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
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
45%Questions answered5Evaded / deflected10Questions audited
Evasive
High priority
Status of planned expansions at Jalmare and Northeast.
Asked by Ahmed Muraka, Access Capital
Management deferred clarity to March 2026 without giving a concrete timeline.
deferred to March 2026no specific timeline
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Question
So the first question is on the update on the planned expansions at Jalmare and Northeast. So in the last call you had alluded to that. So what is the status and by when do you think it can be actioned?
Punit Dalmia (CEO)
I think northeast has already started trial run... we are still a couple of quarters away before we give clarity on that one. And on Jesselme... we have time up until March 2026 before which we can break ground... wait till March 26 before we'll update you on both.
Evasive
High priority
Why realization dropped 4.3% despite focus on profitable growth.
Asked by Ahmed Muraka, Access Capital
Management gave generic reasons without explaining the specific 4.3% decline.
attributed to mix without quantificationrefused to comment quarter to quarter
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Question
But when I see realization actually surprisingly it has dropped 4.3% actually which is higher I believe than industry price behavior. So one why would that I mean the declines be higher than the industry.
Punit Dalmia (CEO)
I think again as I said every quarter there are regional mix, segment mix... directionally we are heading in the right direction... we will not be able to comment quarter to quarter.
Evasive
Medium priority
Guidance on volume growth relative to market.
Asked by Ahmed Muraka, Access Capital
Management declined to provide any volume guidance.
no number givenvague directional statement
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Question
And any guidance on volume generally like I believe you've been growing one and a half times of market so any number that you would want to give for that?
Punit Dalmia (CEO)
I don't want to give any number but I just I think H2 will be better than H1 hopefully.
Answered
Medium priority
Reason for ₹3,000 crore capex cut.
Asked by Ahmed Muraka, Access Capital
Management directly explained the capex cut was due to better credit terms from suppliers.
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Question
The KPIX cut that was highlighted at 3,000 crores. So what exactly has led to that? Better credit terms is what was said but generally if you can explain it a bit more.
CFO (name not stated)
As I said with some of the critical equipment suppliers we were able to negotiate better credit terms. So that is reflected in lower outgo cash flows in this year still the next year.
Answered
Low priority
Details of new variable compensation structure.
Asked by Satya Jen, Ambit Capital
Management provided specific details on the new variable compensation structure.
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Question
Just had a question on the compensation structure change. That seems interesting. Can you maybe it seems like there was no variable compensation structure earlier. Correct. And what are the changes outlined in this?
Punit Dalmia (CEO)
Earlier it was all 100% pay was fixed pay... we have introduced a variable pay structure for senior and middle management... three variables: company performance, individual performance, safety... total variable pay will be around 15 to 25% of total pay.
Evasive
Low priority
How is company performance defined for variable pay?
Asked by Satya Jen, Ambit Capital
Management did not disclose the specific metrics used to define company performance.
no specific metrics givenvague reference to internal budgets
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Question
And how do you define company performance? Is it ROC? Is it volume? Is there any metric that you would use to measure the performance?
Punit Dalmia (CEO)
I think these will be our internal metrics where we have certain budgets... these metrics will basically align management compensation to shareholder outcomes.
Evasive
High priority
How will the 14 million ton gap to 75mt target be filled?
Asked by Sumangal Natia, Kotto Securities
Management deferred clarity on capacity expansion to March 2026.
deferred to March 2026no concrete plan shared
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Question
So my question is just want to understand the 14 million ton gap which we have 13 and a half. Do we have a bottom-up organic plan or there is JPA or some other inorganic contribution also in this 75 million tons.
Punit Dalmia (CEO)
I've said this earlier also I think we are waiting for the JP outcome... parallelly we are developing all other projects to be in a state of readiness... I will be able to give more visibility only in March 26.
Evasive
High priority
Did Dalmia compromise market share for profitability?
Asked by Sumangal Natia, Kotto Securities
Management did not confirm whether market share was sacrificed, citing micro-market strategy.
no direct answerrefused to disclose micro-market strategy
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Question
Second question sir is on the volumes 3% odd growth. Do we think we have kind of compromised some market share for the realization and profitability as we discussed earlier or our sense is that the market itself was quite weak in the second quarter.
Punit Dalmia (CEO)
Our goal is profitable growth in some markets... we will go for market share in some markets where we have high utilization... I cannot reveal more than this micro market by micro market how we are going to play it.
Partial answer
Medium priority
Have costs bottomed out given rising petcoke prices?
Asked by Pinakin, HSBC
Management acknowledged cost pressure but did not quantify the expected increase or mitigation.
no quantification of cost impactvague mitigation
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Question
We have seen petcoke prices inch higher, USD INR has changed. So should we assume that the costs have bottomed out and they would move higher in the second half?
CFO (name not stated)
Petcoke prices currently are around 116 so naturally there will be some pressure on the external front... but we are also on track to reduce our variable cost. So we'll try to partly cover this and ensure that the impact on the candle is minimum.
Answered
High priority
Reason for Dalmia's price decline vs flat market prices.
Asked by Pinakin, HSBC
Management directly attributed the ASP decline to lower trade mix (62% vs previous quarter).
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Question
Has there been a material change in the trade mix or the ratio premium cement being sold this quarter versus the previous quarter which would partly explain the headline ASP decline?
CFO (name not stated)
The trade percentage is 62% which is lower than the previous quarter so that is one of the reasons you see the relations seem lower.
Answered
Medium priority
Current petcoke consumption cost and cost reduction target.
Asked by Rashi, Citi
Management provided the current cost figure and directional guidance.
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Question
Just from the cost side, how much is the petco or the fuel consumption cost today versus $100 in the second quarter?
CFO (name not stated)
Currently, it has come to about 1.38 on per kal basis and you can expect a marginal increase in the coming quarter.
Answered
Medium priority
Incentive accrual and collection numbers.
Asked by Rashi, Citi
Management confirmed the numbers and provided a timeline for catch-up.
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Question
Just on the incentive the accrual you said was 60 cr and receive was 50 cr just double checking the number.
CFO (name not stated)
Yeah 64 cr approval and 50 cr collection and we expect to catch up on the collection in the quarter three.