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View Promises →Dalmia Bharat Limited — Q3 FY26
Dalmia Bharat reported Q3 FY26 results with 10% YoY volume growth to 7.3 million tons, driven by improved demand traction and channel engagement.
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Dalmia Bharat reported Q3 FY26 results with 10% YoY volume growth to 7.3 million tons, driven by improved demand traction and channel engagement. EBITDA grew 18% YoY to ₹6,002 crore, with EBITDA per ton at ₹823. Revenue increased 10% YoY, though NSR declined ~4% QoQ due to price softening in east and south regions. Cost initiatives delivered ~₹50/ton savings, with a target of ₹150-200/ton over time. The new Umrangso clinker line (3.6 MTPA) commenced production, supporting northeast capacity. Management expects industry demand growth of ~6% for FY26 and high single-digit in Q4, with cautious optimism on pricing recovery. Capex guidance for FY26 is ₹2,700 crore, with ~₹4,000 crore expected next year. Risks include sustained overcapacity and competitive intensity limiting price recovery.
दालमिया भारत ने तीसरी तिमाही के नतीजे बताए। पिछले साल की तुलना में सीमेंट की बिक्री 10% बढ़कर 73 लाख टन हो गई। कमाई (EBITDA) 18% बढ़कर 6,002 करोड़ रुपये हो गई, यानी हर टन पर 823 रुपये का मुनाफा। कुल आय 10% बढ़ी, लेकिन पूर्व और दक्षिण में कीमतें कम होने से प्रति टन कीमत पिछली तिमाही से 4% गिर गई। लागत बचाने के उपायों से 50 रुपये प्रति टन की बचत हुई, और भविष्य में 150-200 रुपये बचाने का लक्ष्य है। उमरंगसो में नई मशीन से उत्पादन शुरू हो गया है। कंपनी को इस साल 6% और अगली तिमाही में 8-9% बिक्री बढ़ने की उम्मीद है। इस साल 2,700 करोड़ और अगले साल 4,000 करोड़ रुपये खर्च करने की योजना है। जोखिम: बाजार में ज्यादा सीमेंट और कड़ी प्रतिस्पर्धा से कीमतें नहीं बढ़ पाएंगी।
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Sustained overcapacity and price weakness
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Sales Volume
7.3M tons
+9.5% YoY
Volume growth driven by improved demand and sales team efforts.
EBITDA per Ton
₹823
+18% YoY
Improved despite cost headwinds from Tamil Nadu mineral tax and fuel.
Trade Share
52%
-10pp vs historical 62%
Temporary dip due to subdued demand; management expects return to mid-60s.
Renewable Energy Capacity
410 MW
+23 MW QoQ
Commissioned 23 MW in Q3; share of RE in consumption at 48%.
What Changed vs Last Quarter
NEW
Capex of ~₹4,000 crore in FY27 and ~₹8,000-9,000 crore over next two years
Includes ongoing expansions and potential new projects like Jaisalmer.
NEW
Capacity target of ~75 MTPA by FY28
Jaisalmer project (7-8 MTPA) to be firmed up in next few months.
UPDATED
Capex of ₹2,700 crore for FY26
Majority spent on Umrangso clinker, Belgaum, Pune, and Kadapa projects.
UPDATED
Cost takeout target of ₹150-200 per ton
₹45-50/ton achieved so far; more initiatives in pipeline.
DROPPED
Incentive accrual for FY26 at ₹240 crore
Total incentive accrual for FY26 expected to be around ₹240 crore, down from earlier guidance of ₹300 crore due to GST rate cut impact.
DROPPED
Net debt-to-EBITDA to remain below 2x
Management guided that net debt-to-EBITDA will comfortably remain below 2x even with ongoing expansion capex.
NEW RISK
Sustained overcapacity and price weakness
Industry capacity utilization ~70% and new capacity additions may keep pricing under pressure.
NEW RISK
ED investigation on Kadapa project
Management provided no update on ED reply; outcome uncertain.
NEW RISK
Potential delays in Jaisalmer project due to Great Indian Bustard clearance
Analyst raised concern; management said they haven't heard of any delays.
NEW RISK
One-off marketing spend impacting cost savings visibility
Extra ₹20-23 crore marketing spend in Q3 may distort underlying cost trends.
RISK GONE
Rising petcoke prices
Petcoke prices have increased to ~$116/ton, which could pressure variable costs in H2 if the trend continues.
RISK GONE
GST pass-through impact on realizations
The full pass-through of GST reduction from 28% to 18% has led to lower net realizations, and further price declines beyond GST pass-through are possible in some markets.
RISK GONE
JP transaction uncertainty
The outcome of the JP insolvency process is awaited; any delay or unfavorable outcome could impact the 75 MTPA capacity target for FY28.
RISK GONE
Trade mix decline impacting realizations
Trade share fell to 52% (lowest in 4 years), indicating a shift toward lower-margin non-trade sales, which could pressure overall realizations.
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Guidance and risk preview
Majority spent on Umrangso clinker, Belgaum, Pune, and Kadapa projects.
Industry capacity utilization ~70% and new capacity additions may keep pricing under pressure.
View Risks →