Dalmia Bharat Limited (DALBHARAT)
₹1,684.40 +4.62% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Dalmia Bharat's revenue was ₹3,890 Cr (+7.0% year on year, -8.4% on the previous quarter), and net profit ₹192 Cr (-51.4% year on year); the operating margin was 20.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹3,890 | +7.0% | -8.4% |
| Operating profit | ₹805 | -8.8% | -10.8% |
| Net profit | ₹192 | -51.4% | -51.3% |
| EPS (₹) | 10.02 | -52.2% | -51.4% |
| Operating margin | 20.7% | — | — |
DALBHARAT delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 27.24% of the DALBHARAT shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.25%. The price rose 4.62% on unusually low delivery, so more of the move than usual was intraday trading. It traded 4.2 times its average daily volume. 3 bulk or block deals were reported in DALBHARAT in the last 60 days: ₹184 Cr bought and ₹184 Cr sold.
Delivery in the last 5 sessions: 52.6% · 43.8% · 60.7% · 51.3% · 27.2%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 25 Sep | Buy | Dalmia Bharat Refractories Limited | ₹184.28 Cr | ₹1,700.00 | 1,084,000 | Block |
| 25 Sep | Sell | Keshav Power Limited | ₹123.59 Cr | ₹1,700.00 | 727,000 | Block |
| 25 Sep | Sell | Rama Investment Company Private Limited | ₹60.69 Cr | ₹1,700.00 | 357,000 | Block |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Dalmia Bharat Limited has issued a Postal Ballot notice seeking shareholder approval via special resolutions for the remuneration of its Managing Directors, Mr. Gautam Dalmia and Mr. Puneet Yadu Dalmia. The approval is sought for their remaining two-year terms from October 30, 2026, to October 29, 2028. The remote e-voting period runs from September 22, 2026, to October 21, 2026, with the cut-off date set as September 11, 2026. Voting results will be declared on or before Friday, October 23, 2026.
- Special resolutions proposed for MD remuneration approval for remaining 2-year term from October 30, 2026 to October 29, 2028
- Remote e-voting window opens on September 22, 2026 (09:00 AM IST) and closes on October 21, 2026 (05:00 PM IST)
- Cut-off date for eligibility of voting was Friday, September 11, 2026
- Voting results to be declared within 2 working days, on or before October 23, 2026
Dalmia Bharat Limited's step-down wholly owned subsidiary, Ascension Mercantile Private Limited (AMPL), has incorporated a wholly owned subsidiary named AMPL Green City Solutions Private Limited. AMPL acquired a 100% equity stake consisting of 10,000 equity shares of face value ₹10 each at par, for an aggregate cash consideration of ₹1,00,000. The newly incorporated entity operates in the waste management and recycling industry, focusing on Automated Material Recovery Facilities. Given Dalmia Bharat's TTM revenue of ₹11,721 Cr, this transaction is immaterial financially and represents an internal structuring move.
- AMPL incorporated AMPL Green City Solutions Private Limited as a 100% wholly owned subsidiary.
- Acquisition consideration consists of 10,000 equity shares at ₹10 face value, totaling ₹1,00,000.
- Target operates in waste management/recycling with automated material recovery facility (AMRF) objectives.
- Shares were allotted at par for cash consideration on September 17, 2026.
Dalmia Bharat announced that pursuant to the Mines and Minerals (Development and Regulation) Amendment Act, 2026, state governments are restricted from imposing taxes and cess on mineral rights. Consequently, the company and its subsidiaries are no longer required to pay Mineral Bearing Land Tax and Mineral Cess effective August 22, 2026. The company had paid Rs 127 Cr in FY26 and Rs 38 Cr in FY27 to date towards these levies across Tamil Nadu, Assam, and Meghalaya. This regulatory change eliminates a recurring cost that represented ~17.4% of its TTM PAT of Rs 728 Cr.
