Is Dalmia Bharat Ltd (DALBHARAT) a good quality company?

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Dalmia Bharat Ltd is a below average quality company .

Is Dalmia Bharat Ltd (DALBHARAT) undervalued or overvalued?

The key valuation ratios of Dalmia Bharat Ltd's currently when compared to its past seem to suggest it is in the Fair zone .

What is Dalmia Bharat Ltd (DALBHARAT) share price return in the past 10 years?

Data is not available for this company

Is Dalmia Bharat Ltd (DALBHARAT) a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Dalmia Bharat Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

What is the share price of Dalmia Bharat Ltd (DALBHARAT)?

Company share prices are keep on changing according to the market conditions. The current trading price of Dalmia Bharat Ltd (DALBHARAT) on 16-Apr-2026 16:01:00 at 16:01 is 1970.10.

What is the P/E ratio of Dalmia Bharat?

The latest standalone P/E ratio of Dalmia Bharat as of 16-Apr-2026 is 257.06.

What is the P/B ratio of Dalmia Bharat Ltd (DALBHARAT)?

The latest standalone P/B ratio of Dalmia Bharat Ltd (DALBHARAT) as of 16-Apr-2026 is 4.75.

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

The 52-week high of Dalmia Bharat Ltd (DALBHARAT) is Rs. 2495.95 and the 52-week low is Rs. 1721.50.

Dalmia Bharat Ltd (DALBHARAT) Share Analysis – Order Book, Quality & Valuation Zone & DeciZen Rating

Name: Dalmia Bharat Ltd (DALBHARAT)
Brand: Dalmia Bharat

Key Metrics

Market Cap

₹37,016 Cr.

P/E Ratio

31.21

Price to Book (P/B)

2.08

Price to Sales (P/S)

2.53

EV/EBITDA

13.42

Return on Capital Employed (ROCE)

5.57%

Current Price

₹1,970.1

Return on Equity (ROE)

4.14%

Return on Assets (ROA)

2.42%

Operating Profit Margin

17.2%

Net Profit Margin

Gross Profit Margin

12.9%

Book Value per Share

₹949.4

Sales Growth (YoY)

-4.84%

Sales Growth (3 Years)

7.4%

Operating Profit Growth (1 Year)

-8.72%

Operating Profit Growth (3 Years)

0.49%

Net Profit Growth (1 Year)

-18.15%

52-Week Low / High

₹1,722 / 2,496

Net Profit Growth (3 Years)

-5.83%

Dividend Yield

0.49%

Promoter Holding

55.84%

Pledged shares (%)
of Promoter's holding (%)

0.00%

Check Before You Invest

Q.1 Revenue growth of Dalmia Bharat Ltd?

Dalmia Bharat Ltd revenue growth is -4.8% for FY-2025 , which is below its 5 year CAGR of 7.6% , indicating slower growth.

Q.1 Promoter shareholding and pledge status of Dalmia Bharat Ltd?

Promoters hold 55.84% of the Dalmia Bharat Ltd, with 0.00% of their stake pledged, indicating no pledge risk.

Q.1 Revenue growth of Dalmia Bharat Ltd vs industry peers?

Dalmia Bharat Ltd revenue CAGR is 7.64% , compared to the industry median CAGR of 8.67% , indicating slower growth and losing its market share.

Q.1 Which industry/sub-sector does Dalmia Bharat Ltd belong to?

Dalmia Bharat Ltd belongs to the Construction & Infrastructure sector, operating specifically within the Cement & Construction Materials segment.

Q.1 Stock return of Dalmia Bharat Ltd over the last decade?

Over the last 5 year(s), the stock has delivered a CAGR of 4.72% based on the current price.

DeciZen - make an informed investing decision on Dalmia Bharat

Based on:

Data

Overall Rating ⓘ
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1. Quality

2. Valuation

3. Price Trend

Dalmia Bharat stock performance

Key Ratios

Is Dalmia Bharat Ltd an attractive stock to invest in?

