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Dalmia Bharat Results: Latest Quarterly Results & Analysis

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Dalmia Bharat Ltd. 23 Jul 2025 11:22 AM
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Q1FY26 Quarterly Result Announced for Dalmia Bharat Ltd.

Cement & Cement Products company Dalmia Bharat announced Q1FY26 results

  • Announced Cement Capacity expansion of 6 million TPA at Kadapa.
  • Highest ever quarterly EBITDA of Rs 883 crore.
  • Sales Volume stood at 7.0 million T during the quarter.
  • NSR/T Increased by 6.6% YoY to Rs 5,193/T.
  • EBITDA/T increased by 40% YoY to Rs 1,261/T.
  • Net Debt to EBITDA stood at 0.33x as on June 30, 2025.
  • Share of Renewable Power Consumption stood at 41.2%.

Puneet Dalmia, Managing Director & CEO, Dalmia Bharat, said: “In the backdrop of strong economic fundamentals, robust government-led capex and increasing cement industry consolidation, we remain committed to becoming a PanIndia player. In the current year 2025, we have announced fresh capital investments of about Rs 6,800 crore for adding 12 million TPA of cement capacity across the South and West regions. Our balance sheet remains strong to support this growth as we further prepare for next leg of expansion in the new regions.”

“Beginning of this year marks a recovery in cement realizations in our key markets, which has helped us deliver robust EBITDA growth, resulting in an EBITDA margin of 24.3%, which is an increase of 5.8% percentage points compared to last year.”

Dharmender Tuteja, Chief Financial Officer, Dalmia Bharat, said: “During the quarter, our revenues marginally improved by 0.4% YoY. However, EBITDA improved significantly to Rs 883 crore, indicating a 32% YoY growth. Backed by a robust balance sheet, a disciplined capital allocation framework and healthy profitability outlook, we are steadily progressing towards our vision of becoming a PAN-India player.”

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Cement & Cement Products company Dalmia Bharat announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Sales volume declined by 2.8% YoY to 8.6 million ton.
  • Income from operations fell 5.0% YoY to Rs 4,091 crore.
  • EBITDA rose 21.3% YoY to Rs 793 crore, indicating strong operational gains.
  • EBITDA per tonne improved 24.7% YoY to Rs 926/T.
  • PAT surged 37.2% YoY to Rs 439 crore, driven by better margins.
  • Net debt to EBITDA increased to 0.30x vs 0.18x YoY, still at a comfortable level.

FY25 Financial Highlights:

  • Sales volume grew 2.0% YoY to 29.4 million ton.
  • Income from operations declined 4.8% YoY to Rs 13,980 crore.
  • EBITDA fell 8.8% YoY to Rs 2,407 crore due to margin pressure.
  • EBITDA per tonne declined 10.6% YoY to Rs 820/ton.
  • PAT dropped 18.1% YoY to Rs 699 crore, reflecting weaker annual profitability.
  • Net debt to EBITDA increased to 0.30x from 0.18x YoY.

Other Highlights:

  • Achieved milestone of 49.5 MTPA for Installed Cement Capacity.
  • Announced Cement capacity expansion of 6 MTPA (mainly for new markets in West India).
  • Net Debt to EBITDA stood at 0.3x.
  • One of Lowest Carbon footprint in global cement at 465 kgCO2/Ton of cement.
  • Achieved operational RE capacity (including Group Captives) of 267 MW; share of RE consumption stood at 36.4%.

Puneet Dalmia, Managing Director & CEO, Dalmia Bharat, said: “The Indian economy continues to demonstrate resilience amidst the ongoing global macroeconomic uncertainty. With strong GDP growth projections supported by higher capex allocation and increased disposable income for the individuals, we remain confident about healthy cement demand in the country.”

“Having successfully achieved our milestone of cement capacity at 49.5 million ton, we have commenced the next phase of expansion with the recently announced capacity addition of 6 million ton catering mainly to new markets in Western India. During the current year, while profitability remained subdued due to soft demand and weak pricing, I am confident to deliver profitable growth going forward on the back of stronger volumes, improved realizations and a consistent focus on cost leadership.”

