Dalmia Bharat Limited (DALBHARAT)

Loading page…

Dalmia Bharat Limited (DALBHARAT) · mywealthgrid

About

Dalmia Bharat Limited manufactures cement and cement products in India with a market capitalization of ₹34,555.92 Cr. Recent standalone quarterly revenue runs approximately ₹3,400–₹4,200 Cr with operating margins of 20.83% on average. The company maintains conservative leverage (D/E 0.38) and has paid regular dividends.

Face value: ₹2

Market cap

₹31,556 Cr

P/E

77.2×

P/B

1.8×

Dividend yield

0.5%

ROE

6.4%

ROCE

7.4%

Debt / equity

0.38

OPM

20.8%

EPS (TTM)

₹21.5

Book value

₹946.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

PE of 84.49 is elevated; verify whether current earnings are depressed by cyclical trough or reflect structural profitability concerns
ROE of 6.44% is low for a capital-intensive business; assess whether capital deployment is generating adequate returns
Operating margins ranged 15–28.71% across recent quarters; verify drivers of volatility and sustainability of the 20.83% average
18.75% share price decline over 12 months despite regular dividend payments; understand market concerns about profitability trajectory or competitive positioning

Generated analysis · source review pending

Growth drivers

Operating margins of 20.83% provide financial room for investment or shareholder returns; verify capital allocation strategy and whether margins are sustainable across cycles
D/E of 0.38 is conservative, leaving debt capacity for capex; verify management's capital plans and whether recent stock underperformance reflects market doubt about capex returns
Quarterly EPS ranged ₹0.75–₹20.69 with significant volatility; verify whether recent results reflect normalized run-rate or are distorted by seasonal factors
Verify trend in Indian construction and infrastructure capex, as cement consumption is directly tied to building activity and government/private investment cycles

Generated analysis · source review pending

1,896 historical price candles were omitted because the exchange source has not been verified.

₹1,682.1+2.7%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 20.8%
+Dividend payout of 41.3% of profit

Cons

−Low return on equity of 5.2% (3-yr avg)
−Profit declined 1.5% a year over the last 5 years
−Modest revenue growth of 7.1% a year over the last 5 years
−Expensive at 77.2× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

31/100

Business quality: 34
Growth: 16
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 150 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Ambuja Cements LimitedAMBUJACEMAMBUJACEM	₹90,012 Cr	₹90,065 Cr	₹39,867 Cr	₹6,167 Cr	16.1%	₹4,377 Cr	13.9%	5.3%	8.4%	37
Shree Cement LimitedSHREECEMSHREECEM	₹79,059 Cr	₹80,653 Cr	₹21,896 Cr	₹4,577 Cr	22.1%	₹1,630 Cr	8.4%	10.6%	7.8%	227
Jk Cement LimitedJKCEMENTJKCEMENT	₹38,279 Cr	₹44,353 Cr	₹14,401 Cr	₹2,334 Cr	17.3%	₹946 Cr	7.2%	14.3%	15.1%	71
Dalmia Bharat LimitedDALBHARATDALBHARAT	₹31,556 Cr	₹38,308 Cr	₹15,058 Cr	₹3,005 Cr	20.8%	₹409 Cr	7.8%	7.4%	6.4%	5
Acc LimitedACCACC	₹22,213 Cr	₹22,213 Cr	₹25,369 Cr	₹2,629 Cr	11.4%	₹1,909 Cr	8.2%	10.8%	10.9%	32
The Ramco Cements LimitedRAMCOCEMRAMCOCEM	₹19,633 Cr	₹23,485 Cr	₹9,228 Cr	₹1,345 Cr	15.9%	₹645 Cr	7.7%	6.1%	9%	-0
Jsw Cement LimitedJSWCEMENTJSWCEMENT	₹15,216 Cr	₹19,297 Cr	₹6,849 Cr	₹1,216 Cr	19%	₹760 Cr	-12.3%	10.1%	-11.5%	-140
Nuvoco Vistas Corporation LimitedNUVOCONUVOCO	₹11,505 Cr	₹16,046 Cr	₹11,594 Cr	₹1,907 Cr	16.4%	₹386 Cr	3.2%	7.1%	3.7%	-130
The India Cements LimitedINDIACEMINDIACEM	₹9,147 Cr	₹10,452 Cr	₹4,479 Cr	₹469 Cr	8.8%	₹92 Cr	-1.5%	1.5%	-0.7%	-28
Star Cement LimitedSTARCEMENTSTARCEMENT	₹7,211 Cr	₹7,797 Cr	₹3,807 Cr	₹902 Cr	24.8%	₹370 Cr	10.3%	17%	13%	177
Birla Corporation LimitedBIRLACORPNBIRLACORPN	₹6,383 Cr	₹9,658 Cr	₹9,848 Cr	₹1,450 Cr	15.1%	₹554 Cr	5.8%	8.8%	7.8%	63
Jk Lakshmi Cement LimitedJKLAKSHMIJKLAKSHMI	₹5,915 Cr	₹8,406 Cr	₹6,926 Cr	₹958 Cr	15%	₹370 Cr	6.1%	12.1%	11.2%	57

