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Dalmia Bharat Ltd.
(DALBHARAT)
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Rating:49Neutral
Price Target:
₹1,318.00
▼(-28.20% Downside)
Action:Reiterated
Date:10/26/26
The score is held back primarily by weak cash-flow quality (recurring negative free cash flow) and bearish technicals (price below major moving averages with negative MACD). Earnings-call guidance provides some offset via expansion progress and an expectation of improved demand/pricing, but near-term cost pressure and ramp-up dilution remain key risks, while valuation (P/E ~32 with low yield) offers limited downside cushion.
Positive Factors
Long-term capacity expansion
The expansion pipeline can increase Dalmia Bharat’s ability to serve India’s construction market and support volume growth over several years. Belgaum, Pune, and Kadapa add identifiable capacity while the company prioritizes bringing existing projects online before committing to further expansion.
Negative Factors
Persistent free cash flow pressure
Repeatedly negative free cash flow indicates that operating cash generation has not consistently covered investment needs, limiting funds available for debt reduction and shareholder returns. This remains important as Dalmia executes capacity additions and absorbs ramp-up costs across new assets.
Read all positive and negative factors
Positive Factors
Negative Factors
Long-term capacity expansion
The expansion pipeline can increase Dalmia Bharat’s ability to serve India’s construction market and support volume growth over several years. Belgaum, Pune, and Kadapa add identifiable capacity while the company prioritizes bringing existing projects online before committing to further expansion.
Read all positive factors
Dalmia Bharat Ltd. (DALBHARAT) vs. iShares MSCI India ETF (INDA)
Market Cap
₹248.47B
Dividend Yield0.68%
Average Volume (3M)47.41K
Price to Earnings (P/E)51.0
Beta (1Y)1.06
Revenue Growth6.14%
EPS Growth-56.44%
CountryIN
Employees5,841
SectorGeneral
Sector StrengthN/A
IndustryConstruction Materials
Share Statistics
EPS (TTM)26.02
Shares Outstanding187,565,950
10 Day Avg. Volume137,303
30 Day Avg. Volume47,406
Financial Highlights & Ratios
PEG Ratio0.44
Price to Book (P/B)1.86
Price to Sales (P/S)2.25
P/FCF Ratio-212.54
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹2,125.00Price Target Upside15.76% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)47.19
Revenue Forecast (FY)₹165.18B
Dalmia Bharat Ltd. Business Overview & Revenue Model
Company Description
Dalmia Bharat Limited, an Indian enterprise, specializes in the production and sale of clinker and a diverse range of cement products. Serving both individual consumers and institutional clients, its cement offerings include Portland slag, pozzola...
How the Company Makes Money
Dalmia Bharat Ltd. primarily makes money by producing and selling cement and cementitious products to the construction sector. Its core revenue stream comes from domestic sales of cement (across different grades and applications) delivered through...
Dalmia Bharat Ltd. Earnings Call Summary
Earnings Call Date:Oct 26, 2026
(Q2-2027)
| % Change Since: |
Next Earnings Date:Jan 27, 2027
Earnings Call Sentiment Neutral
The call was balanced. Management highlighted resilient Indian cement demand, progress on Belgaum and Central India expansions, improving pricing, renewable energy growth, lower contingent liabilities, and continued strategic investment. However, these positives were offset by weak East and Northeast demand, lower realizations, significant cost inflation, reduced EBITDA per ton, Central India ramp-up dilution, exceptional charges, and the need to improve capacity utilization and sales execution. Management remained confident in a stronger H2 and in the long-term strategy, but near-term operating performance remains under pressure.Positive Updates
Resilient Indian Economic and Cement Demand Environment
India's Q1 GDP grew 7.8%, the RBI revised its FY2027 GDP growth estimate upward to 7.1%, GST collections remained close to record levels, and manufacturing output continued to show strong growth. Cement demand grew in high single digit year over year during the quarter, supported by continued government CapEx spending and relatively low rainfall in several regions.
Negative Updates
Weak East and Northeast Demand
East and Northeast markets were considerably weaker during the quarter because of severe floods and heavy rainfall. The weaker regional demand contributed to lower growth and an adverse fixed-cost absorption impact.
Read all updates
Q2-2027 Updates
Positive
Negative
Resilient Indian Economic and Cement Demand Environment
India's Q1 GDP grew 7.8%, the RBI revised its FY2027 GDP growth estimate upward to 7.1%, GST collections remained close to record levels, and manufacturing output continued to show strong growth. Cement demand grew in high single digit year over year during the quarter, supported by continued government CapEx spending and relatively low rainfall in several regions.
