• Event Type: Q2 FY27 Earnings Conference Call held on October 26, 2026, discussing quarterly results and business updates.
  • Date and Time: October 26, 2026 (specific time not mentioned in transcript).
  • Purpose: Discussion of quarterly results for the quarter and half year ended September 30, 2026, including operational performance, financial results, expansion projects, and market outlook.
  • Earnings Timing: The call was held after the earnings announcement (results were referenced as already uploaded).
  • Management Participants:
  • Mr. Puneet Dalmia - Managing Director and Chief Executive Officer
  • Mr. Yatin Malhotra - Chief Financial Officer (taking additional responsibility for sales and marketing effective January 1, 2027)
  • Mr. Prassan Goyal - Head, Investor Relations
  • Other senior management of the company
  • Availability of Materials: The transcript was uploaded to the company's website at www.dalmiabharat.com and filed with exchanges under Regulation 30 of SEBI LODR Regulations.
  • UPSI Statement: The moderator noted that certain statements may be forward-looking and involve risks and uncertainties, but no explicit UPSI disclaimer was provided by management.

Financial and Operational Highlights Discussed:

  • Volume Performance: Overall volumes grew 3% YoY to 7.1 million tons in Q2 FY27 (4% growth ex-Central operations)
  • Regional Performance: South and West markets showed healthy momentum approaching double-digit growth, while East and Northeast were subdued due to severe floods and heavy rainfall
  • Realizations: Declined by approximately INR49 per ton QoQ on ex-Central basis, with East witnessing price corrections
  • EBITDA Performance:
  • EBITDA per ton of INR746 on ex-Central basis
  • Reported EBITDA per ton of INR698, reflecting dilution of ~INR50/ton from Central plants
  • Cost Pressures:
  • Total cost increased by ~INR260/ton on ex-Central basis
  • Variable costs increased by ~INR200/ton, driven by higher fuel costs (~INR100/ton) and raw material inflation (INR30-40/ton)
  • Additional INR75/ton fuel cost impact expected in Q3 FY27
  • Central India Assets (Jaypee Acquisition):
  • Targeting 35-40% utilization by end of FY27
  • Expecting EBITDA dilution of INR100-125/ton in Q3 FY27 (vs INR50/ton in Q2)
  • Targeting breakeven by Q4 FY27 and Dalmia-standard EBITDA by FY28 end
  • Expansion Projects:
  • Belgaum clinker line commenced trial runs ahead of schedule
  • Pune and Kadapa projects progressing as planned for FY28 commissioning
  • Total capacity to reach ~67 million tons with these expansions
  • Capex: H1 FY27 organic capex of ~INR1,420 crores; full-year guidance unchanged at INR3,200-3,400 crores
  • Balance Sheet: Committed to maintaining leverage below 2x on sustainable basis
  • Strategic Initiatives:
  • Premiumization strategy progressing; phasing out Konark brand
  • Renewable energy share reached 52% in Q2 (450 MW capacity)
  • Impairment of 97 MW thermal power capacity in Q2
  • Management Changes:
  • Navin Tewari (CMO) transitioning to strategic adviser role effective January 1, 2027
  • Yatin Malhotra (CFO) taking additional responsibility for sales and marketing

Additional Notes Section

  • Attachments: The regulatory filing included the full transcript of the earnings conference call as an enclosure.
  • Financial Data: The announcement itself did not contain financial figures; all financial data was discussed during the call and referenced as being available in the uploaded results and presentation.
  • Compliance: The filing was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.