Dalmia BharatLtd share price & results

Dalmia BharatLtd· Construction Materials· Commodities

Results to: Jun 2026
Latest analysed call: Q2 FY27
Ownership as of: Sept 2026

India's 4th-largest cement producer, operating 15 plants with 49.5 MnT capacity across 23 states.

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Guidance Hit Rate

23 targets · 27% hit rate 3 achieved · 12 active →

Segment Shift

3 segments tracked See revenue & margin mix below →

Reverse DCF

Implied Growth Test priced-in growth in DCF tool →

Concall & Tone

Q2 FY27 analysed Read claims, qualifiers & Q&A →

Price & Snapshot

₹1,326.2 −5.80% · −₹81.7

Last close 30 Oct 2026 · NSE · INR · Source: Inve

Performance −37.8% 1Y

1Y: ₹2,130.8 on 29 Oct 2025 → ₹1,326.2. High ₹2,232.4 (21 Jan 2026), low ₹1,326.2 (30 Oct 2026).

Previous close: ₹1,407.9
Market cap: ₹24.9k Cr
52-week range: ₹1,326.2 – ₹2,232.4
One year: −36.82%
Price to earnings (TTM to Jun 2026): 22.64×
Return on equity (TTM to Jun 2026): 6.22%

Reported

The figures, each with its period

Each figure keeps its basis and period; nothing is filled in.

Metric	Value	Change	Basis	Period	Note
Revenue	3,890 ₹ crore	+7.0% YoY	Quarterly, as filed	Quarter to Jun 2026	Revenue from operations as filed.
Operating margin	21.0 %	−3.0 pts YoY	Operating profit / revenue	Quarter to Jun 2026	For the quarter; a change is in percentage points.
Net profit	192 ₹ crore	−51.4% YoY	Quarterly, as filed	Quarter to Jun 2026	Profit after tax as filed.
Return on equity	6.22 %	+2.0 ptsFY Mar 2026 vs FY Mar 2025	Trailing twelve months	TTM to Jun 2026	Adjusted profit attributable to owners ÷ average owners’ equity.
Free cash flow margin	1.60 %	+5.2 ptsFY Mar 2026 vs FY Mar 2025	Fiscal year	FY ending Mar 2026	(Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Revenue growth (YoY)	7.60 %	+10.7 ptsFY Mar 2026 vs FY Mar 2025	Trailing twelve months	TTM to Jun 2026	Revenue change against the same period one year earlier.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Jun 2026

Business Mix

Where revenue comes from

3 operating segments · As of 31 Mar 2022

Cement 97.9% · ₹11,262.00 Cr +3.6pp mix

Others 1.7% · ₹194.00 Cr −4.0pp mix

Discontinued operrations 0.4% · ₹42.00 Cr

Explore full multi-period segment shift & margins →

Guidance

What management said, and what became of it

3 of 11 judged targets kept · 12 open · verdicts reflect calls analysed to Q2 FY27.

Target	Original wording	Said	Latest call	Verdict
Operations Cost Savings per ton	realizing the cost savings of INR150 to INR200 per ton by FY27 Call transcript, Q3 FY25 · 24 Jan 2025	Q3 FY25	Q2 FY27:No update on cumulative structural cost reductions; company faced significant cost increases of INR 259/ton ex-Central. Call transcript, Q2 FY27 · 26 Oct 2026	Ghosted
Capex Phase 2 Capacity Expansion	reach 75 million tons by financial year'28 Call transcript, Q3 FY25 · 24 Jan 2025	Q3 FY25	Q2 FY27:Management explicitly paused further capacity announcements, stating that reaching ~70 MT (with BJCL) by FY28 would be considered acceptable versus the earlier 75 MT target. Call transcript, Q2 FY27 · 26 Oct 2026	Revised Down
Capex FY27 Capex	next year also we expect the CAPEX to be around 4,000 crores Call transcript, Q3 FY26 · 21 Jan 2026	Q3 FY26	Q2 FY27:Guidance reiterated unchanged at INR 3,200 to 3,400 crores with H1 organic spend at INR 1,420 crores. Call transcript, Q2 FY27 · 26 Oct 2026	On Track

Source: Inve Guidance Tracker for Dalmia BharatLtd · to Q2 FY27

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

8 of Dalmia BharatLtd's 23 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 20 more targets are in the full ledger.

