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Dalmia Bharat

DALBHARAT NSE
₹1,407.00 +25.60 (+1.85%)
P/E
28.29
View as Markdown
MCP
Close 4 Nov 2026 ₹1,407.00 −641.80 −31.3% 1Y
Start ₹2,048.80

Key Fundamentals

SmallcapCement & Cement ProductsConstruction Materials

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
7.59%
Debt to Equity
0.41
EPS (TTM)
₹49.73
Book Value
₹952.23
Market Cap
—
P/E (TTM)
28.29
P/B
1.48
ROE
6.11%
Dividend Yield
0.29%
EBITDA
₹3,305 Cr
52W High
₹2,260.00
52W Low
₹1,319.00
Day Range
₹1,384.00 – ₹1,414.50
Volume
91,541

Peer Comparison

Commodities › Construction › Cement › Cement & Cement Products

Dalmia Bharat peer comparison
UltraTech Cement
₹11,816.0039.56₹3,46,219 Cr4.732.05%11.10%12.70%₹95,572 Cr₹8,834 Cr
Grasim Industries
₹3,138.0037.92₹2,11,790 Cr2.050.32%4.98%8.01%₹1,84,029 Cr₹11,261 Cr
Ambuja Cements
₹375.9521.09₹92,920 Cr1.570.54%8.85%5.61%₹39,867 Cr₹5,222 Cr
Shree Cement
₹24,175.0053.51₹86,846 Cr3.660.63%7.51%10.30%₹21,896 Cr₹1,637 Cr
JK Cement
₹5,076.3041.48₹39,409 Cr5.340.39%15.60%15.10%₹14,401 Cr₹939 Cr
Dalmia Bharat (this company)
₹1,407.0028.29₹26,437 Cr1.480.29%6.11%7.59%₹15,058 Cr₹953 Cr
ACC
₹1,185.3011.66₹22,384 Cr1.080.64%10.90%11.20%₹25,442 Cr₹1,908 Cr
Median 7 companies₹3,138.0037.92₹86,846 Cr2.050.54%8.85%10.30%₹25,442 Cr₹1,908 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

41 Weak

Data confidence 100/100

Category scores

Quality
42
Weak
Returns, margins, earnings quality 22% weight
Valuation
57
Good
Cheap vs sector & own history 24% weight
Growth
29
Poor
Sales & profit trajectory 9% weight
Financial Health
30
Poor
Solvency, leverage, coverage 9% weight
Momentum
11
Poor
Trend strength, vol-adjusted 12% weight
Ownership
47
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1252
OscillatorsNeutral252
Moving AveragesStrong Bearish1000

Key readings

RSI (14)
33.80
Neutral
MACD (12,26,9)
−82.33
Bearish
SMA (50)
1,668.37
Bearish
SMA (200)
1,831.39
Bearish

As of

Analyst Rating

Based on 33 analysts
BUY61%

20 of 33 analysts rate Buy, 11 Hold, 2 Sell.

As of

BUY
20
61%
HOLD
11
33%
SELL
2
6%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+7.93%
3Y+2.99%
1Y+5.89%
TTM+7.60%

Net profit

Net profit growth by window
5Y−0.44%
3Y+2.35%
1Y+65.52%
TTM+0.42%

Operating cash flow

Operating cash flow growth by window
5Y−8.77%
3Y+0.38%
1Y+7.61%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y−6.57 pp
3Y+3.65 pp
1Y+3.61 pp
TTM+1.23 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹7,444 Cr
Mar 2018₹8,579 Cr
Mar 2019₹9,484 Cr
Mar 2020₹9,674 Cr
Mar 2021₹10,110 Cr
Mar 2022₹11,286 Cr
Mar 2023₹13,552 Cr
Mar 2024₹14,691 Cr
Mar 2025₹13,980 Cr
Mar 2026₹14,804 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹44.00 Cr
Mar 2018₹291 Cr
Mar 2019₹349 Cr
Mar 2020₹238 Cr
Mar 2021₹1,183 Cr
Mar 2022₹845 Cr
Mar 2023₹1,079 Cr
Mar 2024₹853 Cr
Mar 2025₹699 Cr
Mar 2026₹1,157 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹762 Cr +275.5% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk high

