Dalmia Bharat Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Dalmia Bharat Ltd filed with BSE on 01 May 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 FY26 EBITDA of Rs 3,083 crores, up 28% year-on-year, and PAT of Rs 1,157 crores, up 65%, with Q4 EBITDA at Rs 902 crores. Management said Q4 volume growth was 3% YoY to 8.8 million tons, impacted by an unexpected kiln breakdown in East India, while cost per ton fell to the lowest quarterly level in five years. Management also discussed rising input costs from the West Asia conflict affecting power, fuel, packing and logistics, and said price increases in April were being used to offset the cost impact.
Numbers mentioned
EBITDA: Rs 3,083 crores (FY26)
p. 4
“in financial year 26, we delivered our best-ever EBITDA of Rs 3,083 crores and a PAT of Rs 1,157 crores”
Puneet Dalmia, page 4 of the filed PDF · View the filing
PAT: Rs 1,157 crores (FY26)
p. 4
“in financial year 26, we delivered our best-ever EBITDA of Rs 3,083 crores and a PAT of Rs 1,157 crores”
Puneet Dalmia, page 4 of the filed PDF · View the filing
Volume growth: 2% (FY26)
p. 6
“we have closed the year with 2% volume growth and 6% revenue growth”
Dharmender Tuteja, page 6 of the filed PDF · View the filing
Revenue growth: 6% (FY26)
p. 6
“we have closed the year with 2% volume growth and 6% revenue growth”
Dharmender Tuteja, page 6 of the filed PDF · View the filing
Q4 sales volume: 8.8 million tons (Q4 FY26)
p. 6
“During the quarter, our sales volume grew 3% YoY to 8.8 million tons”
Dharmender Tuteja, page 6 of the filed PDF · View the filing
Q4 EBITDA: Rs 902 crores (Q4 FY26)
p. 7
“Our EBITDA has grown to INR902 crores, driven by all key levers, that is volume, realization, and cost”
Dharmender Tuteja, page 7 of the filed PDF · View the filing
EBITDA per ton: INR1,023 (Q4 FY26)
p. 7
“EBITDA per ton was INR1,023 against the reported Q3 number of INR823”
Dharmender Tuteja, page 7 of the filed PDF · View the filing
Net debt: INR1,428 crore (FY26 end)
p. 7
“Our net debt stands at INR1,428 crore, translating to a net debt-to-EBITDA of 0.46x”
Dharmender Tuteja, page 7 of the filed PDF · View the filing
Core cement ROCE: 12.1% (FY26)
p. 5
“we have been able to improve our ROCE from core cement assets by more than 200 basis points, going up from 9.9% to 12.1%”
Dharmender Tuteja, page 5 of the filed PDF · View the filing
Raw material cost per ton: INR734 per ton (FY26)
p. 6
“Raw material cost per ton of production reduced by 1% YoY to INR734 per ton”
Dharmender Tuteja, page 6 of the filed PDF · View the filing
Logistics cost per ton: INR1,064 per ton (Q4 FY26)
p. 6
“our cost declined 6% YoY to INR1,064 per ton, driven by multiple initiatives”
Dharmender Tuteja, page 6 of the filed PDF · View the filing
Reported cost per ton: INR3,790 (Q4 FY26)
p. 7
“our cost per ton since Q1 FY25 has come down by INR183 per ton, from INR3,973 to INR3,790”
Dharmender Tuteja, page 7 of the filed PDF · View the filing
Direct dispatch share: 65% (Q4 FY26)
p. 6
“We achieved highest-ever direct dispatch share during the quarter at 65%”
Dharmender Tuteja, page 6 of the filed PDF · View the filing
Trade percentage: 67% (Q4 FY26)
p. 6
“Trade percentage for the quarter was 67%, and our premium product share was 24%”
Dharmender Tuteja, page 6 of the filed PDF · View the filing
Renewable energy share: 47% (Q4 FY26)
p. 6
“Share of renewable energy jumped from 39% in Q4 last year to 47% this quarter”
Dharmender Tuteja, page 6 of the filed PDF · View the filing
Contingent liability as % of equity: 6% (FY26)
p. 7
