Dalmia Bharat Ltd.
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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 GENERATEDConstruction Materials
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.
PROS
- Company has delivered good profit growth of 41.3% CAGR over last 5 years
- Company is almost debt free
- Company has delivered good sales growth of 19.5% CAGR over last 5 years
- Working capital cycle has improved - days down from 613 to 447
- Company has a consistent dividend-paying track record
- Company generates healthy free cash flow
CONS
- Receivables are growing faster than sales - a possible quality concern
- Recent results are weak - TTM profit is down 77.7% versus prior year
- A large part of profit comes from other income (80.9% of PBT)
- Company has a low return on capital employed of 2.1%
- Company has a low return on equity of 1.9% over last 3 years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.26x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ULTRACEMCO | 10896.00 | 37.60 | 321082.42 | 2.20 | 2603.72 | 17.24 | 24648.20 | 15.85 | 13.25 | 20.35 |
| AMBUJACEM | 396.05 | 22.49 | 98411.18 | 0.51 | 660.00 | -31.93 | 9500.00 | -7.67 | 6.24 | 16.78 |
| SHREECEM | 22911.30 | 50.71 | 82665.68 | 0.65 | 531.12 | -17.48 | 6233.13 | 18.03 | 10.61 | 20.41 |
| JKCEMENT | 4989.80 | 40.78 | 38555.31 | 0.40 | 274.62 | -15.31 | 4031.72 | 20.26 | 14.89 | 16.07 |
| DALBHARAT | 1734.10 | 34.86 | 32525.81 | 0.52 | 192.00 | -51.39 | 3890.00 | 6.99 | 8.15 | 20.69 |
| ACC | 1257.80 | 12.37 | 23619.88 | 0.60 | 147.00 | -60.84 | 5808.00 | -4.59 | 11.60 | 7.90 |
| RAMCOCEM | 865.45 | 31.71 | 20449.92 | 0.29 | 31.24 | -63.06 | 2273.05 | 9.60 | 10.75 | 13.49 |
| JSWCEMENT | 120.85 | 21.67 | 16476.27 | 0.41 | 153.43 | 111.23 | 1896.41 | 21.58 | -4.21 | 16.41 |
| NUVOCO | 335.15 | 31.01 | 11970.09 | 0.00 | 159.63 | 19.88 | 3128.71 | 8.91 | 7.11 | 18.16 |
| INDIACEM | 351.65 | 117.82 | 10897.54 | 0.00 | 26.85 | 120.20 | 1019.42 | -0.52 | 0.30 | 15.28 |
| STARCEMENT | 191.50 | 20.94 | 7740.05 | 0.52 | 73.91 | -24.71 | 942.89 | 3.39 | 8.42 | 20.63 |
| BIRLACORPN | 836.25 | 11.63 | 6439.57 | 1.49 | 115.73 | -3.21 | 2646.45 | 7.83 | 10.88 | 12.93 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 35 | 33 | 30 | 32 | 34 | 29 | 61 | 78 | 75 | 80 | 101 | 105 | 108 | |
| 32 | 28 | 28 | 25 | 30 | 24 | 52 | 73 | 65 | 68 | 72 | 81 | 97 | |
| Operating Profit | 3 | 5 | 2 | 7 | 4 | 5 | 9 | 5 | 10 | 12 | 29 | 24 | 11 |
| OPM % | 8.57% | 15.15% | 6.67% | 21.88% | 11.76% | 17.24% | 14.75% | 6.41% | 13.33% | 15.00% | 28.71% | 22.86% | 10.19% |
| 9 | 85 | 9 | 12 | 99 | 12 | 8 | 70 | 28 | 7 | 6 | 78 | 14 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | -2 | 1 | 1 | 5 | 11 | 6 |
| Depreciation | 1 | 2 | 1 | 1 | 1 | 2 | 2 | 2 | 3 | 3 | 10 | 9 | 10 |
| Profit before Tax | 10 | 87 | 9 | 17 | 101 | 14 | 14 | 75 | 34 | 15 | 20 | 82 | 25 |
| Tax % | 10.00% | 4.60% | 0.00% | 35.29% | 4.95% | 28.57% | 50.00% | -2.67% | 2.94% | 6.67% | 0.00% | 10.98% | 8.00% |
| Net Profit | 9 | 83 | 9 | 11 | 96 | 10 | 7 | 77 | 33 | 14 | 20 | 73 | 23 |
| 0.50 | 4.39 | 0.50 | 0.59 | 5.13 | 0.51 | 0.38 | 0.38 | 1.76 | 0.75 | 1.07 | 1.16 | 1.23 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 103 | 125 | 164 | 151 | 148 | 135 | 132 | 130 | 202 | 361 | 394 | |
