Dalmia Bharat logo

Dalmia Bharat

DALBHARAT NSE

Key Fundamentals

SmallcapCementConstruction
Market Cap
₹31,023 Cr
Volatility
Moderate
P/E Ratio
33.82
EBITDA
₹3,305 Cr
Return on Equity
6.39%
Debt to Equity
0.41
Book Value
₹958.52
EPS
₹49.19
52W High
₹2,319.9
52W Low
₹1,605

Tapetide Score

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

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% higher than 3Y
Net Income Growth
65.67% higher than 3Y
Cash Flow Change
7.61% higher than 3Y
ROE
60.15% higher than 3Y
ROCE
43.62% higher than 3Y
EBITDA Margin (Avg.)
17.71% higher than 3Y

AI Analysis — Bull vs Bear

4d ago
AI opinion · based on fundamentals
Risk medium

Dalmia Bharat is a cement maker, listed here under the Construction sector, with a market capitalisation of about Rs 31,644 crore. It trades at a P/E of 33.4x and a P/B of 1.77x. TTM profit growth of 19% and TTM sales growth of 8% show recent momentum after a weak multi-year stretch: 3-year profit CAGR is -1%, 5-year profit CAGR is -2%, and 3-year ROE is 5.04%. The stock has fallen 23% over one year and 11% annualised over three years, while recent quarters show EBITDA per tonne rising to about Rs 1,013-1,055.

Bull Case 7
  • Profits are recovering. TTM profit growth is 19%, well above the 3-year CAGR of -1% and the 5-year CAGR of -2%.
  • Unit margins improved sharply. In Q2 FY26, EBITDA per tonne rose 55.9% YoY to Rs 1,013, and the June 2026 quarter improved sequentially to Rs 1,055 with EBITDA of Rs 805 crore.
  • Q2 FY26 shows operating leverage. Revenue grew 11% YoY to Rs 3,417 crore, EBITDA rose 60.3% to Rs 696 crore, and PAT rose 387.8% to Rs 239 crore on 6.9 MnT of volume.
  • The valuation is modest against book. At a P/B of 1.77x, the market is paying a small premium to net assets, so any lasting ROE improvement from the current 5-6% could matter a lot.
  • Dividends are steady. The payout ratio is a healthy 20.2% and the dividend yield is 0.53%, alongside ongoing capex.
  • Sales growth is picking up. TTM sales growth of 8% is well above the 3-year sales CAGR of 3%.
  • Valuation has already corrected. The stock is down 23% over one year and has a -11% 3-year CAGR, so the current price already reflects some of the past underperformance.
Bear Case 7
  • Returns on capital are low. ROE was 5% over 3, 5 and 10 years and 6% last year, which is likely below the cost of equity.
  • Long-term profits have gone backwards. Profit CAGR is -1% over 3 years and -2% over 5 years, so the TTM rebound of 19% comes after years of decline.
  • The earnings multiple is high relative to returns. A P/E of 33.4x paired with ROE of about 5% means investors are paying a growth premium the long-run record does not yet support.
  • Top-line growth is slow. The 5-year sales CAGR is 7.93% and the 3-year CAGR is only 3%, which points to weak pricing or volume share in a competitive, consolidating cement market.
  • Shareholder returns have been weak. The stock CAGR is -23% over 1 year, -11% over 3 years and -4% over 5 years.
  • Cash income from dividends is small. A 0.53% dividend yield offers little income support given the high P/E.
  • Recent margins depend on the cycle. The 55.9% YoY jump in EBITDA per tonne to Rs 1,013 came partly from a low base and cement price swings, so it may not last if regional prices or fuel costs reverse.

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

AI News Digest

1d ago
Headwinds 4
  • Q2FY27E margin compression expected Sep 28

    Unit operating costs are expected to rise ₹250-300/mt quarter-on-quarter, which could cut EBITDA/mt to about ₹750 from ₹1,055 (q-o-q) and ₹1,013 (y-o-y). Realisation is estimated to be marginally down q-o-q.

  • Industry unable to pass costs Sep 28

    Cement makers face significant cost headwinds and cannot pass them through because of competitive pressure. Volume growth is expected to stay in single digits y-o-y in Q2FY27E.

