- Home
- Results news
- Dalmia Bharat
- Q2 FY27 results
Dalmia Bharat Q2 FY27 results: net loss of ₹205 crore vs ₹239 crore profit, revenue up 4.3%
Dalmia Bharat Limited reported a consolidated net loss of ₹205 crore in Q2 FY27, as revenue rose 4.3% to ₹3,563 crore but EBITDA fell 29.2% to ₹493 crore. EBITDA margin declined to 13.8% from 20.4% a year earlier, while the company also reported an exceptional item of ₹339 crore.
Key points
- Consolidated revenue was ₹3,563 crore in Q2 FY27, up 4.3% from ₹3,417 crore in Q2 FY26.
- EBITDA fell 29.2% to ₹493 crore, and EBITDA margin declined 6.6 percentage points to 13.8%.
- Dalmia Bharat reported a net loss of ₹205 crore in Q2 FY27, against a net profit of ₹239 crore in Q2 FY26.
- Basic EPS was a loss of ₹11.03, compared with ₹10.02 in Q1 FY27.
- The board declared an interim dividend of ₹4 per equity share, with 30 October 2026 as the record date.
How did Dalmia Bharat perform in Q2 FY27?
On the standalone basis, Dalmia Bharat reported revenue of ₹111 crore and profit of ₹15 crore in Q2 FY27, compared with revenue of ₹80 crore and profit of ₹14 crore in Q2 FY26. Standalone basic EPS was ₹0.82, against ₹0.75 in the year-ago quarter. The board had approved both standalone and consolidated unaudited results for the quarter and half year ended 30 September 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 3,563 | 3,890 | 3,417 | +4.3% | −8.4% |
| Other income | 46 | 139 | 66 | −30.3% | −66.9% |
| Total expenses | 3,563 | 3,593 | 3,165 | +12.6% | −0.8% |
| EBITDA | 493 | 805 | 696 | −29.2% | −38.8% |
| EBITDA margin | 13.8% | 20.7% | 20.4% | −6.6 pp | −6.9 pp |
| Profit before tax | −293 | 254 | 318 | turned to loss | turned to loss |
| Tax | −85 | 62 | 79 | ||
| Net profit | −205 | 192 | 239 | turned to loss | turned to loss |
| EPS (₹) | −11.03 | 10.02 | turned to loss |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Dalmia Bharat's costs and profit?
Other income fell ₹93 crore or 66.9% from ₹139 crore in Q1 FY27 to ₹46 crore, while the exceptional charge increased from ₹182 crore to ₹339 crore. Tax moved from ₹62 crore in Q1 FY27 to a tax credit of ₹85 crore in Q2 FY27, a difference of ₹147 crore. These figures show the main changes in the reported loss, while the filing excerpts do not provide a complete explanation of each movement.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 616 | 547 | +69 | +12.6% |
| Employee cost | 246 | 226 | +20 | +8.8% |
| Finance costs | 130 | 122 | +8 | +6.6% |
| Depreciation | 363 | 322 | +41 | +12.7% |
| Other expenses | 2,296 | 1,990 | +306 | +15.4% |
| Total expenses | 3,563 | 3,165 | +398 | +12.6% |
| Other income | 46 | 66 | −20 | −30.3% |
| Tax | −85 | 79 | −164 | |
| Exceptional items | −339 (charge) | none |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
The H1 FY27 net loss was ₹13 crore, compared with a net profit of ₹634 crore in H1 FY26. Basic EPS was a loss of ₹1.01, compared with EPS of ₹33.54 in H1 FY26. The first-half results therefore moved from profit to loss despite higher revenue and total income.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 7,453 | 7,053 | +5.7% |
| Profit before tax | −39 | 836 | turned to loss |
| Net profit | −13 | 634 | turned to loss |
| EPS (₹) | −1.01 | 33.54 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Investing cash flow was negative ₹2,928 crore in H1 FY27, compared with negative ₹1,830 crore in H1 FY26. Financing cash flow was ₹2,333 crore, compared with ₹1,016 crore a year earlier. Capital expenditure was ₹1,420 crore in H1 FY27, up from ₹1,189 crore in H1 FY26. Closing cash for the half-year was not provided.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 36,435 | 33,312 |
| Total equity | 18,011 | 18,123 |
| Borrowings | 9,582 | 6,752 |
| Cash and equivalents | 89 | 212 |
| Inventories | 1,602 | 1,192 |
| Trade receivables | 858 | 864 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 472 | 735 |
| Cash from investing | −2,928 | −1,830 |
| Cash from financing | 2,333 | 1,016 |
| Capital expenditure | 1,420 | 1,189 |
Source: Company's results filing (XBRL).
