Dalmia Bharat (DALBHARAT) investor relations material

Executive summary

• Achieved 9% YoY sales volume growth in Q1 FY27, outperforming industry growth of 7-8%, despite state elections impacting construction activity in key markets.

• Premium product share rose to 25% of sales, supported by the launch of Weather 365 and strong trade share at 66%.

• Successfully completed the acquisition of JP Cement assets, adding 5.2 MT cement and 3.3 MT clinker capacity in Central India, with rapid integration and first dispatch from Chunar within 22 days.

• PAT declined to ₹192 crore due to one-off exceptional acquisition-related costs.

• Unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, were approved by the Board on July 24, 2026.

Financial highlights

• Revenue from operations grew 7% YoY to ₹3,890 crore, driven by higher sales volumes and improved pricing.

• EBITDA per ton improved to ₹1,055 in Q1 FY27; absolute EBITDA was ₹805 crore, down 11% QoQ and 9% YoY due to higher costs.

• Other income rose to ₹139 crore, mainly from mark-to-market gains on treasury investments.

• EPS for Q1 FY27 was ₹10.0, down from ₹20.7 in Q4 FY26.

• Exceptional item of ₹182 crore related to stamp duties and transaction fees for the JP acquisition.

Outlook and guidance

• Cement demand expected to grow at 7% in FY27, with the company aiming to match or exceed industry growth organically.

• Additional volume growth anticipated from new capacities as they ramp up, with ongoing expansion projects in Maharashtra, Andhra Pradesh, Karnataka, and Tamil Nadu.

• Cost environment expected to remain elevated in Q2 due to ongoing input cost pressures, with an estimated ₹70-80 per ton increase.

• JP assets expected to be EBITDA neutral in a couple of quarters and reach company average EBITDA per ton in 7-8 quarters.

• Strategic focus on maximizing ROCE, pan-India presence, and maintaining a healthy balance sheet.