Dalmia Bharat: Business Overview & Financial Analysis
Dalmia Bharat Limited is a leading Indian cement manufacturing enterprise headquartered in New Delhi. Promoted by the Dalmia Group, the company is India's fourth-largest cement producer by installed capacity. Dalmia Bharat manufactures and markets Ordinary Portland Cement (OPC), Portland Pozzolana Cement (PPC), Portland Slag Cement (PSC), and specialized Portland Composite Cement (PCC) across Southern, Eastern, North-Eastern, and Central regions of India, operating 15 integrated cement plants and split-grinding units.
Installed Capacity Portfolio & Regional Footprint of Dalmia Bharat (Q1 FY27)
Dalmia Bharat operates a multi-regional manufacturing platform supported by integrated cement facilities and split-grinding units located across strategic limestone clusters.
- Total Installed Cement Capacity – 46.6 Million Tonnes Per Annum (MTPA)
- Total Installed Clinker Capacity – 22.6 MTPA
- Eastern Region Capacity Share – 48% (22.5 MTPA)
- Southern Region Capacity Share – 34% (15.8 MTPA)
- North-Eastern Region Capacity Share – 12% (5.7 MTPA)
- Central Region Capacity Share – 6% (2.6 MTPA)
- Manufacturing Units Count – 15 manufacturing units across 10 Indian states
The Eastern and Southern regions constitute 82% of overall production capacity, anchored by integrated limestone reserves in Tamil Nadu, Andhra Pradesh, and Odisha. Split-grinding facilities in Uttar Pradesh and Bihar expand market penetration across high-demand rural belts.
Product Portfolio & Brand Architecture of Dalmia Bharat (Q1 FY27)
Dalmia Bharat markets a portfolio of blended and specialized cements under its flagship corporate brands.
- Blended Cement Sales Share – 86% of Total Sales Volume
- Premium Products Share of Trade Sales – 23%
- Key Product Brands – Dalmia DSP, Dalmia Cement, Konark Cement, Dalmia InfraPro
- Speciality Application Cements – Oil Well Cement, Railway Sleeper Cement, Airstrip Grade Cement
Blended cements represent 86% of total product volume, driving carbon footprint reductions and lower clinker factors. Premium cement variants, led by Dalmia DSP, provide realization support across retail dealer networks.
Operational KPIs & Unit Realisations of Dalmia Bharat (Q1 FY27)
Dalmia Bharat tracks capacity utilization, sales realizations, and per-tonne profitability metrics across operational cycles.
- Cement Capacity Utilisation – 61% (vs 58% in Q1 FY26)
- Net Sales Realisation – Rs 4,812 per tonne (-4.2% YoY / +1.5% QoQ)
- Operating EBITDA per Tonne – Rs 842 per tonne (-11.2% YoY)
- Trade Sales Share – 64% of Total Volume
- Clinker Factor – 62.5%
- Green Power Share – 32% of Total Power Consumption
Capacity utilization stood at 61% in Q1 FY27, backed by regional demand recovery in Eastern and Southern markets. Net sales realization reached Rs 4,812 per tonne, while trade channels generated 64% of total sales volume.
Latest Quarterly Financial Performance of Dalmia Bharat (Q1 FY27)
Dalmia Bharat recorded volume growth and top-line expansion during the first quarter of FY27.
- Consolidated Revenue from Operations – Rs 3,670 crore (+1.4% YoY)
- Total Cement Sales Volume – 7.1 Million Tonnes (MT) (+6.0% YoY)
- Consolidated Operating EBITDA – Rs 598 crore (-5.8% YoY)
- Consolidated Operating EBITDA Margin – 16.3% (-124 bps YoY)
- Consolidated Net Profit After Tax (PAT) – Rs 142 crore (-1.4% YoY)
First-quarter consolidated revenue rose 1.4% year-on-year to Rs 3,670 crore, supported by a 6.0% surge in sales volumes to 7.1 MT. Consolidated Net Profit After Tax stood at Rs 142 crore, as lower fuel input costs partially offset cement price soft patches.
Consolidated Annual Financial Performance of Dalmia Bharat (FY26)
Dalmia Bharat delivered volume growth and capacity expansions for the full financial year FY26.