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Supply chain

Cross-company call evidence

Named counterparties and similar headwinds disclosed on earnings calls.

Counterparties named by Dalmia BharatLtd

Dalmia BharatLtd divests to Indian Energy Exchange Limited (IEX).

Q1 FY26 · closed · neutral

Reduction of holding in IEX.

Disclosed value: INR 3.7 crores

“During the quarter, the company through its subsidiary has sold INR3.7 crores shares in IEX. Post the sales our holding in IEX has been brought down to 10.8%. That is about INR 9.6 crores shares. (Dharmender Tuteja, page 6)”
Dalmia BharatLtd acquires or invests in Jaypee Cement Assets (Central India).

Q2 FY27 · closed · positive

Entry into Central India market (MP and UP) with 5.2 MTPA capacity, mining leases, captive power, and rail infrastructure

Disclosed value: INR 2850 crores

“The Jaypee asset... EBITDA dilution in quarter 3 would be in the range of INR100 to INR125 a ton. In quarter 2, we saw an impact of roughly INR50 a ton... We are targeting to breakeven in Q4 of this financial year.”
Dalmia BharatLtd acquires or invests in Jaypee Cement assets.

Q1 FY27 · closed · positive

Strengthens presence in a key growth market (Central India) and marks a step towards becoming a pan-India company. Brings 5.2 million tons of cement capacity and 3.3 million tons of clinker capacity.

Disclosed value: INR 2850 crores

“We successfully completed the acquisition of the Jaypee Cement assets on 29th May 2026 at an enterprise value of INR2,850 crores. This acquisition brings 5.2 million tons of cement capacity, supported by 3.3 million tons of clinker capacity in the strategically important Central India region. We commenced operations at the Chunar Grinding Unit and started trial production run at Rewa clinker unit in just 50 days of completing the acquisition, a testament to the quality of our execution. We expect these assets to begin contributing meaningfully to volumes from third quarter onwards. I think we should be on track by the end of this year. And we will give us, I don't know, it might be, 7, 8 quarters for this asset to give EBITDA in line with the normal Dalmia EBITDA.”
Dalmia BharatLtd acquires or invests in Jaiprakash Associates.

Q1 FY26 · announced · positive

Strategic acquisition to become a pan-India player and expand presence in Central India, with a minimum of 5 MT cement capacity.

“However, before committing to the Jaisalmer project in North, we would like to wait for the outcome of our bid for acquisition of Jaiprakash Associates. (Puneet Dalmia, page 4); The JPA acquisition is under process. And I think there are several scenarios which can play out. As you know, there is a 5 million ton clean asset with JP Rewa, Churk and Chunar. (Puneet Dalmia, page 8)”
Dalmia BharatLtd acquires or invests in JAL (Jaypee Associates) cement assets.

Q3 FY25 · announced · positive

Strategic acquisition to expand cement assets and market presence.

“And I also want to say that the JPA tolling arrangement was in a more spread out market in both UP and Central India, which, from Dalmia plants, we cannot serve and will not serve. So I think to that extent, the addressable market is slightly less, but we can't share with you the regional numbers in state by state. ... And of course, we are still hopeful that we'll be in the fray to acquire cement assets of JAL.”