Loading peers…

Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	9,484	9,674	10,522	11,286	13,540	14,691	13,980	14,804
COGS	1,785	1,746	1,780	1,472	1,981	2,703	2,328	2,338
Gross profit	7,699	7,928	8,742	9,814	11,559	11,988	11,652	12,466
	5,804	5,845	5,951	7,378	8,689	9,349	9,245	9,383
	1,895	2,083	2,791	2,436	2,870	2,639	2,407	3,083
OPM %	20%	21.5%	26.5%	21.6%	21.2%	18%	17.2%	20.8%
Depreciation	1,296	1,528	1,262	1,236	1,305	1,498	1,331	1,349
Interest	504	415	303	202	234	386	399	480
	244	217	182	161	-10	314	140	195
Profit before tax	339	357	1,408	1,159	1,321	1,069	817	1,449
Tax	-10	119	165	-14	242	216	118	292
Tax %	-3%	33.3%	11.7%	-1.2%	18.3%	20.2%	14.4%	20.2%
	349	238	1,243	1,173	1,079	853	699	1,157
PAT margin %	3.7%	2.5%	11.8%	10.4%	8%	5.8%	5%	7.8%
EPS (₹)	16	11.6	65.7	61.2	55.2	44.1	36.4	60.7
EPS adjusted (₹)	15.8	11.5	65.8	61.1	56	43.5	36	60
	12.5%	17.2%	2%	14.7%	16.3%	20.4%	24.7%	14.8%
Annual report	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	16	18	39	39	39	37	37	37	38	38	38
Reserves	3,799	4,572	3,681	10,600	10,522	12,773	15,650	15,591	16,359	17,336	17,941
Minority interest	—	—	—	11	25	34	72	116	110	126	144
	7,839	8,370	6,322	4,923	4,751	3,708	3,119	3,742	4,630	5,258	6,752
	4,852	5,011	11,292	4,965	5,541	5,490	5,993	6,057	6,612	7,468	8,437
Total equity & liabilities	16,505	17,970	21,334	20,538	20,878	22,042	24,871	25,543	27,749	30,226	33,312
	9,987	12,417	9,125	13,573	12,387	13,625	14,007	14,783	15,731	17,265	19,330
CWIP	1,879	236	173	501	1,702	869	1,036	1,859	2,284	2,497	2,593
Investments	1,723	2,667	3,505	2,424	2,816	4,034	5,705	3,525	4,463	5,160	5,919
	2,916	2,651	8,531	4,040	3,973	3,514	4,123	5,376	5,271	5,304	5,470
Total assets	16,505	17,970	21,334	20,538	20,878	22,042	24,871	25,543	27,749	30,226	33,312

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs.

Source XBRL ↗

Latest reported period · 31 Mar 2022 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities
Cement	11,262	1,195	—	3,349
Others	194	20	—	61
Discontinued operrations	42	10

Loading financials…

Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	81.2%	82%	83.1%	87%

Loading ratios…

Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	55.85%	55.84%	55.84%	55.84%	55.84%	55.84%	55.84%	55.84%	55.84%	55.84%	55.84%	55.84%
	14.13%	12.96%	11.37%	9.43%	8.94%	9.08%	8.28%	8.24%	8.76%	7.92%	7.15%	6.81%
	9.43%	11.03%	12.63%	13.61%	14.58%	14.7%	16.43%	17.37%	17.81%	18.99%	20.25%	19.94%
	0%	0%	0%	0%	0%	0%	0%	0%	0.14%	0.14%	0.14%	0.14%
	20.59%	20.17%	20.16%	21.12%	20.64%	20.38%	19.45%	18.55%	17.45%	17.11%	16.62%	17.27%
No. of shareholders	—	—	—	—	—	—	—	—	75,971	73,797	63,680	72,957

Loading shareholding…

F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

Loading f&o…

Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 11 fund houses

Held by these funds

9.82%

of the company's equity

All mutual funds

16.62%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

42 schemes · 11 fund houses

		Shares
Portfolio of Kotak Mid Cap FundNEW	Kotak Mahindra Mutual Fund	46.46 L	862.43	1.21%	2.477%	—
Portfolio of Kotak Flexi Cap FundNEW	Kotak Mahindra Mutual Fund	27 L	501.17	0.89%	1.439%	—
Midcap Fund	SBI Mutual Fund	23 L	426.93	1.74%	1.226%	-0
Portfolio of Kotak Large & Mid Cap FundNEW	Kotak Mahindra Mutual Fund	22.25 L	413	1.28%	1.186%	—
Growth Mid Cap FundNEW	Nippon India Mutual Fund	17.3 L	321.12	0.61%	0.922%	—
MultiCap Fund	SBI Mutual Fund	17.11 L	317.62	1.3%	0.912%	-0
Portfolio of Kotak Multi Cap FundNEW	Kotak Mahindra Mutual Fund	14.87 L	275.93	0.9%	0.792%	—
Large & Mid Cap Fund	DSP Mutual Fund	6.13 L	113.85	0.62%	0.327%	-0