Dharmender Tuteja, Chief Financial Officer, Dalmia Bharat, said: “Our cement volumes declined by 3% YoY in Q4, primarily due to the discontinuation of JP tolling volumes. However, quality of sales improved driven by a higher share of trade sales and increased contribution from premium products. Revenue from operations declined by 5% YoY to Rs 4,091 crore, reflecting the continued softness in cement prices. However, our EBITDA grew by 21% YoY to Rs 793 crore during the quarter due to our continued focus on cost leadership through various initiatives including increase in renewable power capacity.”

“Backed by a robust balance sheet, strong leadership team and optimistic profitability outlook, we are wellpositioned to successfully undertake the next phase of our expansion.”

Result PDF

Cement & Cement Products Company  Dalmia Bharat announced Q3FY25 results

Financial Highlights:

  • Income from Operations: Rs 3,181 crore (-11.7% YoY).
  • EBITDA: Rs 511 crore (-34.5% YoY).
  • EBITDA/T: Rs 765/T (-33.1% YoY).
  • PAT:  Rs 66 crore (-75.2% YoY).
  • Net Debt to EBITDA: 0.55x (up from 0.16x YoY).

Business Highlights:

  • Volume declined 2.0% YoY to 6.7 MnT
  • Executed Renewable Power Agreements under Group Captive for 21 MW (in addition to 278 MW already executed in H1FY25)

Puneet Dalmia, Managing Director & CEO – Dalmia Bharat, said, “After multiple years of high growth, India witnessed a slightly slow start to the year, but government's continuous focus on investment-led growth coupled with the strong structural growth drivers underpin my confidence in a rebound of the Indian economy. In this backdrop, I believe cement demand growth will regain momentum. Our capacity expansion plans are on track as we will reach 49.5 MnT by the end of this year.”

Dharmender Tuteja, Chief Financial Officer – Dalmia Bharat, said “Cement demand growth in Q3 fell short of our earlier expectations. Our volumes de-grew by 2% YoY while EBITDA fell 34.5% YoY to Rs 511 crore with persistent softness in cement prices. With demand now gaining traction and prices showing signs of optimism, we are confident about a stronger performance in the upcoming quarters.” He further added, “Our strong Balance Sheet with a healthy leverage ratio ensures that we are well-positioned to pursue the next phase of expansion.”

Result PDF

Cement & Cement Products company Dalmia Bharat announced Q2FY25 results

  • Volume increased 8.4% YoY to 6.7 million tons.
  • PAT declined by 60.2% YoY to Rs 49 crore.
  • EBITDA/T stood at Rs 650/T.
  • Renewable Energy consumption increased to 39%1.
  • Executed Renewable Power Agreements under Group Captive for 151 MW cumulatively (in addition to 127 MW already executed earlier).
  • Net Debt to EBITDA stood at 0.25x

Puneet Dalmia, Managing Director & CEO – Dalmia Bharat, said: “India’s economic resilience with Government’s sustained thrust on building infrastructure and promoting manufacturing sector, underpins my conviction in the India growth. I believe that as India grows, cement sector being a proxy, will continue to flourish. We are actively working to announce our Phase II expansions within the next 9 months and achieve our interim milestone of 75 MnT by FY28.”

Dharmender Tuteja, Chief Financial Officer – Dalmia Bharat, said: “I am pleased that we delivered a strong volume growth of 8.4% YoY in Q2FY25. However, the continuous & unprecedented softness in cement prices resulted in revenue declining 2.1% to Rs 3,087 crore, and EBITDA falling 26.8% YoY to Rs 434 crore for the quarter. While external challenges weighed on profitability, we remain focused on long-term cost drivers for margin improvement.”

