Dalmia Bharat
Dalmia Bharat
ConstructionKey Fundamentals
SmallcapCementConstructionTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company has been maintaining a healthy dividend payout of 20.2%
Weaknesses
2- The company has delivered a poor sales growth of 7.93% over past five years.
- Company has a low return on equity of 5.04% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2h agoDalmia Bharat Ltd trades at a market cap of ₹32,040 Cr with a P/E of 34.3x and P/B of 1.82x. The company shows improving profit growth at 19% TTM but carries a low 3-year ROE of ~5% and modest 5-year sales CAGR of ~8%. The stock has declined 28% over the past year, significantly underperforming the broader market.
- TTM profit growth of 19% signals a meaningful earnings recovery after a 3-year compounded profit decline of -1%
- Consistent dividend payout ratio of 20.2% demonstrates management commitment to returning capital to shareholders
- P/B ratio of 1.82x is relatively modest for a large cement player, suggesting the stock is not excessively priced on a book value basis
- TTM sales growth of 8% shows revenue momentum improving from the 3-year compounded sales growth of just 3%
- Last year ROE of 6% marks an improvement over the 3-year and 5-year average of 5%, indicating a positive trend in capital efficiency
- Market cap of ₹32,040 Cr positions Dalmia Bharat as a large-cap cement company with scale advantages in procurement, logistics, and distribution
- Stock decline of 28% over the past year may have compressed valuations relative to improving fundamentals, narrowing the gap between price and operating performance
- 5-year compounded sales growth of just 8% and 3-year CAGR of 3% reflect persistently weak top-line expansion
- ROE has remained stagnant at 5% over 3, 5, and 10-year periods, indicating structurally low return on shareholder equity
- P/E of 34.3x is elevated given the low single-digit ROE of 5-6%, implying the market is pricing in significant future improvement that may not materialize
- 5-year compounded profit growth of -2% shows the company has struggled to grow earnings over a medium-term horizon
- Stock has delivered a negative 3-year CAGR of -10% and 5-year CAGR of -7%, consistently destroying shareholder value over multiple timeframes
- Dividend yield of 0.52% offers minimal income cushion during periods of capital depreciation
- The 28% decline over the past 1 year is substantially steeper than broader market indices, reflecting sector or company-specific headwinds
- 3-year compounded profit CAGR of -1% alongside 3-year sales CAGR of 3% suggests margin compression over the medium term
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Prabhudas Lilladher raises target to ₹2173 Aug 21
Prabhudas Lilladher issued a buy rating with a revised target of ₹2,173 (up from ₹2,079), valuing Dalmia Bharat at 11x EV of Sep 2028E EBITDA. The brokerage expects 11% volume CAGR over FY26-29E and 14% EBITDA CAGR over the same period.
- Strong FY26 profit surge Aug 21
Operating profit surged 77.48% YoY to ₹1,450 crore in FY26, net profit rose 65.52% to ₹1,157 crore, and revenue grew 5.57% to ₹15,026 crore. Stock trading at ₹1,881.90 with a market cap of ₹35,585 crore.
- Capacity expansion to 70mtpa by FY28 Aug 21
Capacity expected to reach ~70mtpa by end-FY28 via 5.2mtpa JAL assets, 12mtpa under commissioning in South/West, and a grinding unit in East. Long-term directional target remains at 110mtpa.
- South/West and Central market entry Aug 21
Demand from the Southern region remains strong, attracting further capex, while entry into central markets and ongoing South/West capacity additions position the company for sustained growth momentum.
- Investor meetings in HK, Singapore Aug 20
Dalmia Bharat management will participate in Goldman Sachs and Avendus Spark conferences in late August and early September 2026, meeting analysts in Hong Kong and Singapore.
TL;DR: Dalmia Bharat is firing on multiple cylinders — FY26 saw a 77% jump in operating profit and 65% net profit growth, backed by aggressive capacity expansion targeting ~70mtpa by FY28. Prabhudas Lilladher's revised buy target of ₹2,173 reflects confidence in 11% volume and 14% EBITDA CAGR through FY29. No notable headwinds surfaced in recent coverage, though the long-term 110mtpa target is contingent on industry demand and leverage. The trend is clearly improving with strong earnings momentum and strategic geographic diversification into South, West, and Central India.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,627 | 3,153 | 3,604 | 4,307 | 3,621 | 3,087 | 3,181 | 4,091 | 3,636 | 3,417 | 3,506 | 4,245 | 3,890 |
