Dalmia Bharat Limited
NSE: DALBHARAT · Cement & Cement Products · sector
₹1,625.80NSE close 2026-10-26
Key numbers
Market cap₹30,890 cr
Price₹1,625.80
52w high / low₹2,260 / ₹1,580
P/E32.6xSector median 21.5x
P/B1.7xSector median 1.4x
Book value₹946.3
Dividend yield0.55%Sector median 0.64%
ROE2.3%Sector median 7.3%
ROCE6.9%Sector median 6.3%
OPM18.5%Sector median 10.9%
Debt / equity0.38xSector median 0.48x
EV/EBITDA11.6xSector median 14.1x
Interest cover3.3x
Current ratio1.54x
Sales growth 3y+3.0%Sector median +1.9%
Profit growth 3y+3.2%Sector median +16.8%
PEG10.13x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 38 companies in Cement & Cement Products (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹5,329 cr vs borrowings ₹6,752 cr (FY26): borrowings are higher by ₹1,423 cr.
- Borrowings rose in each of the last 3 years (₹3,742 cr → ₹6,752 cr).
- Operating profit covered interest 3.3x in the last 12 months.
- No promoter shares are pledged.
- Operating cash flow was below net profit in 0 of the last 5 years.
- Net loss in 1 of the last 8 quarters.
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 76% of net profit in the last 12 months.
- Dividend paid in 5 of the last 5 financial years.
- Price ₹1,625.80 on 2026-10-26: -28.1% from the 52-week high, +2.9% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹2,448.20 · low ₹1,598.60
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,087 | 3,181 | 4,091 | 3,636 | 3,417 | 3,506 | 4,245 | 3,890 |
| EBITDA | 434 | 511 | 793 | 899 | 696 | 570 | 892 | 623 |
| OPM % | 14.1% | 16.1% | 19.4% | 24.7% | 20.4% | 16.3% | 21.0% | 16.0% |
| Other income | 73 | 37 | 93 | 49 | 66 | 62 | 45 | 139 |
| Net profit | 46 | 61 | 435 | 393 | -288 | 122 | 387 | 188 |
| EPS (₹) | 2.45 | 3.25 | 23.20 | 20.95 | 12.59 | 6.50 | 20.69 | 10.02 |
| Revenue YoY | +10.7% | +10.2% | +3.8% | +7.0% | ||||
| Profit YoY | -726.1% | +100.0% | -11.0% | -52.2% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 11,286 | 13,540 | 14,691 | 13,980 | 14,804 | 15,058 |
| EBITDA | 2,429 | 2,172 | 2,639 | 2,294 | 3,057 | 2,781 |
| Net profit | 1,144 | 1,035 | 826 | 683 | 1,139 | 409 |
| EPS (₹) | 61.18 | 55.22 | 44.05 | 36.42 | 60.73 | 49.80 |
| Revenue growth | +20.0% | +8.5% | -4.8% | +5.9% | +7.6% | |
| Profit growth | -9.5% | -20.2% | -17.3% | +66.8% | -56.3% | |
| Dividend / share (₹) | 5.33 | 9.00 | 9.00 | 9.00 | 9.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +3.0% | +7.1% | +7.6% |
| Net profit | +3.2% | -1.5% | -56.3% |
| EPS | +3.2% | -1.5% | – |
| Share price | – | -5.8% (2y) | -25.7% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 15,628 | 16,397 | 17,374 | 17,979 |
| Borrowings | – | 3,742 | 4,630 | 5,258 | 6,752 |
| Cash & equivalents | – | 3,220 | 4,454 | 4,602 | 5,329 |
| Total assets | – | 25,543 | 27,749 | 30,226 | 33,312 |
| Fixed assets | – | 11,610 | 12,893 | 14,714 | 16,872 |
| Capital work in progress | – | 1,859 | 2,284 | 2,497 | 2,593 |
| Investments | – | 587 | 588 | 673 | 771 |
| Receivables | – | 700 | 836 | 889 | 864 |
| Inventory | – | 1,316 | 1,218 | 1,386 | 1,192 |
| Payables | – | 1,135 | 1,316 | 1,539 | 1,294 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 1,937 | 2,252 | 2,635 | 2,117 | 2,278 |
| Cash from investing | -1,050 | -2,326 | -2,750 | -2,270 | -3,023 |
| Cash from financing | -942 | 168 | 222 | -39 | 808 |
| Capex | 1,769 | 2,709 | 2,827 | 2,664 | 2,056 |
| Free cash flow | 168 | -457 | -192 | -547 | 222 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 6.6% | 5.0% | 3.9% | 6.3% |
| ROCE % | – | 5.2% | 6.9% | 5.4% | 7.8% |
| Debtor days | – | 19 | 21 | 23 | 21 |
| Inventory days | – | 242 | 164 | 217 | 186 |
| Payable days | – | 209 | 178 | 241 | 202 |
| Cash conversion cycle (days) | – | 52 | 7 | -1 | 5 |
