The government is aiming at ethanol blending with petrol to the tune of 10% by 2022, 20% by 2025. Moreover, it is also providing interest subvention for debt taken for distillery capacity expansion. This has encouraged sugar millers to raise distillery capacities. DBSL has increased its Nigohi distillery capacity from 60 KLD to 100 KLD in Q4 taking total capacity to 300 KLD. The company is doubling its annual distillery capacity from 8.6 crore litre in FY21 to ~15 crore litre in FY23E along with sugar crushing capacity of 5000 TCD with capex of | 412 crore. We believe DBSL is best placed to utilise B-Heavy...