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Revenue
₹4,245 Cr
verified against source
Revenue YoY
6%
reported change
EBITDA
₹383 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Dalmia Bharat reported its best-ever EBITDA of ₹383 crore (up 28% YoY) and PAT of ₹1,157 crore (up 65% YoY) for FY26, driven by cost leadership and premiumization. Q4 volume grew 3% YoY to 8.8M tons, with trade share at 67% and premium product share at 24%. The company achieved the lowest quarterly total cost per ton in five years at ₹3,790, aided by a 6% YoY decline in logistics cost and improved renewable energy share (47%). Management guided for 50-100 rupees annual cost take-out, but flagged a near-term cost headwind of ₹125-150 per ton in Q1FY27 due to West Asia conflict impacts on fuel, packing, and logistics. Capex for FY27 is guided at ₹3,200-3,400 crore, with capacity target of 75M tons by FY28. Key risk: cost inflation may outpace price hikes if geopolitical tensions persist.
Colored figures show movement against the previous available record.
Guidance to track
- Total capex for FY27 is expected to be ₹3,200-3,400 crore, with ₹2,200-2,300 crore for ongoing expansion projects.
- Management targets internal cost take-out of ₹50-100 per ton every year, though external headwinds may offset.
- The company aims to reach 72-75 million tons of cement capacity by FY28, with new projects to be announced.
- Management aims to deliver volume growth ahead of the industry, targeting 7-8% industry growth.
Risks flagged
- Pet coke prices have soared to ~$60/ton, packing costs are rising due to PP granules, and fuel/logistics costs are increasing. Management expects ₹125-150 per ton cost impact in Q1FY27.
- Incentives outstanding increased to ₹839 crore due to delayed state government payouts during elections; collections were only ₹14 crore in Q4.
- Q4 volume growth was impacted by an unexpected breakdown in East India, losing ~1.5 lakh tons of clinker and 300,000 tons of cement.
- Analyst raised question about SFIO reopening a mutual fund case; management declined to comment, stating no communication received at company level.
Key quotes
- We have been able to mitigate inflationary pressures with mix optimization and other initiatives on a year basis. Our cost per ton is flat.
- We are chasing internally as we said 50 to 100 rupees cost take out every year. That's internally what we want to chase.
- There will be headwinds along the way and I've always said that this is not a straight road to paradise. There'll be bumps along the way.
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