Loading…
Dalmia Bharat Ltd
NSE: DALBHARAT BSE: 542216 INE00R701025 Commodities Infra 🔎 Screen
NIFTY 500 Midcap 150
₹32,737 Cr
Market Cap
29.2
P/E
12.41
PEG
8.0%
ROCE
6.6%
ROE
0.41
D/E
20.5%
OPM
⚖️ Compare? 🔒 Generate Report 📚 Guides
📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
Shareholding
About

Dalmia Bharat is engaged in the business of Manufacturing and Selling of Cement. The company was started in 1939 and is the 4th largest cement manufacturer by installed capacity in India.

✓ Strengths 1
  • Company has been maintaining a healthy dividend payout of 18.0%
! Concerns 3
  • The company has delivered a poor sales growth of 7.93% over past five years.
  • Company has a low return on equity of 5.19% over last 3 years.
  • Working capital days have increased from 1.55 days to 71.0 days
Key Ratios Snapshot
📊 Sector Averages
📈 Growth Pattern
📊 Quick Scorecard
Loading…
🔒
Premium Feature
AI-generated 10-section company profile — business model, financials, strengths, risks & management quality
Upgrade to Premium
Already a member? Log in
📐
3-Statement Financial Model
Bear / Base / Bull projections · DCF fair value · Reverse-DCF
Open Model →
Mixed quarter: EBITDA beat on cost controls and better realisation, but PAT fell 10% YoY due to higher tax and lower revenue growth quarter Investor Presentation One-Pager? Mar 2026
Revenue
₹4,245 Cr
+4% YoY
EBITDA Margin
21.3%
+190 bps YoY
PAT
₹394 Cr
-10% YoY
EBITDA per Ton
₹1,023
+10.5% YoY
What Went Right
  • EBITDA grew 14% YoY to ₹902 Cr despite modest volume growth, driven by lower costs (total cost/T down ~5% vs Q1FY25 adjusted)
  • EBITDA per ton improved to ₹1,023 from ₹926 in Q4FY25, reflecting price (+2%) and cost efficiencies
  • Net debt declined sequentially to ₹1,428 Cr, with net debt/EBITDA at 0.46x vs a threshold of 2x
  • Renewable power capacity jumped 7x over 4 years to 449 MW; RE share reached 47% in Q4FY26
  • Trade share recovered to 67% and premium share held at 24%, aiding realisation
What to Watch
  • PAT dropped 10% YoY to ₹394 Cr, as PBT fell 6% due to higher depreciation/interest and lower other income
  • Volume growth was only 2% YoY (8.8 MnT), partly because of a Rajgangpur breakdown (impact of ~3% on Q4 growth)
  • Contingent liabilities remained elevated at ₹1,093 Cr, with mines & minerals matters rising to ₹700 Cr from ₹536 Cr in FY25
  • The Bawri Group arbitration and ED land attachment case (though reduced by 90% to Rs 93 Cr) still overhang
  • Raw material cost per ton rose 1% QoQ and blended cement share slipped to 83% from 80% in Q3, limiting cost leverage
Investor Lens
The quarter reinforces Dalmia's ability to improve margins through cost discipline and premium product mix, but revenue growth remains tepid (~4%) and PAT decline is a red flag. The capex pipeline (₹2.2K Cr in FY27e) targets 61.5 MnT capacity by FY28, yet near-term volume recovery is uncertain given regional pricing pressures (Pan India prices flat YoY). Investors should watch for: (1) volume acceleration once Rajgangpur normalises, (2) resolution of contingent liabilities, especially the ED case final appeal, and (3) sustained RE adoption to buffer power costs. The healthy balance sheet (net debt/EBITDA 0.46x) provides flexibility, but without explicit revenue/EBITDA guidance, the growth narrative hinges on execution of expansion without margin dilution.
From investor presentation · AI-generated analysis · Not investment advice
🔒
Premium Feature
Investor Presentation One-Pager — quarterly highlights, what went right/wrong & management guidance
Upgrade to Premium
Already a member? Log in
📊 MIXED Net Profit ₹394 Cr, down 10.3% YoY
Revenue
Revenue increased by 3.8% YoY to ₹4,245 Cr and 21.1% QoQ. This indicates a moderate growth in sales. Revenue growth is lower compared to profitability growth.
Profitability
Net Profit decreased by 10.3% YoY to ₹394 Cr, while EPS decreased to 20.63 from 23.19. PAT margin has been affected, resulting in lower profitability.
Margins
OPM increased to 21% from 19% YoY and 17% QoQ, indicating improved operating efficiency. The increase in OPM is a positive sign for the company's profitability.
Balance Sheet
The company has borrowings of ₹7,406 Cr and reserves of ₹17,941 Cr. The debt-to-equity ratio is 0.4, indicating a manageable debt level.
Key Risks
The company's net profit decline and lower EPS are key risks. Additionally, the interest expense of ₹132 Cr may impact future profitability if not managed effectively.
Outlook
The company's revenue growth and improved OPM are positive trends. However, the decline in net profit and EPS may impact future growth if not addressed. The company needs to focus on sustaining profitability and managing debt effectively.
Generated by AI · Mar 2026 results · Not investment advice
🔒
Free Account Required