Similar headwinds reported by sector peers

weather or labor disruption · Q2 FY27

4 other companies · labor execution

UltraTech Cement Limited (ULTRACEMCO) reported: The monsoon was the fourth-lowest since 2001. Management cited non-agri activities making up 40% of the rural economy and 4 prior good monsoons as a cushion.
Shree Cement Limited (SHREECEM) reported: Weak monsoon in multiple regions may dampen rural housing and trade segment cement demand in the near term.
Nuvoco Vistas Corporation Limited (NUVOCO) reported: Heavy and erratic rainfall dampened construction activity and prevented planned price increases in East India during Q2.
The India Cements Limited (INDIACEM) reported: The monsoon was the fourth-lowest since 2001. Management cites 40% non-agri rural income and 4 prior good monsoons as a cushion.
supply chain disruption · Q2 FY27

2 other companies · logistics supply chain

J K Cements (JKCEMENT) reported: Fujairah plant cannot export white cement or clinker beyond GCC nations due to logistics and regional restrictions, creating an international volume shortfall.
Nuvoco Vistas Corporation Limited (NUVOCO) reported: Railway rake availability issues forced expensive clinker movements from Chhattisgarh and North units until the Kutch sea jetty route opens in December.
weather or labor disruption · Q1 FY27

7 other companies · labor execution

UltraTech Cement Limited (ULTRACEMCO) reported: Seasonal monsoon slowdown is expected to weigh on the quarter, potentially impacting demand and volume growth, though prices are expected to hold steady.
J K Cements (JKCEMENT) reported: Traditionally, prices fall during monsoon, but management expects no sharp drop due to cost pressures.
The India Cements Limited (INDIACEM) reported: Seasonal demand slowdown during monsoons, with potential negative impact from dry spells in regions like Rajasthan.
Star Cement (STARCEMENT) reported: Q1 volumes were lower due to elections in Assam, and Q2 is expected to be impacted by heavy flooding in the Northeast.
raw material costs · Q1 FY27

7 other companies · raw material cost

Grasim Inds (GRASIM) reported: Birla Opus absorbed a 'genuine and unprecedented raw material cost shock' in Q1 FY27, leading to phased price increases.
Shree Cement Limited (SHREECEM) reported: War disrupted contracted Pet Coke and Omani gypsum supplies, forcing a shift to expensive, lower-quality domestic alternatives.
ACC Limited (ACC) reported: EBITDA margin for the RMC segment fell sharply to 7% in Q1 FY27 from 14-15% in previous quarters, though management noted it's a smaller segment and cited raw material pricing and accounting factors.
Nuvoco Vistas Corporation Limited (NUVOCO) reported: Drove up energy, packing bags, and raw material prices, creating macro headwinds.
freight and shipping · Q1 FY27

4 other companies · logistics supply chain

Ambuja Cements Limited (AMBUJACEM) reported: Geopolitical developments in West Asia contribute to higher imported fuel prices and elevated freight costs, putting pressure on industry profitability.
ACC Limited (ACC) reported: Geopolitical developments in West Asia led to higher imported fuel prices and elevated freight costs, causing profitability pressure across the industry. Potential rise of ~INR100/ton in Q2 FY27.
Orient Cement Limited (ORIENTCEM) reported: Industry profitability remained under pressure from these external factors in Q1 FY27.
BirlaNu Ltd (BIRLANU) reported: Raw material, freight, and currency market volatility, along with upward trend in labour costs, impacting overall cost structure.

Mentions over time

Recorded disclosures by calendar reporting quarter
Period	Other calls	Own calls
Q3 2026	0	1
Q2 2026	0	1
Q2 2025	0	2
Q4 2024	0	1

Counts reflect the calls covered here. No mention in a period does not establish that a relationship ended.

From available earnings-call summaries. Disclosures are management statements, not independently verified transactions.

Live Summary

DALBHARAT ₹1,326.2 −5.80%

Guidance Verdict (23 tracked) 3 kept · 12 open· 8 missed

AI Call Brief · Q2 FY27

Dalmia BharatLtd Q2 FY27

Overview

Symbol: NSE:DALBHARAT
Sector: Construction Materials
Industry: Commodities
Exchange: NSE
Currency: INR

What Dalmia BharatLtd does

Based on the company's own presentations, annual report and earnings calls.

