Dhampur Sugar Mills Limited — Credit Ratings, 17-11-2025: Credit Rating

India Ratings revised Dhampur Sugar Mills' outlook on its bank loans to Negative from Stable, affirming 'IND AA-'. Commercial Paper ratings are affirmed/assigned 'IND A1+'. The shift reflects expected weaker financials due to 35% lower EBITDA (₹169.5 Cr in FY25) and rising debt, pushing net leverage to 4.5x. Rising cane costs and stagnant ethanol prices pose risks.