MarketFriction

Dalmia Bharat Ltd

NSE DALBHARAT · BSE 542216 · Cement & Cement Products
₹1,682.10 -0.10%
NSE close2026-10-01
52 week range1,605.00 - 2,319.90
Market cap₹30,712 Cr.
P/E28.0
Nifty 500Midcap 150 Price band 20% Delivery 57.7%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales3,1533,6044,3073,6213,0873,1814,0913,6363,4173,5064,2453,890
Expenses2,5602,8253,6532,9522,6532,6703,2982,7532,7212,9043,3433,085
Operating Profit593779654669434511793883696602902805
OPM %19%22%15%18%14%16%19%24%20%17%21%21%
Other Income8060120-6373379365663034-43
Interest101108949598101105108122118132147
Depreciation401370328317336364314322322340365361
Profit before tax1713613521947383467518318174439254
Tax %28%26%9%25%33%20%6%24%25%26%10%24%
Net Profit1232663201454966439395239128394192
EPS in Rs6.2914.0216.807.522.453.2523.1920.9512.586.5020.6310.02
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales7,4448,5799,4849,67410,11011,28613,55214,69113,98014,80415,058
Expenses5,5506,5437,5427,5917,3408,86011,22412,05211,57311,72112,053
Operating Profit1,8942,0361,9422,0832,7702,4262,3282,6392,4073,0833,005
OPM %25%24%20%22%27%22%17%18%17%21%20%
Other Income29627423521714517153231414019587
Interest856708542415303202234386399480519
Depreciation1,2261,2131,2961,5281,2501,2351,3051,4981,3311,3491,388
Profit before tax1083893393571,3621,1601,3211,0698171,4491,185
Tax %69%25%-3%33%13%27%18%20%14%20%
Net Profit442913492381,1838451,0798536991,157953
EPS in Rs8,800.0058,400.0015.9611.6162.5843.5555.2144.0436.4160.7349.73
Dividend Payout %0%1,937%13%17%2%20%16%21%25%15%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth%8%3%8%
Compounded Profit Growth%-2%-1%19%
Stock Price CAGR%-5%-12%-26%
Return on Equity5%5%5%6%
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital6,6546,6543939373737383838
Reserves2,9753,68110,60010,52212,77316,02415,59116,35917,33617,941
Borrowings8,0387,2665,8836,0493,8393,1763,8554,8055,7027,406
Other Liabilities3,5953,7634,0164,2685,2375,4316,0366,5107,0957,874
Total Liabilities21,26221,36420,53820,87821,88624,66825,51927,71230,17133,259
Fixed Assets15,51614,03713,57312,55513,62614,14714,78415,73217,30619,371
CWIP1281685201,7401,0061,0341,8712,3952,6162,726
Investments2,7403,5052,4242,8164,0335,7043,5244,4625,1195,878
Other Assets2,8783,6544,0213,7673,2213,7835,3405,1235,1305,284
Total Assets21,26221,36420,53820,87821,88624,66825,51927,71230,17133,259
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity1,8751,6061,8432,3403,6041,9322,2522,6352,1172,278
Cash from Investing Activity-139135189-1,760-300-1,045-2,326-2,750-2,270-3,023
Cash from Financing Activity-1,749-1,564-2,067-594-3,375-942168222-39808
Net Cash Flow-13177-35-14-71-5594107-19263
Free Cash Flow1,4831,2139179952,577176-449-88-509237
CFO/OP100%83%96%116%129%79%97%102%91%77%
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days26242125182219212321
Inventory Days189186211204180234242164217186
Days Payable258223179173213211209178241202
Cash Conversion Cycle-43-135355-1445528-15
Working Capital Days-89-63-60-85-83-60-33-27-39-55
ROCE %6%4%4%10%7%8%7%6%8%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters55.85%55.84%55.84%55.84%55.84%55.84%55.84%55.84%55.84%55.84%55.84%55.84%
FIIs14.13%12.96%11.37%9.43%8.94%9.08%8.29%8.23%8.75%7.92%7.15%6.81%
DIIs9.42%11.03%12.62%13.62%14.57%14.69%16.43%17.37%17.81%18.99%20.25%19.95%
Government0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%
Public20.46%20.03%20.03%20.99%20.52%20.24%19.29%18.42%17.45%17.11%16.61%17.26%
No. of Shareholders48,92752,42861,20488,45594,16190,38586,25076,77375,97173,79763,68072,957

