DALBHARAT

Dalmia BharatLtd share price & financials

Price
₹1,717.2
Market cap
₹34.0k Cr
Sector
Construction Materials
Calls analysed
7
Latest concall · Q1 FY27 · call held 24 Jul 2026

Dalmia BharatLtd Q1 FY27

EBITDA ₹805 cr

What went well

  • Robust volume growth of 9% on a Y-o-Y basis, despite market-specific challenges due to state elections.
  • Share of premium products in the portfolio increased to a healthy 25%.
  • EBITDA per ton improved sequentially to INR1,055, driven by disciplined pricing and decisive cost management.

What to watch

  • Absolute EBITDA declined 11% Q-o-Q to INR805 crores, offset by lower volumes and higher costs.
  • Elevated input costs, with raw material cost per ton increasing 12% Q-o-Q to INR823 and power and fuel cost per ton increasing 10% Y-o-Y to INR1,045.
Read the full call →

What Dalmia BharatLtd does

Dalmia Bharat manufactures and sells cement (through integrated, grinding and clinker units) across South, East, North East and West India, earning revenue on cement volumes sold via a trade and non-trade dealer network. The group traces its cement operations to 1939 and expanded regionally through acquisitions such as OCL India (East), Calcom Cement and Adhunik Cement (North East), and Murli Industries (West). It also operates renewable and waste-heat-recovery power assets that supply captive power to its cement plants, and is executing brownfield capacity additions at Belgaum, Pune and Kadapa.

Segments

  • Cement
Market position
4th largest cement player in India
Installed cement capacity
49.5 MnTPA
Installed clinker capacity
27.1 MnTPA
Manufacturing plants
15 plants (integrated, grinding and clinker units)
States served
23 states
Limestone reserves
2.7+ billion tonnes (operating plants)
Founded 1939Headquarters New Delhi, IndiaEmployees 5,864 (FY26) Company website

Guidance record · Q1 FY27

what the last two calls moved 20 tracked 4 delivered 4 missed 12 open
  • Net Debt to EBITDA Ratio delivered said Q1 FY26 Promised: confident of staying below the 2x of net debt-to-EBITDA threshold Q1 FY27: Ratio increased to 1.47x after the Jaypee acquisition, but remains 'comfortably below 2x'.
  • Cost Savings per ton went quiet said Q3 FY25 Promised: realizing the cost savings of INR150 to INR200 per ton by FY27 Q1 FY27: No update provided on the cumulative structural cost savings target. Focus was on one-off savings to mitigate current cost inflation.
  • Phase 2 Capacity Expansion revised down said Q3 FY25 Promised: reach 75 million tons by financial year'28 Q1 FY27: Guidance revised down to reaching ~67 MT by Q3 FY28. Management softened the timeline for 75 MT, calling it an 'indicative milestone' that could slip into FY29.

All 20 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 7.0%, net profit down 51.4% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue3,087 3,181 4,091 3,636 3,417 +11%3,506 +10%4,245 +4%3,890 +7%
EBITDA434 511 793 883 696 +60%602 +18%902 +14%805 −9%
Net profit49 66 439 395 239 +388%128 +94%394 −10%192 −51%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −27.3% 1Y

₹1.6k₹1.8k₹2.0k₹2.2k₹2.4kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q3 FY26 — 21 Jan 2026Q3 FY26 — 23 Jan 2026Q4 FY26 — 28 Apr 2026Q1 FY27 — 24 Jul 2026

1Y: ₹2,401.5 on 10 Sept 2025 → ₹1,746.6. High ₹2,476.2 (17 Sept 2025), low ₹1,610.2 (11 Jun 2026).

How the price took the results

close before → close after

Q1 FY27
−2.4%
24 Jul
Q4 FY26
−2.7%
28 Apr
Q3 FY26
+1.9%
21 Jan

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 3.0% a year over 3 years, FY23 to FY26. Operating margin widened to 20.8%.

Year endingFY23FY24FY25FY26
Revenue₹13.5k Cr₹14.7k Cr₹14.0k Cr₹14.8k Cr
Operating profit₹2.3k Cr₹2.6k Cr₹2.4k Cr₹3.1k Cr
Operating margin17.1%18.0%17.2%20.8%
Interest₹234 Cr₹386 Cr₹399 Cr₹480 Cr
Depreciation₹1.3k Cr₹1.5k Cr₹1.3k Cr₹1.3k Cr
Net profit₹1.1k Cr₹853 Cr₹699 Cr₹1.2k Cr
Net margin8.0%5.8%5.0%7.8%
ROCE8.0%7.0%6.0%8.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹37 Cr₹37 Cr₹37 Cr₹38 Cr₹38 Cr₹38 Cr
Reserves₹12.8k Cr₹16.0k Cr₹15.6k Cr₹16.4k Cr₹17.6k Cr₹17.9k Cr
Borrowings₹3.8k Cr₹3.2k Cr₹3.9k Cr₹4.8k Cr₹7.1k Cr₹7.4k Cr
Other liabilities₹5.2k Cr₹5.4k Cr₹6.0k Cr₹6.5k Cr₹6.8k Cr₹7.9k Cr
Total liabilities₹21.9k Cr₹24.7k Cr₹25.5k Cr₹27.7k Cr₹31.5k Cr₹33.3k Cr
Fixed assets₹13.6k Cr₹14.1k Cr₹14.8k Cr₹15.7k Cr₹17.3k Cr₹19.4k Cr
Capital work in progress₹1.0k Cr₹1.0k Cr₹1.9k Cr₹2.4k Cr₹3.5k Cr₹2.7k Cr
Investments₹4.0k Cr₹5.7k Cr₹3.5k Cr₹4.5k Cr₹5.6k Cr₹5.9k Cr
Other assets₹3.2k Cr₹3.8k Cr₹5.3k Cr₹5.1k Cr₹5.1k Cr₹5.3k Cr
Total assets₹21.9k Cr₹24.7k Cr₹25.5k Cr₹27.7k Cr₹31.5k Cr₹33.3k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +2.58 pp while FIIs trimmed −1.42 pp. The shareholder count shrank 5% to 72,957.