“Our total contingent liability as percentage of equity is 6%, which is among the best in the industry”
Dharmender Tuteja, page 7 of the filed PDF · View the filing
ED alleged proceeds of crime: INR93 crores
p. 8
“The alleged proceeds of crime have been substantially reduced from INR793 crores to INR93 crores, which is nearly a 90% reduction”
Dharmender Tuteja, page 8 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 capacity — 75 million tons · FY28
stated firmly by Puneet Dalmia
p. 8
“our first milestone is, by financial year '28, we want to reach 75”
Puneet Dalmia, page 8 of the filed PDF · View the filing
Cement capacity — 72 to 75 million tons · next two years / FY28
stated firmly by Yatin Malhotra
p. 8
“we are pretty much on our way to chase 72 to 75 million tons in the next two years by FY '28”
Yatin Malhotra, page 8 of the filed PDF · View the filing
FY27 total capex — INR3,200 to INR3,400 crores · FY27
stated firmly by Dharmender Tuteja
p. 5
“a total capex outlook for FY27 being INR3,200 to INR3,400 crores”
Dharmender Tuteja, page 5 of the filed PDF · View the filing
Expansion-linked capex — INR2,200 crores · FY27
stated firmly by Dharmender Tuteja
p. 5
“we expect expansion linked cash outflow in FY27 to be in the range of INR2,200 crores”
Dharmender Tuteja, page 5 of the filed PDF · View the filing
Cost reduction — INR50 to INR100 per ton · annually
stated as an aspiration by Dharmender Tuteja
p. 7
“internally, we will always keep looking to deliver INR50 to INR100 cost take-out on an annual basis going forward”
Dharmender Tuteja, page 7 of the filed PDF · View the filing
Kadapa project commissioning — Q2 to Q3 FY28
stated conditionally by Dharmender Tuteja
p. 5
“we are confident that we will be able to commission this project somewhere between Q2 to Q3 of FY28”
Dharmender Tuteja, page 5 of the filed PDF · View the filing
Q1 FY27 cost inflation impact — INR125 to INR150 per ton · Q1 FY27
stated conditionally by Yatin Malhotra
p. 9
“we are expecting an impact of somewhere between INR125 to INR150 per ton”
Yatin Malhotra, page 9 of the filed PDF · View the filing
Volume growth vs industry — FY27, FY28
stated as an aspiration by Yatin Malhotra
p. 12
“We are aiming to deliver better than industry”
Yatin Malhotra, page 12 of the filed PDF · View the filing
Cement demand CAGR — 7% to 8% · medium term
stated as an aspiration by Puneet Dalmia
p. 3
“I expect the cement demand to grow at a CAGR of 7% to 8% in the medium term”
Puneet Dalmia, page 3 of the filed PDF · View the filing
CC ratio — medium term
stated as an aspiration by Puneet Dalmia
p. 19
“our long-term goal is to increase the CC ratio and, you know, decrease our cost”
Puneet Dalmia, page 19 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 it targets profitable volume growth and is scaling up capacity utilization from new lines.
Answered by Puneet Dalmia
Asked by Amit Murarka: What is the volume and market share outlook given continued market share loss and this quarter's kiln shutdown?
p. 8
“we want to look at a profitable volume growth”
Puneet Dalmia, page 8 of the filed PDF · View the filing
Management estimated an impact of INR125-150 per ton versus Q4, driven by power/fuel, packing and logistics, and said mitigation efforts are underway.
Answered by Yatin Malhotra
Asked by Amit Murarka: What cost inflation is expected in Q1 and Q2 due to the West Asia crisis?
p. 9
“we are expecting an impact of somewhere between INR125 to INR150 per ton”
Yatin Malhotra, page 9 of the filed PDF · View the filing
Management confirmed total FY27 capex guidance of INR3,200-3,400 crores.
