2021Filed 31 JulMar 2022Filed 11 NovMar 2023Filed 27 MayMar 2024Filed 24 JulMar 2025Filed 16 JunMar 2026Filed 14 Oct
    Earnings per share−₹5.25−₹25.72––−₹11.46−₹12.11−₹9.44₹36.54−₹22.46–
    Diluted earnings per share–−₹25.72––−₹11.46−₹12.11−₹9.44₹36.54−₹22.46–
    Book value per share––––−₹38.16−₹50.10−₹59.37−₹22.82−₹39.33−₹79.17
    Shareholder yield––––0.0%0.0%0.0%–––
    Market cap at the year end (₹ crore)––38.020.121.654.827.2–––
    Earnings per share is left blank for the years to Mar 2019 and Mar 2020: the earnings per share stated has the opposite sign to the profit stated beside it, so it is not shown. Earnings per share is left blank for the year to Mar 2026: the earnings per share stated does not match any profit the filing states over the shares in issue, and the share count barely moved during the period.

    Ratios

    Standalone, years to March.

    RatioMar 2017Mar 2018Mar 2019Filed 3 JunMar 2020Filed 30 JulMar 2021Filed 31 JulMar 2022Filed 11 NovMar 2023Filed 27 MayMar 2024Filed 24 JulMar 2025Filed 16 JunMar 2026Filed 14 Oct
    Revenue growth44.4%−8.5%−35.3%−65.2%−71.7%27.6%−97.9%−100.0%––
    Operating profit growth68.3%–––––––––
    ––253.0%40.3%35.2%27.4%17.3%–––
    –––−212.7 pts−5.1 pts−7.8 pts−10.2 pts–––
    From the net margin–––−107.7 pts141.2 pts−6.1 pts1,006.2 pts–––
    From asset turnover–––−91.1 pts−124.6 pts10.3 pts−1,011.2 pts–––
    From borrowing–––−13.9 pts−21.6 pts−12.0 pts−5.2 pts–––
    Return on capital employed––−19.7%−15.7%−10.2%−11.2%−9.2%−8.4%–−35.8%
    Cash conversion–––––––99.3%––
    Interest cover0.7–––––––––
    Receivable days––495760422,004–––
    Inventory days––3225285−18,716–––
    Payable days––1404001,263954−38,37,355–––
    Cash conversion cycle, days––−59−318−1,176−90838,20,643–––
    Working capital days––−324−445−1,541−1,326−65,419–––
    Asset turnover––0.460.170.050.070.000.00–0.00
    Assets per rupee of net worth––−11.76−8.74−5.42−3.77−2.90−3.70−4.03−2.16
    Sales per rupee of plant––0.540.200.060.080.000.000.000.00
    Capital spending to depreciation––––0.000.000.000.000.000.00
    Plant being built, % of plant in use––0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
    Interest cover is left blank for the years to Mar 2018, Mar 2019, Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. Debt to equity is left blank for the years to Mar 2019, Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: net worth is below zero, so there is no shareholders' money to set the borrowings against. Interest cover is left blank for the year to Mar 2025: the filing states revenue as 0 for a year whose own quarters state revenue, a placeholder rather than a figure, so revenue and what is made from it are not held. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

    Growth and returns over 3, 5 and 10 years

    Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

    Return on assets, latest year
    −22.8%
    Measure5 years3 years
    Return on capital employed, average−16.1%−22.1%
    Asset turnover, average0.020.00

    Where the cash came from and went

    Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

    ₹ crore5 years3 yearsLatest year
    Cash from operations20420781
    Cash from investing322
    Cash from financing−207−210−83
    Capital spending000
    Dividends paid000
    Shares bought back000
    Shares issued for cash000
    Borrowings repaid000

    Accounting checks

    Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

    CheckMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
    Piotroski score, out of 9Published threshold 3 points out of 9–245–––
    Altman Z-scorePublished threshold 1.81–−1.92−2.15−2.37–––
    Beneish M-scorePublished threshold −1.78–−3.611.1135.83–––
    Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets–−4.30−7.82−4.930.18−20.56−40.81
    Cash from operations to profit, 3 yearsPublished threshold 0.7 times––––2.37––
    Receivables growth less revenue growthOur threshold 0 percentage points5.851.55−39.3397.93100.00––
    Inventory growth less cost-of-goods growthOur threshold 0 percentage points−6.622.83−110.0099.72−100.00––
    Other current assets growth less revenue growthOur threshold 5 per cent of revenue−15.65−9.17−0.26416.00–––
    Assets under construction, years of additionsOur threshold 2 years of additions–0.00–––0.00–
    Effective tax ratePublished threshold 17.16 per cent––––0.00––
    Tax charged less tax paid, % of profitOur threshold 10 percentage points––––−0.01––
    A threshold marked as ours has no published figure; it is the line we read the check against.

    Credit ratings

    An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

    DateAgencyBorrowing ratedRatingOutlookAmount, ₹ Cr
    19 Sep 2025CARE Ratings Limited (opens in a new tab)Fund-based - LT-Cash CreditLong-term scaleCARE D; ISSUER NOT COOPERATING*Review, Re-affirm244.25
    19 Sep 2025CARE Ratings Limited (opens in a new tab)Non-fund-based - ST-Bank GuaranteeShort-term scaleCARE D; ISSUER NOT COOPERATING*Review, Re-affirm7.11
    19 Sep 2025CARE Ratings Limited (opens in a new tab)Fund-based - LT-Term LoanLong-term scaleCARE D; ISSUER NOT COOPERATING*Review, Re-affirm316.53
    19 Sep 2025CARE Ratings Limited (opens in a new tab)Non-fund-based - LT-Bank GuaranteeLong-term scaleCARE D; ISSUER NOT COOPERATING*Review, Re-affirm12.93
    19 Sep 2025CARE Ratings Limited (opens in a new tab)Non-fund-based - ST-Letter of creditShort-term scaleCARE D; ISSUER NOT COOPERATING*Review, Re-affirm20
    The latest rating on each borrowing. The agency's name opens its reasoning for the rating.