Transcript of Q4 FY26 - Earnings Conference Call

Dalmia Bharat reported best-ever full-year EBITDA of Rs 3,083 crore (up 28%) and PAT of Rs 1,157 crore (up 65%) in FY26. Q4 EBITDA hit Rs 902 crore, up 50% sequentially. Volume grew 3% YoY to 8.8 million tons in Q4, though a one-off kiln breakdown in East India limited growth. Management flagged cost headwinds from the West Asia conflict — petcoke prices surged to ~$160/ton, packing costs rose sharply, and logistics costs increased — expecting an INR125–150/ton cost impact in Q1 FY27. However, April price hikes have so far fully offset this cost inflation. The company achieved its lowest quarterly cost per ton in five years (Rs 3,790) and targets ongoing INR50–100 cost reduction annually. Capex guidance for FY27 is Rs 3,200–3,400 crore, with expansion projects at Belgaum (ahead of schedule) and Kadapa (slightly delayed to Q2–Q3 FY28) taking capacity to 61.5 MT by FY28 en route to the 75 MT milestone. The ED land attachment case saw the alleged proceeds of crime reduced by ~90% to Rs 93 crore, and IEX stake liquidation (non-core asset) is ongoing.