Dalmia Bharat Ltd.

•

dalmiabharat.comBSE: 542216NSE: DALBHARAT

Market Cap₹ 32,526 Cr.

Current Price

High / Low₹ 2,496 / 1,605

Stock P/E34.9

Book Value₹ 969

Price to Book1.88

Dividend Yield0.52 %

ROCE8.1 %

ROE6.6 %

Face Value₹ 2

Add ratio to table

ABOUT

KEY POINTS

Revenue Breakup Mar 2022 • Cement: 97.9% • Others: 1.7% • Revenue from Discontinued Operations: 0.4%

AI Sector View

AI GENERATED

Construction Materials

Buy

Construction materials remain supported by healthy building activity. Core industries cement growth accelerated to 13.1% YoY (2026-07), while finished steel consumption was 8.0% YoY (2026-06); steel output itself was softer at 2.9% YoY (2026-07). FPI positioning is still mildly negative at INR -497 crore over 3 months to 2026-08-31, but the fundamental demand backdrop remains constructive.

Confidence

69%

View full sector analysis →

PROS

Company has consistently been profitable over the last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.59x)
Company has a consistent dividend-paying track record
Stock looks reasonably valued - P/E of 34.9 is below its historical median
Company maintains a comfortable, low leverage position

CONS

Recent results are weak - TTM profit is down 42.9% versus prior year
Company has a low return on capital employed of 7.0%
Company has a low return on equity of 5.3% over last 3 years
Free cash flow has been persistently negative
Company has delivered a poor profit growth of -0.5% over past five years
Recurring exceptional / one-off items are inflating headline profit

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Construction MaterialsConstruction MaterialsCement & Construction Materials

Part ofNIFTY MIDCAP 150 NIFTY 500 NIFTY LARGEMID250 NIFTY TOTAL MKT

S.No.	Name
1.	ULTRACEMCO	10896.00	37.60	321082.42	2.20	2603.72	17.24	24648.20	15.85	13.25	20.35
2.	AMBUJACEM	396.05	22.49	98411.18	0.51	660.00	-31.93	9500.00	-7.67	6.24	16.78
3.	SHREECEM	22911.30	50.71	82665.68	0.65	531.12	-17.48	6233.13	18.03	10.61	20.41
4.	JKCEMENT	4989.80	40.78	38555.31	0.40	274.62	-15.31	4031.72	20.26	14.89	16.07
5.	DALBHARAT	1734.10	34.86	32525.81	0.52	192.00	-51.39	3890.00	6.99	8.15	20.69
6.	ACC	1257.80	12.37	23619.88	0.60	147.00	-60.84	5808.00	-4.59	11.60	7.90
7.	RAMCOCEM	865.45	31.71	20449.92	0.29	31.24	-63.06	2273.05	9.60	10.75	13.49
8.	JSWCEMENT	120.85	21.67	16476.27	0.41	153.43	111.23	1896.41	21.58	-4.21	16.41
9.	NUVOCO	335.15	31.01	11970.09	0.00	159.63	19.88	3128.71	8.91	7.11	18.16
10.	INDIACEM	351.65	117.82	10897.54	0.00	26.85	120.20	1019.42	-0.52	0.30	15.28
11.	STARCEMENT	191.50	20.94	7740.05	0.52	73.91	-24.71	942.89	3.39	8.42	20.63
12.	BIRLACORPN	836.25	11.63	6439.57	1.49	115.73	-3.21	2646.45	7.83	10.88	12.93

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	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
	3,014	2,560	2,825	3,653	2,952	2,653	2,670	3,298	2,753	2,721	2,904	3,343	3,593
Operating Profit	613	593	779	654	669	434	511	793	883	696	602	902	297
OPM %	16.90%	18.81%	21.61%	15.18%	18.48%	14.06%	16.06%	19.38%	24.28%	20.37%	17.17%	21.25%	7.63%
	54	81	60	120	-63	73	37	93	65	66	30	35	321
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
Profit before Tax	185	172	361	352	194	73	83	467	518	318	174	440	254
Tax %	22.16%	27.91%	26.32%	9.09%	25.26%	32.88%	20.48%	6.00%	23.75%	24.84%	26.44%	10.23%	24.41%
Net Profit	0	0	0	0	145	49	66	439	395	239	128	394	192
	6.95	6.33	14.03	16.80	7.50	2.46	3.25	23.20	20.94	12.59	6.50	20.77	10.02

