Date: October 26, 2026

Financial Performance Summary

Quarterly Performance (Q2 FY27 vs Q2 FY26)

  • Sales Volume: 7.1 MnT vs 6.9 MnT (3% YoY growth)
  • Revenue from Operations: Rs 3,563 Cr vs Rs 3,417 Cr (4% YoY growth)
  • EBITDA: Rs 493 Cr vs Rs 696 Cr (29% YoY decline)
  • EBITDA per Ton: Rs 698/T vs Rs 1,013/T (31% YoY decline)
  • PBT (Before Exceptional items): Rs 46 Cr vs Rs 318 Cr (86% YoY decline)
  • Exceptional items: Rs (339) Cr vs Rs 0 Cr
  • PAT: Rs (205) Cr vs Rs 239 Cr (186% YoY decline)
  • Net Debt to EBITDA: 2.0x vs 0.6x (1.4x increase)

Half-Yearly Performance (H1 FY27 vs H1 FY26)

  • Sales Volume: 14.7 MnT vs 13.9 MnT (6% YoY growth)
  • Revenue from Operations: Rs 7,453 Cr vs Rs 7,053 Cr (6% YoY growth)
  • EBITDA: Rs 1,298 Cr vs Rs 1,579 Cr (18% YoY decline)
  • EBITDA per Ton: Rs 883/T vs Rs 1,138/T (22% YoY decline)
  • PBT (Before Exceptional items): Rs 482 Cr vs Rs 820 Cr (41% YoY decline)
  • Exceptional items: Rs (521) Cr vs Rs 16 Cr
  • PAT: Rs (13) Cr vs Rs 634 Cr (102% YoY decline)

Exceptional Items Breakdown

In Q2 FY27, the group recognized:

  • Impairment loss of Rs. 282 Cr on certain assets, including 3 Captive Power Plants (CPPs) and one of the Brands
  • One-time charge of Rs. 57 Cr for implementation of a separation scheme for eligible employees at few units

Operational Highlights

  • Share of Renewable Power consumption rose to 52%
  • Strong progress on integration of central assets
  • Trial run began at 3.6 MnTPA Belgaum clinker line in October 2026, ahead of schedule
  • 3 MnTPA cement mill expected to enter trial run soon
  • All other growth projects are progressing as per schedule

Strategic Developments

  • Dalmia Cement (Bharat) Limited's resolution plan for Bhilai Jaypee Cement Limited approved by CoC
  • Received Letter of Intent from Resolution Professional for BJCL which owns 2.2 MnTPA Grinding Unit in Bhilai (CG) and 1.1 MnTPA Clinker Unit at Babupur (MP)
  • Transaction subject to approval by NCLT, Cuttack and other regulatory authorities
  • Declared interim dividend of Rs 4 per share in line with Capital Allocation framework

Management Commentary

Mr. Puneet Dalmia, Managing Director & CEO: Noted India's remarkable resilience despite global headwinds and robust economic activity supported by sustained public spending. Cement demand recorded healthy growth during the quarter. Capacity expansion plans remain firmly on track with focus on executing strategic priorities, operational excellence and financial discipline.

Mr. Yatin Malhotra, Chief Financial Officer: Achieved 4% YoY revenue growth driven by volume growth and better realization. Acknowledged demand challenges in key markets and macro-economic cost headwinds impacting EBITDA. Hopeful that positive momentum on cement prices and cost optimization will mitigate cost pressures. Emphasized financial discipline, prudent capital allocation and disciplined execution for next phase of growth.

Recognitions Received

  • 27th National Award for Excellence in Energy Management: Six units received recognition including National Energy Leader, Excellent Energy Efficient Unit and Most Useful Presentation
  • 66th Mine Safety Week Observance 2026: Dalmiapuram mines achieved multiple apex awards across conventional/nonconventional mines and safety & technical categories
  • Greentech CSR India Awards 2026: Chandrapur Unit received "Most Admired – Top Honour" in Community Development & Rural Upliftment category

Company Overview

Dalmia Bharat Limited is India's fourth-largest cement manufacturing company by installed capacity with 54.7 MnT capacity across 12 states and 19 manufacturing units. The company has one of the lowest carbon footprints in the global cement industry and is the first cement company to commit to RE100, EP100 & EV100.