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
✓ 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.
50%Questions answered4Evaded / deflected12Questions audited
Partial answer
High priority
Volume outlook and market share loss
Asked by Amit Murka, Access Capital
Acknowledged volume loss but did not quantify market share outlook or give specific growth targets.
no specific volume growth targetattributed loss to one-off breakdown
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Question
Uh so just uh firstly on um the volumes like this quarter you had some impact of the capacity uh the kill shutdown uh but generally speaking also in the last couple of years there has been continued market share loss uh so what is the outlook that we can expect on volume and market shares let's say in the coming couple of years
Punit Dalmia (CEO)
I think u as I've said earlier uh you know We want to look at a you know profitable volume growth this quarter. You know we had a shut we had a an expected breakdown in East India and we lost uh uh you know some volume on account of that.
Answered
High priority
Capacity target of 70-75 million tons
Asked by Amit Murka, Access Capital
Clearly stated FY28 target of 75 million tons and reaffirmed long-term target.
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Question
Usually like there was a chart talking about 70 million tons and uh uh 110 115. So this time it's missing. So how to read that and what's the current targets on capacity.
Punit Dalmia (CEO)
Now as I said I think our first milestone is you know by financial year 28 you want to be 75. um you know uh so we are continuing to work on that and um our long-term target also remains the same as we had outlined earlier there's no change
Answered
High priority
Cost inflation impact and guidance for Q1/Q2
Asked by Amit Murka, Access Capital
Provided specific cost impact range of 125-150 rupees per ton for Q1.
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Question
So there has been a lot of cost inflation due to the West Asia crisis. Uh how are you placed to combat that and uh if you could give like some guidance on on on the cost inflation that you expect in Q1 and Q2?
Punit Dalmia (CEO)
Overall, if you were to see versus Q4 to Q1, we are expecting an impact of somewhere between 125 to 150 rupees per ton. But that is uh you know what's coming and uh you know something we have to handle.
Partial answer
Medium priority
Cost reduction achieved in FY26 and target for FY27
Asked by Rajes Ravi, HDFC Securities
Confirmed FY26 reduction but only gave a vague internal target for FY27.
no specific FY27 target givenreferred to internal target of 50-100 rupees
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Question
In the presentation you have mentioned the like to like cost uh you know opex lead efficiencies that's 100 rupees per turn which is a received achieved in FY26. Is this rating correct? ... And what more is expected or targeted for FYI27?
Punit Dalmia (CEO)
So you know actually we guided roughly I think four quart eight quarters ago you know on on the path we had to take we have lived that journey as we have shown you know if you were to look at Q4 to Q4 on a basis we looking at 125 130 rupees.
Answered
Medium priority
Breakdown of cost increase between packaging and fuel
Asked by Rajes Ravi, HDFC Securities
Provided a clear breakdown of the cost increase components.
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Question
The 125 to 150 cost increase expected in Q1 over Q4 could you uh break it up between packaging and fuel cost what sort of numbers you're looking at.
Punit Dalmia (CEO)
I can give you an indication. I think the entire industry is looking at the same numbers. Packing would be somewhere between 80 to 90 bucks and the balance would be straight between logistics and power and fuel.
Answered
High priority
Capex guidance for FY27
Asked by Rajes Ravi, HDFC Securities
Provided a specific capex range for FY27.
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Question
So incremental uh this is only for the uh ongoing project. So for full year what sort of number total capex for fi 27 we are looking at 3800 to 30 crores. Sorry 3200 to 3400 range.
Punit Dalmia (CEO)
we are looking at 3800 to 30 crores. Sorry 3200 to 3400 range.
Declined
High priority
Options and ordering stage for 75 million ton target
Asked by Satya Jen, Ambbit Capital
Explicitly declined to provide details on options or ordering stage.
refused to share details
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Question
Can you talk about what options you're looking at? Where are you in the ordering stage?
Punit Dalmia (CEO)
I think we can't talk right now. Um you know we share with you whenever you know
Declined
Medium priority
Clinker utilization and impact on volume growth
Asked by Pratik Kumar, Jeff
Explicitly refused to share clinker utilization data.
refused to share clinker utilization
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Question
My first question is on your clinker utilization. Can you give clinker utilization for the year and if clinker utilization in specific regions impacted volume growth for the quarter
Punit Dalmia (CEO)
we don't share the capacity utilization for clinker and that we will not go there.
Partial answer
High priority
Price increases covering cost inflation
Asked by Pratik Kumar, Jeff
Did not quantify the price hike or confirm full coverage, only expressed hope.
no quantification of price hikehedged with uncertainty
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Question
We talked about price increases in the month of April. Uh uh so this enough to cover the cost inflation expected over next two quarters. How do you think about that?
Punit Dalmia (CEO)
Look, we we are in a dynamic world and you know, nobody knows uh you know what the cost inflation will be. But if I look at the first uh you know fortnight of April, so far whatever are the cost increases we've been able to pass on uh through the price increase and we are quite hopeful that this will sustain.
Evasive
Medium priority
Quantify trade and non-trade price hikes in April
Asked by Shraan Sha, Dalat Capital
Avoided providing any quantification, citing dynamic pricing.
no specific numbers givencalled it a moving number
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Question
Is it possible to quantify both trade non-trade hike in your uh core operations of the regions in April.
Punit Dalmia (CEO)
I think it's it's a moving number you know it's not that you know one market one price is stable but so overall as you know which has mentioned the pricing have happened and we are looking at recovering more than the cost that will be
Evasive
High priority
Confidence in reaching 75 million ton target without new announcements
Asked by Shraan Sha, Dalat Capital
Did not provide specific reasons or milestones, only asked to trust management.
no concrete plan shareddeferred to future announcements
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Question
We are still not announced the next expansion to reach a 75 million t but still we are sticking to it. So what gives the confidence?
Punit Dalmia (CEO)
I would just say that you have to take confidence from our confidence to do this as I said you know this could be a couple of quarters here and there a couple of million tons here and there but just wait for you know us to come up with more announcement
Partial answer
Medium priority
Demand trend in April and impact of price hikes
Asked by Indrajit Agarwal, CLSA
Gave qualitative view but no specific numbers or trends.
no quantitative demand datasaid it's too early to conclude
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Question
How has the demand trend been in April so far? I know it's too early but given the price hikes across commodities are you seeing any weakening of mainly ISB demand
Punit Dalmia (CEO)
I think uh you know demand in April seem to be holding up u you know in cement we have usually seen based on our past experience that even if there is a slowdown uh it takes some time to uh you know feel the slowdown