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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/E250.2
Book Value₹ 421
Price to Book4.28
Dividend Yield0.52 %
ROCE2.2 %
ROE1.8 %
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 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

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

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
35333032342961787580101105108
32282825302452736568728197
Operating Profit352745951012292411
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%
985912991287028767814
Interest1111111-2115116
Depreciation121112223310910
Profit before Tax10879171011414753415208225
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 Profit98391196107773314207323
0.504.390.500.595.130.510.380.381.760.751.071.161.23

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
103125164151148135132130202361394
86113132151140117118114179286318
Operating Profit17123208181416237576
OPM %16.50%9.60%19.51%0.00%5.41%13.33%10.61%12.31%11.39%20.78%19.29%
65919316648187200116189119105
Interest215241143411723
Depreciation44491166562532
Profit before Tax579411915334195205123205152142
Tax %29.82%23.40%15.13%11.76%26.47%6.15%4.88%8.94%7.32%7.24%8.45%
Net Profit407210113525183195112190141130
EPS2.073.725.246.991.339.7410.405.8910.007.42—
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

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
7978457,5277,5927,4577,9357,7997,7617,8007,837
20022142033248200
Trade Payables15127533331020
6,8136,8871025077136106100157146
Total Liabilities7,8257,7467,6777,7007,7778,1147,9477,9068,0138,241
777472907372686671280
Capital Work in Progress01211000010
7,1627,0667,1137,0427,0917,5217,3467,3547,3857,773
0000000112158
Cash & Bank581513011685866
581597475437601515448467530114
Total Assets7,8257,7467,6777,7007,7778,1147,9477,9068,0138,241

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
17-142-1726382224303946
Cash from Investing154312252057030524268131138
Cash from Financing-33-231-31-91-217-299-174-175-172-184
027102-107-579-77-20

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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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