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Dalmia Bharat Limited — Q4 FY26
Dalmia Bharat reported its best-ever EBITDA of ₹383 crore (up 28% YoY) and PAT of ₹1,157 crore (up 65% YoY) for FY26, driven by cost leadership and premiumization.
bullish
medium
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Dalmia Bharat reported its best-ever EBITDA of ₹383 crore (up 28% YoY) and PAT of ₹1,157 crore (up 65% YoY) for FY26, driven by cost leadership and premiumization. Q4 volume grew 3% YoY to 8.8M tons, with trade share at 67% and premium product share at 24%. The company achieved the lowest quarterly total cost per ton in five years at ₹3,790, aided by a 6% YoY decline in logistics cost and improved renewable energy share (47%). Management guided for 50-100 rupees annual cost take-out, but flagged a near-term cost headwind of ₹125-150 per ton in Q1FY27 due to West Asia conflict impacts on fuel, packing, and logistics. Capex for FY27 is guided at ₹3,200-3,400 crore, with capacity target of 75M tons by FY28. Key risk: cost inflation may outpace price hikes if geopolitical tensions persist.
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Cost inflation from West Asia conflict
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Sales Volume
8.8M tons
+3% YoY
Q4 volume growth impacted by a breakdown in East India, losing ~1.5 lakh tons of clinker and 300,000 tons of cement.
Trade Sales Share
67%
flat
Trade percentage remained stable; premium product share stood at 24%.
Renewable Energy Share
47%
+8pp YoY
Renewable energy share jumped from 39% in Q4FY25 to 47% in Q4FY26.
Direct Dispatch Share
65%
improved
Achieved highest ever direct dispatch share, contributing to logistics cost reduction.
What Changed vs Last Quarter
NEW
FY27 capex guidance of ₹3,200-3,400 crore
Total capex for FY27 is expected to be ₹3,200-3,400 crore, with ₹2,200-2,300 crore for ongoing expansion projects.
NEW
Volume growth to outperform industry
Management aims to deliver volume growth ahead of the industry, targeting 7-8% industry growth.
UPDATED
Cost reduction target of ₹50-100 per ton annually
Management targets internal cost take-out of ₹50-100 per ton every year, though external headwinds may offset.
UPDATED
Capacity target of 72-75 million tons by FY28
The company aims to reach 72-75 million tons of cement capacity by FY28, with new projects to be announced.
DROPPED
Capex of ₹2,700 crore for FY26
Majority spent on Umrangso clinker, Belgaum, Pune, and Kadapa projects.
DROPPED
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 RISK
Cost inflation from West Asia conflict
Pet coke prices have soared to ~$60/ton, packing costs are rising due to PP granules, and fuel/logistics costs are increasing. Management expects ₹125-150 per ton cost impact in Q1FY27.
NEW RISK
Incentive collection delays
Incentives outstanding increased to ₹839 crore due to delayed state government payouts during elections; collections were only ₹14 crore in Q4.
NEW RISK
Volume growth slowdown from breakdowns
Q4 volume growth was impacted by an unexpected breakdown in East India, losing ~1.5 lakh tons of clinker and 300,000 tons of cement.
NEW RISK
SFIO/MCA investigation rumors
Analyst raised question about SFIO reopening a mutual fund case; management declined to comment, stating no communication received at company level.
RISK GONE
Sustained overcapacity and price weakness
Industry capacity utilization ~70% and new capacity additions may keep pricing under pressure.
RISK GONE
ED investigation on Kadapa project
Management provided no update on ED reply; outcome uncertain.
RISK GONE
Potential delays in Jaisalmer project due to Great Indian Bustard clearance
Analyst raised concern; management said they haven't heard of any delays.
RISK GONE
One-off marketing spend impacting cost savings visibility
Extra ₹20-23 crore marketing spend in Q3 may distort underlying cost trends.
🤫 Topics management stopped discussing
Mentioned in Q2 FY26, Q3 FY26
Majority spent on Umrangso clinker, Belgaum, Pune, and Kadapa projects.
Fast read
Guidance and risk preview
Total capex for FY27 is expected to be ₹3,200-3,400 crore, with ₹2,200-2,300 crore for ongoing expansion projects.
Pet coke prices have soared to ~$60/ton, packing costs are rising due to PP granules, and fuel/logistics costs are increasing.
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