- MMDR Amendment Act, 2026 notified on August 22, 2026, restrains state levies on mineral rights
- Exemption from Tamil Nadu tax (Rs 160/ton), Assam tax (Rs 10/ton), and Meghalaya cess (Rs 60/ton)
- Saved cost of Rs 127 Cr paid in FY26 and Rs 38 Cr paid in FY27 to date
- Effective immediately from August 22, 2026, though past paid amounts will not be refunded
Dalmia Bharat Limited has announced the schedule for upcoming physical analyst and institutional investor interactions in Hong Kong and Singapore. The company's management will attend the Goldman Sachs Asia Leaders Conference 2026 in Hong Kong on August 31 and September 1, 2026. Following this, one-on-one investor meetings organized by Avendus Spark will take place in Singapore on September 2 and 3, 2026. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during these meetings.
- Hong Kong meetings scheduled for August 31, 2026 and September 1, 2026 at Goldman Sachs Asia Leaders Conference 2026
- Singapore one-on-one investor meetings scheduled for September 2 and September 3, 2026
- Meetings will be conducted in physical mode across both locations
- Company confirmed no Unpublished Price Sensitive Information (UPSI) will be shared
Dalmia Bharat has scheduled two institutional investor meetings in Mumbai for August 2026. The management will participate in the Equirus Annual India Conference on August 14 and the Motilal Oswal 22nd Annual Global Investor Conference on August 17. These sessions will include both one-on-one and group interactions. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during these meetings.
- Management to attend Equirus Annual India Conference on August 14, 2026
- Participation in Motilal Oswal 22nd Annual Global Investor Conference on August 17, 2026
- Meetings scheduled in physical mode in Mumbai
- Interactions will consist of both one-on-one and group formats
Dalmia Bharat reported a robust 9% YoY volume growth in Q1 FY27, despite construction slowdowns during state elections. The company successfully integrated 5.2 MTPA of Jaypee Cement assets, commencing operations within just 50 days of acquisition. EBITDA per ton improved to Rs 1,055, supported by a 25% share of premium products and operational cost savings of Rs 150 per ton. Management reaffirmed its expansion trajectory, targeting 67 MTPA capacity by Q3 FY28 and a long-term goal of 110-130 MTPA by 2031.
- Delivered 9% YoY volume growth in Q1 FY27 despite election-related moderation in construction activity.
- EBITDA per ton improved to Rs 1,055, aided by price hikes of Rs 10-20 per bag in South and East markets.
- Premium product share increased to 25% of total sales volume, up from 22% in previous periods.
- Integrated 5.2 MTPA cement and 3.3 MTPA clinker capacity from Jaypee acquisition in 50 days.
- On track to reach 67 MTPA capacity by Q3 FY28 through ongoing projects in Belgaum, Kadapa, and Pune.
Dalmia Cement (Bharat) Limited, a wholly-owned subsidiary of Dalmia Bharat, has been identified as the Successful Resolution Applicant for Bhilai Jaypee Cement Limited (BJCL). The acquisition includes a 2.2 MnTPA grinding unit in Chhattisgarh and a 1.1 MnTPA clinker unit in Madhya Pradesh. This move aligns with the company's strategic roadmap to reach 75 MnTPA capacity by FY28 and expand its footprint into the Central region. The transaction is currently pending final approval from the NCLT Cuttack.
- Acquisition of a 2.2 MnTPA Grinding Unit located in Bhilai, Chhattisgarh.
- Acquisition of a 1.1 MnTPA Clinker Unit located in Babupur, Madhya Pradesh.
- Letter of Intent (LOI) received from the Resolution Professional on July 28, 2026.
- The acquisition adds approximately 4.4% to the company's current 49.5 MnTPA installed capacity.
- Transaction follows the Corporate Insolvency Resolution Process (CIRP) under the IBC 2016.
