Cement & Cement Products
DALMIA BHARAT is a prominent Cement & Cement Products company based in New Delhi, India. Trading under the stock ticker DALBHARAT, it has a market capitalization of Rs. 31,817.6 Crores. The company, which was established in 1939 and was formerly known as Odisha Cement Limited, changed its name to Dalmia Bharat Limited in April 2019.
With a revenue of Rs. 14,476 Crores over the trailing 12 months, Dalmia Bharat manufactures and sells a variety of clinker and cement products primarily within India. Their product range includes:
These products are marketed under the Dalmia Cement, Dalmia DSP, and Konark Cement brands and are aimed at various customers, including institutional/commercial clients, individual house builders, and government bodies involved in infrastructure projects.
Furthermore, Dalmia Bharat distributes dividends to its investors, with a dividend yield of 0.53% per year. In the last 12 months, it returned Rs. 9 in dividends per share. However, it's worth noting that the company has diluted its shareholders' stakes slightly, with a 0.2% dilution over the past three years. Despite this, Dalmia Bharat has seen significant revenue growth of 27.9% during the same period.
Updated May 4, 2025
Despite a profit increase, Dalmia Bharat's revenue declined by 5% YoY to ₹4,091 crore, missing projections.
Sales volumes saw a 3% decline, amounting to 8.6 million tonnes, indicating a potential weakness in demand.
The stock experienced a 0.66% decrease today, reflecting volatility in the market.
Dalmia Bharat Ltd reported a consolidated net profit of ₹439 crore for Q4 FY25, a 37.2% YoY increase, surpassing estimates.
The company achieved a 21.3% YoY growth in EBITDA, supported by cost efficiency measures and renewable energy expansion.
Dalmia Bharat's stock has gained 8.61% over the past month, reflecting a positive trend in its market performance.
This information is AI-generated and may contain inaccuracies. Please verify from multiple sources.
Summary of DALMIA BHARAT's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
Last updated: Apr 25
Management has provided a positive outlook for Dalmia Bharat, highlighting an expected GDP growth of approximately 6.5% for FY26, alongside a forecasted cement demand growth of about 7% to 8%. The company reported a 7% to 8% growth in cement demand during Q4 FY25, supported by increased government spending and pent-up demand. For FY25, overall cement demand growth is projected at around 4% to 5%.
Key forward-looking points include:
Capacity Expansion: Dalmia Bharat has commissioned a 2.4 million tons per annum grinding unit in Assam and a 0.5 million tons grinding unit in Bihar. A further 6 million tons per annum expansion is planned for its facilities in Belgaum and Pune, with the new greenfield project expected to commence by FY27.
Future Investment: A total CAPEX of about Rs. 3,500 crores is anticipated for FY26, focusing on expansions and operational efficiency.
Cost Reduction Initiatives: The company aims to reduce costs by Rs. 150 to 200 per ton over two years, primarily through renewable energy consumption and improved logistics, with around half of these savings expected to be realized within FY26.
Market Position: The cement industry's supply structure is expected to continue consolidating, with the top four players anticipated to control about 60% of market capacity.
Profitability Focus: Dalmia Bharat plans to balance volume growth with profitability, emphasizing a quality sales approach and strategic pricing amidst market volatility.
Debt Management: The company's net debt stands at Rs. 716 crores, with a net debt to EBITDA ratio of 0.3X, supporting its expansion endeavors.
Overall, management expressed confidence in the growth trajectory while emphasizing prudent capacity investments and commitment to safety and employee wellbeing.
Last updated: Apr 25
1. Question: "Could you share what was the per kcal costing in Q4 and the blended cement mix in this quarter?"
Answer: The per kcal cost in the last quarter was Rs. 1.30, and the blended cement percentage was 84%.
2. Question: "What sort of impact are you looking at with the increase in pet coke prices and what is the pet coke share in the fuel mix?"
Answer: The economic scenario is unpredictable, so while there may be some upward pressure on costs, it's difficult to quantify the exact impact of the pet coke price increase, which constitutes a significant portion of our fuel mix.
3. Question: "Any guidance for FY26 in terms of volume growth outlook?"
Answer: We're focused on balancing profitability and volume growth, so while we expect a solid performance, I refrain from providing a definitive figure due to market volatility.
4. Question: "How do you look at the tax notice received for the Northeast plant?"
Answer: We believe it will be quashed in due course, and we are confidently addressing this issue through legal channels.
5. Question: "Can you share what was your pure cement realization growth on a QoQ basis?"
Answer: On average, prices were flattish with very minor uptick; however, prices are regionally variable and may improve in the current quarter.
6. Question: "What is the expected total CAPEX for FY26 based on your growth plans?"
Answer: We anticipate a total CAPEX of Rs. 3,500 crores for FY26, covering our expansion projects primarily in Belgaum and Northeast.
7. Question: "What is the outlook on the ED investigation and potential impact?"
Answer: We stand firm that no offense has been committed and we expect a favorable conclusion to the long-standing investigation without operational impacts.
8. Question: "Status of the lime tax in Tamil Nadu and its effects?"
Answer: The tax has been implemented since April, and while high, it's essential to assume that it will remain at its current levels for budgeting.
9. Question: "How do you foresee your incentive accruals for FY26?"
Answer: We expect total incentive accruals to be around Rs. 300 crores, consistent with our past performance in similar contexts.