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	7,447	8,580	9,484	9,674	10,110	11,286	13,552	14,691	13,980	14,804	15,058
	5,553	6,559	7,656	7,591	7,348	8,914	11,243	12,054	11,573	11,721	12,561
Operating Profit	1,894	2,021	1,828	2,083	2,762	2,372	2,309	2,637	2,407	3,083	2,497
OPM %	25.43%	23.55%	19.27%	21.53%	27.32%	21.02%	17.04%	17.95%	17.22%	20.83%	16.58%
	296	274	368	226	170	212	1	317	140	196	452
Interest	856	693	561	424	318	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
Profit before Tax	108	389	339	357	1,364	1,152	1,325	1,070	817	1,450	1,186
Tax %	68.52%	25.19%	-2.95%	33.33%	13.05%	27.34%	18.26%	20.19%	14.44%	20.14%	19.56%
Net Profit	34	291	349	238	1,186	837	1,083	854	699	1,158	954
EPS	2.27	15.10	15.95	11.58	62.36	43.55	55.19	43.47	35.95	59.95	—
Dividend Payout %	—	—	12.66%	17.41%	2.10%	20.40%	16.09%	20.70%	25.04%	15.01%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 8%
3 Years:: 3%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: -1%
3 Years:: 3%

STOCK PRICE CAGR

10 Years:: 7%
5 Years:: -6%
3 Years:: -10%
1 Year:: -27%

RETURN ON EQUITY

10 Years:: 6%
5 Years:: 6%
3 Years:: 5%
Last Year:: 7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	0	0	39	39	37	37	37	38	38	38
Minority Interest	-29	-30	11	25	34	72	116	110	126	144
	2,963	3,667	10,586	10,511	12,767	16,003	15,579	16,358	17,336	17,941
	8,007	7,002	5,838	6,227	3,760	2,825	4,001	4,723	5,608	7,287
Trade Payables	890	928	877	829	899	850	1,135	1,316	1,539	1,294
	9,431	9,767	3,187	3,247	4,389	4,881	4,651	5,167	5,524	6,555
Total Liabilities	21,262	21,334	20,538	20,878	21,886	24,668	25,519	27,712	30,171	33,259
	15,516	14,037	13,573	12,555	13,625	14,135	14,783	15,731	17,265	19,330
Capital Work in Progress	128	173	501	1,702	869	1,034	1,859	2,284	2,497	2,593
	2,740	3,505	2,424	2,816	4,033	5,704	3,524	4,462	5,119	5,878
	652	779	1,032	974	760	945	1,316	1,218	1,386	1,192
	0	0	0	0	0	0	0	836	889	864
Cash & Bank	175	354	469	403	247	160	285	582	158	224
	2,051	2,486	2,539	2,428	2,352	2,690	3,752	2,599	2,857	3,178
Total Assets	21,262	21,334	20,538	20,878	21,886	24,668	25,519	27,712	30,171	33,259

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,894	1,692	1,867	2,406	3,560	1,908	2,266	2,635	2,117	2,278
Cash from Investing	-139	135	187	-1,760	-301	-1,043	-2,326	-2,750	-2,270	-3,023
Cash from Financing	-1,749	-1,564	-2,067	-594	-3,375	-942	168	222	-39	808
	-13	177	-37	-14	-72	-53	94	107	-192	63

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
55.84	55.84	55.84	55.84	55.84	55.84	55.84	55.84	55.84
9.40	8.91	9.05	8.26	8.23	8.75	7.92	7.15	6.81
13.62	14.57	14.68	16.42	17.36	17.80	18.98	20.24	19.94
0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.13
20.99	20.52	20.26	19.32	18.43	17.47	17.12	16.63	17.29

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-24

Effect(s) on listed entity due to changed regulatory framework applicable

2026-08-24 - Dalmia Bharat Limited has informed the Exchange about Effect(s) on listed entity due to changed regulatory framework applicable

2026-08-20

General Updates

2026-08-20 - Intimation of Schedule of Analyst/ Institutional Investor Meeting(s)

2026-08-05

General Updates

2026-08-05 - Intimation of Schedule of Analyst/ Institutional Investor Meeting(s)

2026-07-28

Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-28 - Dalmia Bharat Limited has informed the Exchange about Transcript of Q1 FY27 - Earnings Conference Call

2026-07-28

General Updates

2026-07-28 - Identification of Company s subsidiary as Successful Resolution Applicant for Bhilai Jaypee Cement Limited and issuance of Letter of Intent thereof by the Resolution Professional

2026-07-24

General Updates

2026-07-24 - Earnings Release / Investor Presentation Q1 FY27

2026-07-24

Press Release

2026-07-24 - Dalmia Bharat Limited has informed the Exchange regarding a press release dated July 24, 2026, titled "Press Release on Unaudited Financial Results for the quarter ended June 30, 2026".

2026-07-24

Change in Management

2026-07-24 - Dalmia Bharat Limited has informed the Exchange about change in Management. Based on the recommendations of the Nomination & Remuneration Committee, the Board has considered and approved the appointment of Mr. Yatin Malhotra as the Chief Financial Officer and Key Managerial Personnel of the Company with effect from August 01,2026 in place of Mr. Dharmender Tuteja who will superannuate from the services of the Company on July 31, 2026.

2026-07-24

Outcome of Board Meeting

2026-07-24 - Dalmia Bharat Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

News

Recent coverage and analyst commentary for DALBHARAT

Loading news…

🤖

AI Stock Analyst

Dalmia Bharat Ltd.

🔒

Sign in to Chat with AI

✨ Sign In to Chat

Free 5nance Account