Dalmia Bharat reported its Q1 FY27 performance, highlighting a current installed capacity of 54.7 MnTPA across 19 plants. The company has successfully integrated its Central India acquisitions, commencing operations at the Chunar Grinding Unit within 22 days of the deal. A significant capex of ~Rs 2,200 Cr is planned for FY27 to drive capacity toward a 66.7 MnTPA target by Q3 FY28. While regional pricing remains volatile—with East prices down 11% and South prices up 9% YoY—the company maintains a robust balance sheet and 3.3+ billion tonnes of limestone reserves.
- Reached 54.7 MnTPA installed cement capacity across 19 plants as of June 30, 2026.
- Planned FY27 capital expenditure of ~Rs 2,200 Cr for ongoing expansion projects.
- Targeting 66.7 MnTPA cement capacity by Q3 FY28, a 22% increase from current levels.
- Successfully integrated Central India assets, including the 2.5 MnTPA Chunar Grinding Unit.
- Maintains 3.3+ billion tonnes of limestone reserves, securing raw material for over 25-100 years depending on the region.
Dalmia Bharat reported a 7% YoY revenue growth to Rs 3,890 Cr for Q1 FY27, supported by a 9% increase in sales volume to 7.6 MnT. However, PAT fell 51.4% YoY to Rs 192 Cr, primarily due to Rs 182 Cr in exceptional costs related to the acquisition of Jaiprakash Associates' cement assets. The company successfully integrated 5.2 MnTPA of capacity in the Central region, bringing total capacity to 54.7 MnTPA. While EBITDA per ton improved sequentially to Rs 1,055, it remains 16.4% lower than the previous year's quarter.
- Installed cement capacity increased to 54.7 MnTPA following the 5.2 MnTPA acquisition in the Central Region
- Revenue from operations grew 7% YoY to Rs 3,890 Cr, while sales volume rose 9% to 7.6 MnT
- PAT declined 51.4% YoY to Rs 192 Cr, impacted by Rs 182 Cr in one-time acquisition-related expenses
- Net Debt to EBITDA ratio increased to 1.47x from 0.33x YoY due to the Rs 2,850 Cr acquisition
- Commenced commercial production at 2.5 MnTPA Chunar Grinding Unit on June 20, 2026
Dalmia Bharat has announced a leadership transition with Mr. Yatin Malhotra, currently CFO of its material subsidiary, set to become Group CFO on August 1, 2026, following the retirement of Mr. Dharmender Tuteja. The company also reported Q1 FY27 results, with revenue growing 7% YoY to ₹3,890 crore. However, profitability was impacted by an exceptional loss of ₹182 crore and rising power and fuel costs, which reached ₹851 crore. Net profit for the quarter stood at ₹192 crore, down from ₹395 crore in the previous year's corresponding quarter.
- Mr. Yatin Malhotra appointed as CFO effective August 1, 2026, bringing over 25 years of finance experience.
- Q1 FY27 revenue from operations increased to ₹3,890 crore from ₹3,636 crore in Q1 FY26.
- Exceptional loss of ₹182 crore recognized in the current quarter, significantly impacting the bottom line.
- Power and fuel expenses rose 17.4% YoY to ₹851 crore from ₹725 crore.
- Ongoing legal risk involving ₹400 crore in guarantees (₹100 cr bank and ₹300 cr corporate) related to a dispute with Allied Financial Services.
Dalmia Bharat reported a 7% YoY increase in Q1 FY27 revenue to ₹3,890 Cr, though it declined 8.4% sequentially from ₹4,245 Cr in Mar 2026. Profitability was impacted as PBT (before exceptional items) fell 13% YoY to ₹436 Cr, further weighed down by a ₹182 Cr exceptional loss. Power and fuel costs rose significantly to ₹851 Cr from ₹725 Cr YoY. The company also announced that Yatin Malhotra, currently CFO of its cement subsidiary, will take over as Group CFO on August 1, 2026.
- Revenue from operations grew 7% YoY to ₹3,890 Cr, but fell 8.4% compared to the previous quarter.
