Risks
4 risks
Risk Intelligence
Rising petcoke prices
View Risks →Dalmia Bharat Limited — Q2 FY26
Dalmia Bharat reported a strong Q2 FY26 with revenue of ₹3,417 crore (+10.7% YoY) and EBITDA of ₹696 crore (+60% YoY), driven by better realizations and cost control.
bullish
medium
✓ Verified against BSE filing
2-Minute Summary
✦ AI-Generated from Full Transcript
Dalmia Bharat reported a strong Q2 FY26 with revenue of ₹3,417 crore (+10.7% YoY) and EBITDA of ₹696 crore (+60% YoY), driven by better realizations and cost control. EBITDA margin expanded to 20.4% (vs 14.1% last year), with EBITDA per ton at ₹1,013 – the second consecutive quarter above ₹1,000. Volume growth was modest at 2.9% YoY due to heavy rains and GST transition disruption. Management expects H2 demand recovery on pent-up demand and policy support (GST cut, RBI rate cuts). The company maintained its cost leadership trajectory, with logistics costs down 3.8% YoY and renewable energy capacity on track to reach 576 MW by FY26-end. Capex guidance for FY26 was revised down to ₹3,000 crore due to favorable credit terms. Key risk: rising petcoke prices could pressure margins in H2.
डालमिया भारत ने वित्त वर्ष 2026 की दूसरी तिमाही में मजबूत प्रदर्शन किया। कंपनी की कमाई 3,417 करोड़ रुपये रही, जो पिछले साल से 10.7% ज्यादा है। मुनाफा (EBITDA) 696 करोड़ रुपये रहा, जो 60% बढ़ा। इसकी वजह बेहतर कीमतें और खर्च पर काबू है। मुनाफे की दर 20.4% हो गई, जो पिछले साल 14.1% थी। हर टन सीमेंट पर मुनाफा 1,013 रुपये रहा, जो लगातार दूसरी तिमाही 1,000 से ऊपर है। बिक्री में सिर्फ 2.9% का इजाफा हुआ, क्योंकि भारी बारिश और जीएसटी बदलाव से परेशानी हुई। कंपनी को उम्मीद है कि सरकारी मदद और ब्याज दरों में कटौती से दूसरी छमाही में मांग बढ़ेगी। लागत कम रखने में कामयाबी मिली, परिवहन खर्च 3.8% घटा। अक्षय ऊर्जा क्षमता 576 मेगावाट तक पहुंचने की योजना है। निवेश का अनुमान घटाकर 3,000 करोड़ रुपये किया गया। खतरा: पेटकोक की बढ़ती कीमतें मुनाफा कम कर सकती हैं।
Risks4 trackedTranscriptfull text
Research workspace
Focused Modules
Transcript
Full text
Call Transcript
Full transcript text is available on this route.
Read Transcript →Quarter Snapshot
EBITDA per ton
₹1,013
+55% YoY
Second consecutive quarter of four-digit EBITDA per ton, driven by better realization and cost control.
Trade share
52%
-10pp YoY
Trade share declined to 52% from 62% last year, partly explaining lower realization due to mix shift.
Renewable energy capacity
93 MW added in Q2
+19% vs FY25-end
Commissioned 93 MW of renewable capacity in Q2; on track to reach 576 MW by FY26-end.
Incentive accrual
₹64 crore
-27% vs earlier run rate
Q2 incentive accrual of ₹64 crore; full-year guidance reduced to ₹240 crore due to GST cut impact.
Fast read
Guidance and risk preview
Capex spend for FY26 estimated at ₹3,000 crore, lower than earlier guidance due to favorable credit terms from equipment suppliers and postponement...
Petcoke prices have increased to ~$116/ton, which could pressure variable costs in H2 if the trend continues.
View Risks →