DALBHARAT - DALMIA BHARAT LIMITED Share Price

Cement & Cement Products

₹1945.60+2.90(+0.15%)

Market Closed as of May 2, 2025, 15:30 IST

What does DALMIA BHARAT LIMITED do?

Cement & Cement Products•Construction Materials•Mid Cap

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:

Portland slag cement
Portland pozzolana cement
Portland composite cement
Ordinary Portland cement
Specialty cement

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.

Industry Group:Cement & Cement Products

Employees:5,945

Website:www.dalmiabharat.com

Summary of Latest Earnings Report from DALMIA BHARAT

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.

Earnings Outlook

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.

Q&A Session

Last updated: Apr 25

Q&A Section Summary:

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.

The Good, Bad and Ugly

Growth

Profitability

Size

Dilution Rank

Balance Sheet

Momentum

Technicals

Smart Money

Insider Trading

Sector Comparison: DALBHARAT vs Cement & Cement Products

Comprehensive comparison against sector averages

Comparative Metrics

DALBHARAT metrics compared to Cement

Category	DALBHARAT	Cement
PE	63.04	38.81
PS	2.53	2.52
Growth	-0.4 %	1.7 %

Performance Comparison

DALBHARAT vs Cement (2021 - 2025)

Key Insights

1. DALBHARAT is among the Top 10 Cement & Cement Products companies but not in Top 5.
2. The company holds a market share of 3.7% in Cement & Cement Products.
3. In last one year, the company has had a below average growth that other Cement & Cement Products companies.

Income Statement for DALMIA BHARAT

Consolidated figures (in Rs. Crores) / View Standalone Data

AnnualQuarterly

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	8.5%	14,691	13,540	11,286	10,522	9,674	9,484
Other Income	129.2%	315	138	155	182	217	244
Total Income	9.7%	15,006	13,678	11,441	10,704	9,891	9,728
Cost of Materials	11.2%	2,120	1,906	1,580	1,671	1,654	1,794
Purchases of stock-in-trade	1009.8%	567	52	14	41	67	138
Employee Expense	13%	871	771	744	713	675	648
Finance costs	65.2%	386	234	202	303	415	504
Depreciation and Amortization	14.8%	1,498	1,305	1,236	1,262	1,528	1,296
Other expenses	0.1%	8,478	8,472	6,639	5,238	5,170	5,156
Total Expenses	9.2%	13,936	12,763	10,293	9,296	9,534	9,389
Profit Before exceptional items and Tax	17%	1,070	915	1,148	1,408	357	339
Exceptional items before tax	99.3%	0	-144	-2	0	0	0
Total profit before tax	38.8%	1,070	771	1,146	1,408	357	339
Current tax	188%	73	26	190	-55	122	107
Deferred tax	-34%	143	216	-204	220	-3	-117
Total tax	-10.8%	216	242	-14	165	119	-10
Total profit (loss) for period	-21%	853	1,079	1,173	1,243	238	349
Other comp. income net of taxes	105.4%	72	-1,313	1,815	1,095	-211	27
Total Comprehensive Income	493.2%	925	-234	2,988	2,338	27	376
Earnings Per Share, Basic	-20.6%	44.05	55.22	61.18	65.65	11.61	15.97
Earnings Per Share, Diluted	-20.6%	44.03	55.19	61.11	65.55	11.58	15.91

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	3%	3,181	3,087	3,621	4,307	3,600	3,149
Other Income	-50%	37	73	50	120	64	85
Total Income	1.8%	3,218	3,160	3,671	4,427	3,664	3,234
Cost of Materials	-3.4%	510	528	579	627	500	455
Purchases of stock-in-trade	-	0	0	106	214	140	117
Employee Expense	1.8%	223	219	228	202	221	226
Finance costs	3.1%	101	98	95	94	108	101
Depreciation and Amortization	8.4%	364	336	317	328	370	401
Other expenses	-2.7%	1,935	1,989	2,119	2,473	1,978	1,801
Total Expenses	1.6%	3,135	3,087	3,364	4,075	3,303	3,062
Profit Before exceptional items and Tax	13.9%	83	73	307	352	361	172
Exceptional items before tax	-	0	0	-113	0	0	0
Total profit before tax	13.9%	83	73	194	352	361	172
Current tax	275%	31	9	20	-43	14	31
Deferred tax	-207.1%	-14	15	29	75	81	17
Total tax	-30.4%	17	24	49	32	95	48
Total profit (loss) for period	35.4%	66	49	145	320	266	123
Other comp. income net of taxes	-227%	-483	382	645	-503	385	159
Total Comprehensive Income	-197.2%	-417	431	790	-183	651	282
Earnings Per Share, Basic	55.2%	3.25	2.45	7.52	16.8	14.02	6.3
Earnings Per Share, Diluted	55.2%	3.25	2.45	7.52	16.79	14.02	6.29