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

How the price took the results

Moved an average of ±2.3% across the last 4 priced result releases

Close before → close after

Quarter	Release	Revenue (₹ Cr)	Net profit (₹ Cr)	Rev YoY	Before → After	Reaction
Q2 FY27	26 Oct 26	—	—	—	₹1,591.3 → ₹1,625.8	+2.2%
Q1 FY27	24 Jul 26	3,890	192	+7.0%	₹1,854.7 → ₹1,810.8	−2.4%
Q4 FY26	28 Apr 26	4,245	394	+3.8%	₹1,972.7 → ₹1,918.8	−2.7%
Q3 FY26	21 Jan 26	3,506	128	+10.2%	₹2,191.4 → ₹2,232.4	+1.9%

The move from the last close before each results date to the first close on or after it — the market's first read on the quarter alongside what was filed.

Guidance

What management said, and what became of it

3 of 11 judged targets kept · 12 open · verdicts reflect calls analysed to Q2 FY27.

Target	Original wording	Said	Latest call	Verdict
Operations Cost Savings per ton	realizing the cost savings of INR150 to INR200 per ton by FY27 Call transcript, Q3 FY25 · 24 Jan 2025	Q3 FY25	Q2 FY27:No update on cumulative structural cost reductions; company faced significant cost increases of INR 259/ton ex-Central. Call transcript, Q2 FY27 · 26 Oct 2026	Ghosted
Capex Phase 2 Capacity Expansion	reach 75 million tons by financial year'28 Call transcript, Q3 FY25 · 24 Jan 2025	Q3 FY25	Q2 FY27:Management explicitly paused further capacity announcements, stating that reaching ~70 MT (with BJCL) by FY28 would be considered acceptable versus the earlier 75 MT target. Call transcript, Q2 FY27 · 26 Oct 2026	Revised Down
Capex FY27 Capex	next year also we expect the CAPEX to be around 4,000 crores Call transcript, Q3 FY26 · 21 Jan 2026	Q3 FY26	Q2 FY27:Guidance reiterated unchanged at INR 3,200 to 3,400 crores with H1 organic spend at INR 1,420 crores. Call transcript, Q2 FY27 · 26 Oct 2026	On Track

Source: Inve Guidance Tracker for Dalmia BharatLtd · to Q2 FY27

The full ledger

Open Dalmia BharatLtd’s full ledger

A free account opens 5 company ledgers a month. All 23 tracked commitments, with each call’s wording and source.

Browse the register

Latest analysed call: Q2 FY27, 26 Oct 2026. 7 calls analysed.

Call summaries

Q2 FY27 — 26 Oct 2026

Dalmia BharatLtd Q2 FY27

Dalmia Bharat reported a challenging Q2 FY27 marked by heavy monsoon rainfall in East and Northeast markets and elevated input cost pressures. Realizations fell by INR 49 per ton while total operating costs escalated by INR 259 per ton on an ex-Central basis, resulting in reported EBITDA per ton of INR 698. The company is actively integrating its newly acquired Central India assets, advancing major expansions at Belgaum and Kadapa, and expects a marked recovery in H2 supported by October price hikes and normalizing regional mix.

Read the full call

Q1 FY27 — 24 Jul 2026

Dalmia BharatLtd Q1 FY27

Dalmia Bharat Ltd reported a robust 9% Y-o-Y volume growth and a 7% Y-o-Y revenue increase to INR3,890 crores in Q1 FY27, despite market-specific election-related disruptions and elevated input costs. EBITDA per ton improved sequentially to INR1,055. The company successfully acquired Jaypee Cement assets, adding 5.2 MT capacity, and is progressing with other expansion projects, aiming for 67 MT by Q3 FY28. Management highlighted ongoing cost management efforts and a disciplined capital allocation approach, maintaining a net debt to EBITDA ratio of 1.47x.