| 86 | 113 | 132 | 151 | 140 | 117 | 118 | 114 | 179 | 286 | 318 | |
| Operating Profit | 17 | 12 | 32 | 0 | 8 | 18 | 14 | 16 | 23 | 75 | 76 |
| OPM % | 16.50% | 9.60% | 19.51% | 0.00% | 5.41% | 13.33% | 10.61% | 12.31% | 11.39% | 20.78% | 19.29% |
| 65 | 91 | 93 | 166 | 48 | 187 | 200 | 116 | 189 | 119 | 105 | |
| Interest | 21 | 5 | 2 | 4 | 11 | 4 | 3 | 4 | 1 | 17 | 23 |
| Depreciation | 4 | 4 | 4 | 9 | 11 | 6 | 6 | 5 | 6 | 25 | 32 |
| Profit before Tax | 57 | 94 | 119 | 153 | 34 | 195 | 205 | 123 | 205 | 152 | 142 |
| Tax % | 29.82% | 23.40% | 15.13% | 11.76% | 26.47% | 6.15% | 4.88% | 8.94% | 7.32% | 7.24% | 8.45% |
| Net Profit | 40 | 72 | 101 | 135 | 25 | 183 | 195 | 112 | 190 | 141 | 130 |
| EPS | 2.07 | 3.72 | 5.24 | 6.99 | 1.33 | 9.74 | 10.40 | 5.89 | 10.00 | 7.42 | — |
| Dividend Payout % | — | — | 38.61% | 28.89% | 98.42% | 90.98% | 85.38% | 152.68% | 90.00% | 121.28% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 20%
- 3 Years:
- 40%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 41%
- 3 Years:
- -10%
STOCK PRICE CAGR
- 10 Years:
- 7%
- 5 Years:
- -6%
- 3 Years:
- -10%
- 1 Year:
- -27%
RETURN ON EQUITY
- 10 Years:
- 3%
- 5 Years:
- 2%
- 3 Years:
- 2%
- Last Year:
- 2%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 797 | 845 | 7,527 | 7,592 | 7,457 | 7,935 | 7,799 | 7,761 | 7,800 | 7,837 | |
| 200 | 2 | 2 | 14 | 203 | 3 | 2 | 4 | 8 | 200 | |
| Trade Payables | 15 | 12 | 7 | 5 | 3 | 3 | 3 | 3 | 10 | 20 |
| 6,813 | 6,887 | 102 | 50 | 77 | 136 | 106 | 100 | 157 | 146 | |
| Total Liabilities | 7,825 | 7,746 | 7,677 | 7,700 | 7,777 | 8,114 | 7,947 | 7,906 | 8,013 | 8,241 |
| 77 | 74 | 72 | 90 | 73 | 72 | 68 | 66 | 71 | 280 | |
| Capital Work in Progress | 0 | 1 | 2 | 1 | 1 | 0 | 0 | 0 | 0 | 10 |
| 7,162 | 7,066 | 7,113 | 7,042 | 7,091 | 7,521 | 7,346 | 7,354 | 7,385 | 7,773 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11 | 21 | 58 | |
| Cash & Bank | 5 | 8 | 15 | 130 | 11 | 6 | 85 | 8 | 6 | 6 |
| 581 | 597 | 475 | 437 | 601 | 515 | 448 | 467 | 530 | 114 | |
| Total Assets | 7,825 | 7,746 | 7,677 | 7,700 | 7,777 | 8,114 | 7,947 | 7,906 | 8,013 | 8,241 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 17 | -142 | -172 | 6 | 38 | 22 | 24 | 30 | 39 | 46 | |
| Cash from Investing | 15 | 431 | 225 | 205 | 70 | 305 | 242 | 68 | 131 | 138 |
| Cash from Financing | -33 | -231 | -31 | -91 | -217 | -299 | -174 | -175 | -172 | -184 |
| 0 | 2 | 7 | 102 | -107 | -5 | 79 | -77 | -2 | 0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - Intimation of Schedule of Analyst/ Institutional Investor Meeting(s)
2026-08-05 - Intimation of Schedule of Analyst/ Institutional Investor Meeting(s)
2026-07-28 - Dalmia Bharat Limited has informed the Exchange about Transcript of Q1 FY27 - Earnings Conference Call
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 - Earnings Release / Investor Presentation Q1 FY27
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 - 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 - 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
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