Dalmia Bharat Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Dalmia Bharat Ltd filed with BSE on 28 Jul 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Dalmia Bharat reported Q1 FY27 revenue of Rs 3,890 crore, up 7% year-on-year, with volume growth of 9% despite state elections disrupting several key markets. EBITDA per ton improved sequentially to Rs 1,055 as price increases and cost savings partly offset elevated pet coke and fuel costs. Management discussed the completed Jaypee Cement asset acquisition, capacity expansion plans toward 67 million tons by Q3 FY28, and integration progress at the Chunar and Rewa units.
Numbers mentioned
Revenue from operations: Rs 3,890 crores (Q1 FY27)
p. 6
“Revenues from operations improved by 7% Y-o-Y during the quarter to INR3,890 crores, driven by higher sales volumes.”
Dharmender Tuteja, page 6 of the filed PDF · View the filing
Volume growth: 9% Y-o-Y (Q1 FY27)
p. 4
“we have delivered a robust volume growth of 9% on a Y-o-Y basis”
Puneet Dalmia, page 4 of the filed PDF · View the filing
EBITDA per ton: Rs 1,055 (Q1 FY27)
p. 6
“EBITDA per ton improved 3% Q-o-Q to INR1,055 during the quarter.”
Dharmender Tuteja, page 6 of the filed PDF · View the filing
EBITDA: Rs 805 crores (Q1 FY27)
p. 6
“On an absolute basis, EBITDA declined 11% Q-o-Q to INR805 crores as the benefit of improved realizations was offset by lower volumes and higher costs arising from external headwinds.”
Dharmender Tuteja, page 6 of the filed PDF · View the filing
Raw material cost per ton: Rs 823 (Q1 FY27)
p. 6
“our raw material cost per ton of production increased 12% Q-o-Q to INR823, primarily due to increase in the limestone raising cost and other cost headwinds.”
Dharmender Tuteja, page 6 of the filed PDF · View the filing
Power and fuel cost per ton: Rs 1,045 (Q1 FY27)
p. 6
“Power and fuel cost per ton of production increased by 10% Y-o-Y to INR1,045, reflecting a sharp escalation in fuel prices.”
Dharmender Tuteja, page 6 of the filed PDF · View the filing
Other income: Rs 139 crores (Q1 FY27)
p. 7
“Other income increased to INR139 crores, mainly due to the mark-to-market gains on treasury investments.”
Dharmender Tuteja, page 7 of the filed PDF · View the filing
Depreciation: Rs 361 crores (Q1 FY27)
p. 7
“Depreciation during the quarter increased by 12% Y-o-Y to INR361 crores, mainly due to the capitalization of Umrangso clinker unit in January '26.”
Dharmender Tuteja, page 7 of the filed PDF · View the filing
Finance cost: Rs 147 crores (Q1 FY27)
p. 7
“The finance cost during the quarter increased by 36% Y-o-Y to INR147 crores, primarily due to the increase in gross debt owing to acquisition funding.”
Dharmender Tuteja, page 7 of the filed PDF · View the filing
Exceptional item: Rs 182 crores (Q1 FY27)
p. 7
“Exceptional item of INR182 crores primarily includes expenses towards stamp duties and transaction fees and other related overheads incurred by the company with the acquisition of cement assets.”
Dharmender Tuteja, page 7 of the filed PDF · View the filing
Gross debt: Rs 9,108 crores (Q1 FY27 end)
p. 7
“Our gross debt at the end of the quarter increased to INR9,108 crores, primarily due to the acquisition, while net debt increased to INR4,431 crores.”
Dharmender Tuteja, page 7 of the filed PDF · View the filing
Net debt to EBITDA: 1.47x (Q1 FY27 end)
p. 7
“our leverage stood at 1.47x, comfortably below 2x net debt to EBITDA, demonstrating the strength of our balance sheet and disciplined approach to capital allocation.”
Dharmender Tuteja, page 7 of the filed PDF · View the filing
Capex spent: Rs 510 crores (Q1 FY27)
p. 7
“Excluding the cost of acquisition, we have spent about INR510 crores on capex during the quarter.”
Dharmender Tuteja, page 7 of the filed PDF · View the filing
Incentive accrual: Rs 45 crores (Q1 FY27)
p. 6
“During the quarter, we accrued INR45 crores in incentives and collected INR60 crores.”
Dharmender Tuteja, page 6 of the filed PDF · View the filing
Incentive outstanding: Rs 822 crores (end of Q1 FY27)
p. 6
“The incentive outstanding at the end of the quarter was INR822 crores.”
Dharmender Tuteja, page 6 of the filed PDF · View the filing
Jaypee acquisition enterprise value: Rs 2,850 crores
p. 7
“We successfully completed the acquisition of the Jaypee Cement assets on 29th May 2026 at an enterprise value of INR2,850 crores.”
Dharmender Tuteja, page 7 of the filed PDF · View the filing
Renewable energy share of power consumption: 48% (Q1 FY27)
p. 6
“48% of our power consumption has been sourced through renewable energy.”