Dalmia Bharat Ltd trades at ₹1,381.4 as of 2026-11-03, down roughly 39% from its 52-week high of ₹2,260 and just above its 52-week low of ₹1,319. The company shows a TTM profit growth of 19% but carries a modest ROE of 6.39% and ROCE of 6.98%, reflecting a capital-intensive cement business navigating a mixed demand environment.

Bull Case 6
  • TTM profit growth has rebounded sharply to 19%, reversing a 3-year compounded profit decline of -1%, signalling improving profitability momentum
  • Debt-to-equity ratio stands at a manageable 0.41, indicating a relatively conservative balance sheet for a capital-intensive cement producer
  • Price-to-book ratio of 1.45 suggests the stock is trading close to its book value, which is modest for a large cement company with a market cap of ₹26,649 crore
  • The company has maintained a consistent dividend payout of 20.2%, reflecting discipline in returning cash to shareholders despite cyclical earnings
  • TTM sales growth of 8% shows revenue traction is intact even as the broader 3-year compounded sales growth is a subdued 3%
  • TTM EPS of ₹49.73 supports a PE of 27.78, and if the 19% TTM profit growth trajectory continues, forward earnings could compress the effective multiple
Bear Case 8
  • ROE has been persistently low at around 5% over 3-year, 5-year and 10-year periods, with only a marginal improvement to 6.39% currently, indicating weak returns on shareholder capital
  • The stock has declined 24% over the past 1 year and has a negative 3-year CAGR of -8%, showing sustained underperformance and eroding investor wealth
  • 5-year compounded profit growth is negative at -2%, suggesting the recent TTM rebound may not yet represent a durable earnings trend
  • Sales growth has been sluggish at a 5-year CAGR of 8% and a 3-year CAGR of just 3%, reflecting limited top-line expansion in a sector tied to infrastructure spending
  • ROCE of 6.98% is low for a business with significant capital deployed, raising questions about the efficiency of capacity expansion investments
  • PE of 27.78 is elevated relative to the company's single-digit ROE and low single-digit sales growth, implying the valuation prices in growth that has yet to materialise consistently
  • Dividend yield of 0.29% offers negligible income support for investors during a period when the stock has fallen nearly 39% from its 52-week high of ₹2,260
  • 5-year stock CAGR of -3% indicates the market has not rewarded the company's capital deployment over a meaningful medium-term horizon

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Dalmia Bharat is under significant near-term pressure after a weak Q2FY27 marked by a 14% PAT decline, ₹339 crore in exceptional charges, and a 22% surge in fuel costs, pushing shares to a four-year low. Volume growth of 3% lagged the industry's 9-10%, raising market share concerns in key eastern markets. On the positive side, capacity expansion to 67mt by FY28E is on track and several brokerages retain Buy ratings expecting an EBITDA recovery in coming quarters. The trend is deteriorating in the near term, with rising leverage and JPA integration costs clouding visibility, though sustained cement price hikes and cost savings could stabilize profitability by H2FY27.

Headwinds 7
  • Q2 PAT drops 14%, shares crash Oct 26

    Dalmia Bharat reported Q2FY27 net profit of ₹205 crore, down 14% YoY from ₹239 crore. Shares fell 7.2% to an intra-day low of ₹1,507.70, hitting a four-year low.

  • Exceptional charges of ₹339 crore Oct 26

    The company booked ₹282 crore impairment on three captive power plants and ₹57 crore one-time separation scheme charge, dragging profit before exceptions down 85.5% YoY to ₹46 crore.

