Dalmia Bharat Ltd logo

Dalmia Bharat Ltd

DALBHARAT NSE

Key Fundamentals

SmallcapCementConstruction
Market Cap
₹34,512 Cr
Volatility
Moderate
P/E Ratio
36.94
EBITDA
₹3,305 Cr
Return on Equity
6.39%
Debt to Equity
0.41
Book Value
₹958.52
EPS
₹49.19
52W High
₹2,496.3
52W Low
₹1,605

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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48 extracted metrics + investor summaries across FY04–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 20.2%

Weaknesses

2
  • The company has delivered a poor sales growth of 7.93% over past five years.
  • Company has a low return on equity of 5.04% over last 3 years.

Growth Rate

Revenue Growth
5.57% ↗
Net Income Growth
65.67% ↗
Cash Flow Change
7.61% ↗
ROE
60.15% ↗
ROCE
43.62% ↗
EBITDA Margin (Avg.)
17.71% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Dalmia Bharat Ltd is a cement company with a market cap of ₹34,484 Cr trading at a PE of 36x with ROE of approximately 5-6% over recent years. The company has shown TTM sales growth of 8% and TTM profit growth of 19%, but its 5-year compounded profit growth is negative at -2% and the stock has declined 19% over the past year.

Bull Case 7
  • TTM profit growth of 19% indicates a meaningful recovery in earnings after years of stagnation
  • TTM sales growth of 8% shows an acceleration from the 3-year compounded sales growth of just 3%
  • Consistent dividend payout of 20.2% demonstrates commitment to returning capital to shareholders
  • ROE improved to 6% in the last year from a 3-year and 5-year average of 5%, suggesting operational improvements underway
  • Stock decline of 19% over 1 year may offer a more reasonable entry valuation compared to prior peaks
  • 10-year compounded sales growth of 8% demonstrates long-term revenue expansion capability in the cement sector
  • Price-to-book ratio of 1.91x is relatively moderate for a large cement company with significant capacity assets
Bear Case 8
  • 5-year compounded profit growth of -2% reflects sustained inability to translate revenue into bottom-line gains
  • ROE of only 5-6% over 3, 5, and 10-year periods is well below cost of equity, indicating poor capital efficiency
  • PE ratio of 36x is expensive relative to the low single-digit ROE and negative 5-year profit CAGR
  • 5-year sales CAGR of approximately 8% is modest for a company trading at a growth multiple of 36x PE
  • Stock has delivered -1% CAGR over both 3-year and 5-year periods, significantly underperforming broader markets
  • 3-year compounded profit growth of -1% shows earnings have broadly stagnated over a multi-year window
  • Dividend yield of only 0.49% provides minimal income cushion for shareholders during periods of capital depreciation
  • 3-year compounded sales growth of just 3% barely keeps pace with inflation, indicating volume or pricing challenges

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 19h ago
Headwinds 2
  • Q1 profit drops 51% YoY Jul 25

    Consolidated net profit fell 51.4% to ₹192 crore in Q1FY27, dragged by ₹182 crore in exceptional items from the Jaiprakash Associates acquisition. EBITDA declined 8.8% to ₹805 crore and net debt-to-EBITDA rose to 1.47x.

  • Depreciation to rise ₹250cr by FY28 Jul 25

    Depreciation expected to increase ₹100 crore in FY27 from new Jaypee plant commissioning, and a further ₹150 crore in FY28 from Kadapa and Pune projects, cumulatively adding ₹250 crore to costs.

Positives 2
  • Wins Bhilai Jaypee cement assets Jul 28

    Subsidiary Dalmia Cement (Bharat) won the resolution bid for Bhilai Jaypee Cement, adding 2.2 MnTPA grinding and 1.1 MnTPA clinker capacity.

  • Revenue up 7%, volumes beat estimates Jul 25

    Q1FY27 revenue grew 7% to ₹3,890 crore supported by 9% volume growth, beating market estimates despite margin compression.

Neutral 1
  • Investor meetings in Mumbai Aug 5

    Management will attend physical investor meetings in Mumbai on August 14 and 17, 2026. No unpublished price-sensitive information will be shared.