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
ROCE % ⓘ	0%	5.5%	6.1%	5.3%	4.7%	10.2%	7.6%	8.1%	7.2%	5.6%	-
Value Creation Index ⓘ	NA	-0.5	-0.5	-0.5	-0.7	-0.1	-0.3	-0.3	-0.4	-0.5	-
Growth Parameters ⓘ Growth Parameters Colour Code Guide ⓘ
Sales ⓘ	0	7,447	8,580	9,484	9,674	10,110	11,286	13,552	14,691	13,980	14,650
Sales YoY Gr.	-	NA	15.2%	10.5%	2%	4.5%	11.6%	20.1%	8.4%	-4.8%	-
Adj EPS ⓘ	0	0	0	12.8	10.1	61.8	41.3	59.4	41	37.4	63.2
YoY Gr.	-	NA	NA	NA	-21.4%	512.8%	-33.3%	44%	-31%	-8.9%	-
BVPS (₹) ⓘ	0	0	0	544.9	541	692.1	867	844.1	863	914.4	949.4
Adj Net Profit ⓘ	0	-31.6	226	248	195	1,157	774	1,114	769	701	1,186
Cash Flow from Ops. ⓘ	0	1,875	1,606	1,843	2,340	3,604	1,932	2,252	2,635	2,117	-
Debt/CF from Ops. ⓘ	0	4.3	4.5	3.2	2.5	1	1.6	1.7	1.8	2.5	-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

	9 Years	5 Years	3 Years	1 Years
Sales ⓘ	NA	7.6%	7.4%	-4.8%
Adj EPS ⓘ	NA	29.9%	-3.3%	-8.9%
BVPSⓘ	NA	11.1%	1.8%	6%
Share Price	-	4.8%	-0.5%	6.7%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
Return on Equity % ⓘ	-0.3	2.3	2.4	1.8	9.9	5.4	7	4.8	4.2	6.8
Op. Profit Mgn % ⓘ	25.6	23.7	20.5	21.8	27.3	21.5	17.2	18	17.2	20.3
Net Profit Mgn % ⓘ	-0.6	2.6	3.1	2.2	11.6	7.1	8.5	5.4	5.1	8.1
Debt to Equity ⓘ	2.7	2	0.6	0.6	0.3	0.2	0.2	0.3	0.3	-
Working Cap Days ⓘ	0	123	120	116	99	88	90	92	99	102
Cash Conv. Cycle ⓘ	0	6	12	17	7	6	12	8	1	40

Recent Performance Summary

Latest Financials

	Standalone	Consolidated
TTM EPS (₹)	7.7	63.2
TTM Sales (₹ Cr.)	334	14,650
BVPS (₹) ⓘ	415.6	949.4
Reserves (₹ Cr.) ⓘ	7,867	17,769
P/BV ⓘ	4.75	2.08
PE ⓘ	257.06	31.21

From the Market
52 Week Low / High (₹)	1721.50 / 2495.95
All Time Low / High (₹)	406.00 / 2547.20
Market Cap (₹ Cr.)	37,016
Equity (₹ Cr.)	37.5
Face Value (₹)	2
Industry PE ⓘ	38.2

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged ^*

0.00

* Pledged shares as % of Promoter's holding (%)

Valuation of Dalmia Bharat - Consolidated Basis

YTD 1Y 3Y 5Y 10Y Max

Analyst's Notes

No data found!

