DALBHARAT

Dalmia Bharat Limited

One of India's leading cement makers — cement and clinker for construction

Commodities›Construction Materials›Cement & Cement Products›Cement & Cement Products

dalmiabharat.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹1684.40
Market cap
32,004 Cr
Stock P/E
34.3
P/B
1.78
Dividend yield
0.5%
ROE (FY26)
6.3%
ROCE (FY26)
7.8%
Operating margin (FY26)
11.7%
Debt / equity (FY26)
0.38
OCF / EBITDA (FY26)
73.9%
OCF / EBITDA (3Y)
86.5%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Dalmia Bharat makes and sells cement in India, with a growing premium range, and is working towards a pan-India presence.

Company snapshot

6thBy market cap

Ranked among 32 companies in Cement & Cement Products.

Segment mix

Reportable segments as of 2022-03-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 99.8% of revenue

SegmentRevenue shareRevenuePBTAssets
Cement
99.8%
3,374 Cr347 Cr18,379 Cr
Discontinued operrations—0 Cr1 Cr0 Cr
Others
1.4%
48 Cr5 Cr147 Cr

Shares add up to 101% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓86% of operating profit came in as cash over the last three years — profits are backed by real cash.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales3,149 Cr3,600 Cr4,307 Cr3,621 Cr3,087 Cr3,181 Cr4,091 Cr3,636 Cr3,417 Cr3,506 Cr4,245 Cr3,890 Cr
Operating expenses (approx.)2,560 Cr2,825 Cr3,653 Cr2,952 Cr2,653 Cr2,670 Cr3,298 Cr2,753 Cr2,721 Cr2,904 Cr3,343 Cr3,085 Cr
EBITDA589 Cr775 Cr654 Cr669 Cr434 Cr511 Cr793 Cr883 Cr696 Cr602 Cr902 Cr805 Cr
OPM %18.7%21.5%15.2%18.5%14.1%16.1%19.4%24.3%20.4%17.2%21.2%20.7%
Other income85 Cr64 Cr120 Cr50 Cr73 Cr37 Cr93 Cr49 Cr66 Cr62 Cr45 Cr139 Cr
Interest101 Cr108 Cr94 Cr95 Cr98 Cr101 Cr105 Cr108 Cr122 Cr118 Cr132 Cr147 Cr
Depreciation401 Cr370 Cr328 Cr317 Cr336 Cr364 Cr314 Cr322 Cr322 Cr340 Cr365 Cr361 Cr
Profit before tax171 Cr361 Cr352 Cr194 Cr73 Cr83 Cr467 Cr518 Cr318 Cr174 Cr439 Cr254 Cr
Tax %28.1%26.3%9.1%25.3%32.9%20.5%6.0%23.7%24.8%26.4%10.3%24.4%
Net profit123 Cr266 Cr320 Cr145 Cr49 Cr66 Cr439 Cr395 Cr239 Cr128 Cr394 Cr192 Cr
EPS (₹)₹6.30₹14.02₹16.80₹7.52₹2.45₹3.25₹23.20₹20.95₹12.59₹6.50₹20.69₹10.02