- Full Year Revenue from Operations – Rs 14,350 crore (+2.8% YoY)
- Full Year Total Cement Sales Volume – 28.8 Million Tonnes (MT) (+7.5% YoY)
- Full Year Operating EBITDA – Rs 2,640 crore (+0.5% YoY)
- Full Year Operating EBITDA Margin – 18.4%
- Consolidated Net Profit After Tax (PAT) – Rs 853 crore (+3.2% YoY)
Full-year operating revenue reached Rs 14,350 crore in FY26, driven by a 7.5% increase in annual sales volume to 28.8 MT. Consolidated Net Profit After Tax expanded 3.2% to Rs 853 crore, maintaining strong operating cash flow generation.
Balance Sheet Leverage & Debt Profile of Dalmia Bharat (Q1 FY27)
Dalmia Bharat maintains leverage ratios while funding brownfield and greenfield expansion projects across Central and Northern India.
- Gross Debt – Rs 4,850 crore
- Net Debt – Rs 3,120 crore
- Net Debt to Operating EBITDA Ratio – 1.18x
- Capital Employed Return (ROCE) – 9.8%
Net debt closed at Rs 3,120 crore as of June 30, 2026, translating to a Net Debt to EBITDA ratio of 1.18x. Financial leverage remains controlled, supported by internal cash accruals and liquid investment reserves.
Capex Pipeline & Capacity Expansion Roadmap of Dalmia Bharat (FY27–FY28)
Dalmia Bharat executes capital expenditure outlays to scale total cement capacity to 75 MTPA by FY28 and 110–130 MTPA by FY31.
- Medium-Term Capacity Target (FY28) – 75.0 MTPA
- Long-Term Capacity Target (FY31) – 110.0 to 130.0 MTPA
- Planned Annual Capex Outlay (FY27) – ~Rs 3,500 crore to Rs 4,000 crore
- Central India Expansion – 6.0 MTPA Cement + 3.6 MTPA Clinker (Clinkerisation at Belkur, MP)
- North-East Expansion – 2.4 MTPA Greenfield unit in Assam
- Jaypee Cement Acquisition Update – Executing definitive agreements for 9.4 MTPA cement assets
The company is deploying Rs 3,500 crore to Rs 4,000 crore in FY27 to commission clinker lines in Madhya Pradesh and greenfield grinding units in Assam. Strategic acquisitions, including Jaypee Cement assets, remain central to scaling capacity to 75 MTPA by FY28.
Management Commentary & Strategic Outlook of Dalmia Bharat (Q1 FY27)
Management commentary outlines operational targets focused on volume acceleration, green power expansion, and capacity additions.
- Management projects full-year FY27 cement volume growth in the 8%–10% range, outperforming national industry growth estimates.
- Operating EBITDA per tonne is guided to improve toward Rs 950–1,000 per tonne as fuel prices soften and realization recovers.
- Green power consumption share (Renewable + WHRS) is targeted to reach 50% by the end of FY27 to lower operating energy expenses.
- Long-term capacity roadmap remains committed to achieving 75 MTPA by FY28 through organic greenfield units and inorganic acquisitions.
- Capital expenditure of Rs 7,000 crore to Rs 8,000 crore over FY27–FY28 will be funded via internal cash flows and debt facilities.
Management expects national cement demand to sustain steady momentum, backed by government infrastructure spending and rural housing programs. Strategic priorities center on executing Central and North-Eastern capacity additions, scaling green power shares, and maintaining balance sheet discipline.
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Sources & References
- Dalmia Bharat Limited Q1 FY27 Unaudited Consolidated Financial Results Disclosures (July 2026)
- Dalmia Bharat Limited Q1 FY27 Investor Presentation & Fast Facts (July 2026)
- Dalmia Bharat Limited Q1 FY27 Earnings Call Transcript (July 2026)
- BSE India & NSE Official Corporate Announcements for Dalmia Bharat Limited
- Ticker Finology Dalmia Bharat Page
Disclaimer
The information presented above on Dalmia Bharat Limited has been compiled from the company's Annual Reports, Investor Presentations, Earnings Call (Concall) Transcripts, official regulatory filings and the financial data available on Finology Ticker. Certain figures, classifications or comparisons may vary due to differences in accounting policies, reporting methodologies or subsequent restatements by the company. This content is intended solely for informational purposes and should not be considered as investment advice. Investors are advised to refer to the latest company filings and the updated financial data, ratios and disclosures available on this Finology Ticker Dalmia Bharat Limited page before making any investment decision. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.