Key Ratios

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)

PARTICULARS	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Sales	7,447	8,580	9,484	9,674	10,110	11,286	13,552	14,691	13,980
Operating Expenses ⓘ +	5,553	6,559	7,656	7,591	7,348	8,914	11,243	12,054	11,573
Manufacturing Costs	1,569	1,987	2,408	2,401	2,303	3,382	4,612	4,093	3,911
Material Costs	1,257	1,510	1,785	1,746	1,543	1,472	1,981	2,703	2,328
Employee Cost	591	609	648	675	659	744	771	871	885
Other Costs ⓘ	2,136	2,453	2,815	2,769	2,843	3,316	3,879	4,387	4,449
Operating Profit ⓘ	1,894	2,021	1,828	2,083	2,762	2,372	2,309	2,637	2,407
Operating Profit Margin (%)	25.4%	23.6%	19.3%	21.5%	27.3%	21.0%	17.0%	17.9%	17.2%
Other Income ⓘ +	296	274	368	226	204	214	145	317	253
Exceptional Items ⓘ	0	0	0	0	-34	-2	-144	0	-113
Interest ⓘ	856	693	561	424	318	202	234	386	399
Depreciation ⓘ	1,226	1,213	1,296	1,528	1,250	1,235	1,305	1,498	1,331
Profit Before Tax ⓘ	108	389	339	357	1,364	1,152	1,325	1,070	817
Tax ⓘ	74	98	-10	119	178	315	242	216	118
Profit After Tax	34	291	349	238	1,186	837	1,083	854	699
PAT Margin (%)	0.5%	3.4%	3.7%	2.5%	11.7%	7.4%	8.0%	5.8%	5.0%
Adjusted EPS (₹)	0.0	0.0	15.8	11.5	63.3	44.1	56.0	43.5	36.0
Dividend Payout Ratio (%)	0%	0%	13%	17%	2%	20%	16%	21%	25%

Balance Sheet

(All Figures are in Crores.)

PARTICULARS	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Equity and Liabilities
Shareholders Fund +	2,963	3,667	10,625	10,550	12,804	16,040	15,616	16,396	17,374
Share Capital ⓘ	0	0	39	39	37	37	37	38	38
Reserves ⓘ	2,963	3,667	10,586	10,511	12,767	16,003	15,579	16,358	17,336
Debt +	7,487	6,322	4,923	4,751	2,911	2,130	3,575	4,445	5,059
Long Term Debt	6,254	5,459	4,015	3,505	2,089	1,922	3,210	4,431	4,605
Short Term Debt	1,233	863	908	1,246	822	208	365	14	454
Minority Interest	-29	-30	11	25	34	72	116	110	126
Trade Payables	890	928	877	829	899	850	1,135	1,316	1,539
Others Liabilities ⓘ	9,951	10,447	4,102	4,723	5,238	5,576	5,077	5,445	6,073
Total Liabilities ⓘ	21,262	21,334	20,538	20,878	21,886	24,668	25,519	27,712	30,171
Fixed Assets
Net Fixed Assets ⓘ +	15,516	14,037	13,573	12,555	13,625	14,135	14,783	15,731	17,265
Gross Block	17,835	17,565	18,318	18,744	20,923	22,547	24,372	26,549	29,242
Accumulated Depreciation	2,319	3,528	4,745	6,189	7,298	8,412	9,589	10,818	11,977
CWIP ⓘ	128	173	520	1,740	1,006	1,045	1,871	2,395	2,616
Investments ⓘ	2,740	3,505	2,424	2,816	4,033	5,704	3,524	4,462	5,119
Inventories	652	779	1,032	974	760	945	1,316	1,218	1,386
Trade Receivables	530	564	549	664	511	673	700	836	889
Cash Equivalents	175	354	469	403	247	160	285	582	158
Others Assets ⓘ	1,521	1,922	1,971	1,726	1,704	2,006	3,040	2,488	2,738
Total Assets ⓘ	21,262	21,334	20,538	20,878	21,886	24,668	25,519	27,712	30,171

Cash Flow

(All Figures are in Crores.)