Read all positive updates
Company Guidance
Management expects commercial production from Belgaum ahead of the peak demand season in Q4, Pune and Kadapa to come during financial year 2028, taking total capacity to around 67 MTPA; Central India assets are targeted to reach 35%-40% utilization by end of financial year 2027, with EBITDA dilution of INR 100-INR 125 a ton in quarter three, a target to be near to break even in Central Assets by end of FY 2027, and Dalmia standard level EBITDA by end of FY 2028. Second half volumes are expected to grow in line with the industry, with 7%-8% cited as the industry outlook, while a further cost impact of around INR 75 per ton in Q3 and roughly $75-$80 bucks in quarter three was indicated; cement prices in the South and East were around INR 15 per bag higher than Q2 average, incentives should be back on course in quarter three and quarter four onwards, full-year CapEx guidance remains INR 3,200-INR 3,400 odd crore, and leverage is to remain below 2x on a sustainable basis.Dalmia Bharat Ltd. Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
67
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 152.50B | 148.04B | 139.80B | 146.91B | 135.52B | 112.86B |
| Gross Profit | 83.57B | 68.13B | 83.86B | 85.07B | 75.51B | 69.62B |
| EBITDA | 28.69B | 32.79B | 25.52B | 28.34B | 25.29B | 26.38B |
| Net Income | 4.90B | 11.39B | 6.83B | 8.26B | 10.35B | 8.16B |
Balance Sheet | ||||||
| Total Assets | 364.35B | 333.12B | 302.26B | 277.49B | 255.43B | 248.71B |
| Cash, Cash Equivalents and Short-Term Investments | 38.45B | 53.29B | 46.02B | 44.72B | 38.79B | 45.75B |
| Total Debt | 102.84B | 74.06B | 57.02B | 48.05B | 38.55B | 31.76B |
| Total Liabilities | 184.24B | 151.89B | 127.26B | 112.42B | 97.99B | 85.58B |
| Stockholders Equity | 178.61B | 179.79B | 173.74B | 163.97B | 156.28B | 160.61B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -1.57B | -5.47B | -1.92B | -4.57B | 1.68B |
| Operating Cash Flow | 0.00 | 18.99B | 21.17B | 26.35B | 22.52B | 19.37B |
| Investing Cash Flow | 0.00 | -30.90B | -22.70B | -27.50B | -23.26B | -10.48B |
| Financing Cash Flow | 0.00 | 12.54B | -390.00M | 2.22B | 1.68B | -9.42B |
Dalmia Bharat Ltd. Technical Analysis
Negative
1835.70
Price Trends
1692.53
Negative
1730.13
Negative
1833.07
Negative
Market Momentum
-71.12
Positive
22.31
Positive
0.97
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DALBHARAT, the sentiment is Negative. The current price of 1835.7 is above the 20-day moving average (MA) of 1589.55, above the 50-day MA of 1692.53, and above the 200-day MA of 1833.07, indicating a bearish trend. The MACD of -71.12 indicates Positive momentum. The RSI at 22.31 is Positive, neither overbought nor oversold. The STOCH value of 0.97 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:DALBHARAT.
Dalmia Bharat Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | ₹865.96B | 30.72 | ― | 0.57% | 5.64% | -50.36% | |
64 Neutral | ₹3.25T | 36.91 | ― | 2.17% | 17.79% | 18.30% | |
62 Neutral | ₹212.26B | 24.05 | ― | 0.66% | 7.96% | -73.56% | |
62 Neutral | ₹832.35B | 52.40 | ― | 0.65% | 14.32% | -7.88% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | ₹368.54B | 38.60 | ― | 0.42% | 17.33% | -7.43% | |
49 Neutral | ₹248.47B | 50.97 | ― | 0.68% | 6.14% | -56.44% |
* General Sector Average
IN:DALBHARAT
Dalmia Bharat Ltd.
1,324.70
-745.52
-36.01%
IN:ACC
ACC Limited
1,130.30
-728.15
-39.18%
IN:AMBUJACEM
Ambuja Cements Limited
348.50
-226.00
-39.34%
IN:JKCEMENT
J.K. Cement Ltd.
4,770.70
-1,104.88
-18.80%
IN:SHREECEM
Shree Cement Limited
23,069.05
-4,858.94
-17.40%
IN:ULTRACEMCO
UltraTech Cement Limited
11,050.10
-663.85
-5.67%
Dalmia Bharat Ltd. Corporate Events
Dalmia Bharat Board Clears H1 FY27 Results, Declares Interim Dividend
Oct 26, 2026
Dalmia Bharat Limited’s board, at a meeting held on October 26, 2026, approved the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026, as recommended by the audit committee. These r...
Dalmia Bharat Board Clears Q2 FY27 Results and Announces Interim Dividend
Oct 26, 2026
Dalmia Bharat Limited’s board has approved the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026, following the audit committee’s recommendation and SEBI disclosure norms. Th...
Dalmia Bharat to Hold Q2 FY27 Earnings Call on October 26
Oct 19, 2026
Dalmia Bharat Limited has scheduled an investors and analysts conference call on October 26, 2026, at 5:30 p.m. IST to discuss its unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026. The ...
Dalmia Bharat confirms SEBI compliance on demat and remat of shares for Q2 FY27
Oct 6, 2026
Dalmia Bharat Limited has submitted certificates from its registrar and transfer agent, KFin Technologies Limited, confirming compliance with Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended Sept...
Dalmia Bharat launches postal ballot process, publishes shareholder notices
Sep 20, 2026
Dalmia Bharat Ltd. has notified stock exchanges that it has completed the dispatch of a postal ballot notice and explanatory statement dated 16 September 2026 to its shareholders, enabling them to participate through remote e-voting on proposed re...
Dalmia Bharat Subsidiary Launches Waste Management Arm to Bolster Green Infrastructure Play
Sep 17, 2026
Dalmia Bharat Ltd. is a major player in India’s cement and building materials sector, increasingly aligning its portfolio with sustainability and environmental services. By leveraging subsidiaries, the group is moving into waste management a...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.