1–8 of 42

1 / 6

Loading fund holders…

Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Jul 2026Transcript AI Summary PPTREC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

13

Final dividend23 Jun 2026 · ex-date₹5
Interim dividend24 Oct 2025 · ex-date₹4
Final dividend23 Jun 2025 · ex-date₹5
Interim dividend25 Oct 2024 · ex-date₹4
Final dividend19 Jun 2024 · ex-date₹5
Interim dividend20 Oct 2023 · ex-date₹4
Final dividend23 Jun 2023 · ex-date₹5
Interim dividend10 Nov 2022 · ex-date₹4
Final dividend23 Jun 2022 · ex-date₹5
Interim dividend9 Nov 2021 · ex-date₹4
Dividend dividend21 Sept 2021 · ex-date₹1.33
Interim dividend17 Feb 2020 · ex-date₹2
Final dividend22 Aug 2019 · ex-date₹2

1

Board meeting to consider results24 Jul 2026

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

55 announcementsExport CSV

24 Jul 2026, 1:48 pmCompany Update

Announcement under Regulation 30 (LODR)-Investor Presentation

Investor Presentation PDF

24 Jul 2026, 1:39 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

24 Jul 2026, 1:23 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

24 Jul 2026, 1:22 pmBoard Meeting

Board Meeting Outcome for Outcome Of Board Meeting Held On July 24, 2026

Outcome of Board Meeting PDF

24 Jul 2026, 1:19 pmResult

Outcome Of Board Meeting Held On July 24, 2026

Financial Results PDF

18 Jul 2026, 7:22 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

17 Jul 2026, 1:31 pmCompany Update

Announcement under Regulation 30 (LODR)-Credit Rating

Credit Rating PDF

17 Jul 2026, 1:18 pmBoard Meeting

Board Meeting Intimation for Intimation Of Board Meeting Scheduled To Be Held On Friday, July 24, 2026

Exchange filing PDF

Date	Category	Subject	Filing
24 Jul 2026, 1:48 pm	Company Update Investor Presentation	Announcement under Regulation 30 (LODR)-Investor Presentation	PDF
24 Jul 2026, 1:39 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release

Loading announcements…

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	81.2%	82%	83.1%	87%

56 deals · 5 Oct 2021 – 25 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
25 Sept 2026	DALMIA BHARAT REFRACTORIES LIMITED	Block	NSE	Buy	10,84,000	₹1,700.00	₹184.28 Cr
25 Sept 2026	DALMIA BHARAT REFRACTORIES LIMITED	Bulk	NSE	Buy	10,84,000	₹1,700.00	₹184.28 Cr
25 Sept 2026	KESHAV POWER LIMITED	Block	NSE	Sell	7,27,000	₹1,700.00	₹123.59 Cr
25 Sept 2026	RAMA INVESTMENT COMPANY PRIVATE LIMITED	Block	NSE	Sell	3,57,000	₹1,700.00	₹60.69 Cr
25 Mar 2026	KESHAV POWER LIMITED	Block	BSE	Sell	3,33,000	₹1,798.00	₹59.87 Cr
25 Mar 2026	DALMIA BHARAT REFRACTORIES LIMITED	Block	BSE	Buy	3,33,000	₹1,798.00	₹59.87 Cr
24 Mar 2026	RAMA INVESTMENT COMPANY PRIVATE LIMITED	Block	BSE	Buy	3,88,000	₹1,801.55	₹69.90 Cr
24 Mar 2026	KESHAV POWER LIMITED	Block	BSE	Sell	3,88,000	₹1,801.55	₹69.90 Cr
14 Jun 2024	DALMIA BHARAT REFRACTORIES LIMITED	Block	NSE	Buy	16,00,000	₹1,876.00	₹300.16 Cr
14 Jun 2024	KESHAV POWER PRIVATE LIMITED	Block	NSE	Sell	16,00,000	₹1,876.00	₹300.16 Cr

1–10 of 56

1 / 6

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,915	1,718	1,606	1,843	2,340	3,596	1,937	2,252	2,635	2,117	2,278
	-1,723	-182	135	187	-1,760	-276	-1,050	-2,326	-2,750	-2,270	-3,023
	-500	-1,553	-1,564	-2,067	-594	-3,331	-942	168	222	-39	808
Net cash flow	-308	-18	177	-37	-14	-11	-55	94	107	-192	63
Free cash flow	1,493	1,362	1,204	917	990	2,550	168	-457	-192	-547	222
CFO / Operating profit %	—	—	—	97.3%	112.3%	128.8%	79.7%	97.2%	99.9%	88%	73.9%

Leverage
Current ratio	1.29	1.17	1.23	1.54	1.45	1.75	1.59	1.54

Return ratios
Return on assets %	1.7%	1.1%	5.6%	4.7%	4.2%	3.1%	2.3%	3.5%

Dalmia Bharat Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

13

1

Announcements

13

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Cement · revenue

Working capital
Receivable days	21	25	18	22	19	21	23	21

Dalmia Bharat Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends13

Board meetings1

Announcements

Dividends13

Board meetings1

Not in the F&O segment

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Cement · revenue

13

1

13

1