Dalmia Bharat Limited (DALBHARAT)

Construction Materials · Cement & Cement Products · NSE · Updated 14 July 2026

₹1,757.1 ↓ 18.62% (1Y)

🎯 Key Takeaways

Dalmia Bharat Limited is transitioning from a high-growth phase to a mature expansion stage, leveraging its sustainability leadership and strategic capacity expansion to drive long-term value creation. The company has demonstrated consistent margin improvement and capital efficiency, supported by strong ESG integration and disciplined financial management, positioning it as a structurally differentiated player in India's cement sector.
Revenue grew 3% QoQ to ₹3,181 in Q3FY25.
⚠️ 1) Commodity cyclicality: Cement demand is sensitive to macroeconomic slowdowns, particularly in infrastructure and real estate, which could pressure

Market Cap

₹32,402

P/E Ratio

57.5

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Dalmia Bharat Limited is transitioning from a high-growth phase to a mature expansion stage, leveraging its sustainability leadership and strategic capacity expansion to drive long-term value creation. The company has demonstrated consistent margin improvement and capital efficiency, supported by strong ESG integration and disciplined financial management, positioning it as a structurally differentiated player in India's cement sector.

📰 What's Happening

In FY 2025-26, Dalmia Bharat reported robust financial performance with revenue of Rs 14,804 crore and EBITDA of Rs 3,083 crore, reflecting 5.9% revenue growth and a significant 28.1% EBITDA expansion. The company achieved 46% renewable energy consumption and 82% low-carbon blended cement production, advancing its 2040 carbon negativity target. Management announced a proposed final dividend of Rs 5 per share (250%) for FY 2025-26 and plans to raise up to Rs 4,000 crore through new securities, with 67% of FY 2026-27 capex (Rs 3,500-3,700 crore) allocated to capacity expansion and renewable energy. The board re-appointed Walker Chandiok & Co LLP as auditors for a second term ending in 2031, with the 13th AGM scheduled for June 30, 2026, and e-voting open from June 26 to June 29, 2026.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	3,912	3,624	3,149	3,600	4,307	3,621	3,087	3,181
Operating Profit	604	667	674	839	774	606	507	548
OPM %	18.1%	16.8%	18.7%	21.5%	15.2%	18.5%	14.1%	16.1%
Net Profit	609	144	123	266	320	145	49	66
EPS	₹31.42	₹6.93	₹6.30	₹14.02	₹16.80	₹7.52	₹2.45	₹3.25

Quarterly revenue has shown mixed trends, with Q3FY25 revenue at Rs 3,181 crore slightly below Q2FY25's Rs 3,087 crore but above year-ago levels, while operating performance remains resilient with OPM holding at 16.1%. However, the most telling trend is the sharp improvement in profitability: EBITDA margin expanded to 20.8% in FY 2025-26 from 17.2% in FY 2024-25, driven by operational efficiencies and scale. This margin expansion aligns with management's focus on high-margin blended cement and renewable energy integration, which reduces input costs and enhances sustainability credentials. Net debt-to-EBITDA improved to 0.46, indicating stronger financial flexibility despite ongoing capex. The company has consistently invested in capacity and green initiatives, with 12 MTPA added in FY 2025-26 and plans to reach 110-130 MnTPA by 2031.

🔮 Management Outlook & What's Next

Management has articulated an ambitious yet grounded outlook, targeting capacity of 110-130 MnTPA by 2031 and allocating 67% of FY 2026-27 capex (Rs 3,500-3,700 crore) to capacity expansion and renewable energy. The company is advancing its carbon negativity goal through increased renewable energy use and low-carbon blended cement production, which also supports margin resilience. Shareholder returns remain a priority, with a proposed final dividend of Rs 5 per share for FY 2025-26. Management emphasized that ESG performance is not just strategic but material to long-term competitiveness, citing improved ICRA ESG rating to 80 (Exceptional) and leadership in sustainable construction materials.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Cement & Cement Products

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
UltraTech Cement Limited	3.38 L Cr	44.1	12.3%	10.8%	0.33
Grasim Industries Limited	2.00 L Cr	21.1	4.9%	4.6%	1.88
Ambuja Cements Limited	1.07 L Cr	23.3	4.6%	7.7%	0.00
SHREE CEMENT LIMITED	90,094	73.6	—	—	—
JK Cement Limited	42,219	58.6	—	—	—
Dalmia Bharat Limited	32,402	57.5	—	—	—
ACC Limited	25,592	12.0	11.0%	10.4%	0.00
The Ramco Cements Limited	21,650	57.2	—	—	—
JSW Cement Limited	16,793	0.0	—	—	—
The India Cements Limited	12,401	-56.7	—	—	—

🔗 Peer Stock Analyses

ULTRACEMCO GRASIM AMBUJACEM SHREECEM JKCEMENT

⚠️ Risk Factors

1) Commodity cyclicality: Cement demand is sensitive to macroeconomic slowdowns, particularly in infrastructure and real estate, which could pressure volumes and pricing. 2) Execution risk in capex: The planned capacity expansion to 110-130 MnTPA by 2031 requires disciplined execution; delays or cost overruns could strain margins and cash flows. 3) ESG transition costs: While sustainability initiatives are a strength, they require upfront investment and may face near-term regulatory or cost pressures before scale benefits materialize. 4) Competitive intensity: The Indian cement sector is consolidating, with large players gaining share, increasing pressure on pricing and margins.

📋 Recent Filings

🧠 Analyst's Read

Dalmia Bharat is executing a clear strategic shift toward sustainable, high-margin growth with improving operational efficiency and strong ESG positioning. Investors should monitor execution of capex plans, margin trajectory in FY 2026-27, and progress toward carbon negativity targets as key catalysts. The company's ability to balance growth with financial discipline makes it a standout in a capital-intensive sector, but macro-linked demand volatility remains the primary headwind.

Based on filing content and financial data. Not a recommendation.

✨ Deep Dive with AI on DALBHARAT

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-14.

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