DALBHARAT - DALMIA BHARAT LIMITED Share Price

Question 1: "Sir, before I ask my question, I just need a clarification on the incentive front. Is it in line with the expectation and the run rate that the management was building or should we treat it as a one-off item?"
Answer: Yes, the incentive run rate for next year, which is about Rs. 200 crores, includes the retrospective effect from this quarter. The Rs. 37 crores received pertains to previous years, so you should see this as part of our normal business expectations moving forward.

Question 2: "In a few of your key states, how do you see demand going in East and what will be the impact on the pricing?"
Answer: We believe East India can outpace the national average in demand growth. With government focus on unlocking resources and building infrastructure, we're optimistic that demand may grow at 7%-8%. Pricing dynamics are complex, but we foresee some recovery in January following an excessive correction in prices earlier.

Question 3: "Of the Rs. 150 to 200 cost savings, how much have we realized so far and what is still pending?"
Answer: We've achieved approximately Rs. 45-50 per ton in cost savings. We're progressing towards our goal, and as we continue refining our operations, we expect to convert more savings in upcoming quarters.

Question 4: "What was the CAPEX guidance for this year?"
Answer: Our CAPEX guidance for FY26 remains at Rs. 2,700 crores, focusing on projects like Umrangso clinker and Belgaum-Pune units.

Question 5: "What would you kind of pin your volume guidance for FY27?"
Answer: We typically don't provide specific volume guidance, but we aim to outperform the industry growth. Given recent trends, we are optimistic about achieving a solid performance.

Question 6: "What are we witnessing in terms of tenders and inquiries, especially on the non-trade side or infrastructure projects?"
Answer: We observe a surge in infrastructure projects, including metros and hydropower developments. The tender activity is robust, indicating a positive outlook for non-trade demand.

Question 7: "Are we considering setting up a grinding unit in Bihar to utilize the new clinker capacity in Northeast?"
Answer: Yes, establishing a grinding unit in Bihar to optimize clinker utilization from Northeast is certainly a possibility that we are currently evaluating.

Question 8: "For the Northeast clinker unit which got commissioned, are we looking to set up any split grinding units?"
Answer: It's a viable option. We're evaluating the market dynamics and will announce plans as we formalize our strategy, especially regarding the utilization of our clinker capacity.