How has Dalmia Bharat done over the last 8 quarters?
EBITDA margin peaked at 24.3% in Q1 FY26 and was lowest at 13.8% in Q2 FY27, after 20.7% in Q1 FY27. Profit was highest at ₹439 crore in Q4 FY25 and turned to a net loss of ₹205 crore in Q2 FY27, from a net profit of ₹192 crore in Q1 FY27. The latest quarter therefore showed lower revenue, lower margin and a loss.
What else did the company announce?
A filing dated 19 October 2026 had earlier informed the exchanges that the board would consider the standalone and consolidated results and any interim dividend for FY27. It also stated that the trading window was closed and would reopen after the expiry of 48 hours from the declaration of the results. The same-day filings did not announce a fund raise or new appointments.
What did the auditors point out?
The standalone review report stated that nothing had come to the auditors’ attention causing them to believe that the statement had not disclosed the information required under Regulation 33 of the Listing Regulations or contained any material misstatement. The auditors said their review was conducted under SRE 2410, was substantially less in scope than an audit and did not enable them to obtain assurance about all significant matters that might be identified in an audit. The excerpt does not report a going-concern qualification or a qualified audit opinion.
What did Dalmia Bharat's management say?
Management said Belgaum commercial production was expected by Q4 FY27 following clinker trials that started ahead of schedule. Puneet Dalmia said: “I'm confident that we are on track to achieve a 35% to 40% utilization of these assets by end of financial year '27.” Yatin Malhotra said: “At the end of quarter 1, we thought we had already seen the peak, and now we are looking at a different peak. So we are taking it as it comes.” He also said: “I think I'm hopeful that if this price trend continues, we should be touching INR1,000 plus something in quarter 3. But it's too early for us to comment.”
How did Dalmia Bharat shares react?
Earlier reaction-day moves were negative on 24 July 2026 at 3.0%, 28 April 2026 at 2.7%, 22 July 2025 at 2.3%, 18 July 2024 at 5.4% and 24 April 2024 at 7.5%. The stock was up 2.4% on 21 January 2026, 1.2% on 21 January 2025 and 0.1% on 19 October 2024. The Nifty Midcap 150 was up 0.9% on the reaction day and 1.2% by the next day’s close.
| After the filing | Stock | Cement & Cement Products median |
|---|---|---|
| 5 minutes | +1.4% | |
| 15 minutes | +0.5% | |
| 30 minutes | +1.0% | |
| Reaction day | −6.6% | −0.4% |
| Next day | −9.0% | −0.9% |
| 5 days | −15.1% | +1.0% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 24 July 2026 | −3.0% |
| 28 April 2026 | −2.7% |
| 21 January 2026 | +2.4% |
| 22 July 2025 | −2.3% |
| 21 January 2025 | +1.2% |
| 19 October 2024 | +0.1% |
| 18 July 2024 | −5.4% |
| 24 April 2024 | −7.5% |
Source: MarketPing price-reaction measurement.
How did other Cement & Cement Products companies do?
Among the 19 peers for which profit was compared, nine reported higher profit. Dalmia Bharat’s consolidated revenue growth was 4.3% in Q2 FY27, and its quarter moved to a net loss of ₹205 crore from a net profit of ₹239 crore in the year-ago quarter.
| Dalmia Bharat revenue growth (YoY) | +4.3% |
|---|---|
| Median of 19 other Cement & Cement Products companies | +13.5% |
| Companies with slower revenue growth than Dalmia Bharat | 5 of 19 |
| Companies with faster revenue growth than Dalmia Bharat | 14 of 19 |
| Companies whose net profit rose | 9 of 19 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Dalmia Bharat's revenue in Q2 FY27?
Revenue from operations was ₹3,563 crore, up 4.3% from ₹3,417 crore in Q2 FY26 (consolidated).
Did Dalmia Bharat make a profit in Q2 FY27?
No. It reported a net loss of ₹205 crore, against a net profit of ₹239 crore in Q2 FY26.
What was Dalmia Bharat's EPS in Q2 FY27?
Basic loss per share was ₹11.03.
How did Dalmia Bharat shares react to the Q2 FY27 results?
On the reaction day the stock moved −6.6% from the previous close; the median Cement & Cement Products stock moved −0.4%.
When did Dalmia Bharat announce its Q2 FY27 results?
On 26 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Intimation Of Board Meeting Scheduled To Be Held On Monday, October 26, 2026 (BSE, 19 October 2026) · PDF
- Outcome of Board Meeting (NSE, 26 October 2026) · PDF
- The earnings call (28 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
This is information, not investment advice. MarketPing does not recommend buying or selling any security.