- Profit before tax (before exceptional items) declined 13.1% YoY to ₹436 Cr from ₹502 Cr.
- Recorded an exceptional loss of ₹182 Cr during the quarter, significantly impacting net earnings.
- Power and fuel expenses increased 17.4% YoY to ₹851 Cr, reflecting cost pressures.
- Yatin Malhotra appointed as CFO effective August 1, 2026, bringing 25+ years of experience including roles at ACC and Whirlpool.
Dalmia Bharat Limited has scheduled its Q1 FY27 earnings conference call for July 24, 2026, at 4:30 PM IST to discuss financial results for the quarter ended June 30, 2026. This follows a strong March 2026 quarter where the company reported revenue of ₹4,245 crore and a net profit of ₹394 crore. Investors will be looking for updates on the company's progress toward its 75 MnTPA capacity target by FY28, up from the current 49.5 MnTPA. The call will also likely address pricing power, given that realizations dropped 4.3% in FY25 despite a recovery in Q2 FY26.
- Earnings conference call scheduled for July 24, 2026, at 04:30 P.M. IST
- Discussion will focus on unaudited standalone and consolidated results for the quarter ended June 30, 2026
- Company currently maintains a capacity of 49.5 MnTPA across 15 plants
- Long-term growth target remains 110-130 MnTPA by 2031
- Premium products currently account for 22% of total sales volume
ICRA ESG Ratings has reaffirmed Dalmia Bharat's ESG Combined Rating at 80, categorized as 'Exceptional'. The rating is a composite of an Impact Rating of 74 (Good) and a Transition Rating of 85 (Accelerating), both of which remain unchanged from previous assessments. For India's 4th largest cement player with a market cap of ₹17,168 Cr, maintaining these high standards is essential for institutional investor confidence and managing environmental regulatory risks inherent in the cement industry.
- Combined ESG Rating reaffirmed at 80, maintaining the 'Exceptional' classification
- Transition Rating held at 85, indicating an 'Accelerating' pace toward sustainability goals
- Impact Rating remains steady at 74, categorized as 'Good'
- Environment pillar within the Transition category scored 90, reflecting strong decarbonization efforts
- Governance pillar within the Impact category scored 83, classified as 'Strong'
Dalmia Bharat Limited has submitted its quarterly compliance certificate for the period ended June 30, 2026. The certificate, issued by KFin Technologies Limited, confirms adherence to SEBI Regulation 74(5) regarding the dematerialization and rematerialization of securities. This process ensures that physical share certificates are correctly converted to electronic form and reported to the stock exchanges. This is a standard procedural requirement for all listed Indian companies and has no impact on the company's financial performance.
- Compliance confirmed for the quarter ended June 30, 2026
- Certificate issued under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Registrar and Transfer Agent (RTA) KFin Technologies issued the confirmation on July 01, 2026
- Official filing submitted to BSE and NSE on July 10, 2026
Dalmia Bharat's shareholders have approved all resolutions at the 13th Annual General Meeting held on June 30, 2026. Key approvals include a final dividend of Rs 5.00 per share (250%) and an enabling resolution for future fund raising through the issuance of securities. While most resolutions passed with near-unanimous support, the re-appointment of Mr. Puneet Yadu Dalmia as Director and the fundraise authorization saw minor dissent, with 5.58% and 5.13% of votes cast against them, respectively.
- Final dividend of Rs 5.00 (250%) per equity share approved for the financial year ended March 31, 2026.
- Special resolution for enabling fundraise through issuance of securities passed with 94.87% majority.
- Re-appointment of Mr. Puneet Yadu Dalmia as Director approved with 94.42% votes in favor.
- Statutory Auditors Walker Chandiok & Co LLP re-appointed for a second 5-year term with 99.99% approval.
- Total of 15,89,16,388 votes were polled for the dividend resolution, representing 84.73% of total shares.