Create a free Finmagine account to access Finmagine™ Scorecard.

See how this company scores across 5 dimensions — Financial Health, Growth Prospects, Competitive Position, Management Quality, and Valuation — powered by 30+ computed ratios.

Create Free AccountLog In
🔒
Premium Feature

Upgrade to Finmagine Premium to unlock AI Advisor.

Get 25 expert AI analysis templates — Business KPIs, Comprehensive, Forensic Governance, Peer Comparison, Risk-Reward, Full Research Report, IPO Decoder, Red Flag Detector, and more — ready to paste into ChatGPT, Claude, Gemini, or Perplexity.

Upgrade to PremiumCreate Free Account
🔒
Premium Feature

Upgrade to Finmagine Premium to unlock Peer Comparison.

Compare this company side-by-side against its sector peers with financial metrics, ratio benchmarking, and relative performance across all key dimensions.

Upgrade to PremiumCreate Free Account
🔒
Premium Feature

Upgrade to Finmagine Premium to unlock Documents.

Access concall transcripts, annual reports, credit ratings, and investor presentations.

Upgrade to PremiumCreate Free Account

📊 Sector KPIs

Industry-specific KPIs with historical trend — AI-extracted from investor presentations
🔒
Premium Feature
Industry-specific KPIs with historical trend across quarters — AI-extracted from investor presentations
Upgrade to Premium
Already a member? Log in

💼 Management Guidance

Revenue, loan book, NIM and other management targets — with hit/miss tracking
🔒
Premium Feature
Management guidance targets with historical hit/miss tracking — unlocked with Premium
Upgrade to Premium
Already a member? Log in

🎯 Thesis Tracker

Guidance vs Delivery — management track record
🔒
Premium Feature
Management guidance vs actual delivery — track whether revenue & PAT targets were Beat, Met or Missed across every reporting year
Upgrade to Premium
Already a member? Log in
🔒
Premium Feature

Upgrade to Finmagine Premium to unlock Full Report.

Read the complete Finmagine™ investment research report — comprehensive fundamental analysis, business model assessment, competitive positioning, and investment recommendation.

Upgrade to PremiumCreate Free Account

📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

🎯
Discover Our Proven Investment Framework Learn how we analyze and rank stocks using advanced quantitative models, multi-dimensional scoring systems, and dynamic discriminatory ranking techniques that have guided successful investment decisions across market cycles.
📊 Explore The Finmagine™ Methodology

A comprehensive, bias-free framework for analyzing and ranking stocks by Financial Strength, Growth Potential, Competitive Edge, Management Quality, and Value.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including equities and mutual funds, involves inherent risks, including the potential loss of principal. All investments are subject to market fluctuations, regulatory changes, and other risks that may affect their value. Past performance is not indicative of future results. This report is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This report does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a SEBI-registered investment adviser or other qualified financial professional before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities or financial instruments discussed in this report. Any such positions, if material, are disclosed to the best of the author's knowledge and are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company, institution, or third party.

Information Sources:
The analysis and opinions expressed herein are based on publicly available information, including but not limited to company filings with the BSE/NSE, annual reports, management commentary, investor presentations, data from the Reserve Bank of India (RBI), SEBI, industry publications, and other reliable financial data sources. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

Forward-Looking Statements:
This report may contain forward-looking statements, forecasts, or projections that are inherently subject to risks, uncertainties, and assumptions. Actual results may differ materially from those expressed or implied. The author does not undertake any obligation to update such statements in the future.

Regulatory Compliance:
This report is intended to comply with the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, as amended, and other applicable Indian laws and regulations.

Limitation of Liability:
The content of this report is provided "as is" without any warranties, express or implied, including accuracy, completeness, merchantability, or fitness for a particular purpose. The author and publisher expressly disclaim any liability for errors, omissions, or any losses incurred as a result of reliance on the information provided. Readers assume full responsibility for their investment decisions.