NSE: DALBHARAT · BSE: 542216
DALMIA BHARAT LIMITED
Manufactures and sells cement and cement-based products, primarily serving construction and infrastructure customers. Cement accounts for 97.9% of segment revenue, with 'Others' at 1.7% and discontinued operations at 0.4%. Q1 FY27 sales volume grew 9% YoY against industry growth of 7-8%, with the new Weather365 premium-plus line recently launched. The May 2026 Jaypee acquisition adds 5.2 MnTPA cement and 3.3 MnTPA clinker capacity, with the target of approximately 67 MnT by Q3 FY28. Premium products make up 25% of the mix. The largest cost line is other operating expenses at 57.3% of revenue, followed by materials at 15.7%; pet coke, diesel and packing bags are the main swing factors, with Q1 FY27 power and fuel costs up 10% YoY to ₹1,045/ton and raw material costs up 12% QoQ to ₹823/ton. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cement (98%), Others (2%), Discontinued operations (0%). Asset-heavy, cyclical cement manufacturer
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 11,286 | 13,540 | 14,691 | 13,980 | 14,804 |
| EBITDA (ex other income) | 2,429 | 2,172 | 2,639 | 2,294 | 3,057 |
| margin % | 21.5 | 16.0 | 18.0 | 16.4 | 20.6 |
| Owners' profit | 1,144 | 1,035 | 826 | 683 | 1,139 |
| EPS, as reported (₹) | 61.18 | 55.22 | 44.05 | 36.42 | 60.73 |
| ROE % · ROCE % | 7.4 · 6.7 | 6.9 · 4.8 | 5.2 · 6.3 | 4.0 · 4.9 | 6.4 · 7.0 |
| Debt / equity (x) | 0.20 | 0.24 | 0.28 | 0.30 | 0.37 |
| Cash from operations | 1,937 | 2,252 | 2,635 | 2,117 | 2,278 |
| Capex | (1,769) | (2,709) | (2,827) | (2,664) | (2,056) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,087 | 3,181 | 4,091 | 3,636 | 3,417 | 3,506 | 4,245 | 3,890 |
| Profit before tax | 73 | 83 | 467 | 518 | 318 | 174 | 440 | 254 |
| Net profit | 49 | 66 | 439 | 395 | 239 | 128 | 394 | 192 |
| EPS (₹) | 2.45 | 3.25 | 23.20 | 20.95 | 12.59 | 6.50 | 20.69 | 10.02 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ULTRATECH CEMENT LIMITED | 3,28,568 | 38.4 | 4.07 | 20.1 | 10.1 | 10.2 | 14.6 | 20.8 |
| GRASIM INDUSTRIES LTD | 1,97,414 | 34.5 | 1.16 | 16.4 | 6.1 | 3.2 | 18.1 | 16.6 |
| AMBUJA CEMENTS LTD | 86,677 | 19.7 | 1.21 | 12.1 | 7.8 | 4.3 | — | 18.3 |
| SHREE CEMENT LIMITED | 84,066 | 51.6 | 3.61 | 16.1 | 7.5 | 9.4 | 9.2 | 23.8 |
| JK CEMENT LIMITED | 37,773 | 40.0 | 5.33 | 17.4 | 13.9 | 10.3 | 15.7 | 17.0 |
| DALMIA BHARAT LIMITED ◆ | 28,842 | 30.5 | 1.59 | 10.8 | 6.4 | 5.2 | 7.1 | 19.6 |
| ACC LIMITED | 22,049 | 11.5 | 1.07 | 6.4 | 10.4 | 9.9 | — | 8.4 |
| THE RAMCO CEMENTS LIMITED | 17,343 | 26.9 | 2.14 | 10.3 | 8.6 | 7.1 | 11.3 | 14.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 30.5 | 27.5 | 16 of 29 | 46% |
| P/B | 1.6 | 1.4 | 21 of 34 | 39% |
| ROCE | 5.3 | 3.7 | 16 of 37 | 58% |
| ROE | 6.4 | 7.2 | 19 of 34 | 46% |
| Debt / Equity | 0.4 | 0.4 | 15 of 33 | 56% |
| EBITDA margin | 19.6 | 13.1 | 7 of 37 | 83% |
| Revenue growth | 7.0 | 7.8 | 20 of 37 | 47% |
| Profit growth | (51.4) | (24.7) | 27 of 37 | 28% |
| Market cap | 28842 | 1769 | 6 of 38 | 87% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Tax guidance for Rs 4 interim dividend for FY 2026-27 | compliance | minimal | — | — |
| 26 Oct 2026 · Rs 4 interim dividend declared; October 30 record date confirmed | corporate actions | high | — | — |
| 26 Oct 2026 · Rs 4 interim dividend declared; record date October 30 | corporate actions | high | — | — |
| 26 Oct 2026 · Q2 FY27 swings to loss as EBITDA falls 29 percent on cost pressure | investor communications | medium | — | — |
| 26 Oct 2026 · Q2 FY27 profit falls despite revenue growth; expansion advances | compliance | low | — | — |
| 26 Oct 2026 · Q2 loss on Rs 339 crore exceptional charges; Rs 4 interim dividend | results | high | — | — |
| 22 Oct 2026 · Postal ballot results: Shareholders approve pay for both Dalmia MDs | management changes | medium | — | — |
| 22 Oct 2026 · Postal ballot approves two managing directors’ remuneration | management changes | medium | — | — |
| 19 Oct 2026 · Dalmia Bharat schedules Q2 FY27 earnings call for October 26, 2026 | board shareholder meetings | low | — | — |
| 19 Oct 2026 · Board meeting on Oct 26 to consider Q2 FY27 results and interim dividend | results | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.