Result PDF

Cement & Cement Products company Dalmia Bharat announced Q1FY25 results:

  • Installed cement capacity on 30th June at 45.6 MnT (Current 46.6 MnT)
  • Volume increased 6.2% YoY to 7.4 MnT
  • EBITDA increased 9.2% YoY to Rs 669 crore
  • Renewable Energy consumption increased to 35%1
  • Executed Renewable Power Agreements under Group Captive for 127 MW cumulatively.
  • Net Debt to EBITDA stood at 0.17x

Commenting on the performance, Puneet Dalmia, Managing Director & CEO – Dalmia Bharat, said, “The continuity of the incumbent government at the Centre ensures policy stability and a continued focus on infrastructure spending, which bodes well for cement sector's long-term prospects, particularly cement demand. During the quarter, even though cement demand was weak across regions amidst general elections, our volumes grew 6.2% YoY while margins improved to 18.5% from 16.9% last year.”

Dharmender Tuteja, Chief Financial Officer – Dalmia Bharat, said “The cement pricing continued to be weak during the quarter, but we saw a notable improvement in margins due to better input prices and reversal of certain cost inefficiencies of the previous quarter. We are progressing well on the long-term levers of margin improvement including investment in brand, renewable energy and operationalizing captive coal mines.” He also said, “We have added 2 MnT of cement capacity in South and are on track to add another 2.9 MnT in North East & East region during FY25. Our strong balance sheet positions us well for the next phase of expansion.”

Result PDF

Cement & Cement Products company Dalmia Bharat announced FY24 results:

Financial Highlights:

  • Volume increased 11.8% YoY to 28.8 MnT.
  • Revenue increased 8.4% YoY to Rs 14,691 crore in FY24.
  • EBITDA increased 13.4% YoY to Rs 2,639 crore in FY24.
  • Installed cement capacity increased by 15.6% YoY to 44.6 MnT.
  • Brand re-positioning as ‘RCF expert’ and onboarded Ranveer Singh as Brand Ambassador.
  • One of Lowest Carbon footprint in global cement at 460 kgCO2/Ton of Cement.
  • Net Debt/EBITDA stood at 0.18x.

Commenting on the performance, Puneet Dalmia, Managing Director & CEO, Dalmia Bharat, said, “Cement sector has a pivotal role in India's growth story and infrastructure, housing and private capex will drive the demand growth for the next decade and beyond. During FY24 we delivered a volume growth of 11.8% at 28.8Mnt and EBITDA growth of 13.4% at Rs 2,639 crore. We will continue to work on gaining market share and improving realizations while deepening the cost leadership. I remain excited about the tremendous opportunity ahead and believe that we are on a clear path of accelerated growth backed by sustainable business investments, strong Balance Sheet and a dedicated team.”

Dharmender Tuteja, Chief Financial Officer, Dalmia Bharat Limited, said “We bounced back and delivered an industry-leading volume growth of 18.5% YoY during the quarter. However, unexpected drop in cement prices led to EBITDA erosion during the quarter with EBITDA margin declining from 18.1% in Q4FY23 to 15.2% in current quarter. During the ensuing year, we will continue to focus on our levers of long-term cost savings including renewable energy, operationalizing our captive coal mines, digitization of supply chain and invest in our brand.”

Result PDF

Cement & Cement Products company Dalmia Bharat announced Q3FY24 results:

  • Volume increased 8.1% YoY to 6.8 MnT
  • Revenue increased 7.3% YoY to Rs 3,600 crore
  • EBITDA increased 20.3% YoY to Rs 775 crore
  • Cement capacity increased to 44.6 MnT
  • One of the Lowest Carbon footprints in the global cement world at 459 kgCO2/Ton1 of Cement
  • Net Debt/EBITDA stood at 0.16x
  • Puneet Dalmia takes the additional role of CEO & MD of Dalmia (Cement) Bharat

Commenting on the quarter gone by, Puneet Dalmia, Managing Director & CEO – Dalmia Bharat, said, “India has undergone a huge metamorphosis with a lot of reforms in the last decade. With this, the base for sustainable growth has been set, the momentum is clearly built and we are now clearly transitioned from a Reform Phase into a fast Growth phase. Foreseeing this massive growth opportunity, we remain committed to our plan of 110-130 MnT by 2031.”