10. Question: "How are you planning to service the new grinding unit in Pune?"
Answer: Transportation will primarily be managed through rail, ensuring cost efficiency despite the lead distance of approximately 400 kilometers.
This summary reflects the key questions and answers from the earnings call, maintaining the integrity of the information provided.
Balance Sheet: Strong Balance Sheet.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Technicals: Bullish SharesGuru indicator.
Smart Money: Smart money is taking extra interest in the stock as they increase their holdings.
Size: Market Cap wise it is among the top 20% companies of india.
Momentum: Stock has a weak negative price momentum.
Comprehensive comparison against sector averages
DALBHARAT metrics compared to Cement
Category | DALBHARAT | Cement |
---|---|---|
PE | 56.06 | 39.74 |
PS | 2.75 | 2.53 |
Growth | -5.2 % | 2.9 % |
DALBHARAT vs Cement (2021 - 2025)
Understand DALMIA BHARAT ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
Shareholder Name | Holding % |
---|---|
Mayuka Investment Limited | 20.76% |
Shree Nirman Limited | 8.28% |
Sita Investment Company Limited | 7.4% |
Ankita Pratisthan Limited | 6.87% |
LIFE INSURANCE CORPORATION OF INDIA - P & GS FUND | 5.09% |
Rama Investment Company Private Limited | 4.83% |
SBI MAGNUM MIDCAP FUND | 2.08% |
ICICI PRUDENTIAL INDIA OPPORTUNITIES FUND | 1.91% |
NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA GROWTH FUND | 1.91% |
Dalmia Bharat Refractories Limited | 1.7% |
Dalmia Bharat Sugar and Industries Limited | 1.7% |
DHARTI COMMERCIAL TRADING PRIVATE LIMITED | 1.68% |
INVESTOR EDUCATION AND PROTECTION FUND AUTHORITY | 1.66% |
Trusts | 1.48% |
Kavita Dalmia Parivar Trust | 1.38% |
J.H. Dalmia Trust | 1.38% |
BLUE DAIMOND PROPERTIES PRIVATE LIMITED | 1.22% |
UTI VALUE FUND | 1.04% |
MAJ Textiles Pvt Ltd | 0.69% |
Keshav Power Limited | 0.52% |
Distribution across major stakeholders
Distribution across major institutional holders
Investor Care | |
---|---|
Dividend Yield | 0.45% |
Dividend/Share (TTM) | 9 |
Shares Dilution (1Y) | 0.01% |
Diluted EPS (TTM) | 36.42 |
Financial Health | |
---|---|
Current Ratio | 1.59 |
Debt/Equity | 0.3 |
Debt/Cashflow | 0.4 |
Valuation | |
---|---|
Market Cap | 39.19 kCr |
Price/Earnings (Trailing) | 56.06 |
Price/Sales (Trailing) | 2.75 |
EV/EBITDA | 17.39 |
Price/Free Cashflow | -71.64 |
MarketCap/EBT | 47.97 |
Fundamentals | |
---|---|
Revenue (TTM) | 14.23 kCr |
Rev. Growth (Yr) | -5.49% |
Rev. Growth (Qtr) | 30.02% |
Earnings (TTM) | 699 Cr |
Earnings Growth (Yr) | 37.19% |
Earnings Growth (Qtr) | 565.15% |
Profitability | |
---|---|
Operating Margin | 6.53% |
EBT Margin | 5.74% |
Return on Equity | 3.99% |
Return on Assets | 2.31% |
Free Cashflow Yield | -1.4% |
Detailed comparison of DALMIA BHARAT against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
---|---|---|---|---|---|---|---|---|---|
ULTRACEMCO | UltraTech CementCement & Cement Products | 3.35 LCr | 74.69 kCr | -4.38% | +1.25% | 51.85 | 4.49 | +4.43% | -7.64% |
AMBUJACEM | Ambuja CementsCement & Cement Products | 1.35 LCr | 37.7 kCr | -2.39% | -18.78% | 26.23 | 3.59 | +9.83% | +9.01% |
SHREECEM | Shree CementsCement & Cement Products | 1.07 LCr | 19.76 kCr | -6.47% | +7.38% | 87.13 | 5.4 | -4.90% | -45.47% |
ACC | ACCCement & Cement Products | 34.87 kCr | 22.83 kCr | -3.70% | -30.23% | 14.51 | 1.53 | +11.65% | +2.88% |
RAMCOCEM | The Ramco CementsCement & Cement Products | 25.43 kCr | 8.84 kCr | +7.16% | +23.77% | 68.26 | 2.88 | -5.00% | -1.60% |
General • 13 Jun 2025 PFA |
General • 11 Jun 2025 Pls find attached an intimation on general update. |
General • 07 Jun 2025 Please find attached a communication sent by the Company to shareholders, containing a brief of the applicable TDS provisions under the Income Tax Act 1961, for resident and non-resident shareholders. |
Newspaper Publication • 07 Jun 2025 Submission of copy of Newspaper Publications regarding AGM, Record date, e-voting and other matters. |
General • 06 Jun 2025 PFA |
General • 05 Jun 2025 PFA |
Newspaper Publication • 03 Jun 2025 Submission of Newspaper Advertisement related to AGM, Record Date and other related information. |