  • Share price weakness Sep 28

    Shares fell 2.86% from ₹1,700.20 to ₹1,651.60 and are down 6.39% over the past week. Market cap is ₹30,978.39 crore.

  • Heavy capex lifts leverage Sep 28

    Cumulative capex of ₹13,500 crore is expected for FY27-29E, with net debt to EBITDA peaking at 2.5x in FY27E. Interest costs were 3.24% of operating revenue in FY26.

Positives 4
  • Buy rating, ₹2,110 target Sep 28

    Brokerage rates the stock Buy with a ₹2,110 target, about 28% upside from ₹1,651.60. The target is based on 12x September 2028E consolidated EBITDA, with a 12%/11% volume/EBITDA CAGR over FY26-29E.

  • Capacity expansion to 67 mt Sep 28

    South and West organic expansions are on track to come online in phases between Q4FY27 and Q3FY28E, taking consolidated capacity to 67 mt. Central assets should be fully operational in Q3FY27, targeting 40%/60% utilisation in Q4FY27/FY28E.

  • Bhilai Jaypee Cement acquisition win Sep 28

    At July-end, Dalmia was named the successful resolution applicant for BJCL under CIRP, gaining a 2.2-mt grinding unit in Bhilai and a 1.1-mt clinker unit in Babupur. NCLT Cuttack and other regulatory approvals are still pending.

  • Entry into waste management Sep 17

    Subsidiary AMPL acquired 100% of AMPL Green City Solutions, which was set up in July 2026 and focuses on automated material recovery facilities.

Neutral 2
  • MD remuneration postal ballot Sep 18

    A postal ballot seeks shareholder approval for the pay of MDs Gautam Dalmia and Puneet Yadu Dalmia for the remaining two years of their terms. Voting runs from September 22 to October 21, 2026.

  • 5th largest cement player Sep 28

    Dalmia ranks 5th in the cement sector by market cap at ₹30,978.39 crore. Employee costs were 6.04% of operating revenue in FY26.

TL;DR: Dalmia Bharat has a clear growth path: expansion to 67 mt capacity, the BJCL acquisition, and a brokerage Buy call with a ₹2,110 target backed by an 11% EBITDA CAGR over FY26-29E. In the near term, cost inflation is expected to cut Q2FY27E EBITDA/mt to about ₹750 from ₹1,055. The stock has fallen 6.39% in a week, and ₹13,500 crore of capex will push leverage to 2.5x net debt/EBITDA. The near-term trend is getting worse on margins, and the medium-term outlook depends on new capacity ramping up from Q3FY27 and on cement prices holding firm.

Quarterly Results

Particulars 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

Particulars 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

Particulars 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

Particulars 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

Particulars 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%

Insights

Beta

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

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Shareholding Pattern

FIIs6.81%Govt.0.14%Promot.55.84%Public8.52%Others8.76%DIIs19.94%As ofJun 2026

Documents

Frequently Asked Questions about Dalmia Bharat

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 trades as DALBHARAT on the NSE and under code 542216 on the BSE.
Which sector does Dalmia Bharat Ltd belong to?
Dalmia Bharat Ltd is classified under the Construction sector, in the Cement industry.
What is the market capitalisation of Dalmia Bharat Ltd?
Dalmia Bharat Ltd has a market capitalisation of ₹31,023 Cr, which places it in the Large Cap band.
What is the PE ratio of Dalmia Bharat Ltd?
Dalmia Bharat Ltd trades at a PE ratio of 33.82, on earnings per share of ₹49.19, against a book value of ₹958.52 per share.
What is the 52-week high and low of Dalmia Bharat Ltd?
Over the last 52 weeks Dalmia Bharat Ltd has traded between ₹1,605 and ₹2,319.9.
Does Dalmia Bharat Ltd pay dividends?
Dalmia Bharat Ltd has a dividend yield of 0.53%.
What is the Return on Equity (ROE) of Dalmia Bharat Ltd?
Dalmia Bharat Ltd reported a return on equity of 6.39%. Its debt-to-equity ratio is 0.41.

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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