He further added, “Our sales volume improved 8.1% YoY with EBITDA growing 20.3% YoY to Rs 775 crore in Q3FY24. With the cement price being largely stable, correction in commodity prices has led to margin recovery; from the lows of 12.8% in Q2FY23 to 21.5% during Q3FY24. While we believe that margins may improve further from here on, our focus for the next 12-15 months would remain on improving our capacity utilization and delivering industry-leading volume growth.”

Dharmender Tuteja, Chief Financial Officer – Dalmia Bharat, said, “We continue to remain one of the lowest cost producers in the country. This, along with softening commodity prices, helped us to achieve 11.3% YoY growth in our EBITDA/T to Rs 1,138. We continue to further strengthen our operational efficiencies through strategic investments. In line with our commitment to keep net debt at less than 2 times of EBITDA, we closed this quarter with Net Debt to EBITDA at 0.16 times. Our Net Debt is now reduced to Rs 431 crore.”

Result PDF

Cement & Cement Products company Dalmia Bharat announced Q2FY24 results:

1. Financial Performance:
- Dalmia Bharat reported a 6.6% YoY increase in sales volume, reaching 6.2 MnT in Q2FY24.
- Income from operations grew by 6.0% YoY to Rs 3,149 crore.
- The company achieved a significant YoY improvement in EBITDA, which increased by 55.2% to Rs 589 crore.
- EBITDA per ton (EBITDA/T) also saw a strong growth of 45.6% YoY, reaching Rs 955.

2. Capacity Expansion and Production:
- Dalmia Bharat commenced commercial production from a new Greenfield Cement Grinding unit in Sattur, Tamil Nadu, with a manufacturing capacity of 2.0 MnT.
- The company also started commercial production of clinker, adding 0.5 MnT to the total clinker capacity, which now stands at 22.2 MnT.
- In the first half of the year, Dalmia Bharat commissioned 5.1 MnT of cement and 0.5 MnT of clinker capacity in the East and South regions.

3. Dividend and Capital Allocation:
- Dalmia Bharat declared an interim dividend of Rs 4 per share, following its capital allocation framework.

4. Environmental Sustainability:
- Dalmia Bharat achieved one of the lowest carbon footprints in the global cement sector, with 456 kg CO2 per ton of cement.
- The company's renewable energy consumption increased to 29% in Q2FY24, contributing to its commitment to reducing environmental impact.

5. Recognitions and Awards:
- Six plants of Dalmia Bharat received eight awards under the Excellent Energy Efficient category at the 24th CII National Energy Award 2023.
- Dalmiapuram unit won the CII SR Waste Management Competition 2023 for Best Solid Waste Management Award.
- The company's "Home Maker" digital campaign won the Silver for Excellence in Omni-channel Marketing at the Datamatix Summit Awards by Adgully.
- Dalmia Bharat won the Best Supply Chain Company Award at the 15th ELSC Leadership Awards 2023.

Commenting on the quarter gone by, Puneet Dalmia, Managing Director & CEO – Dalmia Bharat, said, “We see a multi-year strong cement demand trend continuing, as India is undergoing a large-scale metamorphosis. We were one of the first ones to foresee this upcycle and started building our capacity ahead of time. In the last 3.5 years, we have added ~17.2 MnT cement capacity, which is ~65% growth over FY20 capacity. In line with our vision to reach 110-130MnT by 2031, we are continuing to make consistent strides in that direction and capitalize upon the huge opportunity ahead of us.”

Mahendra Singhi, Managing Director and CEO – Dalmia Cement (Bharat) said, “With the reduction in fuel prices, increased usage of Renewable power and improvement in KPIs, we were able to deliver 55% YoY improvement in our EBITDA, which stands at Rs 589 crore. During the first half of the year, we commissioned 5.1 MnT of cement and 0.5 MnT clinker capacity in the East and South regions.”