Standalone figures (in Rs. Crores) / View Consolidated Data

AnnualQuarterly

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	-1.5%	130	132	135	148	151	164
Other Income	-42.7%	115	200	214	41	143	87
Total Income	-26.3%	245	332	349	189	294	251
Employee Expense	-1.2%	83	84	90	86	86	82
Finance costs	50%	4	3	4	11	4	2
Depreciation and Amortization	-20%	5	6	6	11	9	4
Other expenses	-12.1%	30	34	24	47	42	44
Total Expenses	-4%	122	127	124	155	141	132
Profit Before exceptional items and Tax	-40.2%	123	205	225	34	153	119
Exceptional items before tax	-	0	0	-30	0	0	0
Total profit before tax	-40.2%	123	205	195	34	153	119
Current tax	-50%	6	11	12	17	28	29
Deferred tax	300%	5	-1	0	-8	-10	-11
Total tax	11.1%	11	10	12	9	18	18
Total profit (loss) for period	-42.8%	112	195	183	25	135	101
Other comp. income net of taxes	102.2%	5	-185	383	1	0	-11
Total Comprehensive Income	1188.9%	117	10	566	26	135	90
Earnings Per Share, Basic	-47%	5.99	10.41	9.75	1.33	7	5.25
Earnings Per Share, Diluted	-46.9%	5.99	10.4	9.74	1.33	6.99	5.24
Debt equity ratio	-	-	-	-	003	0	0
Debt service coverage ratio	-	-	-	-	0.0509	0	0
Interest service coverage ratio	-	-	-	-	0.0509	0	0

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	114.3%	61	29	34	32	30	33
Other Income	-36.4%	8	12	99	12	9	85
Total Income	70%	69	41	133	44	39	118
Employee Expense	117.6%	38	18	23	18	21	21
Finance costs	-	1	1	1	1	1	1
Depreciation and Amortization	0%	2	2	1	1	1	2
Other expenses	160%	14	6	7	7	7	7
Total Expenses	107.7%	55	27	32	27	30	31
Profit Before exceptional items and Tax	0%	14	14	101	17	9	87
Total profit before tax	0%	14	14	101	17	9	87
Current tax	25%	6	5	5	0	1	4
Deferred tax	100%	1	-1	0	6	-1	0
Total tax	100%	7	4	5	6	0	4
Total profit (loss) for period	-33.3%	7	10	96	11	9	83
Other comp. income net of taxes	-248.1%	-227	155	92	-94	-49	104
Total Comprehensive Income	-234.8%	-220	165	188	-83	-40	187
Earnings Per Share, Basic	-26.1%	0.382	0.51	5.13	0.59	0.5	4.39
Earnings Per Share, Diluted	-26.1%	0.382	0.51	5.13	0.59	0.5	4.39

Cash Flow for DALMIA BHARAT

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	50%	4	3	4
Depreciation	-20%	5	6	6
Impairment loss / reversal	-	0	0	-3
Dividend income	-52.1%	81	168	193
Adjustments for interest income	14.3%	33	29	10
Share-based payments	-	1	1	1
Net Cashflows from Operations	4.3%	25	24	22
Income taxes paid (refund)	-150%	-5	13	33
Net Cashflows From Operating Activities	190%	30	11	-11
Purchase of property, plant and equipment	-200%	0	2	3
Cash receipts from repayment of advances and loans made to other parties	-70.8%	101	343	551
Dividends received	-52.1%	81	168	188
Interest received	-33.3%	15	22	39
Net Cashflows From Investing Activities	-72.2%	68	242	305
Proceeds from issuing shares	-	0	0	5
Repayments of borrowings	-	0	0	198
Payments of lease liabilities	-	2	0	2
Dividends paid	0%	169	169	100
Interest paid	50%	4	3	4
Net Cashflows from Financing Activities	-0.6%	-175	-174	-299
Net change in cash and cash eq.	-200%	-77	79	-5