Dharmender Tuteja, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Cement demand growth — 7% · FY27
stated as an aspiration by Puneet Dalmia
p. 4
“I believe the cement demand will also grow at a healthy rate of 7% in this financial year.”
Puneet Dalmia, page 4 of the filed PDF · View the filing
Cement capacity — about 67 million tons · by quarter 3 of financial year '28
stated firmly by Puneet Dalmia
p. 5
“our cement capacity will reach about 67 million tons by quarter 3 of financial year '28.”
Puneet Dalmia, page 5 of the filed PDF · View the filing
FY27 capex — INR3,200 crores to INR3,400 crores · FY27
stated firmly by Dharmender Tuteja
p. 7
“Our capex commitment for FY27 is expected to remain at around INR3,200 crores to INR3,400 crores, in line with our earlier guidance.”
Dharmender Tuteja, page 7 of the filed PDF · View the filing
Depreciation increase — INR100 crores · FY27
stated conditionally by Dharmender Tuteja
p. 7
“For full year FY27, we expect depreciation to increase by INR100 crores, as we commission the acquired Jaypee plants and commercialize Belgaum capacity.”
Dharmender Tuteja, page 7 of the filed PDF · View the filing
Depreciation increase — INR100 crores to INR150 crores · FY28
stated conditionally by Dharmender Tuteja
p. 7
“It would further increase by INR100 crores to INR150 crores in FY28 with the commissioning of Kadapa and Pune projects.”
Dharmender Tuteja, page 7 of the filed PDF · View the filing
Belgaum plant commissioning — next 6 months
stated firmly by Dharmender Tuteja
p. 7
“Our Belgaum expansion project is also progressing ahead of schedule and is expected to commission -- commence commercial production in the next 6 months.”
Dharmender Tuteja, page 7 of the filed PDF · View the filing
Jaypee volume contribution — third quarter
stated conditionally by Dharmender Tuteja
p. 7
“We expect these assets to begin contributing meaningfully to volumes from third quarter onwards.”
Dharmender Tuteja, page 7 of the filed PDF · View the filing
Pan-India capacity target — 110 million to 130 million tons · FY31
stated as an aspiration by Puneet Dalmia
p. 12
“Broadly, the direction is Pan-India, and the direction is going to be 110 million to 130 million tons.”
Puneet Dalmia, page 12 of the filed PDF · View the filing
Cost environment — Q2 FY27
stated conditionally by Dharmender Tuteja
p. 6
“As the input costs remain above pre-war levels, we expect the cost environment to stay elevated in Q2.”
Dharmender Tuteja, page 6 of the filed PDF · View the filing
Q2 input cost increase — INR70, INR80 · Q2 FY27
stated conditionally by Yatin Malhotra
p. 10
“we're looking at roughly INR70, INR80 increase in terms of input cost.”
Yatin Malhotra, page 10 of the filed PDF · View the filing
Volume growth — in line with industry (7-8%) · FY27
stated firmly by Yatin Malhotra
p. 13
“Outside of acquisitions or new capacities, we want to grow in line with the industry.”
Yatin Malhotra, page 13 of the filed PDF · View the filing
East region capacity addition — 10 million to 11 million tons · FY27 and FY28 each
stated conditionally by Yatin Malhotra
p. 19
“we are looking at 10 million to 11 million tons getting added in both the years industry-wide, but I think you can be a better judge of that than us.”
Yatin Malhotra, page 19 of the filed PDF · View the filing
Jaypee EBITDA breakeven — couple of quarters
stated as an aspiration by Yatin Malhotra
p. 14
“It should take us a couple of quarters to be EBITDA neutral, I would say.”
Yatin Malhotra, page 14 of the filed PDF · View the filing
Jaypee EBITDA per ton parity with Dalmia average — 7-8 quarters
stated as an aspiration by Yatin Malhotra
p. 14
“we will give us, I don't know, it might be, 7, 8 quarters for this asset to give EBITDA in line with the normal Dalmia EBITDA.”
Yatin Malhotra, page 14 of the filed PDF · View the filing
Cost reduction from internal efficiencies — 50 to 100 per year
stated firmly by Yatin Malhotra
p. 15
“That is definitely on track.”
Yatin Malhotra, page 15 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said existing land is sufficient for initial years, with adjacent reserves available, and land procurement is an ongoing continuous process without a specific cost estimate given.
Answered by Yatin Malhotra
Asked by Navin Sahadeo: Whether Dalmia controls the land needed to access the 100 million ton limestone reserves at Jaypee and what additional land cost might be.
p. 8
“what lands already exist with the Jaypee assets are enough for the initial few years, and land procurement to keep securing your reserves is a part of the process in any plant that we run.”
Yatin Malhotra, page 8 of the filed PDF · View the filing
Management said the number is a provisional conservative estimate for stamp duty and other costs, expected to be refined over the next couple of months.
Answered by Yatin Malhotra
Asked by Amit Murarka: Breakdown of the exceptional expense related to the Jaypee acquisition.
p. 9
“We have taken a provisional conservative number. This is a preliminary assessment that we have done so far.”
