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Dalmia Bharat Limited (DALBHARAT)

Construction Materials · Cement & Cement Products · NSE · Updated 18 June 2026

₹1,723.4 ↓ 15.89% (1Y)

🎯 Key Takeaways

Dalmia Bharat Limited is in a strategic growth and transformation phase, leveraging its leadership in sustainable cement production and capacity expansion to drive long-term value creation. The company is transitioning from a mature cash cow profile toward a growth-oriented model, supported by strong ESG integration and capital deployment toward renewable energy and capacity augmentation.
Revenue grew 3% QoQ to ₹3,181 in Q3FY25.
⚠️ Margin sustainability amid competitive pricing pressures in the cement sector.

Market Cap

₹32,402

P/E Ratio

57.5

Div Yield

0.00%

Promoter

0.0%

✨ Ask AI About DALBHARAT 📊 Interactive Charts

📖 The Story

Dalmia Bharat Limited is in a strategic growth and transformation phase, leveraging its leadership in sustainable cement production and capacity expansion to drive long-term value creation. The company is transitioning from a mature cash cow profile toward a growth-oriented model, supported by strong ESG integration and capital deployment toward renewable energy and capacity augmentation.

📰 What's Happening

The company reported robust FY 2025-26 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. EBITDA margin improved to 20.8% from 17.2% in the prior fiscal year, driven by operational efficiencies and scale. Management highlighted the addition of 12 MTPA capacity in FY 2025-26 and plans to reach 110-130 MnTPA by 2031, with 67% of upcoming capex (Rs 3,500-3,700 crore) allocated to capacity expansion and renewable energy. A final dividend of Rs 5 per share was proposed, and ESG metrics improved, including 46% renewable energy consumption and 82% low-carbon blended cement production.

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 financial trends show revenue volatility but improving profitability in recent quarters, with Q3FY25 revenue at Rs 3,181 crore and operating profit of Rs 548 crore (OPM 16.1%), up from Q2FY25's Rs 3,087 crore revenue and Rs 507 crore OP. However, margins have declined from peak levels seen in FY24, particularly from Q3FY24's 21.5% OPM and Rs 839 crore OP. This suggests that while cost control measures are bearing fruit in the short term, sustaining margin expansion may require continued scale and operational discipline amid competitive pricing pressures.

🔮 Management Outlook & What's Next

Management expressed confidence in long-term growth, targeting a capacity of 110-130 MnTPA by 2031 and planning to allocate 67% of the proposed Rs 3,500-3,700 crore capex in FY 2026-27 toward capacity expansion and renewable energy projects. The company also emphasized its progress toward a 2040 carbon negativity target, citing improvements in ESG ratings (ICRA 80) and sustainability metrics. These disclosures underscore a strategic focus on scalable growth, decarbonization, and shareholder returns, with capital deployment aligned to both financial and environmental objectives.

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. Margin sustainability amid competitive pricing pressures in the cement sector. 2. Execution risks associated with large-scale capacity expansion and renewable energy integration. 3. Potential dilution from the authorized Rs 4,000 crore fundraise. 4. Macroeconomic sensitivity in construction demand, particularly in infrastructure and real estate sectors.

📋 Recent Filings

🧠 Analyst's Read

Dalmia Bharat is positioning itself as a sustainability-led cement producer with scalable growth ambitions, supported by improving operational metrics and strategic capex plans. Investors should monitor the progress of capacity additions, margin trends, and the effective use of capital from the proposed fundraise to validate long-term growth assumptions.

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 2026-06-18.