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Dalmia Bharat Ltd.
(DALBHARAT)
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Rating:54Neutral
Price Target:
₹1,877.00
▲(2.25% Upside)
Action:Reiterated
Date:08/06/26
The score is held back primarily by weak cash conversion (recurring negative free cash flow) and a richer valuation (high P/E with low yield). These are partially offset by a still-manageable, equity-backed balance sheet and moderately positive technical momentum with the stock trading above key shorter-term moving averages.
Positive Factors
Multi-year revenue expansion
Sustained top-line growth over multiple years indicates expanding scale and market penetration in core cement markets. Durable revenue expansion supports plant utilization, bargaining power with suppliers, and long-term investment capacity even through cyclical construction demand swings.
Negative Factors
Recurring negative free cash flow
Persistent negative free cash flow constrains the company's ability to reduce debt, return capital, or invest without external funding. Over a multi-month horizon this limits financial flexibility, increases reliance on financing, and raises risk if capex or working-capital needs remain elevated.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year revenue expansion
Sustained top-line growth over multiple years indicates expanding scale and market penetration in core cement markets. Durable revenue expansion supports plant utilization, bargaining power with suppliers, and long-term investment capacity even through cyclical construction demand swings.
Read all positive factors
Dalmia Bharat Ltd. (DALBHARAT) vs. iShares MSCI India ETF (INDA)
Market Cap
₹321.47B
Dividend Yield0.53%
Average Volume (3M)13.06K
Price to Earnings (P/E)34.2
Beta (1Y)1.06
Revenue Growth7.60%
EPS Growth-0.22%
CountryIN
Employees5,841
SectorGeneral
Sector StrengthN/A
IndustryConstruction Materials
Share Statistics
EPS (TTM)49.79
Shares Outstanding187,565,950
10 Day Avg. Volume6,032
30 Day Avg. Volume13,061
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
₹1,910.00Price Target Upside4.05% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)59.38
Revenue Forecast (FY)₹166.48B
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. 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 | 150.58B | 148.04B | 139.80B | 146.91B | 135.52B | 112.86B |
| Gross Profit | 77.03B | 68.13B | 83.86B | 85.07B | 75.51B | 69.62B |
| EBITDA | 30.93B | 32.79B | 24.78B | 27.68B | 24.76B | 25.92B |
| Net Income | 9.33B | 11.39B | 6.83B | 8.26B | 10.35B | 8.16B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 333.12B | 302.26B | 277.49B | 255.43B | 248.71B |
| Cash, Cash Equivalents and Short-Term Investments | 53.21B | 53.29B | 46.02B | 44.72B | 38.79B | 45.75B |
| Total Debt | 0.00 | 74.06B | 57.02B | 48.05B | 38.55B | 31.76B |
| Total Liabilities | -181.23B | 151.89B | 127.26B | 112.42B | 97.99B | 85.58B |
| Stockholders Equity | 181.23B | 179.79B | 173.74B | 163.97B | 156.28B | 160.61B |
Cash Flow | ||||||
| Free Cash Flow | -4.54B | -1.57B | -5.47B | -1.92B | -4.57B | 1.68B |
| Operating Cash Flow | 7.35B | 18.99B | 21.17B | 26.35B | 22.52B | 19.37B |
| Investing Cash Flow | -18.30B | -30.90B | -22.70B | -27.50B | -23.26B | -10.48B |
| Financing Cash Flow | 10.16B | 12.54B | -390.00M | 2.22B | 1.68B | -9.42B |
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 | ₹993.31B | 22.50 | ― | 0.50% | 10.70% | 1.03% | |
64 Neutral | ₹844.29B | 51.26 | ― | 0.65% | 12.63% | 9.64% | |
63 Neutral | ₹3.29T | 37.92 | ― | 2.17% | 19.07% | 21.21% | |
62 Neutral | ₹238.15B | 12.42 | ― | 0.59% | 15.35% | -21.06% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | ₹321.47B | 34.15 | ― | 0.53% | 7.60% | -0.22% | |
54 Neutral | ₹389.39B | 40.78 | ― | 0.40% | 15.92% | -5.47% |
* General Sector Average
IN:DALBHARAT
Dalmia Bharat Ltd.
1,699.45
-700.15
-29.18%
IN:ACC
ACC Limited
1,262.80
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-31.36%
IN:AMBUJACEM
Ambuja Cements Limited
399.00
-165.75
-29.35%
IN:JKCEMENT
J.K. Cement Ltd.
4,992.75
-1,668.99
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IN:SHREECEM
Shree Cement Limited
23,175.00
-6,820.56
-22.74%
IN:ULTRACEMCO
UltraTech Cement Limited
11,050.00
-1,268.95
-10.30%
Dalmia Bharat Ltd. Corporate Events
Dalmia Cement Wins Bid for Bhilai Jaypee Cement Under Insolvency Process
Jul 28, 2026
Dalmia Cement (Bharat) Limited has been selected as the successful resolution applicant for Bhilai Jaypee Cement Limited under the corporate insolvency resolution process. The subsidiary received a Letter of Intent from the resolution professional...
Dalmia Bharat Publishes Q1 FY27 Earnings Call Transcript
Jul 28, 2026
Dalmia Bharat Limited has released the official transcript of its Q1 FY27 earnings conference call for the quarter ended June 30, 2026. The call, held on July 24, 2026, featured senior management including the managing director, chief financial of...
Dalmia Bharat Clears Q1 FY27 Results and Appoints New CFO
Jul 24, 2026
Dalmia Bharat Limited’s board has approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, following review by its audit committee and statutory auditors. These results provide stakeholders wi...
Dalmia Bharat Subsidiary Starts Commercial Production at Chunar Cement Plant
Jun 21, 2026
Dalmia Cement (Bharat) Limited, the wholly owned material subsidiary of Dalmia Bharat Limited, has commenced commercial production at its recently acquired cement grinding plant in Chunar, Uttar Pradesh. The facility, with a cement grinding capaci...
Dalmia Bharat Sets June 30 Virtual AGM, Details Remote E-Voting Process
Jun 6, 2026
Dalmia Bharat Limited has announced that its 13th Annual General Meeting will be held on June 30, 2026, at 11:30 a.m. IST via video conferencing and other audio-visual means, in line with Companies Act and SEBI listing regulations that permit virt...
Dalmia Bharat Sets June 30 Virtual AGM, Announces Record Date for Dividend Eligibility
Jun 4, 2026
Dalmia Bharat Ltd. has released its Integrated Annual Report for FY 2025-26 and issued the notice for its 13th Annual General Meeting, which will be held on June 30, 2026 via video conferencing and other audio-visual means. The documents have been...
Dalmia Bharat to Boost Capacity with Rs 2,850 Crore Cement Asset Acquisition
May 21, 2026
Dalmia Cement (Bharat) Limited, a wholly owned subsidiary of Dalmia Bharat Limited, has signed a Business Transfer Agreement to acquire multiple cement assets from Jaiprakash Associates Limited and Adani Infra (India) Ltd. The acquired portfolio i...
Dalmia Bharat to Acquire 5.2 MTPA Central India Cement Assets from Jaiprakash Associates
May 21, 2026
Dalmia Cement (Bharat) Limited has signed a Business Transfer Agreement with Jaiprakash Associates Limited and Adani Infra (India) Limited to acquire a 5.2 million tonnes per annum cement capacity and 3.3 million tonnes per annum clinker capacity ...
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.