Fundamentals

Market Cap₹ 30,712 Cr.
Current Price₹ 1,637
Stock P/E28.0
Book Value₹ 959
ROCE7.59 %
ROE6.11 %
Dividend Yield0.55 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)8%
Compounded Profit Growth (TTM)19%
Consolidated figures.
Valuation
Market capRs 31,550 Cr
Enterprise valueRs 38,732 Cr
P/E (TTM)33.82x
Price to book1.75x
Price to sales2.10x
EV / EBITDA12.53x
EV / EBIT22.73x
EV / sales2.57x
Price to cash flow13.85x
Earnings yield2.96%
Dividend yield0.54%
P/E, 3-year average41.14x
P/B, 3-year average2.01x
P/E, 5-year average38.68x
P/B, 5-year average2.03x
Profitability
Operating margin (excl. other income)20.83%
Operating margin (incl. other income)22.14%
EBITDA margin20.53%
Pre-tax margin7.87%
Net profit margin6.20%
Net margin, latest quarter4.83%
ROE6.44%
ROCE7.96%
ROA3.59%
ROE, 3-year average5.22%
ROCE, 3-year average6.87%
ROA, 3-year average3.02%
ROE, 5-year average5.57%
ROCE, 5-year average7.25%
ROA, 5-year average3.34%
ROIC (approx.)5.41%
Tax rate20.15%
Other income / net worth1.08%
Growth
Sales growth (latest year)5.89%
Profit growth (latest year)66.76%
Sales CAGR, 3 years2.99%
Sales CAGR, 5 years7.93%
Profit CAGR, 3 years3.24%
Profit CAGR, 5 years-0.55%
Sales growth QoQ-8.36%
Profit growth QoQ-51.42%
Sales growth YoY (latest quarter)6.99%
Profit growth YoY (latest quarter)-52.16%
Per share
EPS (TTM)Rs 49.74
EPS (latest year)Rs 60.73
EPS (latest quarter)Rs 10.02
EPS, 3-year averageRs 47.06
EPS, 5-year averageRs 47.99
Book value per shareRs 958.54
Sales per shareRs 802.81
Cash flow per shareRs 121.45
Free cash flow per shareRs 12.64
Dividend per share (latest year)Rs 9.12
Dividend per share, 3-year averageRs 9.12
Dividend per share, 5-year averageRs 9.02
Dividends
Dividend payout15.01%
Dividend payout, 3-year average20.25%
Dividend payout, 5-year average19.45%
Efficiency
Asset turnover0.45x
Fixed asset turnover0.76x
Inventory turnover8.06x
Inventory days45 days
Debtor days21 days
Debtors turnover17.13x
Creditor days202 days
Cash conversion cycle5 days
Working capital days-55 days
Leverage
Total debtRs 7,406 Cr
Cash and bankRs 224 Cr
Net debtRs 7,182 Cr
Debt to equity0.41x
Net debt / EBITDA2.32x
Interest coverage3.28x
Current ratio (filing 2026-03-31)1.54x
Quick ratio (filing 2026-03-31)1.33x
Trade payables (filing 2026-03-31)Rs 1,294 Cr
Owners' fund to total sources54.06%
Debt to assets22.27%
Cash flow
Cash from Operating Activity (latest year)Rs 2,278 Cr
Cash from Investing Activity (latest year)Rs -3,023 Cr
Cash from Financing Activity (latest year)Rs 808 Cr
Net Cash Flow (latest year)Rs 63 Cr
Free cash flow (latest year)Rs 237 Cr
FCFE (approx.: FCF + change in debt)Rs 1,941 Cr
