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
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ULTRATECH CEMENT LIMITED | 3,24,148 | 37.9 | 4.02 | 19.9 | 10.1 | 10.2 | 14.6 | 20.8 |
| GRASIM INDUSTRIES LTD | 2,23,350 | 39.1 | 1.31 | 17.4 | 6.1 | 3.2 | 18.1 | 16.6 |
| AMBUJA CEMENTS LTD | 97,375 | 22.1 | 1.36 | 13.7 | 7.8 | 4.3 | — | 18.3 |
| SHREE CEMENT LIMITED | 81,433 | 50.0 | 3.49 | 15.7 | 7.5 | 9.4 | 9.2 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 24 Aug 2026 · MMDR Amendment exempts Dalmia Bharat from mineral taxes and cess | regulatory legal | high | — | — |
| 20 Aug 2026 · Dalmia Bharat to attend investor conferences in Hong Kong and Singapore | board shareholder meetings | low | — | — |
| 5 Aug 2026 · Dalmia Bharat to attend investor conferences on Aug 14 and 17 | board shareholder meetings | low | — | — |
| 5 Aug 2026 · Dalmia Bharat schedules investor meetings on Aug 14 and Aug 17 | board shareholder meetings | low | — | — |
| 28 Jul 2026 · Dalmia Bharat Q1 FY27 earnings: 9% volume growth, Jaypee integration update | investor communications | medium | — | — |
| 28 Jul 2026 · Dalmia Bharat subsidiary named resolution applicant for Bhilai Jaypee Cement | regulatory legal | critical | — | — |
| 24 Jul 2026 · Dalmia Bharat Q1 FY27 — Revenue up 7%, EBITDA down 9% YoY | investor communications | medium | — | — |
| 24 Jul 2026 · Dalmia Bharat Q1FY27: Sales up 9%, PAT down 51% on acquisition costs | compliance | minimal | — | — |
| 24 Jul 2026 · Dalmia Bharat Q1 FY27: profit dips on acquisition cost, CFO changes | management changes | high | — | — |
| 24 Jul 2026 · Q1 FY27 results: PAT falls 51% YoY to Rs.192 Cr; new CFO appointed | results | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 23.8 |
| JK CEMENT LIMITED | 37,445 | 39.6 | 5.28 | 17.2 | 13.9 | 10.3 | 15.7 | 17.0 |
| DALMIA BHARAT LIMITED ◆ | 33,326 | 35.2 | 1.84 | 12.2 | 6.4 | 5.2 | 7.1 | 19.6 |
| ACC LIMITED | 23,444 | 12.3 | 1.14 | 6.8 | 10.4 | 9.9 | — | 8.4 |
| THE RAMCO CEMENTS LIMITED | 20,521 | 31.8 | 2.54 | 11.9 | 8.6 | 7.1 | 11.3 | 14.3 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 35.2 | 24.6 | 23 of 35 | 35% |
| P/B | 1.8 | 1.5 | 21 of 34 | 39% |
| ROCE | 5.3 | 3.7 | 16 of 37 | 58% |
| ROE | 6.4 | 7.7 | 23 of 38 | 41% |
| Debt / Equity | 0.4 | 0.4 | 20 of 38 | 49% |
| 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 | 33326 | 2005 | 6 of 38 | 87% |
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| 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 |
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