Dalmia Bharat (DALBHARAT) Q4 25/26 earnings summary

Executive summary

• Achieved record EBITDA of INR 3,083 crore and PAT of INR 1,157 crore in FY 2026, with 28% and 65% year-over-year growth, respectively.

• Revenue grew 6% year-over-year to INR 14,804 crore, with sales volumes up 2% to 30.0 million tons; premium product share at 24% and trade share at 67%.

• Expansion projects underway to reach 75 million tons cement capacity by FY 2028, with ongoing projects in South and West India.

• Maintained strong balance sheet with net debt at INR 1,428 crore and net debt/EBITDA at 0.33x, well below the 2x threshold.

• Audited standalone and consolidated financial results for FY 2025-26 were approved, with a final dividend of Rs. 5 per equity share recommended, subject to shareholder approval.

Financial highlights

• Q4 EBITDA rose 14% year-over-year and 50% sequentially to INR 902 crore; EBITDA per ton at INR 1,027 in FY 2026, up from INR 820 in FY 2025.

• Raw material cost per ton reduced by 1% year-over-year and 6% sequentially; power and fuel cost per ton down 6% sequentially.

• Logistics cost per ton declined 6% year-over-year to INR 1,064.

• Adjusted annual cost per ton fell by INR 100 versus FY 2025, reflecting effective cost-saving initiatives.

• Basic and diluted EPS from continuing operations for FY 2025-26 stood at Rs. 60.80, up from Rs. 36.41 year-over-year.

Outlook and guidance

• Targeting 75 million tons cement capacity by FY 2028, with ongoing and new projects to be announced.

• CapEx guidance for FY 2027 is INR 3,200–3,400 crore, with INR 2,200–2,300 crore for expansion projects.

• Internally targeting INR 50–100 per ton annual cost reduction.

• Expecting cost inflation of INR 125–150 per ton in Q1 FY 2027, mainly from packing and fuel.

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