Dalmia Bharat Ltd Q4 FY26 Earnings Analysis
Published 5 Jul 2026 | Cement & Cement Products | Market Cap: ₹34.5K Cr
Price
₹1,842
Market Cap
₹34.5K Cr
P/E Ratio
31.4
How does Dalmia Bharat Ltd rank in Cement & Cement Products?
Compare Dalmia Bharat Ltd against every Cement & Cement Products company this quarter on revenue, margins and earnings-call signals.
Dalmia Bharat Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹4.2K Cr, net profit ₹394 Cr.
Full financials →Earnings Summary
Dalmia Bharat aims for profitable volume growth and plans to improve capacity utilization, supported by new line commissions in Northeast and Belgaum. Dalmia Bharat expects to continue profitable volume growth with prioritized capacity utilization from new plants commissioned in Northeast and Belgaum.
📊 Revenue & Sales Performance
- →Dalmia Bharat aims for profitable volume growth and plans to improve capacity utilization, supported by new line commissions in Northeast and Belgaum.
- →The company expects to reach cement capacity of 72-75 million tons by FY28, with ongoing expansions at Belgaum, Pune, and Kadapa.
- →Industry growth outlook is positive, with Dalmia Bharat targeting to outperform industry volume growth in FY27 and FY28.
- →Demand growth is anticipated to be decent for the full year, with real effects of any slowdown expected to show in H2 FY27.
- →Revenue growth continues, driven by realizations and volume growth, with efforts on premium product segments and price hikes to cover cost inflation.
- →The company is optimistic about the Indian economy and plans to invest for growth despite potential headwinds.
- →FY26 closed with 2% volume growth and 6% revenue growth; Q4 sales volume grew 3% YoY.
📈 Profitability & Margins
- →Dalmia Bharat expects to continue profitable volume growth with prioritized capacity utilization from new plants commissioned in Northeast and Belgaum.
- →The company aims to reach 72–75 million tons of cement capacity by FY28, with long-term growth targets unchanged.
- →FY27 outlook includes ongoing capex of INR 3,200–3,400 crores focusing on expansions to drive growth.
- →Earnings growth is supported by cost optimization initiatives targeting INR 50–100 cost reduction per ton annually.
- →Despite headwinds like inflation in fuel, power, and packing costs (expected impact INR 125–150 per ton in Q1), price hikes have thus far passed on costs maintaining margins.
- →Management is optimistic on demand growth over the medium term, aiming to outperform industry growth.
- →FY26 saw a 65% PAT growth (INR 1,157 crores) and the highest-ever EBITDA (INR 3,083 crores); similar or higher profitability is expected ahead with scaling operations.
🏗️ Capital Expenditure Plans
- →Ongoing expansion projects at Belgaum, Pune, and Kadapa will increase cement capacity to 61.5 million tons per annum in the next 18-20 months; civil work at Belgaum is complete, and equipment ordering at Kadapa done.
- →Total cash outflow on project capex in last two years approximately INR 3,200 crores.
- →FY27 expansion-linked cash outflow expected in range of INR 2,200 crores; total capex outlook for FY27 is INR 3,200 to INR 3,400 crores.
- →Long-term target to reach 75 million tons cement capacity by FY28, with capacity additions planned including potential grinding capacity in Northeast region.
- →Future capex (FY28) guidance yet to be announced; previous combined FY27 and FY28 capex guidance approximately INR 9,000 crores.
- →Investment/holding in Indian Energy Exchange (IEX) is a non-core asset and company plans to liquidate remaining stake at the right time.
💰 Fundraising & Capital Structure
- →No specific mention of new fundraising through debt or equity in the provided transcript.
- →The company is focused on maintaining a healthy balance sheet while pursuing capacity expansion.
- →Capex guidance for FY27 is INR3,200 to 3,400 crores, mostly for ongoing expansion projects and regular maintenance.
- →Discussions mention managing liabilities from previous capex but no new fund-raising plans disclosed.
- →The company appears to be cautious, emphasizing careful financial management amid ongoing projects and market dynamics.
- →Liquidation of non-core asset (IEX stake) is planned to realize funds, but no timeline provided.
- →Any updates on fundraising will likely be announced in future disclosures.
📋 Order Book & Pipeline
Key Metrics
Frequently Asked Questions
What were Dalmia Bharat Ltd Q4 FY26 results?
Dalmia Bharat aims for profitable volume growth and plans to improve capacity utilization, supported by new line commissions in Northeast and Belgaum. Dalmia Bharat expects to continue profitable volume growth with prioritized capacity utilization from new plants commissioned in Northeast and Belgaum.
What is Dalmia Bharat Ltd share price analysis?
Dalmia Bharat Ltd currently shows a neutral. The stock trades at a P/E of 31.4 with a market cap of ₹34,476 Cr. Investors should review the full earnings analysis for detailed insights.
Is Dalmia Bharat Ltd planning capital expenditure?
Ongoing expansion projects at Belgaum, Pune, and Kadapa will increase cement capacity to 61.5 million tons per annum in the next 18-20 months; civil work at Belgaum is complete, and equipment ordering at Kadapa done.
This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.