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Dalmia Bharat Ltd.

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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

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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 150NIFTY 500NIFTY LARGEMID250NIFTY TOTAL MKT
S.No.Name
1.ULTRACEMCO10896.0037.60321082.422.202603.7217.2424648.2015.8513.2520.35
2.AMBUJACEM396.0522.4998411.180.51660.00-31.939500.00-7.676.2416.78
3.SHREECEM22911.3050.7182665.680.65531.12-17.486233.1318.0310.6120.41
4.JKCEMENT4989.8040.7838555.310.40274.62-15.314031.7220.2614.8916.07
5.DALBHARAT1734.1034.8632525.810.52192.00-51.393890.006.998.1520.69
6.ACC1257.8012.3723619.880.60147.00-60.845808.00-4.5911.607.90
7.RAMCOCEM865.4531.7120449.920.2931.24-63.062273.059.6010.7513.49
8.JSWCEMENT120.8521.6716476.270.41153.43111.231896.4121.58-4.2116.41
9.NUVOCO335.1531.0111970.090.00159.6319.883128.718.917.1118.16
10.INDIACEM351.65117.8210897.540.0026.85120.201019.42-0.520.3015.28
11.STARCEMENT191.5020.947740.050.5273.91-24.71942.893.398.4220.63
12.BIRLACORPN836.2511.636439.571.49115.73-3.212646.457.8310.8812.93
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
3,6273,1533,6044,3073,6213,0873,1814,0913,6363,4173,5064,2453,890
3,0142,5602,8253,6532,9522,6532,6703,2982,7532,7212,9043,3433,593
Operating Profit613593779654669434511793883696602902297
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%
548160120-6373379365663035321
Interest83101108949598101105108122118132147
Depreciation399401370328317336364314322322340365361
Profit before Tax1851723613521947383467518318174440254
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 Profit00001454966439395239128394192
6.956.3314.0316.807.502.463.2523.2020.9412.596.5020.7710.02

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
7,4478,5809,4849,67410,11011,28613,55214,69113,98014,80415,058
5,5536,5597,6567,5917,3488,91411,24312,05411,57311,72112,561
Operating Profit1,8942,0211,8282,0832,7622,3722,3092,6372,4073,0832,497
OPM %25.43%23.55%19.27%21.53%27.32%21.02%17.04%17.95%17.22%20.83%16.58%
2962743682261702121317140196452
Interest856693561424318202234386399480519
Depreciation1,2261,2131,2961,5281,2501,2351,3051,4981,3311,3491,388
Profit before Tax1083893393571,3641,1521,3251,0708171,4501,186
Tax %68.52%25.19%-2.95%33.33%13.05%27.34%18.26%20.19%14.44%20.14%19.56%
Net Profit342913492381,1868371,0838546991,158954
EPS2.2715.1015.9511.5862.3643.5555.1943.4735.9559.95—
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

Corporate actions

2026

Jun 23

₹ 2.50

Rs.5.0000 per share(250%)Final Dividend

2025

Oct 24

₹ 2

Rs.4.0000 per share(200%)Interim Dividend

2025

Jun 23

₹ 2.50

Rs.5.0000 per share(250%)Final Dividend

2024

Oct 25

₹ 2

Interim Dividend

2024

Jun 19

₹ 2.50

Rs.5.0000 per share(250%)Final Dividend

2023

Oct 20

₹ 2

Interim Dividend

2023

Jun 23

₹ 2.50

Rs.5.0000 per share(250%)Final Dividend

2022

Nov 10

₹ 2

Interim Dividend

2022

Jun 23

₹ 2.50

Rs.5.0000 per share(250%)Final Dividend

2021

Nov 9

₹ 2

2021

Sep 21

₹ 0.66

Rs.1.3300 per share(66.5%)Dividend

2020

Feb 17

₹ 1

Rs.2.0000 per share(100%)Interim Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital003939373737383838
Minority Interest-29-3011253472116110126144
2,9633,66710,58610,51112,76716,00315,57916,35817,33617,941
8,0077,0025,8386,2273,7602,8254,0014,7235,6087,287
Trade Payables8909288778298998501,1351,3161,5391,294
9,4319,7673,1873,2474,3894,8814,6515,1675,5246,555
Total Liabilities21,26221,33420,53820,87821,88624,66825,51927,71230,17133,259
15,51614,03713,57312,55513,62514,13514,78315,73117,26519,330
Capital Work in Progress1281735011,7028691,0341,8592,2842,4972,593
2,7403,5052,4242,8164,0335,7043,5244,4625,1195,878
6527791,0329747609451,3161,2181,3861,192
0000000836889864
Cash & Bank175354469403247160285582158224
2,0512,4862,5392,4282,3522,6903,7522,5992,8573,178
Total Assets21,26221,33420,53820,87821,88624,66825,51927,71230,17133,259

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
1,8941,6921,8672,4063,5601,9082,2662,6352,1172,278
Cash from Investing-139135187-1,760-301-1,043-2,326-2,750-2,270-3,023
Cash from Financing-1,749-1,564-2,067-594-3,375-942168222-39808
-13177-37-14-72-5394107-19263

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
55.8455.8455.8455.8455.8455.8455.8455.8455.84
9.408.919.058.268.238.757.927.156.81
13.6214.5714.6816.4217.3617.8018.9820.2419.94
0.130.130.130.130.130.130.130.130.13
20.9920.5220.2619.3218.4317.4717.1216.6317.29

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.

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