Dalmia Bharat Ltd logo

Dalmia Bharat Ltd

DALBHARAT NSE

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]

AI Verdict: HOLD Confidence: 5%

Dalmia Bharat trades at a PE of 28x with a low ROE of 5-6%, reflecting poor capital efficiency for a cement company. While TTM profit growth of 54% and strong analyst buy consensus (64%) signal a cyclical recovery, weak 5-year sales CAGR of 8% and negative stock returns over 1-3 years warrant caution before fresh entry.

Key Fundamentals

SmallcapCementConstruction
Market Cap
₹32,970 Cr
Volatility
Moderate
P/E Ratio
28.36
EBITDA
₹3,305 Cr
Return on Equity
5.17%
Debt to Equity
0.37
Book Value
₹958.52
EPS
₹49.19
52W High
₹2,496.3
52W Low
₹1,605

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 3d ago
HOLD
Risk high

Dalmia Bharat trades at a PE of 28x with a low ROE of 5-6%, reflecting poor capital efficiency for a cement company. While TTM profit growth of 54% and strong analyst buy consensus (64%) signal a cyclical recovery, weak 5-year sales CAGR of 8% and negative stock returns over 1-3 years warrant caution before fresh entry.

Bull Case 7
  • TTM compounded profit growth of 54% indicates a strong earnings recovery from the cyclical trough
  • 63.64% of analysts (21 out of 33) have a buy rating, reflecting consensus optimism on the cement upcycle
  • Market cap of Rs 32,306 Cr positions Dalmia Bharat as a large-cap cement player with scale advantages
  • Healthy dividend payout ratio of 20.2% demonstrates management commitment to returning capital to shareholders
  • TTM sales growth of 6% shows a sequential improvement over the 3-year CAGR of just 3%
  • Price-to-book ratio of 1.8x is reasonable for a cement company with significant capacity expansion plans
  • Last year ROE of 6% shows marginal improvement over the 3-year and 5-year average of 5%, indicating an inflection point
Bear Case 8
  • 3-year ROE of just 5% is significantly below cost of equity, indicating persistent value destruction
  • Stock has delivered negative 1-year CAGR of -16%, massively underperforming broader markets
  • 5-year compounded profit CAGR of -2% shows the company has failed to grow earnings over a meaningful period
  • 5-year sales CAGR of only 8% (reported as 7.93%) is poor for a company in an infrastructure-driven sector
  • 3-year stock CAGR of -8% indicates sustained erosion of shareholder wealth despite capacity additions
  • PE of 28x is expensive relative to the low ROE of 5-6%, offering a poor return spread for investors
  • Dividend yield of only 0.52% provides minimal income cushion during periods of capital depreciation
  • Only 12.12% sell ratings but 24.24% hold ratings suggest limited downside conviction but also uncertain upside timing

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

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Positives 1
  • Chunar plant starts production Jun 21

    Dalmia Cement (Bharat) commenced commercial production at its Chunar plant on June 20, 2026, adding 2.5 MTPA capacity.

Neutral 5
  • Investor meetings in Mumbai Jun 22

    Dalmia Bharat management will attend DAM Capital-organized investor meetings in Mumbai on June 25, 2026. No UPSI to be shared.

  • 13th AGM set for June 30 Jun 6

    Annual General Meeting scheduled for June 30, 2026 via video conferencing. Remote e-voting window runs June 26-29.

  • FY26 annual report released Jun 5

    Integrated Annual Report 2025-26 made available online for shareholders via the company website.

  • BRSR filed with zero fatalities Jun 4

    FY26 Business Responsibility and Sustainability Report filed with TUV India assurance, reporting zero employee fatalities and 100% ZLD implementation.

  • Clean FY26 compliance audit May 27

    Dalmia Bharat received a clean compliance report for FY26 confirming full adherence to SEBI regulations.

TL;DR: Dalmia Bharat is executing on capacity expansion with the 2.5 MTPA Chunar plant going live, which should support volume growth. Governance and compliance remain clean with no red flags. No material headwinds emerged in the recent news flow. The trend is stable-to-positive as new capacity comes online heading into FY27.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
3,915
3,627
3,153
3,604
4,307
3,621
3,087
3,181
4,091
3,636
3,417
3,506
4,245
Expenses
3,205
3,014
2,560
2,825
3,653
2,952
2,653
2,670
3,298
2,753
2,721
2,904
3,343
Operating Profit
710
613
593
779
654
669
434
511
793
883
696
602
902
OPM %
18%
17%
19%
22%
15%
18%
14%
16%
19%
24%
20%
17%
21%
Other Income
424
54
80
60
120
-63
73
37
93
65
66
30
34
Interest
64
83
101
108
94
95
98
101
105
108
122
118
132
Depreciation
336
399
401
370
328
317
336
364
314
322
322
340
365
PBT
734
185
171
361
352
194
73
83
467
518
318
174
439
Tax %
17%
22%
28%
26%
9%
25%
33%
20%
6%
24%
25%
26%
10%
Net Profit
609
144
123
266
320
145
49
66
439
395
239
128
394
EPS in Rs
31.42
6.93
6.29
14.02
16.8
7.52
2.45
3.25
23.19
20.95
12.58
6.5
20.63
Figures in ₹ Crores

Profit & Loss

  Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
7,444
8,579
9,484
9,674
10,110
11,286
13,552
14,691
13,980
14,804
Expenses
5,550
6,543
7,542
7,591
7,340
8,860
11,224
12,052
11,573
11,721
Operating Profit
1,894
2,036
1,942
2,083
2,770
2,426
2,328
2,639
2,407
3,083
OPM %
25%
24%
20%
22%
27%
22%
17%
18%
17%
21%
Other Income
296
274
235
217
145
171
532
314
140
195
Interest
856
708
542
415
303
202
234
386
399
480
Depreciation
1,226
1,213
1,296
1,528
1,250
1,235
1,305
1,498
1,331
1,349
PBT
108
389
339
357
1,362
1,160
1,321
1,069
817
1,449
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
EPS in Rs
8,800
58,400
15.96
11.61
62.58
43.55
55.21
44.04
36.41
60.73
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 Mar 2026
Promoters 55.84%
DIIs 20.25%
Others 8.56%
Public 8.06%
FIIs 7.15%
Government 0.14%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 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%
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%
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%
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%
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%
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%
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

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 Commodities sector within the Cement & Cement Products 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 ₹32970.34 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 28.36. 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 0.52%. 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 5.17%. 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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