Read the full call

Q4 FY26 — 28 Apr 2026

Dalmia BharatLtd Q4 FY26

Dalmia Bharat delivered a strong Q4 and full-year FY26 performance, achieving record EBITDA and PAT, driven by robust cost management and strategic capacity expansion. Despite facing cost headwinds from geopolitical events, the company maintained a healthy balance sheet and is on track with its aggressive growth capex plans to reach 75 MTPA by FY28. Management expressed optimism about the Indian economy and the cement sector's growth trajectory.

Read the full call

Summaries of each call, in Inve’s own words; the transcript is not reproduced. Not investment advice.

Every analysed call

Dalmia BharatLtd earnings calls (DALBHARAT)

Fundamentals

Ratios, each with its period

Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).

Trailing twelve months
7.92% TTM to Jun 2026
Fiscal year
7.59% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
10.03% 6.98% 8.48% 6.71% 5.58% 7.59%

How it is calculated. Adjusted EBIT ÷ average capital employed, including minority equity and deposits.
Trailing twelve months
6.22% TTM to Jun 2026
Fiscal year
6.11% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
10.05% 5.17% 6.97% 4.79% 4.15% 6.11%

How it is calculated. Adjusted profit attributable to owners ÷ average owners’ equity.
Trailing twelve months
3.54% TTM to Jun 2026
Fiscal year
3.46% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
5.55% 3.32% 4.59% 2.98% 2.48% 3.46%

How it is calculated. Total profit excluding exceptional items after tax ÷ average total assets.
Trailing twelve months
19.96% TTM to Jun 2026
Fiscal year
20.83% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
27.40% 21.50% 17.18% 17.96% 17.22% 20.83%

How it is calculated. Operating profit ÷ revenue.
Trailing twelve months
7.46% TTM to Jun 2026
Fiscal year
7.42% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
11.73% 6.85% 8.49% 5.39% 5.14% 7.42%

How it is calculated. Total profit excluding exceptional items after tax ÷ revenue.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
25.49% 1.56% -3.31% -0.60% -3.64% 1.60%

How it is calculated. (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
304.65% 228.64% 208.71% 308.91% 302.86% 196.89%

How it is calculated. Operating cash flow ÷ reported total net profit.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
10.24% 15.67% 19.99% 19.24% 19.06% 13.89%

How it is calculated. Fixed-asset purchases ÷ revenue.
Trailing twelve months
7.60% TTM to Jun 2026
Fiscal year
5.89% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
4.51% 11.63% 20.08% 8.40% -4.84% 5.89%

How it is calculated. Revenue change against the same period one year earlier.
Trailing twelve months
19.05% TTM to Jun 2026
Fiscal year
54.07% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
— -36.41% 47.90% -30.54% -8.52% 54.07%

How it is calculated. Adjusted profit attributable to owners vs the same period one year earlier.
Trailing twelve months
14.65% TTM to Jun 2026
Fiscal year
28.08% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
32.98% -12.42% -4.04% 13.36% -8.79% 28.08%

How it is calculated. Operating profit vs the same period one year earlier.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
0.30× 0.20× 0.25× 0.29× 0.33× 0.41×

How it is calculated. Borrowings ÷ owners’ equity.
Trailing twelve months
3.72× TTM to Jun 2026
Fiscal year
3.85× FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
5.51× 6.22× 7.05× 3.56× 3.11× 3.85×

How it is calculated. Adjusted EBIT ÷ interest expense.
Trailing twelve months
0.47× TTM to Jun 2026
Fiscal year
0.47× FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
0.47× 0.48× 0.54× 0.55× 0.48× 0.47×

How it is calculated. Revenue ÷ average total assets.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
₹3,592.00 Cr ₹3,016.00 Cr ₹3,570.00 Cr ₹4,223.00 Cr ₹5,544.00 Cr ₹7,182.00 Cr

How it is calculated. Borrowings less cash equivalents.
Trailing twelve months
2.17× TTM to Jun 2026
Fiscal year
2.25× FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
1.23× 1.21× 1.21× 1.47× 2.16× 2.25×

