Dalmia Bharat (DALBHARAT) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue rose 4% YoY to ₹3,563 crore, while EBITDA fell to ₹493 crore from ₹696 crore; the quarter recorded a consolidated loss of ₹207 crore.

• Sales volume increased 3% YoY to 7.1 million tonnes; Central assets remained in trial runs and early ramp-up.

• Reported EBITDA per tonne was ₹698, versus ₹746 ex-Central, as weaker realizations and higher costs weighed on performance.

• Management expects stronger H2, supported by recovering demand, price increases, cost and mix normalization, and capacity ramp-ups.

• The board declared an interim dividend of ₹4 per share; the record date is October 30, 2026.

Financial highlights

• Q2 EBITDA per tonne was ₹698 versus ₹1,013 in Q2 FY26; H1 EBITDA per tonne was ₹883 versus ₹1,138.

• Ex-Central realization declined ~₹49/ton QoQ; combined with ~₹259/ton of cost increases, EBITDA per tonne fell to ₹746.

• Q2 NSR was ₹5,071 per tonne, up 1% YoY and down 1% QoQ; raw material cost rose 6% QoQ to ₹848 per tonne and power and fuel cost increased 13% YoY to ₹1,130 per tonne.

• H1 revenue rose 6% to ₹7,453 crore; H1 EBITDA was ₹1,298 crore versus ₹1,579 crore in H1 FY26.

• Q2 exceptional items totaled ₹339 crore, including ₹282 crore impairment and a ₹57 crore employee separation charge.

Outlook and guidance

• H2 organic volume growth target is in line with management's estimated industry growth of 7%-8%; Central assets target 35%-40% utilization by FY27-end.

• Central assets are targeted to reach breakeven in Q4 FY27; Q3 EBITDA dilution is expected at ₹100-₹125/ton.

• Belgaum commercial production is expected ahead of peak Q4 demand; Pune and Kadapa expansions remain on plan, with total capacity expected to reach ~67 MTPA in FY28.

• FY27 organic CapEx guidance remains ₹3,200-₹3,400 crore; estimated expansion project CapEx is ~₹2.2k crore.