PARTICULARS	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Cash Flow From Operating Activity ⓘ +	1,875	1,606	1,843	2,340	3,604	1,932	2,252	2,635	2,117
PBT ⓘ	108	389	339	357	1,361	1,162	1,321	1,069	817
Adjustment ⓘ	1,814	1,662	1,691	1,773	1,418	1,261	1,022	1,574	1,601
Changes in Working Capital ⓘ	-28	-359	-163	276	781	-515	-77	46	-230
Tax Paid ⓘ	-19	-86	-24	-66	44	24	-14	-54	-71
Cash Flow From Investing Activity ⓘ +	-139	135	187	-1,760	-301	-1,043	-2,326	-2,750	-2,270
Capex	-392	-393	-926	-1,345	-1,027	-1,721	-2,701	-2,723	-2,626
Net Investments	168	-193	1,051	-497	732	579	298	-161	220
Others ⓘ	85	721	62	82	-6	99	77	134	136
Cash Flow From Financing Activity ⓘ +	-1,749	-1,564	-2,067	-594	-3,375	-942	168	222	-39
Net Proceeds from Shares ⓘ	0	4	4	0	5	5	0	3	0
Net Proceeds from Borrowing ⓘ	-1,047	-403	-1,546	-295	-1,829	-465	1,007	1,240	206
Interest Paid ⓘ	-810	-762	-522	-467	-396	-232	-297	-452	-464
Dividend Paid ⓘ	0	-33	-40	-77	0	-100	-169	-169	-169
Others ⓘ	108	-370	37	245	-1,155	-150	-373	-400	388
Net Cash Flow ⓘ	-13	177	-37	-14	-72	-53	94	107	-192

Finance Ratio

PARTICULARS	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Ratios
ROE (%)	1.15	8.78	4.88	2.25	10.16	5.8	6.84	5.34	4.14
ROCE (%)	5.46	6.14	5.28	4.73	10.19	7.59	8.09	7.21	5.57
Asset Turnover Ratio	0.39	0.41	0.49	0.52	0.53	0.56	0.62	0.65	0.6
PAT to CFO Conversion(x)	55.15	5.52	5.28	9.83	3.04	2.31	2.08	3.09	3.03
Working Capital Days
Receivable Days	23	23	20	20	19	17	16	16	18
Inventory Days	29	30	32	34	28	24	27	27	27
Payable Days	258	220	185	178	204	217	183	165	224

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Dalmia Bharat Ltd FAQs

The current trading price of Dalmia Bharat on 16-Apr-2026 16:01 is ₹1,970.1.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 15-Apr-2026 the market cap of Dalmia Bharat stood at ₹37,016.1 Cr

The latest P/E ratio of Dalmia Bharat as of 15-Apr-2026 is 257.1.

The latest P/B ratio of Dalmia Bharat as of 15-Apr-2026 is 4.75.

The 52-week high of Dalmia Bharat is ₹2,496 and the 52-week low is ₹1,721.5.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Dalmia Bharat is ₹334 ( Cr.) .

About Dalmia Bharat Ltd

Dalmia Bharat is a public company domiciled in India and incorporated under the provisions of the Companies Act applicable in India. Its equity shares are listed on NSE and BSE stock exchanges in India. Dalmia Bharat is a leader in the super-speciality cement segment, which enjoys downstream demand among manufacturers of railway sleepers, oil wells and airstrips. It is the country’s largest producer of slag cement.

As a leading player in the cement industry, it has consistently intertwined its ambitions with the nation’s growth. Its focus on innovation and sustainability lends the company a distinctive edge, enabling it to maintain the lowest net carbon footprint in the global cement industry. Backed by its robust manufacturing capabilities and extensive commercial presence in different parts of the country, the company has built a strong supply chain, reiterating its commitment to become a pure-play cement Company.

Business area of the company

The company has emerged as one of the most respected cement manufacturers in India, contributing to nation-building through adequate capacity creation, consistently high quality standards and value-added products. Its product portfolio is designed to meet the varied requirements of both retail consumers and large-scale institutional projects. From customised engineering blends to premium consumer brands, its cement solutions ensure high performance, durability and sustainability across different applications.