How it is calculated. (Borrowings − cash equivalents) ÷ adjusted EBITDA.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
1.67× 1.45× 1.61× 1.62× 1.67× 1.76×

How it is calculated. Average total assets ÷ closing owners’ equity.
Trailing twelve months
22.64× TTM to Jun 2026
Fiscal year
23.01× FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
— — — — — —

How it is calculated. Current market cap ÷ adjusted profit attributable to owners for the selected income period. Uses current market cap, not the share price at the period end.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
— — — — — —

How it is calculated. Market cap ÷ owners’ equity from the balance sheet selected for the TTM inputs. Uses current market cap, not the share price at the period end.
Trailing twelve months
9.66× TTM to Jun 2026
Fiscal year
10.02× FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
— — — — — —

How it is calculated. (Market cap + borrowings + deposits − cash equivalents) ÷ adjusted EBITDA. Uses current market cap, not the share price at the period end.
Trailing twelve months
6.02% TTM to Jun 2026
Fiscal year
5.77% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
— — — — — —

How it is calculated. Adjusted EBIT ÷ enterprise value. Uses current market cap, not the share price at the period end.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
18.00 days 22.00 days 19.00 days 21.00 days 23.00 days 21.00 days

How it is calculated. Reported receivable days from the annual accounts.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
180.00 days 234.00 days 242.00 days 164.00 days 217.00 days 186.00 days

How it is calculated. Reported inventory days, using material cost / cost of goods sold.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
213.00 days 211.00 days 209.00 days 178.00 days 241.00 days 202.00 days

How it is calculated. Reported payable days, using material cost / cost of goods sold.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-14.00 days 45.00 days 52.00 days 8.00 days -1.00 days 5.00 days

How it is calculated. Reported debtor days plus inventory days less payable days.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-83.00 days -60.00 days -33.00 days -27.00 days -39.00 days -55.00 days

How it is calculated. Reported net working capital days from the annual accounts.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
2.00% 20.00% 16.00% 21.00% 25.00% 15.00%

How it is calculated. Reported dividend payout as a percentage of annual profit.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
— — — — — —

How it is calculated. Market capitalisation from the current stock record.

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
10.03%	6.98%	8.48%	6.71%	5.58%	7.59%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
10.05%	5.17%	6.97%	4.79%	4.15%	6.11%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
5.55%	3.32%	4.59%	2.98%	2.48%	3.46%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
27.40%	21.50%	17.18%	17.96%	17.22%	20.83%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
11.73%	6.85%	8.49%	5.39%	5.14%	7.42%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
25.49%	1.56%	-3.31%	-0.60%	-3.64%	1.60%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
304.65%	228.64%	208.71%	308.91%	302.86%	196.89%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
10.24%	15.67%	19.99%	19.24%	19.06%	13.89%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
4.51%	11.63%	20.08%	8.40%	-4.84%	5.89%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
—	-36.41%	47.90%	-30.54%	-8.52%	54.07%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
32.98%	-12.42%	-4.04%	13.36%	-8.79%	28.08%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
0.30×	0.20×	0.25×	0.29×	0.33×	0.41×

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
5.51×	6.22×	7.05×	3.56×	3.11×	3.85×

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
0.47×	0.48×	0.54×	0.55×	0.48×	0.47×

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
₹3,592.00 Cr	₹3,016.00 Cr	₹3,570.00 Cr	₹4,223.00 Cr	₹5,544.00 Cr	₹7,182.00 Cr

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
1.23×	1.21×	1.21×	1.47×	2.16×	2.25×

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
1.67×	1.45×	1.61×	1.62×	1.67×	1.76×

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
—	—	—	—	—	—

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
—	—	—	—	—	—

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
—	—	—	—	—	—

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
—	—	—	—	—	—

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
18.00 days	22.00 days	19.00 days	21.00 days	23.00 days	21.00 days

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
180.00 days	234.00 days	242.00 days	164.00 days	217.00 days	186.00 days

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
213.00 days	211.00 days	209.00 days	178.00 days	241.00 days	202.00 days