He further mentioned, “We continue to demonstrate our commitment towards the environment as we have further brought down our carbon footprint to 456 kg CO2 per ton of cement which is one of the lowest in the global cement sector.”

 

 

Result PDF

Cement & Cement Products company Dalmia Bharat announced Q1FY24 results:

  • Volume increased 12.4% YoY to 7.0 MnT
  • Revenue increased 9.8% YoY to Rs 3,624 crore
  • EBITDA/T stood at Rs 872/T
  • PAT decreased 29.6% to Rs 144 crore
  • Installed capacity increased to 41.7 MnTPA
  • One of Lowest Carbon footprint in the global cement world at 462 kgCO2/Ton of Cement
  • Renewable Energy capacity increased to 170 MW
  • Net Debt/EBITDA stood at 0.52x

Commenting on the quarter gone by, Puneet Dalmia, Managing Director & CEO – Dalmia Bharat, said, “We are in the midst of a strong demand environment on the back of a sustained push by the Government on infrastructure and a robust real estate cycle already kicking in. Though we have strong conviction in our ability to outperform the industry, this quarter has been a disappointment against our expectations. Having said so, we remain focused on seizing the emerging demand opportunities, sustaining our position as a cost leader, and delivering sustainable returns to our stakeholders.”

Mahendra Singhi, Managing Director and CEO – Dalmia Cement (Bharat) said, “During the quarter gone by, we delivered a 12%YoY growth in cement volumes and witnessed further softening of fuel prices. Given the promising outlook for cement demand, the expectation of stable cement prices during the rest of the year, and softening in commodity costs, we anticipate a gradual improvement in profitability.”

 

 

Result PDF

Cement & Cement Products company Dalmia Bharat announced FY23 results:

  • Volume increased 15.9% YoY to 25.7 MnT
  • Revenue increased 20.0% YoY to Rs 13,540 crore
  • EBITDA stood at Rs 2,316 crore
  • EBITDA/T stood at Rs 900/T
  • Installed capacity increased by 7.5% to 38.6 MnT as on 31st March 2023
  • One of Lowest Carbon footprint in global cement world at 463kgCO2/Ton of Cement
  • Renewable Energy capacity increased by 100 MW to 166 MW (>2.5 times from FY22 end)
  • Renewable Power consumption increased to 20.9% from 10.1% in FY22 (Q4FY23 at 25.2%)
  • Low Carbon (Blended) Cement % is highest ever at 84.1%
  • Sale of premium product in trade volumes increased by 19.9% to 3.4 MnT
  • Net Debt/EBITDA stood at 0.29x

Commenting on the quarter gone by, Puneet Dalmia, Managing Director & CEO – Dalmia Bharat, said, “I am tremendously proud of our people who have delivered an all-round financial performance alongside meeting the capacity expansion targets of the company. The industry leading volume and revenue growth of 15.9% and 20.0% YoY respectively, is a testament of clarity of our vision, strength of our brand and efficient business operations, all of which is well navigated by our strong leadership team”.

He further added, “With deep rooted conviction in India’s growth prospects, I am excited that armed with a combination of newly added cement capacity, a well-capitalized balance sheet and a visionary leadership, Dalmia Bharat has a large headroom to continually deliver industry leading performance and participate in India’s growth story.”

Mahendra Singhi, Managing Director and CEO – Dalmia Cement (Bharat) said, “I am pleased with our performance during the entire year of FY23. Our persistent efforts, on enhancing sustainability of our operations & rationalization of our operating costs, have enabled us to mitigate the adverse impact of inflation and deliver stable earnings performance”.

He also mentioned that “With robust demand outlook, steady cement prices and the peak of commodity price inflation behind us, we are expecting profitability to gradually improve from here on.”

 

 

Result PDF

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