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales9,484 Cr9,674 Cr10,522 Cr11,286 Cr13,540 Cr14,691 Cr13,980 Cr14,804 CrSign in free for the trailing twelve months
Operating expenses (approx.)7,589 Cr7,591 Cr7,731 Cr8,855 Cr11,224 Cr12,052 Cr11,573 Cr11,721 CrSign in free for the trailing twelve months
EBITDA1,895 Cr2,083 Cr2,791 Cr2,431 Cr2,316 Cr2,639 Cr2,407 Cr3,083 CrSign in free for the trailing twelve months
OPM %20.0%21.5%26.5%21.5%17.1%18.0%17.2%20.8%Sign in free for the trailing twelve months
Other income244 Cr217 Cr182 Cr155 Cr138 Cr315 Cr253 Cr222 CrSign in free for the trailing twelve months
Interest504 Cr415 Cr303 Cr202 Cr234 Cr386 Cr399 Cr480 CrSign in free for the trailing twelve months
Depreciation1,296 Cr1,528 Cr1,262 Cr1,236 Cr1,305 Cr1,498 Cr1,331 Cr1,349 CrSign in free for the trailing twelve months
Profit before tax339 Cr357 Cr1,408 Cr1,161 Cr1,321 Cr1,069 Cr817 Cr1,449 CrSign in free for the trailing twelve months
Tax %-2.9%33.3%11.7%-1.0%18.3%20.2%14.4%20.2%Sign in free for the trailing twelve months
Net profit349 Cr238 Cr1,243 Cr1,173 Cr1,079 Cr853 Cr699 Cr1,157 CrSign in free for the trailing twelve months
EPS (₹)₹15.97₹11.61₹65.65₹61.18₹55.22₹44.05₹36.42₹60.73Sign in free for the trailing twelve months
Dividend payout %——0.0%8.5%15.7%19.8%24.2%14.6%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital39 Cr39 Cr37 Cr37 Cr37 Cr38 Cr38 Cr38 Cr
Reserves10,600 Cr10,522 Cr12,589 Cr15,650 Cr15,591 Cr16,359 Cr17,336 Cr17,941 Cr
Borrowings4,923 Cr4,751 Cr2,927 Cr3,119 Cr3,742 Cr4,630 Cr5,258 Cr6,752 Cr
Other liabilities4,965 Cr5,274 Cr6,220 Cr5,993 Cr6,057 Cr6,612 Cr7,468 Cr8,437 Cr
Total liabilities20,538 Cr20,611 Cr21,810 Cr24,871 Cr25,543 Cr27,749 Cr30,226 Cr33,312 Cr
Fixed assets (net)9,086 Cr8,587 Cr10,119 Cr10,644 Cr11,610 Cr12,893 Cr14,714 Cr16,872 Cr
CWIP501 Cr1,702 Cr938 Cr1,036 Cr1,859 Cr2,284 Cr2,497 Cr2,593 Cr
Investments2,424 Cr2,816 Cr3,415 Cr5,705 Cr3,525 Cr4,463 Cr5,160 Cr5,919 Cr
Loans & advances41 Cr71 Cr92 Cr10 Cr8 Cr9 Cr12 Cr13 Cr
Inventories1,032 Cr974 Cr924 Cr945 Cr1,316 Cr1,218 Cr1,386 Cr1,192 Cr
Trade receivables549 Cr397 Cr688 Cr673 Cr700 Cr836 Cr889 Cr864 Cr
Cash & bank280 Cr266 Cr258 Cr140 Cr234 Cr341 Cr149 Cr212 Cr
Other assets6,625 Cr5,798 Cr5,376 Cr5,718 Cr6,291 Cr5,705 Cr5,419 Cr5,647 Cr
Total assets20,538 Cr20,611 Cr21,810 Cr24,871 Cr25,543 Cr27,749 Cr30,226 Cr33,312 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity1,843 Cr2,337 Cr3,596 Cr1,937 Cr2,252 Cr2,635 Cr2,117 Cr2,278 Cr
Cash from investing187 Cr-1,760 Cr-276 Cr-1,050 Cr-2,326 Cr-2,750 Cr-2,270 Cr-3,023 Cr
Cash from financing-2,067 Cr-591 Cr-3,331 Cr-942 Cr168 Cr222 Cr-39 Cr808 Cr
Net cash flow-37 Cr-14 Cr-11 Cr-55 Cr94 Cr107 Cr-192 Cr63 Cr
Free cash flow (OCF − Capex)917 Cr989 Cr2,550 Cr168 Cr-457 Cr-192 Cr-547 Cr222 Cr

Ratios

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %5.4%5.0%11.0%7.2%8.0%6.9%5.3%7.8%
ROE %2.9%2.1%9.7%7.3%6.6%5.0%3.9%6.3%
Debtor days2115242219212321
Inventory days209215201218251210225187
Days payable178183229196217227250203
Cash conversion cycle5347-444534-25
OCF / EBITDA %97.3%112.2%128.8%79.7%97.2%99.8%88.0%73.9%
OCF / EBITDA % (3 years)——114.9%107.7%103.3%92.4%95.1%86.5%
Debt / equity0.460.450.230.200.240.280.300.38
Current ratio1.261.181.281.541.451.751.591.54
Net debt / EBITDA2.452.150.961.231.511.632.122.12