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
-14.00 days	45.00 days	52.00 days	8.00 days	-1.00 days	5.00 days

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
-83.00 days	-60.00 days	-33.00 days	-27.00 days	-39.00 days	-55.00 days

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
2.00%	20.00%	16.00%	21.00%	25.00%	15.00%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
—	—	—	—	—	—

A dash means inputs are missing or too old, the ratio does not apply, or the value is outside the supported range. FY uses the reported fiscal period; TTM the latest twelve months; valuations use the current market cap with the chosen earnings period. Screen Indian stocks on these ratios →

Financials

What the filings say

Net profit, year on year: −51% (quarter to jun 2026 against jun 2025).

Sept 2024	Dec 2024	Mar 2025	Jun 2025	Sept 2025	Dec 2025	Mar 2026	Jun 2026
3,087	3,181	4,091	3,636	3,417	3,506	4,245	3,890
2,653	2,670	3,298	2,753	2,721	2,904	3,343	3,085
434	511	793	883	696	602	902	805
14.0%	16.0%	19.0%	24.0%	20.0%	17.0%	21.0%	21.0%
73	37	93	65	66	30	34	-43
98	101	105	108	122	118	132	147
336	364	314	322	322	340	365	361
73	83	467	518	318	174	439	254
33.0%	20.0%	6.0%	24.0%	25.0%	26.0%	10.0%	24.0%
49	66	439	395	239	128	394	192
2.45	3.25	23.19	20.95	12.58	6.50	20.63	10.02

Source: Inve data · income statement, quarterly · to Jun 2026

Sales 3Y CAGR +3.0%

Operating profit 3Y CAGR +9.9%

Net profit 3Y CAGR +2.3%

Mar 2023	Mar 2024	Mar 2025	Mar 2026
13,543	14,691	13,980	14,804
11,221	12,052	11,573	11,721
2,322	2,639	2,407	3,083
538	314	140	195
234	386	399	480
1,305	1,498	1,331	1,349
1,321	1,069	817	1,449
1,079	853	699	1,156

Source: Inve data · income statement, annual · to Mar 2026

Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sept 2025	Mar 2026
37	37	38	38	38	38
16,024	15,591	16,359	17,336	17,641	17,941
3,176	3,855	4,805	5,702	7,082	7,406
5,431	6,036	6,510	7,095	6,752	7,874
24,668	25,519	27,712	30,171	31,513	33,259
14,147	14,784	15,732	17,306	17,298	19,371
1,034	1,871	2,395	2,616	3,488	2,726
5,704	3,524	4,462	5,119	5,597	5,878
3,783	5,340	5,123	5,130	5,130	5,284
24,668	25,519	27,712	30,171	31,513	33,259

Source: Inve data · balance sheet · to Mar 2026

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
18	22	19	21	23	21
180	234	242	164	217	186
213	211	209	178	241	202
-14	45	52	8	-1	5
-83	-60	-33	-27	-39	-55
10.0%	7.0%	8.0%	7.0%	6.0%	8.0%
2.0%	20.0%	16.0%	21.0%	25.0%	15.0%

Source: Inve data · annual ratios · to Mar 2026

Where revenue comes from

The businesses behind the company’s reported revenue.

Reporting basis Reporting period

Historical breakdown. Showing year ended 31 Mar 2022; this may not reflect the current business mix.

Cement contributes 97.9% of reported segment revenue.

Year ended 31 Mar 2022 · Consolidated

Cement 97.9%

₹11,262.00 crore
Others 1.7%

₹194.00 crore
Discontinued operrations 0.4%

₹42.00 crore

Reported business segments for year ended 31 Mar 2022
Business segment	Revenue · ₹ crore	Share
Cement	11,262.00	97.9%
Others	194.00	1.7%
Discontinued operrations	42.00	0.4%

Share = segment revenue ÷ total segment revenue, before intersegment adjustments.

