Dalmia Bharat Ltd(DALBHARAT)

NSE: DALBHARATBSE: 542216

₹ 1,623.9+1.81%refreshed 26 Oct, 01:32 pm ISTMarket cap: ₹ 30,459 crNext results: 26 Oct 2026Website: www.dalmiabharat.comUpdated: 26 Oct 2026

About

Dalmia Bharat Ltd is an Indian cement manufacturer with installed capacity of 54.7 MnTPA as of Q1 FY27, operating as an almost pure-play cement business. The company reported FY26 revenue of Rs 14,804 Cr and sold 30.0 MnT of cement in FY26, with operations concentrated in East, South, and Northeast India.^[1][2][3]

Business segments

Cement is essentially the sole business segment, contributing 97.9% of revenue in FY22; the company operates as a single-segment manufacturer with no material non-cement revenue stream.^[4]

Products and brands

Premium products accounted for 25% of trade volumes in Q1 FY27, up from 24% in Q4 FY26 and 22% in Q2 FY26 - an all-time high as of Q1 FY27.^[1][3][5]
Weather365, a premium-plus cement product, was launched in Q1 FY27 to strengthen the upper end of the portfolio.^[1][3]

Manufacturing capacity and operations

Installed cement capacity stood at 54.7 MnTPA in Q1 FY27, up from 49.5 MnTPA at end-FY26, following completion of the Jaypee Cement acquisition on 29 May 2026.^[1][3]
The Jaypee acquisition added 5.2 MnT of cement capacity and 3.3 MnT of clinker capacity in Central India, with the Chunar grinding unit dispatching its first consignment within 22 days of acquisition close.^[1]
The Umrangso, Assam clinker line (3.6 MnT) commenced commercial production on 20 January 2026, making Dalmia fully clinker-backed for its 8 MnT Northeast cement capacity.^[6]
Renewable energy accounted for 48% of total power consumption in Q1 FY27, up from 41% a year earlier; an 18 MW WHRS facility is being installed at the newly acquired Rewa plant.^[1]
Direct dispatches stood at 62% of cement volumes and lead distance at 277 km in Q3 FY26, contributing to a 5.6% YoY decline in logistics cost per tonne to Rs 1,057/T.^[6]

Key operating numbers

Sales volume grew 9% YoY to 8.8 MnT in Q1 FY27; full-year FY26 volume was 30.0 MnT (+2% YoY).^[1][3]
EBITDA per tonne was Rs 1,055/T in Q1 FY27, up from Rs 1,023/T in Q4 FY26 and Rs 1,027/T for full-year FY26 (+25% YoY).^[1][3]
Net Sales Realisation (NSR) was Rs 4,934/T for FY26 (+4% YoY); NSR improved 6% QoQ in Q1 FY27 supported by price hikes of Rs 10 - 20/bag in South and East markets.^[1][3]
Power and fuel cost per tonne rose 10% YoY to Rs 1,045/T in Q1 FY27, reflecting petcoke prices surging to ~$160/ton; raw material cost per tonne rose 12% QoQ to Rs 823/T.^[1]
Total cost per tonne in Q4 FY26 was Rs 3,790/T, the lowest quarterly level in five years; FY26 full-year adjusted cost was at least Rs 100/T lower than FY25.^[3]
Core cement ROCE improved from 9.9% in FY25 to 12.1% in FY26, a 220 bps improvement; group-level ROCE improved from 6.8% to 8.2% over the same period.^[3]

Expansion and capex

Total cement capacity is targeted to reach approximately 66.7 MnT by Q3 FY28, incorporating Jaypee (complete), Belgaum, Kadapa, and Pune projects.^[1]
Belgaum integrated unit is 78% erected as of Q1 FY27 and is expected to commence commercial production in Q4 FY27, ahead of the earlier announced schedule.^[1][3]
Kadapa integrated unit commissioning is targeted for Q3 FY28; Pune grinding unit commissioning is targeted for Q2 FY28.^[1]
FY27 total capex guidance is Rs 3,200 - 3,400 Cr, of which approximately Rs 2,200 Cr is for expansion projects and the balance for maintenance, Jaypee catch-up capex, and other ROI projects.^[1][3]
Long-term capacity ambition of 110 - 130 MnT by approximately FY31 has been reaffirmed, with timing described as flexible by a couple of years.^[1]
Jaypee efficiency and catch-up capex is estimated at approximately Rs 550 Cr; the acquired assets are expected to reach EBITDA breakeven in approximately 2 quarters and match Dalmia's average EBITDA/T in 7 - 8 quarters.^[1]

Recent developments

Acquisition of Jaypee Cement's Central India assets (5.2 MnT cement + 3.3 MnT clinker) closed on 29 May 2026 at an enterprise value of Rs 2,850 Cr; trial production at Rewa clinker unit commenced within 50 days.^[1]
FY26 delivered record EBITDA of Rs 3,083 Cr (+28% YoY) and record PAT of Rs 1,157 Cr (+65% YoY), both all-time highs for the company.^[3]
GST on cement was reduced from 28% to 18% in Q2 FY26; Dalmia passed the full benefit to consumers and undertook corresponding price reductions.^[5]

Market Cap

₹30,459 Cr

High / Low

₹2,260 / 1,580

Stock P/E

32.0

Price / Book

1.7

Book Value

₹959

EPS

₹60.7

No. of Shares

18.76 Cr

ROCE

8.1%

ROE

6.4%

OPM

13.0%

Debt / Equity

0.38

Sales

₹14,804 Cr

Net Profit

₹1,157 Cr

Promoter holding

55.8%

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Dalmia Bharat Ltd(DALBHARAT)

About

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Expansion and capex

Recent developments

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