Ultratech Cement Ltd.
NSE: ULTRACEMCO
Basic Materials · Building Materials
₹11,050.00 last close on 23 Oct 2026 +0.84%
Research updated
Dalmia Bharat Ltd.
NSE: DALBHARATBasic MaterialsBuilding Materials
- Last close
- ₹1,591.30
- Day change
- −₹29.30 (−1.81%)vs
- Market cap
- ₹30,423 crIndian rupees
- Research updated
- 1 report
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About Dalmia Bharat
Dalmia Bharat Ltd. is a prominent company in the Indian cement industry, engaged in the manufacture and market of cement products. Known for its diverse portfolio, Dalmia Bharat offers a range of cement varieties catering to different construction needs, including Ordinary Portland Cement, Portland Pozzolana Cement, and Portland Slag Cement. This allows the company to serve sectors such as infrastructure, real estate, and industrial construction. Dalmia Bharat Ltd. plays a vital role in the construction and building materials market, leveraging cutting-edge technologies to enhance the quality and sustainability of its products. The company is recognized for its commitment to environmental consciousness, with strong initiatives in eco-friendly production and energy efficiency. Operatively significant across Indian states and expanding its reach internationally, Dalmia Bharat's strategic focus on innovation and sustainable practices reinforces its standing as a leader in the cement industry. The company's operations support the backbone infrastructure development within India, underscoring its significance in the economic landscape where urbanization and industrial growth drive demand for high-quality cement products.
- Sector
- Basic Materials
- Industry
- Building Materials
- Listing
- NSE: DALBHARAT
- Next results
- Chief executive
- Mr. Puneet Yadu Dalmia B.Tech., M.B.A.
- Employees
- 5,841
- Headquarters
- New Delhi, India
- ISIN
- INE00R701025
- Website
- dalmiabharat.com
Public research · Report of
Business model & financial foundation
Dalmia Bharat (NSE: DALBHARAT), Cement: revenue of ₹14,804 crore in FY26 (+5.9% on FY25), an EBITDA margin of 20.8%, net profit of ₹1,139 crore and net debt of ₹1,428 crore.
- Revenue, FY26 (₹ crore)
- 14,804
- consolidated
- Revenue growth, FY26
- +5.9%
- on FY25
- Net profit, FY26 (₹ crore)
- 1,139
- to owners
- Return on equity, FY26
- 6.4%
- on average equity
- Net debt, FY26 (₹ crore)
- 1,428
- Net debt (company-stated)
- Market capitalisation (₹ crore)
- 31,794
- at the close of 15 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Dalmia Bharat Limited (formerly Odisha Cement Limited) |
| Exchange and ticker | NSE: DALBHARAT; BSE: 542216 |
| ISIN | INE00R701025 |
| CIN | L14200TN2013PLC112346 |
| Sector | Basic Materials |
| Industry | Cement |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP (since 2021) |
| Market capitalisation | ₹31,794 crore (15 Oct 2026) |
| Shares outstanding | 18.76 crore (FY26) |
| Price | ₹1,621 (close, 15 Oct 2026) |
| 52-week range | ₹1,580 - ₹2,320 (to 15 Oct 2026) |
| Website | https://www.dalmiabharat.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Dalmia Cement (Bharat) Limited | 100% | Principal cement operating subsidiary (South, East, West plants; acquirer of the JAL cement undertaking in 2026) |
| Dalmia Cement (North East) Limited | 95.28% | Cement operations in Meghalaya/Assam (North East) |
Promoter group (Dalmia family) holds ~55.8%. JAL cement undertaking (Rewa, Churk, Chunar, Sadwa; 5.2 MTPA) acquired by DCBL by slump sale in Jun 2026.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 55.84% | 55.84% | 55.84% | 55.84% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 8.76% | 7.92% | 7.15% | 6.81% |
| Domestic institutions | 17.81% | 18.99% | 20.25% | 19.94% |
| of which mutual funds | 13.13% | 15.31% | 16.68% | 16.62% |
| Retail | 8.52% | |||
| Other | 17.59% | 17.24% | 16.75% | 8.89% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Dalmia Bharat (NSE DALBHARAT) earns through consolidated grey cement and cement-related products, the sole statutory segment. The listed parent owns DCBL and95.28% of DCNE. Installed cement capacity49.5MTPA at March2026 expanded to54.7 after acquisition of5.2MTPA JAL plants, closed29May2026 at2850cr. Pricing is regional; limestone/clinker/power/fuel/logistics determine unit economics. Blended cement, premium mix and captive/renewable energy improve costs, but industry pricing and imported fuel are outside control.
