Dalmia Bharat Ltd.

NSE: DALBHARAT · Cement & Cement Products

52W Range₹1,605 ₹2,496

Snapshot

Unlock Dalmia Bharat Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Dalmia Bharat Limited is a prominent Indian manufacturer of clinker and various cement products, including Portland slag and specialty cements. The company operates across multiple sectors, including refractory products, sugar, power generation, and management consultancy services.

Business Model

The company generates revenue primarily through the production and sale of cement under established brands like Dalmia Cement, Konark Cement, and Dalmia DSP. It serves both individual retail consumers and institutional clients while diversifying income streams through its refractory, sugar, and power divisions.

  • Founded:1939

Growth Outlook

Growth is driven by the sustained demand for infrastructure development and housing in India, supported by the company's focus on expanding its cement production capacity and brand presence. The company continues to leverage its diversified portfolio to capture opportunities in the industrial and energy sectors.

Key Risks

  • Input Cost Volatility. Fluctuations in the prices of raw materials, power, and fuel can significantly impact the company's operating margins.
  • Cyclicality of Construction Sector. The demand for cement is highly sensitive to the cyclical nature of the Indian real estate and infrastructure development sectors.
  • Regulatory and Environmental Compliance. Stringent environmental regulations regarding carbon emissions and mining activities pose ongoing operational and compliance challenges.
  • Intense Market Competition. The Indian cement industry is highly competitive, which may exert pressure on pricing power and market share.

Price

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Key Metrics

REVENUE

₹14,804 Cr

TTM · consolidated

+5.9%YoY

NET PROFIT

₹1,156 Cr

TTM · consolidated

+65.4%YoY

EPS

₹60.80

TTM · consolidated

+67.0%YoY

RETURN ON EQUITY

6.6%

TTM · consolidated

+2.4 ppYoY

RETURN ON CAPITAL EMPLOYED

7.5%

TTM · consolidated

+2.4 ppYoY

P/E

30.1x

Q4 FY26 · consolidated

30.1 vs 161.6x5Y avg

EV/EBITDA

12.4x

Q4 FY26 · consolidated

12.4 vs 111.7x5Y avg

EBITDA MARGIN

22.3%

TTM · consolidated

+3.3 ppYoY

NET PROFIT MARGIN

9.3%

Q4 FY26 · consolidated

-1.4 ppYoY

DEBT TO EQUITY

0.4x

Q4 FY26 · consolidated

+0.08xYoY

Peers · Cement & Cement Products

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Dalmia Bharat Ltd.DALBHARAT
33,85130.1012.375.9%22.3%6.6%7.5%-15.4%
J.K. Cement Ltd.JKCEMENT
39,53442.2618.6515.5%18.7%15.6%14.3%-16.4%
ACC Ltd.ACC
25,20912.077.5317.9%13.1%11.2%11.2%-31.1%
The Ramco Cements Ltd.RAMCOCEM
21,24931.5717.416.0%16.4%9.2%10.7%-20.0%
Jsw Cement Ltd.JSWCEMENT
15,7197.7816.3121.4%29.5%20.5%
India Cements Ltd.INDIACEM
11,066-189.4528.136.9%10.8%-0.7%0.3%+15.4%

As of Q4 FY26

Financials