| Expenses | 3,014 | 2,560 | 2,825 | 3,653 | 2,952 | 2,653 | 2,670 | 3,298 | 2,753 | 2,721 | 2,904 | 3,343 | 3,085 |
| Operating Profit | 613 | 593 | 779 | 654 | 669 | 434 | 511 | 793 | 883 | 696 | 602 | 902 | 805 |
| OPM % | 17% | 19% | 22% | 15% | 18% | 14% | 16% | 19% | 24% | 20% | 17% | 21% | 21% |
| Other Income | 54 | 80 | 60 | 120 | -63 | 73 | 37 | 93 | 65 | 66 | 30 | 34 | -43 |
| Interest | 83 | 101 | 108 | 94 | 95 | 98 | 101 | 105 | 108 | 122 | 118 | 132 | 147 |
| Depreciation | 399 | 401 | 370 | 328 | 317 | 336 | 364 | 314 | 322 | 322 | 340 | 365 | 361 |
| PBT | 185 | 171 | 361 | 352 | 194 | 73 | 83 | 467 | 518 | 318 | 174 | 439 | 254 |
| Tax % | 22% | 28% | 26% | 9% | 25% | 33% | 20% | 6% | 24% | 25% | 26% | 10% | 24% |
| Net Profit | 144 | 123 | 266 | 320 | 145 | 49 | 66 | 439 | 395 | 239 | 128 | 394 | 192 |
| EPS in Rs | 6.93 | 6.29 | 14.02 | 16.8 | 7.52 | 2.45 | 3.25 | 23.19 | 20.95 | 12.58 | 6.5 | 20.63 | 10.02 |
Profit & Loss
| Particulars | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 7,444 | 8,579 | 9,484 | 9,674 | 10,110 | 11,286 | 13,552 | 14,691 | 13,980 | 14,804 | 15,058 |
| Expenses | 5,550 | 6,543 | 7,542 | 7,591 | 7,340 | 8,860 | 11,224 | 12,052 | 11,573 | 11,721 | 12,053 |
| Operating Profit | 1,894 | 2,036 | 1,942 | 2,083 | 2,770 | 2,426 | 2,328 | 2,639 | 2,407 | 3,083 | 3,005 |
| OPM % | 25% | 24% | 20% | 22% | 27% | 22% | 17% | 18% | 17% | 21% | 20% |
| Other Income | 296 | 274 | 235 | 217 | 145 | 171 | 532 | 314 | 140 | 195 | 87 |
| Interest | 856 | 708 | 542 | 415 | 303 | 202 | 234 | 386 | 399 | 480 | 519 |
| Depreciation | 1,226 | 1,213 | 1,296 | 1,528 | 1,250 | 1,235 | 1,305 | 1,498 | 1,331 | 1,349 | 1,388 |
| PBT | 108 | 389 | 339 | 357 | 1,362 | 1,160 | 1,321 | 1,069 | 817 | 1,449 | 1,185 |
| Tax % | 69% | 25% | -3% | 33% | 13% | 27% | 18% | 20% | 14% | 20% | — |
| Net Profit | 44 | 291 | 349 | 238 | 1,183 | 845 | 1,079 | 853 | 699 | 1,157 | 953 |
| EPS in Rs | 8,800 | 58,400 | 15.96 | 11.61 | 62.58 | 43.55 | 55.21 | 44.04 | 36.41 | 60.73 | 49.73 |
| Div. Payout % | 0% | 1937% | 13% | 17% | 2% | 20% | 16% | 21% | 25% | 15% | — |
Balance Sheet
| Particulars | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 6,654 | 6,654 | 39 | 39 | 37 | 37 | 37 | 38 | 38 | 38 |
| Reserves | 2,975 | 3,681 | 10,600 | 10,522 | 12,773 | 16,024 | 15,591 | 16,359 | 17,336 | 17,941 |
| Borrowings | 8,038 | 7,266 | 5,883 | 6,049 | 3,839 | 3,176 | 3,855 | 4,805 | 5,702 | 7,406 |
| Other Liabilities | 3,595 | 3,763 | 4,016 | 4,268 | 5,237 | 5,431 | 6,036 | 6,510 | 7,095 | 7,874 |
| Total Liabilities | 21,262 | 21,364 | 20,538 | 20,878 | 21,886 | 24,668 | 25,519 | 27,712 | 30,171 | 33,259 |
| Fixed Assets | 15,516 | 14,037 | 13,573 | 12,555 | 13,626 | 14,147 | 14,784 | 15,732 | 17,306 | 19,371 |
| CWIP | 128 | 168 | 520 | 1,740 | 1,006 | 1,034 | 1,871 | 2,395 | 2,616 | 2,726 |
| Investments | 2,740 | 3,505 | 2,424 | 2,816 | 4,033 | 5,704 | 3,524 | 4,462 | 5,119 | 5,878 |
| Other Assets | 2,878 | 3,654 | 4,021 | 3,767 | 3,221 | 3,783 | 5,340 | 5,123 | 5,130 | 5,284 |
| Total Assets | 21,262 | 21,364 | 20,538 | 20,878 | 21,886 | 24,668 | 25,519 | 27,712 | 30,171 | 33,259 |
Cash Flow
| Particulars | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 1,875 | 1,606 | 1,843 | 2,340 | 3,604 | 1,932 | 2,252 | 2,635 | 2,117 | 2,278 |
| Investing | -139 | 135 | 189 | -1,760 | -300 | -1,045 | -2,326 | -2,750 | -2,270 | -3,023 |
| Financing | -1,749 | -1,564 | -2,067 | -594 | -3,375 | -942 | 168 | 222 | -39 | 808 |
| Net Cash Flow | -13 | 177 | -35 | -14 | -71 | -55 | 94 | 107 | -192 | 63 |
| Free Cash Flow | 1,483 | 1,213 | 917 | 995 | 2,577 | 176 | -449 | -88 | -509 | 237 |
| CFO/OP | 100 | 83 | 96 | 116 | 129 | 79 | 97 | 102 | 91 | 77 |
Ratios
| Particulars | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 26 | 24 | 21 | 25 | 18 | 22 | 19 | 21 | 23 | 21 |
| Inventory Days | 189 | 186 | 211 | 204 | 180 | 234 | 242 | 164 | 217 | 186 |
| Days Payable | 258 | 223 | 179 | 173 | 213 | 211 | 209 | 178 | 241 | 202 |
| Cash Conversion Cycle | -43 | -13 | 53 | 55 | -14 | 45 | 52 | 8 | -1 | 5 |
| Working Capital Days | -89 | -63 | -60 | -85 | -83 | -60 | -33 | -27 | -39 | -55 |
| ROCE % | — | 6% | 4% | 4% | 10% | 7% | 8% | 7% | 6% | 8% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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69 extracted metrics + investor summaries across FY04–FY27.
Documents
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Company Information
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]
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