| Peer | Why the dossier compares them |
|---|---|
| UltraTech Cement (ULTRACEMCO) | |
| Shree Cement (SHREECEM) | Third-largest producer, cost-leader peer expanding in East and North East |
| Ambuja Cements (AMBUJACEM) | Adani Cement platform, second-largest, competing in East and South |
| JK Cement (JKCEMENT) | Mid-cap expanding pan-India grey cement producer, Central India presence |
| The Ramco Cements (RAMCOCEM) | South-focused peer; Dalmia's core southern markets |
| Nuvoco Vistas (NUVOCO) | East-focused peer, Dalmia's largest region |
| JK Lakshmi Cement (JKLAKSHMI) | East/North East and Central exposure, similar size range |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 11,060 | 13,552 | 14,691 | 13,980 | 14,804 |
| Cost of revenue (vendor classification) * | 4,085 | 5,740 | 5,936 | 5,341 | 5,142 |
| Other operating costs (vendor classification) * | 3,959 | 4,679 | 5,205 | 5,314 | 5,685 |
| EBITDA (vendor classification) * | 2,573 | 2,979 | 2,865 | 2,561 | 3,305 |
| EBIT * | 1,340 | 1,553 | 1,455 | 1,213 | 1,930 |
| Finance costs | 188.0 | 234.0 | 386.0 | 399.0 | 480.0 |
| PBT from continuing operations | 1,152 | 1,325 | 1,070 | 817.0 | 1,450 |
| Total tax expense (continuing) | 315.0 | 242.0 | 216.0 | 118.0 | 292.0 |
| Profit for the year | 845.0 | 1,079 | 853.0 | 699.0 | 1,157 |
| Diluted EPS, total operations (Rs; FY24-FY26) (₹) | 43.55 | 55.41 | 44.03 | 36.42 | 60.73 |
| Materials + traded goods + inventory change | 1,981 | 2,703 | 2,328 | 2,338 | |
| Power and fuel | 3,679 | 3,116 | 2,903 | 2,980 | |
| Freight (finished goods + internal clinker transfer) | 2,802 | 3,203 | 3,286 | 3,234 | |
| Employee benefits expense | 771.0 | 871.0 | 885.0 | 894.0 | |
| Other expenses | 1,991 | 2,159 | 2,171 | 2,275 | |
| Operating EBITDA (company definition) | 2,328 | 2,639 | 2,407 | 3,083 | |
| Other income | 126.0 | 315.0 | 253.0 | 222.0 | |
| Depreciation and amortisation | 1,305 | 1,498 | 1,331 | 1,349 | |
| Exceptional items (net) | -144.0 | 0.00 | -113.0 | -26.0 | |
| Non-controlling interest | 44.0 | 27.0 | 16.0 | 18.0 | |
| Profit attributable to owners | 1,035 | 826.0 | 683.0 | 1,139 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net worth (consolidated, BRSR) | 16,133 | 15,744 | 16,507 | 17,500 | 18,123 |
| Gross debt (company-stated) | 3,121 | 3,763 | 4,651 | 5,279 | 6,752 |
| Cash and cash equivalents * | 140.0 | 234.0 | 341.0 | 149.0 | 212.0 |
| Trade receivables | 673.0 | 700.0 | 836.0 | 889.0 | 864.0 |
| Inventories | 945.0 | 1,316 | 1,218 | 1,386 | 1,192 |
| Trade payables | 850.0 | 1,135 | 1,316 | 1,539 | 1,294 |
| Net property, plant and equipment * | 193.0 | 323.0 | 470.0 | 638.0 | 16,872 |
| Capital work-in-progress | 1,034 | 1,859 | 2,284 | 2,497 | 2,593 |
| Total assets | 24,691 | 25,543 | 27,749 | 30,226 | 33,312 |
| Treasury investments (current + other non-current) | n.r. | 4,460 | 5,117 | 5,876 | |
| Net debt (company-stated) | 661.0 | 484.0 | 716.0 | 1,428 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash flow from operating activities (after WC and tax) | 749.0 | 2,252 | 2,635 | 2,117 | 2,278 |
| Free cash flow (vendor definition) * | 163.0 | -457.0 | -192.0 | -547.0 | 222.0 |
| Dividends paid on equity shares | -100.0 | -169.0 | -169.0 | -169.0 | -169.0 |
| Purchase of PPE, CWIP and intangibles (gross cash outflow) | -1,756 | -2,701 | -2,827 | -2,664 | -2,056 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity shares outstanding (crore) | 18.72 | 18.74 | 18.75 | 18.76 | 18.76 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 3,087 | 3,181 | 4,091 | 3,636 | 3,417 | 3,506 | 4,245 | 3,890 |