Yatin Malhotra, page 9 of the filed PDF · View the filing
Management estimated a further Rs 70-80 per ton increase but flagged uncertainty from renewed geopolitical turbulence.
Answered by Yatin Malhotra
Asked by Amit Murarka: Outlook on input costs for Q2 given pet coke price trends.
p. 10
“we're looking at roughly INR70, INR80 increase in terms of input cost.”
Yatin Malhotra, page 10 of the filed PDF · View the filing
Management said early data suggests Dalmia outperformed the industry by roughly 200-250 bps but final comparison would need full industry data.
Answered by Yatin Malhotra
Asked by Kunal Shah: How does the 9% volume growth compare to growth in Dalmia's operating markets (East, South, Northeast)?
p. 11
“Our gut says that we would be at least 200 to 250 bps higher than the industry.”
Yatin Malhotra, page 11 of the filed PDF · View the filing
Management reiterated the target is directional and flexible, noting the company would calibrate pace based on the industry and remain disciplined on capital allocation.
Answered by Puneet Dalmia
Asked by Shravan Shah: Whether the 110 million ton by FY31 capacity target is still firm given the pace of expansion and balance sheet considerations.
p. 12
“Broadly, the direction is Pan-India, and the direction is going to be 110 million to 130 million tons.”
Puneet Dalmia, page 12 of the filed PDF · View the filing
Management confirmed the acquisition cost is separate, but efficiency and start-up capex for Jaypee is included within the guided range.
Answered by Yatin Malhotra
Asked by Siddharth Mehrotra: Whether the FY27 capex guidance of Rs 3,200-3,400 crore excludes the Jaypee acquisition cost.
p. 12
“But definitely, this is not with the bulk INR2,850 crores. So that is on top of it. But all the efficiency start-up capex is a part of INR3,400 crores.”
Yatin Malhotra, page 12 of the filed PDF · View the filing
Management said a couple of quarters to reach EBITDA neutrality and roughly 7-8 quarters to match normal Dalmia EBITDA levels.
Answered by Yatin Malhotra
Asked by Satyadeep Jain: Timeline for Jaypee assets to reach EBITDA breakeven and profitability in line with Dalmia's average.
p. 14
“It should take us a couple of quarters to be EBITDA neutral, I would say. But I think we should be on track by the end of this year.”
Yatin Malhotra, page 14 of the filed PDF · View the filing
Management explained that under business combination accounting, since assets were fair valued, stamp duty does not add value and must be expensed rather than capitalized.
Answered by Dharmender Tuteja
Asked by Pulkit Patni: Why the exceptional item related to the acquisition was expensed through the P&L rather than capitalized.
p. 16
“once this fair valuation has been done, stamp duty does not add any additional value to the asset so that this additional cost has to be charged off as per accounting standards.”
Dharmender Tuteja, page 16 of the filed PDF · View the filing
Management clarified the gains are from treasury investments in mutual funds and bonds, driven by falling market yields, not IEX which flows to other comprehensive income.
Answered by Dharmender Tuteja
Asked by Rajesh Ravi: Nature of the mark-to-market gains in other income and whether they relate to IEX or treasury investments.
p. 20
“The IEX gain goes into other comprehensive income. Whatever is in other income is only for the treasury investments into mutual funds and bonds.”
Dharmender Tuteja, page 20 of the filed PDF · View the filing
Risks flagged
Elevated pet coke and fuel input costs due to geopolitical conflict
p. 4
“Pet coke prices surged to nearly $160 per ton before moderating to between $130 and $135 per ton, well above the pre-war levels of $110 to $115 per ton.”
Puneet Dalmia, page 4 of the filed PDF · View the filing
State elections causing temporary moderation in construction activity in key markets
p. 4
“Such periods typically result in a temporary moderation in construction activity with project execution slowing during the election cycle.”
Puneet Dalmia, page 4 of the filed PDF · View the filing
Monsoon uncertainty due to potential El Nino effect
p. 4
“uncertainties surrounding the progress of monsoon due to potential effect of El Nino continues to warrant close monitoring.”
Puneet Dalmia, page 4 of the filed PDF · View the filing
Resurgence of West Asia conflict hostilities affecting cost trends
p. 6
“This quarter was largely impacted by cost escalations stemming from West Asia conflict.”
Dharmender Tuteja, page 6 of the filed PDF · View the filing
Sharp increase in packing bag prices well above historical levels
p. 6
“Other expenses rose 3% Q-o-Q to INR632 crores, mainly on account of sharp increase in packing bag prices from about INR9.5 per bag pre-war to almost INR14 per bag in Q1.”
Dharmender Tuteja, page 6 of the filed PDF · View the filing
Negative operating leverage expected in Q2 due to business seasonality
p. 10
“Negative operating leverage is a part and parcel of business seasonality will come and hit us.”
Yatin Malhotra, page 10 of the filed PDF · View the filing
Jaypee plant is relatively older and requires catch-up capex to improve efficiency and cost curve
p. 17
“I think the negative here is that, this plant was shut for a long time, and it is a relatively older plant.”
Puneet Dalmia, page 17 of the filed PDF · View the filing
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