Answered by Dharmender Tuteja
Asked by Rajesh Ravi: What is the total FY27 capex guidance versus the incremental expansion capex of INR2,200 crores?
p. 10
“INR3,200 crores to INR3,400 crores range”
Dharmender Tuteja, page 10 of the filed PDF · View the filing
Management said IEX is a non-core asset, half the stake has already been sold, and the rest will be liquidated at the right time.
Answered by Puneet Dalmia
Asked by Satyadeep Jain: What is the plan for the remaining IEX stake?
p. 11
“We've already liquidated half our position, and I think the balance position also we will liquidate as and when we find the right time”
Puneet Dalmia, page 11 of the filed PDF · View the filing
Management said an unexpected breakdown caused a loss of clinker and cement volumes, reducing YoY growth to 3%.
Answered by Yatin Malhotra
Asked by Prateek Kumar: Did clinker utilization impact volume growth this quarter?
p. 11
“We lost somewhere of roughly 1.5 lakh tons of clinker and 300,000 (tons) of cement, and that is the reason that, you see subdued growth in quarter 4”
Yatin Malhotra, page 11 of the filed PDF · View the filing
Management said cost increases so far have been passed on through price hikes and they are hopeful this will continue.
Answered by Puneet Dalmia
Asked by Prateek Kumar: Are April price increases enough to cover expected cost inflation over the next two quarters?
p. 11
“if I look at the first, fortnight of April, so far whatever are the cost increases, we've been able to pass on through the price increase”
Puneet Dalmia, page 11 of the filed PDF · View the filing
Management said demand appears to be holding up but it is too early to draw conclusions from a single month.
Answered by Puneet Dalmia
Asked by Indrajit Agarwal: How has demand trended in April, particularly for individual home builders?
p. 15
“demand in April seems to be holding up”
Puneet Dalmia, page 15 of the filed PDF · View the filing
Management said roughly every 5% diesel price rise adds about INR15 per ton in cost.
Answered by Yatin Malhotra
Asked by Indrajit Agarwal: What is the sensitivity of freight cost to a diesel price increase?
p. 16
“every 5% jump is INR15 per ton cost for us, roughly”
Yatin Malhotra, page 16 of the filed PDF · View the filing
Management said they had not received any communication from authorities and would not respond to rumours.
Answered by Dharmender Tuteja
Asked by Rajesh Ravi: Has the company received any notice regarding the SFIO/MCA mutual fund case reinvestigation reports?
p. 18
“We have not received any communication”
Dharmender Tuteja, page 18 of the filed PDF · View the filing
Risks flagged
Cost inflation from the West Asia conflict affecting petcoke, packing and logistics costs
p. 4
“The industry is seeing cost impact in three key areas: power and fuel, packing bags, and both inbound and outbound logistics”
Puneet Dalmia, page 4 of the filed PDF · View the filing
Petcoke price increase and rupee depreciation
p. 4
“Petcoke prices have soared to about $160 per ton, and Rupee depreciation is an added impact”
Puneet Dalmia, page 4 of the filed PDF · View the filing
Supplier crunch of packing bags and rising PP granule costs
p. 4
“Supplier crunch of bags and rising cost of PP granules has led to increase in packing costs”
Puneet Dalmia, page 4 of the filed PDF · View the filing
Unexpected kiln breakdown reducing volume growth
p. 11
“there was about, an unexpected one-off breakdown, which has resulted in a 3% Y-o-Y growth lower”
Puneet Dalmia, page 11 of the filed PDF · View the filing
Delayed incentive collections from state governments due to elections
p. 6
“collections for the quarter were subdued at just INR14 crores. This was due to delays in pay-outs by a few state governments on account of elections”
Dharmender Tuteja, page 6 of the filed PDF · View the filing
Minor delays in Kadapa project execution
p. 5
“There have been some minor delays in Q4‘26, which have also resulted in lower than planned cash outflows during the quarter”
Dharmender Tuteja, page 5 of the filed PDF · View the filing
Uncertainty over cost inflation trajectory and dynamic pricing environment
p. 11
“we are in a dynamic world and nobody knows, what the cost inflation will be”
Puneet Dalmia, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.