TL;DR: Dalmia Bharat is executing well on volume growth (+9%) and inorganic expansion through Jaypee asset acquisitions, but near-term profitability is under pressure from acquisition-related exceptional costs and rising depreciation. Leverage has crept up to 1.47x net debt-to-EBITDA. The trend is mixed — capacity additions position the company for medium-term growth, but earnings headwinds from integration costs and depreciation will persist through FY28.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
3,627
3,153
3,604
4,307
3,621
3,087
3,181
4,091
3,636
3,417
3,506
4,245
3,890
Expenses
3,014
2,560
2,825
3,653
2,952
2,653
2,670
3,298
2,753
2,721
2,904
3,343
3,085
Operating Profit
613
593
779
654
669
434
511
793
883
696
602
902
805
OPM %
17%
19%
22%
15%
18%
14%
16%
19%
24%
20%
17%
21%
21%
Other Income
54
80
60
120
-63
73
37
93
65
66
30
34
-43
Interest
83
101
108
94
95
98
101
105
108
122
118
132
147
Depreciation
399
401
370
328
317
336
364
314
322
322
340
365
361
PBT
185
171
361
352
194
73
83
467
518
318
174
439
254
Tax %
22%
28%
26%
9%
25%
33%
20%
6%
24%
25%
26%
10%
24%
Net Profit
144
123
266
320
145
49
66
439
395
239
128
394
192
EPS in Rs
6.93
6.29
14.02
16.8
7.52
2.45
3.25
23.19
20.95
12.58
6.5
20.63
10.02
Figures in ₹ Crores

Profit & Loss

  Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
7,444
8,579
9,484
9,674
10,110
11,286
13,552
14,691
13,980
14,804
15,058
Expenses
5,550
6,543
7,542
7,591
7,340
8,860
11,224
12,052
11,573
11,721
12,053
Operating Profit
1,894
2,036
1,942
2,083
2,770
2,426
2,328
2,639
2,407
3,083
3,005
OPM %
25%
24%
20%
22%
27%
22%
17%
18%
17%
21%
20%
Other Income
296
274
235
217
145
171
532
314
140
195
87
Interest
856
708
542
415
303
202
234
386
399
480
519
Depreciation
1,226
1,213
1,296
1,528
1,250
1,235
1,305
1,498
1,331
1,349
1,388
PBT
108
389
339
357
1,362
1,160
1,321
1,069
817
1,449
1,185
Tax %
69%
25%
-3%
33%
13%
27%
18%
20%
14%
20%
—
Net Profit
44
291
349
238
1,183
845
1,079
853
699
1,157
953
EPS in Rs
8,800
58,400
15.96
11.61
62.58
43.55
55.21
44.04
36.41
60.73
49.73
Div. Payout %
0%
1937%
13%
17%
2%
20%
16%
21%
25%
15%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
6,654
6,654
39
39
37
37
37
38
38
38
Reserves
2,975
3,681
10,600
10,522
12,773
16,024
15,591
16,359
17,336
17,941
Borrowings
8,038
7,266
5,883
6,049
3,839
3,176
3,855
4,805
5,702
7,406
Other Liabilities
3,595
3,763
4,016
4,268
5,237
5,431
6,036
6,510
7,095
7,874
Total Liabilities
21,262
21,364
20,538
20,878
21,886
24,668
25,519
27,712
30,171
33,259
Fixed Assets
15,516
14,037
13,573
12,555
13,626
14,147
14,784
15,732
17,306
19,371
CWIP
128
168
520
1,740
1,006
1,034
1,871
2,395
2,616
2,726
Investments
2,740
3,505
2,424
2,816
4,033
5,704
3,524
4,462
5,119
5,878
Other Assets
2,878
3,654
4,021
3,767
3,221
3,783
5,340
5,123
5,130
5,284
Total Assets
21,262
21,364
20,538
20,878
21,886
24,668
25,519
27,712
30,171
33,259
Figures in ₹ Crores

Cash Flow

  Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
1,875
1,606
1,843
2,340
3,604
1,932
2,252
2,635
2,117
2,278
Investing
-139
135
189
-1,760
-300
-1,045
-2,326
-2,750
-2,270
-3,023
Financing
-1,749
-1,564
-2,067
-594
-3,375
-942
168
222
-39
808
Net Cash Flow
-13
177
-35
-14
-71
-55
94
107
-192
63
Free Cash Flow
1,483
1,213
917
995
2,577
176
-449
-88
-509
237
CFO/OP
100
83
96
116
129
79
97
102
91
77
Figures in ₹ Crores