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations reached INR 13,980 Cr in FY25, marking a de-growth of 4.8% compared to INR 14,691 Cr in FY24. Standalone revenue, primarily from management services, grew 55.39% to INR 202 Cr from INR 130 Cr. The consolidated decline was driven by a 4.3% drop in realization despite a 2% increase in sales volume to 29.4 MnT.
Geographic Revenue Split
The group derives the majority of its volumes from the East and North-Eastern markets. It has recently become the largest player in the Northeast after commissioning 2.9 MTPA grinding capacity. It is also expanding into the Central region to diversify its geographic footprint and absorb incremental capacity.
Profitability Margins
Net Profit After Tax (PAT) for FY25 was INR 699 Cr, an 18.1% decline from INR 853 Cr in FY24. PAT margin compressed from 6% to 5%. Profit Before Tax (PBT) fell 23.6% to INR 817 Cr from INR 1,070 Cr, impacted by a INR 113 Cr exceptional charge related to Jaiprakash Associates Limited (JAL).
EBITDA Margin
Operating EBITDA stood at INR 2,407 Cr in FY25, a 9% decrease from INR 2,639 Cr in FY24. EBITDA margin declined from 18% to 17%. However, Q2 FY26 showed recovery with EBITDA/T reaching INR 1,013/T, maintaining a four-digit EBITDA per tonne for two consecutive quarters.
Capital Expenditure
The group is undertaking significant debt-funded capex of INR 4,000 Cr to INR 4,500 Cr annually. Key projects include a 3.6 MTPA clinker unit in Assam (commercial production Q3 FY26) and civil works at Belgaum which are 52% complete, aimed at reaching a 75 MTPA capacity by FY28.
Credit Rating & Borrowing
CRISIL maintains a strong rating based on a healthy financial risk profile. Net debt to EBITDA increased to 1.24x in FY25 from 0.86x in FY24 due to capex, but improved to 0.56x by Q2 FY26. Adjusted gearing rose marginally to 0.31x from 0.28x. Interest coverage ratio remains healthy at 6.67x.
Operational Drivers
Raw Materials
Key raw materials include limestone and clinker. Raw material costs stood at INR 2,241 Cr in FY25, representing 16% of revenue and increasing 6% YoY. Costs were impacted by a new mineral tax imposed by the Tamil Nadu government, raising raw material cost per ton to INR 799.
Import Sources
Limestone is sourced from captive mines and regional deposits in Tamil Nadu, Assam, and other operating states. The group is expanding clinker capacity by 3.6 MTPA in Umrangso, Assam to reduce dependency on external clinker transfers.
Key Suppliers
Not specifically disclosed in available documents, though the company manages a vast network of vendors for power, fuel, and logistics.
Capacity Expansion
Current installed capacity is 49.5 MnTPA across 15 plants. The company plans to expand to 75 MnTPA by FY28 and has a long-term target of 110-130 MnTPA by 2031. This includes a 3.6 MTPA clinker expansion in Assam and new grinding units in the Northeast.
Raw Material Costs
Raw material costs increased 6% to INR 2,241 Cr in FY25. The company uses an integrated model to mitigate costs, though regional taxes (like the TN mineral tax) added a 1% YoY increase to production costs per ton.
Manufacturing Efficiency
The company focuses on cost leadership through a 10-year strategy that has seen EBITDA grow at a 15% CAGR. Efficiency is driven by increasing the share of premium products (22% of sales) and trade sales (62% of sales).
Logistics & Distribution
Freight charges on finished goods were INR 2,785 Cr (19.9% of revenue). Total freight cost per ton increased 1% from INR 1,113/T to INR 1,120/T in FY25 due to higher volumes and clinker transfer costs.
Strategic Growth
Expected Growth Rate
15%
Growth Strategy
The company aims to reach 75 MTPA by FY28 through a mix of organic expansions (Assam, Belgaum, Kadapa) and potential inorganic growth (JP transaction). It targets 110-130 MTPA by 2031 by penetrating the Central region and deepening its presence in the high-growth Northeast market, supported by a 15% historical CAGR in volume and revenue.
