Dalmia Bharat Management Guidance Tracker

12 forward-looking guidance items tracked across 3 quarters.

Capex

Q2 FY26FY26 capex revised down to ₹3,000 croreActive

Capex spend for FY26 estimated at ₹3,000 crore, lower than earlier guidance due to favorable credit terms from equipment suppliers and postponement of non-budget capex.

Q3 FY26Capex of ₹2,700 crore for FY26Active

Majority spent on Umrangso clinker, Belgaum, Pune, and Kadapa projects.

Q3 FY26Capex of ~₹4,000 crore in FY27 and ~₹8,000-9,000 crore over next two yearsTracked

Includes ongoing expansions and potential new projects like Jaisalmer.

Q4 FY26FY27 capex guidance of ₹3,200-3,400 croreActive

Total capex for FY27 is expected to be ₹3,200-3,400 crore, with ₹2,200-2,300 crore for ongoing expansion projects.

Revenue

Q2 FY26Incentive accrual for FY26 at ₹240 croreTracked

Total incentive accrual for FY26 expected to be around ₹240 crore, down from earlier guidance of ₹300 crore due to GST rate cut impact.

Other

Q2 FY26Net debt-to-EBITDA to remain below 2xTracked

Management guided that net debt-to-EBITDA will comfortably remain below 2x even with ongoing expansion capex.

Margins

Q2 FY26Cost reduction target of ₹150-200 per ton over 2 yearsTracked

Management confirmed the cost reduction target of ₹150-200 per ton over the next two years is on track.

Q3 FY26Cost takeout target of ₹150-200 per tonTracked

₹45-50/ton achieved so far; more initiatives in pipeline.

Q4 FY26Cost reduction target of ₹50-100 per ton annuallyTracked

Management targets internal cost take-out of ₹50-100 per ton every year, though external headwinds may offset.

Expansion

Q3 FY26Capacity target of ~75 MTPA by FY28Tracked

Jaisalmer project (7-8 MTPA) to be firmed up in next few months.

Q4 FY26Capacity target of 72-75 million tons by FY28Tracked

The company aims to reach 72-75 million tons of cement capacity by FY28, with new projects to be announced.

Growth

Q4 FY26Volume growth to outperform industryActive

Management aims to deliver volume growth ahead of the industry, targeting 7-8% industry growth.