Cash from ops / profit, 5 years2.42x
Sales to cash flow6.50x
Statement figures
Net sales (TTM)Rs 15,058 Cr
Net sales (latest year)Rs 14,804 Cr
Sales (latest quarter)Rs 3,890 Cr
Operating profit excl. other income (latest year)Rs 3,083 Cr
Operating profit (latest quarter)Rs 805 Cr
Other income (TTM)Rs 87 Cr
EBITDA (TTM)Rs 3,092 Cr
PBDT (TTM)Rs 2,573 Cr
Profit before tax (TTM)Rs 1,185 Cr
Tax (latest year)Rs 292 Cr
Net profit (TTM)Rs 933 Cr
Net profit (latest year)Rs 1,139 Cr
Net profit (latest quarter)Rs 188 Cr
Depreciation (TTM)Rs 1,388 Cr
Depreciation (latest quarter)Rs 361 Cr
Interest (TTM)Rs 519 Cr
Cost of goods sold (latest year)Rs 9,611 Cr
Total expenditure (latest year)Rs 11,721 Cr
Total income (latest year)Rs 14,999 Cr
Share capitalRs 38 Cr
ReservesRs 17,941 Cr
Shareholders' fundsRs 17,979 Cr
Total assetsRs 33,259 Cr
Net blockRs 19,371 Cr
Capital work in progressRs 2,726 Cr
InvestmentsRs 5,878 Cr
ReceivablesRs 864 Cr
InventoryRs 1,192 Cr
Other liabilitiesRs 7,874 Cr
Shares outstanding (crore)18.76
Ownership
Promoter holding55.84% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 33.8 is at the 24th percentile of its own 7.9-year range (median 41.6, low 21.8, high 147.8).
P/B 1.75 is at the 18th percentile (median 2.13).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodDALBHARATNifty 50Difference
1 week-2.3%-2.8% +0.5 pts
1 month-6.9%-6.8% -0.1 pts
3 months-4.7%-7.6% +2.9 pts
6 months-5.5%+0.4% -5.9 pts
1 year-25.6%-9.9% -15.7 pts
2 years-11.5%-13.6% +2.1 pts
3 years-30.0%+14.2% -44.2 pts
5 years-20.5%+27.9% -48.4 pts
110 mutual fund schemes hold about ₹6,289 Cr. Over three months 75 bought more and 25 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Kotak Mid Cap Fund1.21%862 +9%
Mirae Asset Large & Midcap Fund1.87%856 +19%
Mirae Asset Midcap Fund2.62%546 +11%
Kotak Flexi Cap Fund0.89%501 +13%
Kotak Flexi Cap Fund0.89%499 +13%
SBI Midcap Fund1.74%427 +44%
SBI Midcap Fund1.74%424 +44%
Kotak Large & Mid Cap Fund1.28%413 +11%
Nippon India Growth Mid Cap Fund0.61%321 +4%
SBI Multicap Fund1.29%318 -3%
Kotak Multi Cap Fund0.90%265 +5%
Mirae Asset Multicap Fund2.23%125 +19%
DSP Large & Mid Cap Fund0.62%114 +20%
UTI Value Fund1.07%102 +13%
Kotak Contra Fund1.33%73 +11%
Bandhan Value Fund0.70%70 +39%
Canara Rob Mid Cap Fund1.15%60 +6%
Bandhan Flexi Cap Fund0.70%53 +29%
Mahindra Manulife Mid Cap Fund0.81%44 +7%
Kotak Manufacture in India Fund0.89%26 +3%
UTI ELSS Tax Saver Fund0.74%26 +27%
Sundaram Focused Fund2.04%22 +100%
Nippon India Vision Large & Mid Cap Fund0.23%19 +100%
Bandhan Multi Cap Fund0.51%16 +100%
Motilal Oswal Nifty Midcap 150 Index Fund0.34%14 +9%

