1. Tanzania sugar entry via Eagle Agrotech - DBSIL acquired a 51% stake in Eagle Agrotech Holdings, which controls a 20,000-hectare sugarcane plantation and sugar factory project in Tanzania, with large-scale bush clearing underway on a 10,000-hectare phase one footprint and a 50-hectare seed nursery already established. The project targets a sugar-deficit geography where domestic realisations consistently exceed world market prices, with the first-phase plant installation timed to crop maturity in approximately three years.
2. Gangapur grain-based distillery commissioned - The 100 KLPD grain-based distillery at Gangapur commenced commercial operations on December 27, 2025, scaling total grain-based ethanol capacity from 250 KLPD to 350 KLPD. This adds a natural hedge against policy-led restrictions on cane juice diversion and lifts total distillery capacity to 950 KLPD, strengthening the higher-margin distillery segment that already contributes roughly a third of revenue.
3. Jawaharpur steam-saving project targets bagasse savings - A ₹49 crore steam-saving project at Jawaharpur was approved, targeting a 10% absolute reduction in specific steam consumption and saving 54,000 MT of bagasse annually, with completion targeted for November 2026. The freed-up bagasse can be diverted to higher-value uses, contributing to the guided 6% distillery EBITDA uplift from the combined efficiency roadmap.
4. Pure-play transformation via demerger completed - The NCLT-sanctioned demerger of non-core refractory and travel units into Dalmia Bharat Refractories Limited became effective on October 9, 2025, with the appointed date of July 1, 2023. The demerger creates a leaner agro-energy enterprise with absolute segmental clarity, increasing flexibility for focused capital allocation and potential fund-raising for the core business.
5. Asset sweating targets raised for FY27 - Management targets sugar capacity utilisation above 93% and distillery utilisation above 85% in FY27, up from over 88% and 82% respectively in FY26, with the Nigohi expansion to 10,500 TCD now fully operational. Higher utilisation across the 43,200 TCD sugar and 950 KLPD distillery base directly lifts EBITDA with minimal incremental fixed cost.
6. Biofuels mandate expansion into SAF and green hydrogen - The Board approved altering the Objects Clause to add manufacturing and trading in sustainable aviation fuel, bio-methanol, green hydrogen, and other renewable fuels, subject to shareholder approval. This positions the company to capture value from India's ethanol blending programme, which hit 20% five years ahead of target, and from emerging mandates for SAF and biodegradable plastics.
7. Dividend policy revised upward - The Board revised the Dividend Distribution Policy to permit payouts of 10-35% of net profits after tax, up from the earlier 10-20% ceiling, and recommended a final dividend of ₹1.50 per share for FY26. The higher payout band signals management confidence in cash generation from the now-pure-play agro-energy business.