Dalmia Bharat Q1 FY27 PAT Declines 51% YoY

Date: July 24, 2026

Abridged Profit & Loss Statement (₹ Crores)

| Q1 FY26 | 3,636 | 2,753 | 883 | 1,261 | 502 | 16 | 518 | 395 | 21.0 |

| Q4 FY26 | 4,245 | 3,343 | 902 | 1,023 | 450 | (10) | 440 | 394 | 20.7 |

| Q1 FY27 | 3,890 | 3,085 | 805 | 1,055 | 436 | (182) | 254 | 192 | 10.0 |

Performance Highlights:

Revenue increased 7% YoY to ₹3,890 Cr driven by higher sales volume
Net Sales Realization (NSR) improved 6% QoQ driven by healthy price increases and higher premiumization
Sales volume grew 9% YoY despite impact of state elections in core markets
Trade share steady at 66%; Premium share at all-time high of 25%
PAT declined significantly due to one-off exceptional item of ₹182 Cr

Cost Analysis:

Raw material cost increased 12% QoQ driven by higher limestone raising cost and other cost headwinds
Clinker-to-Cement Ratio remains high at 1.7x with higher share of blended cement (82%)
Power & Fuel cost increased 10% QoQ; initiatives contained fuel cost inflation by >₹150/tonne
Renewable Energy share at 48%, supporting cost management
Logistics cost: Cement freight marginally increased QoQ; Clinker freight increased 11% QoQ due to higher road movement
Employee cost increased 13% QoQ primarily due to merit increase & one-off favorable impact in Q4 FY26
Other expenses rose 3% QoQ due to escalation in packing bag prices

Central India Acquisition:

Successfully dispatched first cement consignment from Chunar Grinding Unit, Uttar Pradesh on June 20, 2026
Achievement completed within 22 days from date of acquisition
Total capacity in Central region: 5.2 MnTPA

Capacity Growth Strategy:

Belgaum expansion to improve penetration into Southern Maharashtra markets
Pune expansion to cater to untapped Western Maharashtra markets
Kadapa expansion to strengthen presence in Andhra Pradesh and Southern Karnataka
3 MnTPA Bulk terminal at Chennai to address Northern Tamil Nadu markets
Project Capex: ~₹2,200 Cr estimated for FY27

Geographical Footprint (as of June 30, 2026):

Total Capacity: 54.7 MnTPA across 19 plants
Market Presence: 23 states served
Regional Breakdown:
South: 17.0 MnTPA capacity, 10.4 MnTPA sales, 48+ limestone reserves (Bn tonnes)
East: 21.6 MnTPA capacity, 8.3 MnTPA sales, 26+ limestone reserves
North East: 8.0 MnTPA capacity, 6.3 MnTPA sales, 100+ limestone reserves
Central: 5.2 MnTPA capacity, 3.3 MnTPA sales, 100+ limestone reserves
West: 2.9 MnTPA capacity, 2.1 MnTPA sales, 74+ limestone reserves
Total Limestone Reserves: 3.3+ Bn tonnes for operating plants only
Distribution: 49,700+ Channel Partners

Debt increased primarily due to acquisition of cement undertakings in Central region
Leverage ratio remains comfortably below the threshold of 2x

Environmental Performance Snapshot:

| Parameter | Q1 FY26 | Q4 FY26 | Q1 FY27 |

| Net KgCO₂/tonne | 452 | 471 | 475^ |

| Renewable Energy % | 41% | 47% | 48% |

| Clinker-to-Cement Ratio | 1.7x | 1.6x | 1.7x |

| Blended Cement % | 85% | 83% | 82% |

Renewable Power Capacity Growth (MW):

CSR Initiatives:

DIKSHa centers: 2 new centers operationalized, total now 29 across locations
Gram Parivartan: Supporting farmers through improved agricultural inputs and tools
Community Wellbeing: Strengthened community infrastructure and medical amenities

ESG Ratings & Awards:

DJSI Score: 70 (High ranking in Sustainability)
ICRA ESG Rating: 80 'Exceptional' Rating sustained (July 16, 2026)
Active Member since June 2022
Multiple awards including 20th CII-ITC Sustainability Award, 19th FAME National Awards 2026, Kalinga Environment Excellence Award
5 Star award for Excellence in Environment stewardship to Rajgangpur plant

Board Composition:

Mahendra Singhi: Chairman, 47+ years cement industry experience, former President of Cement Manufacturers Association, Chartered Accountant
Anuradha Mookerjee: Bureaucrat for over three decades in revenue services, Topper of 1986 batch Indian Revenue Service, B.Sc (Botany), M.Sc. & M.Phil Social Anthropology
Anuj Gulati: CEO of Care Health Insurance, Member of General Insurance Council, 26 years industry experience, Chemical Engineer-IIT Delhi, MBA-IIM Bangalore
Haigreve Khaitan: Managing Partner of Khaitan & Co, advisor on corporate matters including M&A and Governance
Niddodi Subrao Rajan: Non-Executive Director, former leadership positions with IDFC First Bank and Tata Sons, Doctorate from IIT Delhi, PDGBA from XLRI
Gautam Dalmia: Managing Director, 31+ years experience in Cement and Sugar industries, B.S and M.S. in Electrical Engineering from Columbia University
Puneet Dalmia: Managing Director, spearheading transformation since 2004, B.Tech-IIT Delhi Gold Medalist, MBA-IIM Bangalore

Executive Committee:

Dharmender Tuteja: CFO, 31+ years manufacturing operations experience, MBA-Warwick Business School
K.C. Birla: Head - Integration & Corporate Affairs, CA
Manu Sood: CHRO, 31+ years HR experience, MBA-XLRI Jamshedpur
Udaiy Khanna: Chief Digital and Information Officer, 28+ years IT experience
Various other experienced professionals across finance, operations, and marketing functions

Historical Milestones:

1939: Commenced operations with 250 TPD at Dalmiapuram, Tamil Nadu
1950: Set up capacity at Rajgangpur, Odisha under OCL India Ltd
2009-2014: Commissioned integrated units at Ariyalur, Tamil Nadu and Kadapa, Andhra Pradesh; KKR acquired 15% stake for 5 years in 2010
2015-2019: Entered North East with acquisition of Calcom Cement and Adhunik Cement; entered East with acquisition of OCL India Ltd.; acquired Jaypee Bokaro and Kalyanpur Cement
2020-Present: Commissioned integrated unit at Belgaum, Karnataka; entered West with acquisition of Murli Industries; completed corporate restructuring to single listed entity

Capacity Growth History:

Strategic Priorities: Focus on return maximization through operational excellence and strategic expansion

Indian Economy:

Economic growth remains resilient despite geopolitical uncertainties
GST collections touched all-time high in Q1 FY27
Oil supply disruptions and export challenges being mitigated by policy calibration
Key tailwinds: Major trade deals, strong forex reserves, healthy private consumption
Key monitorable: Inflationary environment, deficit monsoon due to El Niño effect

Cement Industry: Mention of cost and price trends with reference to GST rate cuts from 28% to 18% effective September 22, 2025