Products of the company

Retail brands

Dalmia DSP Cement - Ultimate Concrete Expert: Engineered with high reactive silica and advanced pore reduction technology, ideal choice for critical strength applications like roofs, columns, and foundations.
Dalmia Cement - RCF Expert: Powered by revolutionary nano bonding technology and years of production expertise delivering high-strength RCF-roof, column and foundation.
Dalmia Supreme - Premium RCF Expert: Best-in class product formulated for all construction applications, stronger construction. Faster setting and better workability.
Konark Cement: Engineered to last through generations with unmatched strength and quality, Laying the foundation of happiness since 1952.

Institutional brands

InfraPro Cement: Superior strength and consistency, specially designed for large projects. It is not just a cement, but a partner in building a stronger future.
InstaPro Cement: High-performance PPC cement engineered for faster setting, higher yield, and superior strength in every block.

Awards

2013

Dalmia Bharat Receives National Energy Conservation Award
Dalmia Bharat Cement receives the CII-ITC Sustainability Award 2013

2014

Dalmia Cement Ariyalur plant receives FICCI Safety Award 2014

2015

Dalmia Bharat Honoured with National Award for Sustainability from National Council for Cement and Building Materials

2017

Dalmia Bharat bags NCB’s National awards in an unprecedented six categories

2018

Gold Award in the 16th ABK AOTS CUMI 5S Competition
ET NOW Social Responsibility Leadership Award
Puneet Dalmia received the EY Entrepreneur of the Year Award 2017 in the Manufacturing Category
Best CSR Partner Award for Smart Village Activities by the Andhra Pradesh Smart Village Foundation, Government of Andhra Pradesh
India Green Building Council Platinum Award by CII
Fastest Growing Cement Company- Large Category Award by ASAPP Publications
Sustainability Award by ASAPP Publications
Adaptive Supply Chain Award by CII

2019

ICC Social Impact Award for Clean Energy
Best CSR Report Award by ET Now
Dalmia Bharat Limited wins CII Climate Action Program Cap 2.0 degree climate oriented award
India Green Building Council Platinum Award by CII
Dalmia Bharat Limited's Dalmiapuram unit wins second best environment excellence in Limestone mines
Dalmia Bharat Group - HR wins Arogya World Healthy Workplace Award
Three North East Units (USO, Lanka, Jagiroad) of Dalmia Bharat Limited Bag Work Management Award
Dalmia Bharat Group won the GOLD level of recognition in the 2019 Arogya World Healthy Workplace award accorded by Arogya World Trust India in partnership with Public Health Foundation of India.

2020

Dalmia Bharat Limited wins FICCI Corporate Social Responsibility Award for Environmental Sustainability
Dalmia Bharat Group Wins Award for Corporate Governance at Legal Era Awards 2019-20
Empowering the Rural Population Recognizes Dalmia Bharat Foundation for being adjudged the Winner in Large Project Category

2021

Dalmia Cement won Construction Week India Awards for Green Product of the Year Award.
Green Leaf Platinum Award for Corporate level Category for Sustainability - All Units.
Dalmia Cement Accredited by Green Pro for its blended portfolio by CII Green Products & Services Council.

2022

14th CIDC Vishwakarma Awards - MCW, Sattur (TN) and JCW-2, Bokaro (JH).
CII ITC Sustainability Awards 2022 – Corporate.

2023

BT Best CEOs Award 2023 - Puneet Dalmia.
ISCM _5th India Logistics & Warehousing Excellence Awards 2023 – Corporate.

2024

CDP leadership Award - Recognized for its commitment to environmental stewardship (CDP Discloser 2023, Climate)
Gold Award in the Industrial Safety Excellence Category at the CII Industrial Safety Excellence Award 2023.

2025

Dalmia Cement’s Lanka Unit Wins Platinum at ISDA Infracon National Awards 2025.