Red flags

F-score 6 of 8
lookAuditor change Auditor change 2026-05-23: Dalmia Bharat Limited has informed the Exchange regarding Change in Auditors of the company.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2026-03-25Keshav Power LimitedPromoter Groupother721,000Rs 129.77 CrInter-se-Transfer
2026-03-25Dalmia Bharat Refractories LimitedPromoter Groupother333,000Rs 59.87 CrInter-se-Transfer
2026-03-24Rama Investment Company Private LiPromoter Groupother388,000Rs 69.90 CrInter-se-Transfer
2025-06-13Keshav Power LimitedPromoter Groupother67,335,614Scheme of Amalgamation/M
2023-07-18Chandra SinghiImmediate relativeother100,000Rs 20.30 CrPledge Creation
2022-09-08Dalmia Bharat Sugar And industriesPromoter Groupother1,312,444Rs 0.26 CrScheme of Amalgamation/M
2022-05-27Dalmia Bharat Refractories LimitedPromoter Groupother698,952Scheme of Amalgamation/M
2021-08-02R.K. AgrawalOthersell1,000Rs 0.21 CrMarket Sale
2021-06-28RA KrishnakumarEmployees/Designated Employesell500Rs 0.09 CrMarket Sale
2021-06-28C.N. MaheshwariEmployees/Designated Employesell300Rs 0.06 CrMarket Sale
2021-06-23T. VenkatesanEmployees/Designated Employesell600Rs 0.11 CrMarket Sale
2021-06-23C.N. MaheshwariEmployees/Designated Employesell200Rs 0.04 CrMarket Sale
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹3,890 Cr +7.0% vs Jun 2025. Net profit ₹192 Cr -51.4%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-06-23Dividend - Rs 5 Per Share
2025-10-24Interim Dividend - Rs 4 Per Share
2025-06-23Annual General Meeting/Dividend - Rs 5 Per Share
2024-10-25Interim Dividend - Rs 4 Per Share
2024-06-19Dividend - Rs 5 Per Share
2023-10-20Interim Dividend - Rs 4 Per Share
2023-06-23Dividend - Rs 5 Per Share
2022-11-10Interim Dividend - Rs 4 Per Share
2022-06-23Dividend - Rs 5 Per Share
2021-11-09 Interim Dividend - Rs 4 Per Share
2021-09-21 Annual General Meeting/Dividend - Rs 1.33 Per Share
2020-09-22 Annual General Meeting
2020-02-17 Interim Dividend - Rs 2 Per Share
2019-08-22 Annual General Meeting/Dividend - Rs 2 Per Share
DateTypeWhat it says
2026-09-18Shareholder meetingNotice of Postal Ballot
2026-09-17AcquisitionAcquisition
2026-08-24Effect(s) on listed entity dEffect(s) on listed entity due to changed regulatory framework applicable
2026-08-20General UpdatesIntimation of Schedule of Analyst/ Institutional Investor Meeting(s)
2026-08-05General UpdatesIntimation of Schedule of Analyst/ Institutional Investor Meeting(s)
2026-07-28Concall / analyst meetTranscript of Q1 FY27 - Earnings Conference Call
2026-07-28General UpdatesIdentification of Company s subsidiary as Successful Resolution Applicant for Bhilai Jaypee Cement Limited and issuance of Letter of Intent thereof by...
2026-07-24General UpdatesEarnings Release / Investor Presentation Q1 FY27
2026-07-24Press ReleaseA press release dated July 24, 2026, titled "Press Release on Unaudited Financial Results for the quarter ended June 30, 2026".
2026-07-24Change in ManagementChange in Management. Based on the recommendations of the Nomination & Remuneration Committee, the Board has considered and approved the appointment o...
2026-07-24Board meeting outcomeDalmia Bharat Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-18Concall / analyst meetSchedule of meet
2026-07-17Credit Rating- OthersIntimation of reaffirmation of ESG Rating by ICRA
2026-06-30Shareholder meetingDalmia Bharat Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on Jun 30, 2026
2026-06-30Shareholder meetingProceedings of Annual General Meeting held on Jun 30, 2026
2026-06-22General UpdatesIntimation of Schedule of Analyst/ Institutional Investor Meeting(s)
2026-06-21Commencement of commercial pCommencement of commercial production/operations
2026-06-05General UpdatesCommunication to shareholders through E-mail, containing a brief note on the provisions relating to deduction of tax at source (TDS) on Dividend as pe...
2026-06-05General UpdatesWeb-link of the Integrated Annual Report 2025-26 of the Company
2026-06-04Shareholder meetingNotice of Annual General Meeting to be held on Jun 30, 2026
2026-06-03Disclosure under SEBI TakeovY.H. Dalmia and others has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substa...
2026-05-29Capacity additionDisclosure under Regulation 30 of the SEBI (Listing Obligations and DisclosureRequirements) Regulations, 2015 ( Listing Regulations ) Update on Capa...
2026-05-23UpdatesConvening of the 13th Annual General Meeting ( AGM ) of the Company on Tuesday, June 30, 2026 at 11:30 A.M. (IST) through Video Conferencing ( VC ) / ...
2026-05-23Change in AuditorsChange in Auditors of the company.
2026-05-23Record DateRecord date for the purpose of Dividend is 23-Jun-2026.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Dalmia Bharat Ltd?

Dalmia Bharat Ltd (DALBHARAT) has a market capitalisation of Rs 30,712 Cr. at the 2026-10-01 close.

What is the P/E ratio of Dalmia Bharat Ltd?

Dalmia Bharat Ltd trades at a P/E of 28.0 on trailing twelve-month profit, at the 2026-10-01 close.

What were Dalmia Bharat Ltd's latest quarterly results?

In the Jun 2026 quarter, Dalmia Bharat Ltd sales was Rs 3,890 Cr (+7.0% vs Jun 2025) and net profit was Rs 192 Cr.

What is the 52-week high and low of Dalmia Bharat Ltd?

The 52-week high is Rs 2,319.90 and the 52-week low is Rs 1,605.00.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03