Promoters
55.8%
FIIs
6.8%
DIIs
19.9%
Government
0.1%
Public
17.3%

Since Jun 2025

  • DIIs +2.58 pp
  • FIIs −1.42 pp
  • Public −1.16 pp

How it drifted, 12 quarters

Over this window DIIs went from 9.4% to 19.9% — +10.5 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 55.9%, FIIs 14.1%, DIIs 9.4%, Government 0.1%, Public 20.5%.Dec '23: Promoters 55.8%, FIIs 13.0%, DIIs 11.0%, Government 0.1%, Public 20.0%.Mar '24: Promoters 55.8%, FIIs 11.4%, DIIs 12.6%, Government 0.1%, Public 20.0%.Jun '24: Promoters 55.8%, FIIs 9.4%, DIIs 13.6%, Government 0.1%, Public 21.0%.Sep '24: Promoters 55.8%, FIIs 8.9%, DIIs 14.6%, Government 0.1%, Public 20.5%.Dec '24: Promoters 55.8%, FIIs 9.1%, DIIs 14.7%, Government 0.1%, Public 20.2%.Mar '25: Promoters 55.8%, FIIs 8.3%, DIIs 16.4%, Government 0.1%, Public 19.3%.Jun '25: Promoters 55.8%, FIIs 8.2%, DIIs 17.4%, Government 0.1%, Public 18.4%.Sep '25: Promoters 55.8%, FIIs 8.8%, DIIs 17.8%, Government 0.1%, Public 17.4%.Dec '25: Promoters 55.8%, FIIs 7.9%, DIIs 19.0%, Government 0.1%, Public 17.1%.Mar '26: Promoters 55.8%, FIIs 7.2%, DIIs 20.3%, Government 0.1%, Public 16.6%.Jun '26: Promoters 55.8%, FIIs 6.8%, DIIs 19.9%, Government 0.1%, Public 17.3%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 2 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Dalmia BharatLtd above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Keshav Power Limited 36.04%unchanged
Sita Investment Company Limited 7.40%unchanged
Kotak Midcap Fund Mutual fund6.69%+0.35 pp
Rama Investment Company Private Limited 5.73%+0.69 pp
Mirae Asset Large & Midcap Fund Mutual fund4.17%+0.73 pp
Life Insurance Corporation Of India - P & Gs Fund Insurer2.63%unchanged
SBI Multicap Fund Mutual fund2.10%−0.70 pp
Dalmia Bharat Refractories Limited 1.88%unchanged
Investor Education And Protection Fund Authority 1.71%unchanged
Dalmia Bharat Sugar and Industries Limited 1.70%unchanged
Dharti Commercial Trading Private Limited 1.68%unchanged
Kavita Dalmia Parivar Trust 1.38%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in DALBHARAT

Filings to Aug 2026

0 new, 5 added, 3 trimmed, 3 sold out — net −2.46 L shares (−3.9%).

Held by funds
₹1.1k Cr
11 schemes
Biggest holder
SBI Midcap Fund
₹427 Cr · 1.7% of that fund
SchemeHoldingLast month
SBI Midcap Fund SBI Mutual Fund₹427 Crheld
Nippon India Growth Mid Cap Fund Nippon India Mutual Fund₹321 Cr−0.70 L
SBI MultiCap Fund SBI Mutual Fund₹318 Crheld
Nippon India Vision Large & Mid Cap Fund Nippon India Mutual Fund₹19 Crheld
Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund₹14 Cr+0.04 L
Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund₹10 Cr+0.01 L
HDFC Arbitrage Fund HDFC Mutual Fund₹5 Cr−0.06 L
SBI Nifty Midcap 150 Index Fund SBI Mutual Fund₹4 Cr+0.01 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

5 added, 3 trimmed — net −2.46 L shares (−3.9%)

Funds are sitting on
-5%
vs est. average cost
Held by funds
₹1.1k Cr
11 schemes · ≈ 3.0% of the company
Biggest holder
SBI Midcap Fund
₹427 Cr · 1.7% of that fund
Longest holder
Nippon India ETF Nifty Midcap 150
7y 3m · since Jun '19

Shares held by these funds +213%

Aug '23 62.70 L shares Jul '26

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Dalmia BharatLtd

Guides on how to read this kind of business and the numbers that matter.