| Cost of revenue (vendor classification) * | 512.0 | 1,139 | 1,265 | 1,600 | 1,229 | |||
| Other operating costs (vendor classification) * | 1,935 | 94.0 | 1,415 | 1,526 | 1,611 | |||
| EBITDA (vendor classification) * | 548.0 | 664.0 | 947.0 | 944.0 | ||||
| EBIT * | 184.0 | 292.0 | 572.0 | 401.0 | ||||
| Finance costs | 98.0 | 101.0 | 105.0 | 108.0 | 122.0 | 118.0 | 132.0 | 147.0 |
| Profit before tax from continuing operations | 73.0 | 83.0 | 467.0 | 518.0 | 318.0 | 174.0 | 440.0 | 254.0 |
| Total tax expense | 24.0 | 17.0 | 28.0 | 123.0 | 79.0 | 46.0 | 45.0 | 62.0 |
| Profit for the period (including discontinued operations) | 49.0 | 66.0 | 439.0 | 395.0 | 239.0 | 128.0 | 394.0 | 192.0 |
| Diluted EPS (continuing and discontinued operations) (INR per share) | 2.45 | 3.25 | 23.20 | 20.95 | 12.59 | 6.50 | 20.69 | 10.02 |
| Raw materials, stock-in-trade and inventory change | 445.0 | 512.0 | 766.0 | 467.0 | 505.0 | 584.0 | 782.0 | 496.0 |
| Power and fuel | 707.0 | 666.0 | 773.0 | 725.0 | 717.0 | 744.0 | 794.0 | 851.0 |
| Freight charges including internal clinker transfer | 736.0 | 748.0 | 972.0 | 795.0 | 728.0 | 773.0 | 938.0 | 861.0 |
| Employee benefits expense | 219.0 | 223.0 | 215.0 | 227.0 | 226.0 | 224.0 | 217.0 | 245.0 |
| Other expenses | 546.0 | 521.0 | 572.0 | 539.0 | 545.0 | 579.0 | 612.0 | 632.0 |
| EBITDA as reported by company | 434.0 | 511.0 | 793.0 | 883.0 | 696.0 | 602.0 | 902.0 | 805.0 |
| Other income | 73.0 | 37.0 | 93.0 | 49.0 | 66.0 | 62.0 | 45.0 | 139.0 |
| Depreciation and amortisation expense | 336.0 | 364.0 | 314.0 | 322.0 | 322.0 | 340.0 | 365.0 | 361.0 |
| Exceptional items (gain positive, loss negative) | 0.00 | 0.00 | 0.00 | 16.0 | 0.00 | -32.0 | -10.0 | -182.0 |
| Profit attributable to non-controlling interests | 3.00 | 5.00 | 4.00 | 2.00 | 3.00 | 6.00 | 7.00 | 4.00 |
| Profit attributable to owners of the parent | 46.0 | 61.0 | 435.0 | 393.0 | 236.0 | 122.0 | 387.0 | 188.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 10.7% | 22.5% | 8.4% | -4.8% | 5.9% |
| EBITDA margin | 17.2% | 18.0% | 17.2% | 20.8% | |
| Net margin | 7.6% | 5.6% | 4.9% | 7.7% | |
| Return on equity | 6.5% | 5.1% | 4.0% | 6.4% | |
| Return on capital employed | 7.5% | 8.0% | 7.2% | 5.5% | 8.1% |
| Return on assets | 4.1% | 3.1% | 2.4% | 3.6% | |
| Net debt (₹ crore) | 661.0 | 484.0 | 716.0 | 1,428 | |
| Net debt / EBITDA | 0.28x | 0.18x | 0.30x | 0.46x | |
| Interest cover | 7.13x | 6.64x | 3.77x | 3.04x | 4.02x |
| Asset turnover | 0.47x | 0.54x | 0.55x | 0.48x | 0.47x |
| Receivable days | 22 | 19 | 21 | 23 | 21 |
| Inventory days (on revenue) | 31 | 35 | 30 | 36 | 29 |
| Payable days (on revenue) | 28 | 31 | 33 | 40 | 32 |
| Cash conversion | 2.18x | 3.19x | 3.10x | 2.00x | |
| Capex intensity | 15.9% | 19.9% | 19.2% | 19.1% | 13.9% |
| Free cash flow (₹ crore) | -1,007 | -449.0 | -192.0 | -547.0 | 222.0 |
| Dividend payout | 16.3% | 20.5% | 24.7% | 14.8% | |
| EPS, diluted (₹) | 43.55 | 55.41 | 44.03 | 36.42 | 60.73 |
| Book value per share (₹) | 8,62,00,35,585 | 8,39,95,32,648 | 8,80,14,80,154 | 9,33,00,98,899 | 9,66,21,98,906 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA (company definition)) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (company-stated); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA (company definition)).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS, total operations (Rs; FY24-FY26)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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