| Working capital days | – | 54 | 83 | 81 | 76 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 55.84% |
| FIIs | 7.42% |
| DIIs | 18.91% |
| of which Mutual funds | 15.59% |
| of which Insurance | 3.12% |
| Government | 0.14% |
| Public (non-institutions) | 17.70% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 55.84% | 55.84% | 55.84% | 55.84% | 55.84% | 55.84% | 55.84% | 55.84% |
| Promoter group | % |
|---|---|
| Keshav Power Limited | 35.65% |
| Sita Investment Company Limited | 7.40% |
| Rama Investment Company Private Limited | 5.48% |
| Dalmia Bharat Refractories Limited | 2.51% |
| Dalmia Bharat Sugar and Industries Limited | 1.70% |
| J.H. Dalmia Trust | 1.38% |
| Kavita Dalmia Parivar Trust | 1.38% |
| Mst. Priyang Dalmia | 0.19% |
| Alirox Abrasives Limited | 0.13% |
| Shri Yadu Hari Dalmia C/o Y. H. Dalmia (HUF) | 0.00% |
| Smt. Kavita Dalmia | 0.00% |
| Shri Gautam Dalmia | 0.00% |
| Ms. Shrutipriya Dalmia | 0.00% |
| Smt. Anupama Dalmia | 0.00% |
| Smt. Sukeshi Dalmia Jaipuria | 0.00% |
| Public holders above 1% | % |
|---|---|
| Kotak Midcap Fund | 6.20% |
| Mirae Asset Large & Midcap Fund | 4.41% |
| Life Insurance Corporation of India - P & GS Fund | 2.63% |
| SBI Midcap Fund | 2.15% |
| Investor Education and Protection Fund Authority | 1.71% |
| Dharti Commercial Trading Private Limited | 1.68% |
| Kotak Funds - India Midcap Fund | 1.25% |
| Blue Daimond Properties PVT Ltd | 1.22% |
| Nippon Life India Trustee Ltd- A/C Nippon India Growth MID CAP Fund | 1.05% |
69,514 shareholders. Pledged: 0.00% of promoter shares.
Peers in Cement & Cement Products
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| ULTRACEMCO | ₹3,29,452 cr | 37.4x | 4.5x | 12.1% | 13.5% | 19.0% | +11.9% | 0.69% |
| GRASIM | ₹2,00,762 cr | 35.1x | 1.9x | 5.7% | 5.9% | 14.2% | +14.2% | 0.83% |
| AMBUJACEM | ₹91,448 cr | 20.8x | 1.5x | 7.8% | 4.8% | 14.6% | +1.4% | 0.62% |
| SHREECEM | ₹84,932 cr | 52.1x | 3.6x | 7.3% | 9.6% | 20.9% | +5.5% | 0.60% |
| JKCEMENT | ₹38,133 cr | 40.3x | 5.4x | 14.4% | 13.7% | 15.9% | +12.2% | 0.30% |
| DALBHARAT | ₹30,890 cr | 32.6x | 1.7x | 2.3% | 6.9% | 18.5% | +3.0% | 0.55% |
| ACC | ₹21,934 cr | 11.5x | 1.1x | 9.8% | 9.2% | 10.4% | +5.3% | 0.64% |
| RAMCOCEM | ₹17,620 cr | 27.3x | 2.2x | 8.3% | 10.1% | 20.7% | +3.4% | 0.27% |
| JSWCEMENT | ₹15,880 cr | 20.5x | 2.4x | 11.6% | 9.8% | 17.2% | – | – |
| NUVOCO | ₹12,160 cr | 29.4x | 1.3x | 4.4% | 6.8% | 15.9% | +2.3% | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-06-23 | Dividend | Dividend - Rs 5 Per Share |
| 2025-10-24 | Dividend | Interim Dividend - Rs 4 Per Share |
| 2025-06-23 | Dividend | Annual General Meeting/Dividend - Rs 5 Per Share |
| 2024-10-25 | Dividend | Interim Dividend - Rs 4 Per Share |
| 2024-06-19 | Dividend | Dividend - Rs 5 Per Share |
| 2023-10-20 | Dividend | Interim Dividend - Rs 4 Per Share |
| 2023-06-23 | Dividend | Dividend - Rs 5 Per Share |
| 2022-11-10 | Dividend | Interim Dividend - Rs 4 Per Share |
| 2022-06-23 | Dividend | Dividend - Rs 5 Per Share |
| 2021-11-09 | Dividend | Interim Dividend - Rs 4 Per Share |
| 2021-09-21 | Dividend | Annual General Meeting/Dividend - Rs 1.33 Per Share |
| 2020-09-22 | Other | Annual General Meeting |
| 2020-02-17 | Dividend | Interim Dividend - Rs 2 Per Share |
| 2019-08-22 | Dividend | Annual General Meeting/Dividend - Rs 2 Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing: Cement and Clinker
| Sector | Commodities |
| Industry | Cement & Cement Products |
| Sub-industry | Cement & Cement Products |
| Symbol | DALBHARAT |
| BSE code | 542216 |
| ISIN | INE00R701025 |
| Face value | ₹2.0 |
| Incorporated | 2013-07-12 |
| Website | www.dalmiabharat.com |
| Plants (India / abroad) | 15 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.