AGM and Corporate Governance

Dalmia Bharat Limited issued notice for its 13th Annual General Meeting scheduled for June 30, 2026 through video conferencing, with June 23, 2026 as the record date for determining dividend entitlement and voting eligibility. The company maintained strong corporate governance with an 8-member board (50% independent directors) and 6 board meetings held during FY26 with 100% attendance by most directors.

Financial Performance Highlights

Dalmia Bharat reported strong consolidated financial results for FY 2025-26 with revenue of Rs 14,804 crore (6% YoY growth), EBITDA of Rs 3,083 crore (28% YoY growth), and PAT growth of 65% to Rs 1,157 crore. Sales volume reached 30.0 MnT with EBITDA/tonne of Rs 1,027 and net debt-to-EBITDA ratio of 0.46x. On a standalone basis, the company reported revenue of Rs 361 crore and net profit of Rs 141 crore.

Dividend Declaration and Capital Structure

The Board declared a total dividend of Rs 9 per share for FY26, comprising an interim dividend of Rs 4 per share already paid and a proposed final dividend of Rs 5 per share subject to shareholder approval at the AGM. The company's paid-up share capital stood at Rs 37.51 crore comprising 18,75,65,953 equity shares, with 99.48% of shares held in dematerialized form.

Strategic Expansion and Acquisitions

The company announced significant expansion plans including investments of over Rs 6,800 crore to enhance capacity by 12.0 MnTPA through expansions at Belgaum, Pune and Kadapa. Dalmia Bharat executed a Business Transfer Agreement with Jaiprakash Associates Limited and Adani Infra (India) Limited for acquisition of cement plants with 5.2 MnTPA cement capacity and 3.3 MnTPA clinker capacity at an Enterprise Value of Rs 2,850 crore. Total capacity is expected to reach 66.7 MnTPA by Q2~Q3 FY 2027-28.

Sustainability and Operational Excellence

Dalmia Bharat maintained industry-leading sustainability metrics with renewable energy share increasing to 46% from 36% last year, achieving one of the lowest global carbon footprints at 466 kg CO₂ per tonne of cement. The company produced 82% of its cement as low-carbon blended cement, achieved water positivity of 20.5x across operations, and utilized 11.82 million tonnes of alternative raw materials.

Exceptional Items and Regulatory Impacts

The company recognized an exceptional item of Rs 42 crore due to the impact of new labour codes notified by the Government of India on November 21, 2025, affecting gratuity and employee benefits. Additionally, the company resolved the Jaiprakash Associates Limited CIRP matter with a Rs 16 crore reduction in impact recognized based on reassessment of claims.

Financial Position and Risk Management

Dalmia Bharat maintained a strong financial position with total assets of Rs 8,241 crore on standalone basis and net debt of Rs 1,413 crore on consolidated basis with gearing ratio of 7.23%. The company disclosed comprehensive financial risk management policies for market risk (interest rate, currency, commodity prices), credit risk, and liquidity risk, with sensitivity analysis showing Rs 28 crore impact for ±50 BPS interest rate changes.

Subsidiaries and Compliance

The company has 30 direct/indirect subsidiaries and 2 joint ventures, with material subsidiaries including Dalmia Cement (Bharat) Limited (100% holding) and Dalmia Cement (North East) Limited (95.28% holding). The company confirmed compliance with all applicable provisions of the Companies Act, 2013, SEBI Listing Regulations, and maintained appropriate audit trails in accounting software with no benami property holdings or cryptocurrency trading.