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	67.4%	386	231	193
Change in inventories	126.1%	98	-371	-210
Depreciation	14.8%	1,498	1,305	1,237
Impairment loss / reversal	-	-2	1	22
Unrealised forex losses/gains	-	2	1	3
Dividend income	83.3%	34	19	29
Adjustments for interest income	167.7%	175	66	57
Share-based payments	-84.6%	3	14	21
Net Cashflows from Operations	18.7%	2,689	2,266	1,913
Income taxes paid (refund)	307.7%	54	14	-24
Net Cashflows From Operating Activities	17%	2,635	2,252	1,937
Proceeds from sales of PPE	1371.4%	104	8	13
Purchase of property, plant and equipment	4.4%	2,827	2,709	1,769
Proceeds from sales of long-term assets	-	0	0	33
Cash receipts from repayment of advances and loans made to other parties	-	0	0	24
Dividends received	83.3%	34	19	29
Interest received	73.7%	100	58	46
Other inflows (outflows) of cash	-464.7%	-191	-33	35
Net Cashflows From Investing Activities	-18.2%	-2,750	-2,326	-1,050
Proceeds from changes in ownership interests in subsidiaries	-	3	0	0
Proceeds from issuing shares	-	0	0	5
Proceeds from borrowings	-5.5%	1,450	1,534	760
Repayments of borrowings	-35.3%	561	867	1,340
Payments of lease liabilities	90.6%	62	33	35
Dividends paid	0%	169	169	100
Interest paid	48%	439	297	232
Net Cashflows from Financing Activities	32.3%	222	168	-942
Net change in cash and cash eq.	14%	107	94	-55

Valuation
Market Cap	36.57 kCr
Price/Earnings (Trailing)	63.04
Price/Sales (Trailing)	2.53
EV/EBITDA	15.02
Price/Free Cashflow	-169.73
MarketCap/EBT	52.09

Fundamentals
Revenue (TTM)	14.48 kCr
Rev. Growth (Yr)	-12.17%
Rev. Growth (Qtr)	1.84%
Earnings (TTM)	580 Cr
Earnings Growth (Yr)	-75.19%
Earnings Growth (Qtr)	34.69%

Profitability
Operating Margin	5.63%
EBT Margin	4.85%
Return on Equity	3.29%
Return on Assets	2%
Free Cashflow Yield	-0.59%

Balance Sheet for DALMIA BHARAT

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-100%	1	3	67	80	1	1
Current investments	66.7%	91	55	5	52	84	29
Loans, current	-	0	0	0	0	0	98
Total current financial assets	22.2%	122	100	106	160	137	156
Total current assets	21.8%	124	102	111	166	140	159
Property, plant and equipment	-3.1%	64	66	66	68	70	72
Capital work-in-progress	-	0	0	0	-	0	0
Investment property	-	0	0	0	-	0	0
Non-current investments	4.1%	7,599	7,299	7,463	7,294	7,272	7,492
Loans, non-current	0%	368	368	388	340	326	314
Total non-current financial assets	3.9%	7,967	7,667	7,852	7,635	7,598	7,807
Total non-current assets	3.7%	8,092	7,804	8,007	7,781	7,755	7,955
Total assets	3.9%	8,217	7,906	8,118	7,947	7,895	8,114
Total non-current financial liabilities	-33.3%	3	4	2	2	3	3
Provisions, non-current	0%	38	38	35	35	35	33
Total non-current liabilities	65.4%	130	79	87	68	67	92
Borrowings, current	-	0	0	0	0	0	0
Total current financial liabilities	-9.1%	11	12	15	14	13	13
Provisions, current	40%	8	6	10	8	6	6
Total current liabilities	3.8%	28	27	33	31	27	29
Total liabilities	49.5%	158	106	120	99	94	121
Equity share capital	0%	38	38	38	37	37	37
Total equity	3.3%	8,059	7,800	7,998	7,848	7,801	7,993
Total equity and liabilities	3.9%	8,217	7,906	8,118	7,947	7,895	8,114