  • Power and fuel costs surge 22% Oct 26

    Power and fuel costs rose 22% YoY to ₹874 crore. Management guided a further fuel-cost impact of ₹75-80 per tonne in Q3FY27 plus ₹100-125 per tonne from JPA asset ramp-up.

Positives 4
  • Capacity expansion on track Oct 26

    Dalmia Bharat remains on track to grow cement capacity to 67mt by FY28E from 55mt currently. A trial run at the 3.6 MnTPA Belgaum clinker line began in October 2026, ahead of schedule.

  • Renewable power share at 52% Oct 26

    The company's share of renewable power in total consumption rose to 52%, supporting its sustainability positioning and potentially providing long-term cost benefits.

  • Some brokerages retain Buy ratings Oct 26

    Citi, Jefferies, CLSA, and Prabhudas Lilladher maintained positive ratings. Prabhudas projects 11% EBITDA CAGR over FY26-29E and expects EBITDA/tonne recovery to ~₹1,000 in Q3FY27 if ₹15/bag price hikes sustain.

Neutral 1
  • MD remuneration approved by members Oct 22

    Shareholders approved remuneration for Gautam Dalmia (89.84% in favor) and Puneet Yadu Dalmia (90.30% in favor) for two years.

Quarterly Results

₹ Cr
DALBHARAT quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 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
3,563
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
130
Depreciation
399
401
370
328
317
336
364
314
322
322
340
365
361
363
PBT
185
172
361
352
194
73
83
467
518
318
174
439
254
−290
Tax %
22%
28%
26%
9%
25%
33%
20%
6%
24%
25%
26%
10%
24%
−29%
Net Profit
144
123
266
320
145
49
66
439
395
239
128
394
192
−205
EPS (₹)
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
—

Sep 2026: from the results filed on 26 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
DALBHARAT profit and loss, annual, ₹ crore
Particulars Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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 (₹)
Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank.
Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank.
15.96
11.61
62.58
43.55
55.21
44.04
36.41
60.73
49.73
Div. Payout %
0%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
13%
17%
2%
20%
16%
21%
25%
15%
—

Balance Sheet

₹ Cr
DALBHARAT balance sheet, annual, ₹ crore
Particulars Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
DALBHARAT cash flow, annual, ₹ crore
Particulars Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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/EBITDA
100
83
96
116
129
79
97
102
91
77

Ratios

DALBHARAT financial ratios, annual
Particulars Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Dalmia Bharat insights

69 extracted metrics across FY04–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 55.84%
  • DIIs 18.91%
  • Others 9.36%
  • Public 8.34%
  • FIIs 7.42%
  • Government 0.14%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Dalmia Bharat

What does Dalmia Bharat Ltd do?
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.
Where is Dalmia Bharat Ltd (DALBHARAT) listed?
Dalmia Bharat Ltd trades as DALBHARAT on the NSE and under code 542216 on the BSE.
Which sector does Dalmia Bharat Ltd belong to?
Dalmia Bharat Ltd is classified under the Construction sector, in the Cement industry.
What is the PE ratio of Dalmia Bharat Ltd?
Dalmia Bharat Ltd trades at a PE ratio of 28.29 as of 4 Nov 2026, on earnings per share of ₹49.73, against a book value of ₹952.23 per share.
What is the 52-week high and low of Dalmia Bharat Ltd?
Over the last 52 weeks Dalmia Bharat Ltd has traded between ₹1,319 and ₹2,260 as of 4 Nov 2026.
Does Dalmia Bharat Ltd pay dividends?
Dalmia Bharat Ltd has a dividend yield of 0.29%.
What is the Return on Equity (ROE) of Dalmia Bharat Ltd?
Dalmia Bharat Ltd reported a return on equity of 6.11%. Its debt-to-equity ratio is 0.41.

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.

Website dalmiabharat.com
CEO Mr. Puneet Yadu Dalmia B.Tech., M.B.A.
Employees 5,763
Listed 21 Dec 2018
Face Value ₹2

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