Ratios

  Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
26
24
21
25
18
22
19
21
23
21
Inventory Days
189
186
211
204
180
234
242
164
217
186
Days Payable
258
223
179
173
213
211
209
178
241
202
Cash Conversion Cycle
-43
-13
53
55
-14
45
52
8
-1
5
Working Capital Days
-89
-63
-60
-85
-83
-60
-33
-27
-39
-55
ROCE %
—
6%
4%
4%
10%
7%
8%
7%
6%
8%

Shareholding Pattern

As of Jun 2026
Promoters 55.84%
DIIs 19.94%
Others 8.76%
Public 8.52%
FIIs 6.81%
Government 0.14%
Total 100.01%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
55.97%
55.97%
55.97%
55.97%
55.90%
55.90%
55.87%
55.86%
55.86%
55.86%
55.85%
55.84%
55.84%
55.84%
55.84%
55.84%
55.84%
55.84%
55.84%
55.84%
55.84%
55.84%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
14.13%
12.96%
11.37%
9.43%
8.94%
9.08%
8.28%
8.24%
8.76%
7.92%
7.15%
6.81%
DIIs
3.45%
4.19%
4.71%
5.23%
5.74%
5.84%
7.82%
8.14%
8.55%
8.83%
9.43%
11.03%
12.63%
13.61%
14.58%
14.70%
16.43%
17.37%
17.81%
18.99%
20.25%
19.94%
Government
0.07%
0.07%
0.07%
0.07%
0.07%
0.07%
0.14%
0.14%
0.14%
0.14%
0.14%
0.14%
0.14%
0.14%
0.14%
0.14%
0.14%
0.14%
0.14%
0.14%
0.14%
0.14%
Public
12.47%
12.24%
11.86%
11.75%
11.95%
11.92%
11.26%
11.76%
10.97%
10.41%
9.87%
9.83%
10.00%
11.06%
9.97%
10.62%
9.78%
9.12%
8.65%
8.47%
8.06%
8.52%
Others
28.03%
27.53%
27.38%
26.98%
26.34%
26.27%
24.92%
24.10%
24.48%
24.76%
10.59%
10.19%
10.03%
9.92%
10.54%
9.62%
9.52%
9.30%
8.80%
8.64%
8.56%
8.76%
No. of Shareholders
0
31,529
36,256
49,157
57,938
62,647
66,298
62,935
57,072
51,466
48,927
52,428
61,204
88,455
94,161
90,385
86,250
76,773
75,971
73,797
63,680
72,957

Documents

Frequently Asked Questions about Dalmia Bharat Ltd

What does Dalmia Bharat Ltd do?
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.[1]
Where is Dalmia Bharat Ltd (DALBHARAT) listed?
Dalmia Bharat Ltd is listed on the Indian stock exchanges. It is listed on NSE: DALBHARAT and BSE: 542216. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Dalmia Bharat Ltd belong to?
Dalmia Bharat Ltd operates in the Construction sector within the Cement industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Dalmia Bharat Ltd?
Dalmia Bharat Ltd has a market capitalisation of approximately ₹34512.14 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Dalmia Bharat Ltd?
The Price-to-Earnings (PE) ratio of Dalmia Bharat Ltd is 36.94. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Dalmia Bharat Ltd?
Over the past 52 weeks, Dalmia Bharat Ltd has traded between a low of ₹1,605 and a high of ₹2,496.3. This range helps investors understand the stock's price volatility and recent trading levels.
Does Dalmia Bharat Ltd pay dividends?
Yes, Dalmia Bharat Ltd has a dividend yield of 0.49%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Dalmia Bharat Ltd?
Dalmia Bharat Ltd has a Return on Equity (ROE) of 6.39%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Dalmia Bharat Ltd on Tapetide?
On Tapetide, you can view Dalmia Bharat Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

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.[1]

Website dalmiabharat.com
CEO Mr. Puneet Yadu Dalmia B.Tech., M.B.A.
Employees 5,763
Listed 2018-12-21
Face Value ₹ 2
Issued Size 18,75,65,953

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