Dalmia Bharat Limited, together with its subsidiaries, manufactures and sells clinker and cement products primarily in India and was founded in 1939 and is based in New Delhi, India. Dalmia is the 4th largest cement manufacturing company in India. The company has an installed cement manufacturing capacity of 49.5 MnT per annum spread across 15 cement plants in 10 states. The chairman of the company is Yadu Hari Dalmia, and the managing director is Puneet Yadu Dalmia.
The company operates through a comprehensive network, serving customers across multiple regions with a diverse portfolio of cement products. The company offers Portland slag cement, Portland pozzolana cement, Portland composite cement, ordinary Portland cement, and specialty cement under the Dalmia Cement, Dalmia DSP, and Konark Cement brands. It serves institutional/commercial customers, individual house builders, government bodies for infrastructure projects.
Dalmia Bharat Ltd has a market capitalisation of Rs 40,110 crore. As of March 2025, company promoters held 55.84% stake in DALMHARAT, with no shares having been pledged. The company trades on both the National Stock Exchange and Bombay Stock Exchange under the symbol DALBHARAT.
The company's financial performance for FY25 shows mixed results. Net profit of Dalmia Bharat rose 38.10% to Rs 435.00 crore in the quarter ended March 2025 as against Rs 315.00 crore during the previous quarter ended March 2024. Sales declined 5.02% to Rs 4091.00 crore in the quarter ended March 2025 as against Rs 4307.00 crore during the previous quarter ended March 2024. For the full year, net profit declined 17.31% to Rs 683.00 crore in the year ended March 2025 as against Rs 826.00 crore during the previous year ended March 2024. Sales declined 4.84% to Rs 13980.00 crore in the year ended March 2025 as against Rs 14691.00 crore during the previous year ended March 2024.
Dalmia Bharat has been aggressively expanding its production capacity to meet growing demand. Dalmia Bharat's current annual production capacity is 46.6 million tonnes, which is set to increase to 49.5 million tonnes by the end of March. Dalmia Bharat (DBL) has achieved its target of 49.5mtpa for FY25 with the commencement of commercial production of an additional 0.5mtpa at its Rohtas Cement Works (RCW) plant in Bihar. This strategic expansion with an investment of Rs 96 crores at the existing integrated unit increases the plant's total capacity to 1.6mtpa.
The company has outlined ambitious expansion plans for the future. Dalmia Bharat Ltd targets expanding its cement production capacity to 75 MTPA by FY 2027 and 110-130 MTPA by 2031, establishing itself as a truly pan-India company. In the next six months, the company plans to release a roadmap for the second phase of its expansion, with a target production capacity of 75 million tonnes.
Dalmia Bharat plans to invest approximately Rs 10 billion in capital expenditure for the quarter ending in March, bringing its total expenditure for the current fiscal year to around Rs 30 billion. As for the fiscal year 2025-26 (April-March), the company intends to spend between Rs 25 billion and Rs 30 billion on capital expenditure.
The company has a strong presence in eastern India, which positions it well for future growth. Dalmia Bharat has a strong footprint in the East with manufacturing units in Bihar, Jharkhand, West Bengal, and Odisha. This expansion will enhance the company's ability to cater to the increasing infrastructure demands in the East, across sectors such as roads, railways and airports.
Dalmia Bharat has positioned itself as a leader in sustainable cement manufacturing. The DNA of every employee at Dalmia Bharat is ingrained with its operating philosophy – 'Clean and Green is Profitable & Sustainable'. The company currently has one of the lowest CO2 footprints amongst all cement companies globally. It has one of the lowest carbon footprints in the cement segment globally. The company has been ranked No. 1 in the global cement manufacturing sector by the Carbon Disclosure Project (CDP) for business readiness of the lowest carbon transition.
Dalmia Bharat Limited has set a target to turn carbon negative by 2040. Dalmia Bharat is also one of the First Triple Joiners of the Climate Group's RE100, EV100 and EP100. The company has also made significant strides in water conservation, with a target of 20 times water positive by 2025.
The company has faced some challenges in recent quarters due to market conditions. Net profit of Dalmia Bharat declined 76.81% to Rs 61.00 crore in the quarter ended December 2024 as against Rs 263.00 crore during the previous quarter ended December 2023. However, the company showed resilience with improved performance in the subsequent quarter.
In the latest quarter, the company demonstrated resilience amid a challenging economic landscape, reporting a year-over-year decline in sales volumes while managing to achieve a 21% increase in EBITDA through effective cost management. Cement demand is expected to surge, particularly in the Northeast, driven by government investments, although pricing volatility persists across regions, complicating revenue stability.
Based on the latest available data:
- **Revenue (FY25)**: Rs 13,980 crore
- **Net Profit (FY25)**: Rs 683 crore
- **Market Capitalization**: Rs 40,110 crore (as of May 2025)
- **P/E Ratio**: 54.18 times (as of May 2025)
- **P/B Ratio**: 2.13 times (as of May 2025)
- **Dividend Yield**: 0.43% (current)
- **52-week High**: Rs 2,186.60
- **52-week Low**: Rs 1,602.00
The company's strategic focus on capacity expansion, sustainability initiatives, and strong market position in eastern India makes it well-positioned to capitalize on India's growing infrastructure and housing demand, despite short-term market challenges.