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-72.4%	95	341	337	234	88	140
Current investments	3.6%	4,012	3,872	3,960	2,935	2,532	4,399
Loans, current	12.5%	10	9	9	8	10	10
Total current financial assets	-5.2%	5,657	5,966	6,059	4,587	3,996	5,918
Inventories	25%	1,522	1,218	1,270	1,316	1,239	945
Current tax assets	-	4	1	12	-	0	-
Total current assets	0.9%	7,900	7,830	7,924	6,460	5,772	7,357
Property, plant and equipment	3.1%	13,291	12,893	12,262	11,610	10,941	10,644
Capital work-in-progress	26.4%	2,887	2,284	1,852	1,859	1,487	1,036
Investment property	-	1	1	1	1	1	1
Goodwill	-19.4%	425	527	628	730	831	807
Non-current investments	58.4%	931	588	754	587	691	920
Loans, non-current	16.7%	15	13	12	11	10	9
Total non-current financial assets	42.6%	1,270	891	1,011	816	924	1,088
Total non-current assets	6.1%	21,116	19,893	19,308	18,193	17,625	17,359
Total assets	4.6%	29,038	27,749	27,264	25,543	23,544	24,871
Borrowings, non-current	-1.9%	4,348	4,431	4,472	3,210	2,220	1,922
Total non-current financial liabilities	-2.1%	4,473	4,570	4,561	3,301	2,303	1,965
Provisions, non-current	3.8%	274	264	247	236	230	178
Total non-current liabilities	2.9%	6,966	6,768	6,597	5,339	4,115	4,336
Borrowings, current	109.1%	415	199	801	532	1,046	1,197
Total current financial liabilities	1.5%	3,235	3,186	3,369	3,223	3,265	3,540
Provisions, current	147.5%	199	81	87	84	88	88
Current tax liabilities	-6.2%	228	243	327	271	214	340
Total current liabilities	-0.8%	4,436	4,474	4,554	4,460	4,314	4,776
Total liabilities	1.4%	11,402	11,242	11,151	9,799	8,429	9,112
Equity share capital	0%	38	38	38	37	37	37
Non controlling interest	7.3%	118	110	102	116	83	72
Total equity	6.8%	17,636	16,507	16,113	15,744	15,115	15,759
Total equity and liabilities	4.6%	29,038	27,749	27,264	25,543	23,544	24,871

Investor Care
Dividend Yield	0.46%
Dividend/Share (TTM)	9
Shares Dilution (1Y)	0.01%
Diluted EPS (TTM)	30.01

Financial Health
Current Ratio	1.78
Debt/Equity	0.27
Debt/Cashflow	0.55

Share Holdings

Understand DALMIA BHARAT ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.

Holding Pattern

Major Shareholders

Share Holding Details

As of 2025-03-31

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%

Overall Distribution

Distribution across major stakeholders

Ownership Distribution

Distribution across major institutional holders

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
ULTRACEMCO	UltraTech CementCement & Cement Products	3.36 LCr	72.08 kCr	+3.51%	+16.69%	53.79	4.67	+3.34%	-2.54%
AMBUJACEM	Ambuja CementsCement & Cement Products	1.31 LCr	36.36 kCr	-0.55%	-15.06%	24.21	3.6	+8.72%	+36.04%
SHREECEM	Shree CementsCement & Cement Products	1.06 LCr	19.76 kCr	-2.97%	+18.32%	86.55	5.36	-4.90%	-45.47%
ACC	ACCCement & Cement Products	35.01 kCr	22.1 kCr	-5.11%	-26.30%	13.48	1.58	+11.44%	+59.63%
RAMCOCEM	The Ramco CementsCement & Cement Products	22.17 kCr	8.84 kCr	+2.33%	+21.61%	59.51	2.51	-5.00%	-1.60%

DALBHARAT - DALMIA BHARAT LIMITED Share Price

What does DALMIA BHARAT LIMITED do?

Summary of Latest Earnings Report from DALMIA BHARAT

Q&A Section Summary:

Latest News and Updates from DALMIA BHARAT

The Bad News

The Good News

Sector Comparison: DALBHARAT vs Cement & Cement Products

Comparative Metrics

Performance Comparison

Income Statement for DALMIA BHARAT

Cash Flow for DALMIA BHARAT

Valuation

Fundamentals

Profitability

Balance Sheet for DALMIA BHARAT

Investor Care

Financial Health

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Is DALMIA BHARAT Better than it's peers?

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)

Updates from DALMIA BHARAT