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Dalmia Bharat Q2 FY27 Share Price & Earnings Call Analysis

₹1,407.90-4.51% today
Market cap
₹26,407 Cr
P/E
24.04
ROE
6.11%
PEG
-34.84
Price to sales
1.75
Debt to equity
0.41
52W high / low
₹2,232 / ₹1,408
Sales growth (5Y)
7.93%
EBITDA margin
19.96%
Net profit margin
7.42%
Promoter holding
55.84%
Sales (last year)
₹15,058 Cr

Dalmia Bharat is engaged in the business of Manufacturing and Selling of Cement. The company was started in 1939 and is the 4th largest cement manufacturer by installed capacity in India.[1]

Guidance scorecard · Q2 FY27 call

What Dalmia BharatLtd's management guided
and where it ranks in Cement & Cement Products

#7of 17 in
Cement & Cement Products
Revenue10–20%MarginsFlatCapexPlannedFundraisingPlannedOrder bookWhat management said

RevenueQ2 FY27 call

10–20%
  • Industry volume growth expected at 7-8% annually; Dalmia aims to grow in line with industry.
  • Full ramp-up of Central India assets anticipated, targeting 35-40% utilization by end FY27.
  • Capacity expected to reach ~67 MTPA by FY28 with projects (Belgaum, Pune, Kadapa) coming online as planned.
  • No immediate further capacity expansions planned until current projects stabilize.
  • Focus on increasing capacity utilization—targeting around 70-73% in FY28 and FY29.
  • Sales growth driven by premiumization strategy and expanded market presence, especially in South and Central India.

2 more points from Dalmia BharatLtd's call on revenue

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Full Q2 FY27 analysis

MarginsQ2 FY27 call

Flat

See what Dalmia BharatLtd said on margins — free account, 30 seconds.

Full Q2 FY27 analysis

CapexQ2 FY27 call

Planned
  • All major capex and investments have been completed, with plants commissioned and operational or nearing commissioning (Belgaum clinker line and cement mill trial runs ahead of schedule; Pune grinding unit on track for Q2 FY27; Kadapa also progressing as…
  • No new capacity announcements expected until Belgaum and Central assets get online and start generating cash.
  • Current focus on ramping up sales, distribution, and brand presence to improve capacity utilization.
  • Brownfield expansion potential exists in Central India (Jaypee assets) once cost curve optimized.
  • Total capacity expected to reach around 67 MTPA by FY28, nearing the earlier target of 70-75 MTPA.

2 more points from Dalmia BharatLtd's call on capex

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Full Q2 FY27 analysis

FundraisingQ2 FY27 call

Planned

See what Dalmia BharatLtd said on fundraising — free account, 30 seconds.

Full Q2 FY27 analysis

Order bookQ2 FY27 call

Ask what Dalmia BharatLtd said on the order book →

Full Q2 FY27 analysis
Full Cement & Cement Products ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Cement & Cement Products
on management's own guidance

  1. BIGBLOC Const.Good growth
    2
  2. Strong growth
    1
  3. J K Cements LtdGood growth
    3
See all potential multibaggersWhere does Dalmia BharatLtd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Cement & Cement Products companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Flat₹1.99L Cr34.6
2BIGBLOC Const.20–40%Up 2%+₹613 Cr364.4
3J K Cements Ltd20–40%Flat₹37,843 Cr38.8
410–20%Up 2%+₹1,289 Cr—
510–20%Flat₹3.21L Cr37.3
610–20%Flat₹83,058 Cr50.9

Sign up free to see every company in the sector ranking and track Dalmia BharatLtd.

Pro shows every company guiding 40%+ revenue growth →Full Cement & Cement Products ranking

Financials of Dalmia BharatLtd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Dalmia BharatLtd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +55.84%55.84%55.84%55.84%55.84%55.84%55.84%55.84%55.84%55.84%55.84%55.84%
FIIs +12.96%11.37%9.43%8.94%9.08%8.29%8.23%8.75%7.92%7.15%6.81%7.41%
DIIs +11.03%12.62%13.62%14.57%14.69%16.43%17.37%17.81%18.99%20.25%19.95%18.91%
Government +0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%
Public +20.03%20.03%20.99%20.52%20.24%19.29%18.42%17.45%17.11%16.61%17.26%17.70%
No. of Shareholders52,42861,20488,45594,16190,38586,25076,77375,97173,79763,68072,95769,514

