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.
neutral
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.
63%Questions answered3Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
Medium priority
Clarification on incentive received this quarter and run rate.
Asked by Jashandep Singh Chhatta, Nura
Management clearly explained the nature of the incentive and confirmed it is part of normal business.
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Question
in your presentation, you have mentioned that around 37 cr of the incentive received this quarter uh were uh from the previous period period. So is it in line with the expectation on the run that the management was uh you know building in or is should we treat it as a one-off item and you know how how should we look at this 37 cr
Management (likely Punit Dalmia or Dhruv)
when we said that the run rate for the next year is about 20 crores. So this new incentive is also included. So this incentive is including the retrospective side effect that is why the figures have been stated that uh 37 cr into the previous year and 9 cr in the first half but the impact will come in the coming years also that is included in the run rate of 20 crores per year.
Partial answer
High priority
Demand and pricing outlook in east India given state elections.
Asked by Jashandep Singh Chhatta, Nura
Provided demand growth estimate but gave no specific pricing outlook, only general optimism.
no specific pricing guidancequalitative only
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Question
in your key states uh you know few of your key states in both east and northeast there will be state election that will be happening this year. So with that context how do you see demand uh you know going in east and what will be the impact on the pricing
Punit Dalmia (likely CEO)
east is uh you know one of the lowest per capita consumption regions in the country and the headroom for growth here is quite high... my belief is that e should definitely uh be slightly above than the you know national average and I think 7 to 8% growth in east should be uh quite easily possible
Evasive
Medium priority
Impact of petcoke price rise on Q4 costs.
Asked by Jashandep Singh Chhatta, Nura
Acknowledged cost increase but gave no estimate or numbers.
no quantificationvague mitigation
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Question
We have seen petco you know uh rise in the recent months. So what will be the impact uh you know for Dalmia in fourth quarter on cost front if you can just give an estimate
Management (likely Punit Dalmia or Dhruv)
the blended cost will go up as we seen that the petrol prices have gone up but of course we'll try to mitigate this by increasing the blend of the domestic coal which is slightly cheaper
Answered
High priority
Progress on 150-200 rupees per ton cost savings target.
Asked by Indra Raja Garval, CLSA
Provided specific realized savings figure and context.
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Question
of the 150 to 200 rupees cost savings how much have we realized so far and what is still pending.
Dhruv (likely CFO)
We have roughly in the ballpark of 45 to 50 rupees per ton is what we have structurally extracted... we gave a guide to the 150 to 200 we have down six quarters we are roughly 50s in the bank.
Evasive
High priority
Current pricing versus Q3 average and early January trends.
Asked by Indra Raja Garval, CLSA
Did not provide any comparison or numbers, only qualitative optimism.
no quantificationdeferred
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Question
how is the current pricing versus 3Q average? We have seen some increases in early January. So is this like meaningfully above 3Q average or we are broadly at same level.
Punit Dalmia
I think we are just 20 days into the quarter. Uh right now if you were to ask that question yes we are excited with the green shoots but too early for us to count money. Uh early signs are good.
Answered
High priority
Capex guidance for next year and FY27-28 trajectory.
Asked by Amit Mura, Access Capital
Provided specific capex guidance for next year and two-year range.
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Question
does it mean that next year now uh the capix will be far higher uh with with this reduction in 26 and if you could talk a bit more about the journey on capix in 27 and 28.
Management (likely Punit Dalmia or Dhruv)
So next year also we expect the capex to be around 4,000 crores and for the next two years I think the capex could be in the range of about 8 to 9,000 crores.
Answered
High priority
Realization decline and whether profitable growth strategy changed.
Asked by Amit Mura, Access Capital
Directly denied strategy change and explained realization drop as market mix.
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Question
we have essentially seen realization actually drop almost 9% for you between Q1 to Q3 which is actually higher than the industry pricing decline. So wanted to understand is there's been a change in approach or you're still following uh the profitable growth strategy.
Management (likely Punit Dalmia or Dhruv)
discounting and selling is definitely not a strategy on the table... the NSR drop is not, you know, an outlier to the industry. Uh it would be one shade better only and discounting is not uh on the table as a strategy to sell and the profitable growth remains our objective.
Evasive
High priority
Status of JP/Jaipur project and timeline for breaking ground.
Asked by Navin Sardi, ICS Securities
Did not confirm April start or give concrete timeline, only said 'in a few months'.
no specific timelinedeferred to future
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Question
how are we positioned to start uh J projects by April or are we awaiting any incentive related clarity or some you know approvals may I say from the government before we kickstart the Jelmme project.
Management (likely Dhruv)
we are now actively pursuing JP project detailing uh you know sorry JM project detailing... every single element that goes into creating the project is happening and is well on track.
Partial answer
Medium priority
Competitive intensity and near-term pricing caution.
Asked by Navin Sardi, ICS Securities
Acknowledged overcapacity but did not explicitly confirm elevated competitive intensity.
no direct confirmation of competitive intensity
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Question
is it fair to assume that competitive intensity has again like you know got elevated and that's why uh the near-term caution even though long-term optimism prevails.
Punit Dalmia
the over capacity in this sector is here to stay at least for the next foreseeable future... pricing is going to move up over the medium term and I remain um you know cautious in the short term but uh you know reasonably optimistic in the medium to long term.
Answered
High priority
Implied Q4 industry demand growth and pricing outlook.
Asked by Panakin, HSBC
Confirmed high single-digit industry demand growth expectation for Q4.
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Question
that would broadly imply that Q4 could be as much as 10% industry or late uh single digits industry demand growth which will be very strong. Uh would that assessment be correct?
Management (likely Punit Dalmia)
I would this is what we expect. I think the momentum has picked up in December. We expect the same to roll on in quarter 4 might be you know a little here and there. So we high single digit is what our expectation is for the industry.
Answered
Medium priority
Trade share decline and whether it is the new normal.
Asked by Panakin, HSBC
Clearly stated it is not the new normal and gave target range.
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Question
the trade share which used to in the late60s u uh Q3 Q4 Q1 uh has been 62% for the last two quarters or so. So is this the new normal we should work with
Management (likely Dhruv)
This is definitely not the new normal... you should look at uh mid60s to high 60s only as a future path this is what we are you know committed to deliver
Partial answer
High priority
Confidence in 75mt by FY28 and status of Jaipur and Navalgard.
Asked by Satya Jen, Ambit Capital
Gave status on Jaipur but did not quantify confidence level for 75mt by FY28.
no specific timeline for Jaipurdeferred Navalgard
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Question
How confident are you on 75 million t in 28 and with Jason may I just want to check um what's the status on land acquisition ECE
Punit Dalmia
on JSLM um things are going as per plan. Uh we we expect uh you know a large part of the land acquisition for grinding units etc is already done... our priority is Jesselm made right now because from a a return perspective we think that um this will offer better returns
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Industry demand growth expectation high single digit for Q4 | 8% | 10% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.