Milestones

1930-50

Entered the cement industry by setting up its first manufacturing facility in Dalmiapuram (Tamil Nadu) with an installed capacity of 1.2 MTPA

1950-80

Launched specialised cement variants for constructing airstrips and railway sleepers

1980-2000

Introduced a vertical roller mill for limestone grinding for the first time in India
Commissioned a captive power plant using heavy fuel oil
Became the first Indian player to manufacture oil well cement
Became the first in India to commission the modern pre-calciner dry process in its kiln

2000-10

Established greenfield projects in Ariyalur and Kadappa
Scaled its manufacturing capacity to 9 MTPA
Commissioned captive power plants in Dalmiapuram and Ariyalur
Set up Dalmia Bharat Foundation to further its commitment to corporate citizenship

2010-15

Expanded rapidly in Eastern and Southern India through organic and inorganic initiatives (Calcom and Adhunik in North-Eastern India and Bokaro in Eastern India)
Published its first sustainability report
Became a Cement Sustainability Initiative member
Became a WASH Pledge signatory
Undertook a target to become a water-positive cement group

2015-17

Acquired OCL in Eastern India
Scaled its capacity to 25 MTPA
Became the first to commit to EP100 and RE100 campaigns
Launched Craft Beton
Published its first Integrated Report
Became one of the few companies to have its CSR processes assured on ISO 26000 and publish its 1st CSR report, based on ISO 26000 guidance
Commits to science- based targets
Become water positive cement group

2017-19

Acquired Kalyanpur Cement (Bihar)
Announced capacity additions of 7.8 MT in the eastern region
Completed restructuring to emerge as a single listed entity, reducing the number of subsidiaries
Introduced Dalmia Determined Contributions (DDC) directed towards increasing environment-friendliness on the back of superior technologies

2021

Dalmia Bharat’s subsidiary--Dalmia Cement has commenced commercial production of Line 2, having a capacity of 2.25 Million Tonnes at its Kapilas Cement Manufacturing Works (KCMW) Unit near Cuttack, Odisha.

2022

Dalmia Bharat’s subsidiary -- Dalmia Cement (Bharat) has commenced commercial production at its Murli Plant in Chandrapur district, Maharashtra and thereby adding 2.9 MnT cement capacity to the company’s overall installed capacity.
Dalmia Bharat’s subsidiary -- Dalmia Cement (Bharat) has emerged as the highest bidder for two coal blocks in Jharkhand that were auctioned for commercial use.

2023

Dalmia Bharat’s subsidiary -- Dalmia Cement (Bharat) has bagged coal mine in Madhya Pradesh on the first day of the latest round of commercial coal mine auction held on February 29, 2023.
Dalmia Bharat’s wholly owned material subsidiary -- Dalmia Cement (Bharat) (DCBL) has commenced commercial production at its second cement line at Bokaro, Jharkhand Cement Works (JCW2), with capacity of 2.5 million tonne (MnT).
Dalmia Bharat’s step down wholly owned subsidiary -- Dalmia Bharat Green Vision has successfully commenced commercial production of its 2.0 MTPA Greenfield Cement Grinding unit at Sattur, Tamil Nadu in order to cater to growing Cement Market of Southern Region.

2024

Dalmia Bharat’s wholly owned subsidiary -- Dalmia Cement (Bharat) has commenced commercial production of 1.0 MTPA, at new cement mill installed at its existing cement plant at Kadapa, Andhra Pradesh.

2025

Dalmia Bharat starts commercial production of new grinding unit in Assam
Dalmia Bharat’s material subsidiary -- Dalmia Cement (Bharat) has enhanced its Cement Grinding capacity by 0.5 MTPA to 1.6 MTPA and successfully commenced commercial production of the same at its Cement Grinding Unit at Rohtas Cement Works in the district of Rohtas, Bihar.

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Dalmia Bharat Ltd (DALBHARAT) Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating

Dalmia Bharat Share Price