Financials of Dalmia BharatLtd

Quarterly Results

Quarter-by-quarter operating performance

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales +3,6273,1533,6044,3073,6213,0873,1814,0913,6363,4173,5064,2453,890
Expenses +3,0142,5602,8253,6532,9522,6532,6703,2982,7532,7212,9043,3433,085
Operating Profit613593779654669434511793883696602902805
OPM %17%19%22%15%18%14%16%19%24%20%17%21%21%
Other Income +548060120-6373379365663034-43
Interest83101108949598101105108122118132147
Depreciation399401370328317336364314322322340365361
Profit before tax1851713613521947383467518318174439254
Tax %22%28%26%9%25%33%20%6%24%25%26%10%24%
Net Profit +1441232663201454966439395239128394192
EPS in Rs6.936.2914.0216.807.522.453.2523.1920.9512.586.5020.6310.02

Financials of Dalmia BharatLtd

Profit & Loss

Annual income statement trend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +7,4448,5799,4849,67410,11011,28613,55214,69113,98014,80415,058
Expenses +5,5506,5437,5427,5917,3408,86011,22412,05211,57311,72112,053
Operating Profit1,8942,0361,9422,0832,7702,4262,3282,6392,4073,0833,005
OPM %25%24%20%22%27%22%17%18%17%21%20%
Other Income +29627423521714517153231414019587
Interest856708542415303202234386399480519
Depreciation1,2261,2131,2961,5281,2501,2351,3051,4981,3311,3491,388
Profit before tax1083893393571,3621,1601,3211,0698171,4491,185
Tax %69%25%-3%33%13%27%18%20%14%20%
Net Profit +442913492381,1838451,0798536991,157953
EPS in Rs8,800.0058,400.0015.9611.6162.5843.5555.2144.0436.4160.7349.73
Dividend Payout %0%1,937%13%17%2%20%16%21%25%15%

Financials of Dalmia BharatLtd

Balance Sheet

Capital structure and asset base

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital6,6546,6543939373737383838
Reserves2,9753,68110,60010,52212,77316,02415,59116,35917,33617,941
Borrowings +8,0387,2665,8836,0493,8393,1763,8554,8055,7027,406
Other Liabilities +3,5953,7634,0164,2685,2375,4316,0366,5107,0957,874
Total Liabilities21,26221,36420,53820,87821,88624,66825,51927,71230,17133,259
Fixed Assets +15,51614,03713,57312,55513,62614,14714,78415,73217,30619,371
CWIP1281685201,7401,0061,0341,8712,3952,6162,726
Investments2,7403,5052,4242,8164,0335,7043,5244,4625,1195,878
Other Assets +2,8783,6544,0213,7673,2213,7835,3405,1235,1305,284
Total Assets21,26221,36420,53820,87821,88624,66825,51927,71230,17133,259

Financials of Dalmia BharatLtd

Cash Flows

Operating, investing and financing cash movement

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +1,8751,6061,8432,3403,6041,9322,2522,6352,1172,278
Cash from Investing Activity +-139135189-1,760-300-1,045-2,326-2,750-2,270-3,023
Cash from Financing Activity +-1,749-1,564-2,067-594-3,375-942168222-39808
Net Cash Flow-13177-35-14-71-5594107-19263
Free Cash Flow1,4831,2139179952,577176-449-88-509237
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit100%83%96%116%129%79%97%102%91%77%

Financials of Dalmia BharatLtd

Ratios

Working capital efficiency and return ratios

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days26242125182219212321
Inventory Days189186211204180234242164217186
Days Payable258223179173213211209178241202
Cash Conversion Cycle-43-135355-1445528-15
Working Capital Days-89-63-60-85-83-60-33-27-39-55
ROCE %6%4%4%10%7%8%7%6%8%

Guidance history

How Dalmia BharatLtd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY27 call →10–20%FlatPlannedPlanned—
Q1 FY27 call →10–20%FlatPlanned——
Q4 FY26 call →0–10%FlatPlannedPlanned—
Q3 FY26 call →10–20%FlatPlannedPlanned—

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

7out of 100

Momentum score · price trend

7 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−33.9%17%
Last 6 months−26.1%11%
Last 3 months−21.5%13%

The price is 43.1% below its all-time high of ₹2,476.2 (17 Sept 2025). Stocks more than 20% below their peak have their score halved, so 14 became 7.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Dalmia BharatLtd: 0.4 × 17 + 0.4 × 11 + 0.2 × 13 = 14, halved to 7 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Dalmia BharatLtd's management said in earlier quarters

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  • Ambuja Cements Ltd (Q2 FY27)

    Consolidated Volume Q2 FY27:** 16.5 MnT, down 1% YoY (Page 23) . Key investor presentation takeaways from Ambuja Cements Ltd's Q2 FY27 investor presentation — a

  • ACC Ltd (Q2 FY27)

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  • JSW Cement Ltd (Q2 FY27)

    Q2 FY27 Revenue from Operations: ₹1,912.1 crore, up 33.1% YoY (Page 24) . Key investor presentation takeaways from JSW Cement Ltd's Q2 FY27 investor presentatio

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