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.
DALMIABHARAT
Other
14 Apr 2026
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
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.
Management Guidance
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.
Management guidance capexCost 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.
Management guidance marginsCapacity 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.
Management guidance expansionVolume growth to outperform industry
Management aims to deliver volume growth ahead of the industry, targeting 7-8% industry growth.
Management guidance growthKey Risks
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.
high · management_commentaryIncentive collection delays
Incentives outstanding increased to ₹839 crore due to delayed state government payouts during elections; collections were only ₹14 crore in Q4.
medium · data_observationVolume 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.
medium · management_commentarySFIO/MCA investigation rumors
Analyst raised question about SFIO reopening a mutual fund case; management declined to comment, stating no communication received at company level.
low · analyst_questionNotable Quotes
We have been able to mitigate inflationary pressures with mix optimization and other initiatives on a year basis. Our cost per ton is flat.
We are chasing internally as we said 50 to 100 rupees cost take out every year. That's internally what we want to chase.
There will be headwinds along the way and I've always said that this is not a straight road to paradise. There'll be bumps along the way.
Frequently Asked Questions
What was Dalmia Bharat's revenue in Q4 FY26?
Dalmia Bharat reported revenue of ₹4,245 Cr in Q4 FY26, representing a +6% change compared to the same quarter last year.
What guidance did Dalmia Bharat management give for FY27?
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. 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. 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. Volume growth to outperform industry: Management aims to deliver volume growth ahead of the industry, targeting 7-8% industry growth.
What are the key risks for Dalmia Bharat in FY27?
Key risks include 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.; Incentive collection delays — Incentives outstanding increased to ₹839 crore due to delayed state government payouts during elections; collections were only ₹14 crore in Q4.; 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.; 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..
Did Dalmia Bharat meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Dalmia Bharat Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.