Products & Services
The company sells cement bags, clinker, and premium cement variants. It also provides management services through its standalone entity.
Brand Portfolio
Dalmia Bharat, Dalmia Cement, and various premium product brands (22% share of sales).
New Products/Services
The company is focusing on 'Premium Products' which now account for 22% of total sales volume, intended to improve overall realization and brand equity.
Market Expansion
Expansion is focused on the Northeast (largest player status) and entering the Central region. Trial runs for the Assam clinker unit are expected in September 2025, with commercial production in Q3 FY26.
Market Share & Ranking
Dalmia Bharat is currently the 4th largest cement player in India, having doubled its capacity from 24 MnTPA in FY15 to 49.5 MnTPA currently.
Strategic Alliances
The company is involved in a potential transaction with Jaiprakash Associates Limited (JAL) for capacity acquisition, though the outcome is pending as of March 2026.
External Factors
Industry Trends
The industry is consolidating, with Dalmia aiming to maintain its position as the 4th largest player. Trends include a shift toward green energy and digital reporting. The industry is currently facing subdued profitability due to pricing pressures despite steady demand.
Competitive Landscape
Competes with major players like UltraTech Cement. Market dynamics are characterized by aggressive capacity expansions and regional pricing volatility.
Competitive Moat
The moat is built on cost leadership (EBITDA/T focus) and a strong presence in high-growth regional markets (Northeast). Sustainability is reinforced by a formal capital allocation framework and a divestment strategy for non-core assets.
Macro Economic Sensitivity
Cement demand is highly sensitive to GDP growth and infrastructure spending. The company expects the East and Northeast markets to grow faster than the pan-India average, aiding capacity absorption.
Consumer Behavior
There is an increasing trend toward premium cement products, which Dalmia is capturing through its 22% premium product share.
Geopolitical Risks
While primarily domestic, the company is subject to global fuel price volatility (coal/petcoke) which impacts its INR 2,903 Cr power and fuel budget.
Regulatory & Governance
Industry Regulations
Operations are affected by mineral taxes (Tamil Nadu) and GST regulations. The company has INR 226 Cr tied up in GST input tax credits for projects.
Environmental Compliance
The company is increasing its share of renewable energy and has implemented an ESG rating through ICRA ESG Ratings Limited. It has invested INR 55 Cr in renewable energy power projects.
Taxation Policy Impact
Total tax expense for FY25 was INR 118 Cr, a 45% decrease from INR 216 Cr in FY24. The company benefited from tax adjustments for earlier years amounting to INR 72 Cr.
Legal Contingencies
The company recorded an exceptional expense of INR 113 Cr related to Jaiprakash Associates Limited (JAL) balances. Conversely, a tax and penalty demand of INR 66.3 Cr was waived/dropped by authorities in November 2025, resulting in no financial impact for that specific case.
Risk Analysis
Key Uncertainties
The primary uncertainty is the successful absorption of incremental capacity (reaching 75 MTPA) and the volatility of cement realizations, which dropped 4.3% recently. The outcome of the JAL transaction is also a key monitorable.
Geographic Concentration Risk
High concentration in the East and Northeast. While these are high-growth areas, the company is expanding into the Central region to mitigate this concentration risk.
Third Party Dependencies
Dependency on government departments for GST refunds (INR 226 Cr) and regulatory approvals for mining and expansions (e.g., Jaisalmer and Northeast ECs due by March 2026).
Technology Obsolescence Risk
The company is mitigating tech risks by implementing SAP, Oracle, and digital reporting platforms (KAVACH) across the organization.
Credit & Counterparty Risk
The company maintains a formal Treasury Policy requiring 80% of investments to be in AAA-rated debt instruments to ensure liquidity and counterparty safety.