How these numbers add up

Total segment revenue: ₹11,498.00 crore
Intersegment adjustment: ₹170.00 crore
Net segment revenue: ₹11,328.00 crore

Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.

Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.

Ownership

Who owns it

Promoters hold 55.84% as of Sept 2026; institutions cut 0.44 pts since Jun 2026.

Promoters 0.00 pts 55.84%
Foreign institutions +0.60 pts 7.41%
Domestic institutions −1.04 pts 18.91%
Government 0.00 pts 0.13%
Public +0.44 pts 17.70%
Others 0.00 pts 0.00%

69,514 shareholders on the register.

Source: Exchange shareholding filings · to Sept 2026 · 8 filings held

Who was buying across the market this quarter

Who bought this quarter

since Jun 2026

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

Mutual fund newly disclosed 2.15% held
+0.63 pp 2.51% held
Mutual fund +0.24 pp 4.41% held
newly disclosed 0.19% held

The same filing shows 3 holders trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Sep 2026 filing

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

Holder	Stake	Change
	35.65%	−0.39 pp
	7.40%	unchanged
Mutual fund	6.20%	−0.49 pp
	5.48%	−0.25 pp
Mutual fund	4.41%	+0.24 pp
Insurer	2.63%	unchanged
	2.51%	+0.63 pp
Mutual fund	2.15%	newly disclosed
	1.71%	unchanged
	1.70%	unchanged
	1.68%	unchanged
	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 Sep 2026

0 new, 1 added, 5 trimmed, 0 sold out — net −0.01 L shares (−0.0%).

Held by funds: ₹1.0k Cr; 10 schemes
Biggest holder: SBI Midcap Fund; ₹387 Cr · 1.7% of that fund

Scheme	Holding	Last month	Held since
SBI Midcap Fund SBI Mutual Fund	₹387 Cr	held	Jan '25
Nippon India Growth Mid Cap Fund Nippon India Mutual Fund	₹291 Cr	held	Feb '21
SBI MultiCap Fund SBI Mutual Fund	₹288 Cr	held	Jan '25
Nippon India Vision Large & Mid Cap Fund Nippon India Mutual Fund	₹17 Cr	held	Jul '26
Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund	₹13 Cr	−0.01 L	Jun '19
Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund	₹9 Cr	−0.00 L	Feb '21
SBI Nifty Midcap 150 Index Fund SBI Mutual Fund	₹4 Cr	+0.00 L	Oct '22
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund	₹1 Cr	−0.01 L	Sep '24

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 Sep 2026

1 added, 5 trimmed — net −1,436 shares (−0.0%)

Funds are sitting on: -26%; vs est. average cost
Held by funds: ₹1.0k Cr; 10 schemes · ≈ 3.2% of the company
Biggest holder: SBI Midcap Fund; ₹387 Cr · 1.7% of that fund
Longest holder: Nippon India ETF Nifty Midcap 150; 7y 4m · since Jun '19

Shares held by these funds +154%

Oct '23 60.02 L shares Sep '26

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Quick Answers

Frequently asked questions on Dalmia BharatLtd

Compiled directly from DALBHARAT's filed financial statements, earnings call transcripts, and ownership disclosures.

How did Dalmia BharatLtd (DALBHARAT) perform in its latest reported quarter (Jun 2026)?

For the quarter ended Jun 2026, Dalmia BharatLtd reported revenue of ₹3.9k Cr, net profit of ₹192 Cr, an operating margin of 21.0%. Diluted earnings per share stood at ₹10.02.

How is Dalmia BharatLtd (DALBHARAT) valued today, and what growth does the stock price imply?

Dalmia BharatLtd (DALBHARAT) trades at ₹1,326.2, with a market capitalization of ₹24.9k Cr.

Who owns Dalmia BharatLtd (DALBHARAT) — promoters, FIIs, DIIs, and mutual funds?

As of Sept 2026, Promoters hold 55.8%, FIIs hold 7.4%, DIIs hold 18.9%, Public shareholders hold 17.7%.

Learn to analyse Dalmia BharatLtd

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