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Dalmia Bharat Ltd (DALBHARAT)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 542216 NSE: DALBHARAT Cement & Construction Materials | Mid Cap | Dalmia Bharat Share Price

₹1,655.45 3.90 (0.24%)

As on 10-Jun'26 13:30

Dalmia Bharat Ltd (DALBHARAT)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 542216 NSE: DALBHARAT Cement & Construction Materials | Mid Cap | Dalmia Bharat Share Price

₹1,655.45 3.90 (0.24%)

As on 10-Jun'26 13:30

Key Metrics
Valuation Multiples
Market Cap
₹30,977 Cr.
Current Price
₹1,655.5
52-Week Low / High
₹1,644 / 2,496
TTM EPS
₹60.7
TTM Sales
₹14,804 Cr.
Book Value per Share
₹958.5
P/E Ratio
27.20
Lower than its 5-year historical median
Industry PE
36.2
Price to Book (P/B)
1.72
Lower than its 5-year historical median
Price to Sales (P/S)
2.09
Lower than its 5-year historical median
EV/EBITDA
11.35
Lower than its 5-year historical median
Dividend Yield
0.51%
Profitability Efficiency
Return on Equity (ROE)
6.55%
Underperforms industry median
Return on Capital Employed (ROCE)
8.15%
Underperforms industry median
Return on Assets (ROA)
3.65%
Operating Profit Margin
20.8%
Net Profit Margin
7.82%
Gross Profit Margin
15.4%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
5.89%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
28.08%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
65.67%
Asset Quality
Promoter Holding
55.84%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹17,941 Cr.
Equity
₹37.5 Cr.
Face Value
₹2
All Time Low / High
₹406.00 / 2547.20

Dalmia Bharat stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Dalmia Bharat Ltd a good quality company?
Dalmia Bharat Ltd is a weak quality company, based on a inconsistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Dalmia Bharat Ltd performance compare with that of its Peers?
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 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 Stock return of Dalmia Bharat Ltd over the last decade?
Over the last 5 year(s), the stock has delivered a CAGR of -0.38% based on the current price.

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)

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

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

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Dalmia Bharat Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 5.5%6.1%5.3%4.7%10.2%7.6%8.1%7.2%5.6%8.2%-
Value Creation
Index
-0.5-0.5-0.5-0.7-0.1-0.3-0.3-0.4-0.5-0.3-

Growth Parameters

Sales 7,4478,5809,4849,67410,11011,28613,55214,69113,98014,80414,804
Sales YoY Gr.-15.2%10.5%2%4.5%11.6%20.1%8.4%-4.8%5.9%-
Adj EPS 0012.810.161.841.359.44133.158.460.7
YoY Gr.-NANA-21.4%512.8%-33.3%44%-31%-19.2%76.3%-
BVPS (₹) 00544.9541692.1867844.1863914.4946.3958.5
Adj Net
Profit
-31.62262481951,1577741,1147696211,0951,139
Cash Flow from Ops. 1,8751,6061,8432,3403,6041,9322,2522,6352,1172,278-
Debt/CF from Ops. 4.34.53.22.511.61.71.82.53-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 7.9%7.9%3%5.9%
Adj EPS NA-1.1%-0.6%76.3%
BVPSNA6.5%3.9%3.5%
Share Price - -1.5% -7.6% -23.4%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
-0.32.32.41.89.95.474.83.76.26.4
Op. Profit
Mgn %
25.623.720.521.827.321.517.21817.220.820.8
Net Profit
Mgn %
-0.62.63.12.211.67.18.55.44.67.57.7
Debt to
Equity
2.720.60.60.30.20.20.30.30.40.3
Working Cap
Days
01231201169988909299100102
Cash Conv.
Cycle
061217761281039

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales7,4478,5809,4849,67410,11011,28613,55214,69113,98014,804
Operating Expenses + 5,5536,5597,6567,5917,3488,91411,24312,05411,57311,721
Manufacturing Costs1,5691,9872,4082,4012,3033,3824,6124,0933,9114,039
Material Costs1,2571,5101,7851,7461,5431,4721,9812,7032,3282,338
Employee Cost 591609648675659744771871885894
Other Costs 2,1362,4532,8152,7692,8433,3163,8794,3874,4494,450
Operating Profit 1,8942,0211,8282,0832,7622,3722,3092,6372,4073,083
Operating Profit Margin (%) 25.4%23.6%19.3%21.5%27.3%21.0%17.0%17.9%17.2%20.8%
Other Income + 296274368226204214145317253222
Exceptional Items 0000-34-2-1440-113-26
Interest 856693561424318202234386399480
Depreciation 1,2261,2131,2961,5281,2501,2351,3051,4981,3311,349
Profit Before Tax 1083893393571,3641,1521,3251,0708171,450
Tax 7498-10119178315242216118292
Profit After Tax 342913492381,1868371,0838546991,158
PAT Margin (%) 0.5%3.4%3.7%2.5%11.7%7.4%8.0%5.8%5.0%7.8%
Adjusted EPS (₹)0.00.015.811.563.344.156.043.536.060.0
Dividend Payout Ratio (%)0%0%12.70%17.40%2.10%20.40%16.10%20.70%25%15%

Valuation of Dalmia Bharat - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 2,9633,66710,62510,55012,80416,04015,61616,39617,37417,979
Share Capital 003939373737383838
Reserves 2,9633,66710,58610,51112,76716,00315,57916,35817,33617,941
Debt +7,4876,3224,9234,7512,9112,1303,5754,4455,0596,507
Long Term Debt6,2545,4594,0153,5052,0891,9223,2104,4314,6056,168
Short Term Debt1,2338639081,24682220836514454339
Minority Interest-29-3011253472116110126144
Trade Payables8909288778298998501,1351,3161,5391,294
Others Liabilities 9,95110,4474,1024,7235,2385,5765,0775,4456,0737,335
Total Liabilities 21,26221,33420,53820,87821,88624,66825,51927,71230,17133,259

Fixed Assets

Net Fixed Assets +15,51614,03713,57312,55513,62514,13514,78315,73117,26519,330
Gross Block17,83517,56518,31818,74420,92322,54724,37226,54929,24232,465
Accumulated Depreciation2,3193,5284,7456,1897,2988,4129,58910,81811,97713,135
CWIP 1281735201,7401,0061,0451,8712,3952,6162,726
Investments 2,7403,5052,4242,8164,0335,7043,5244,4625,1195,878
Inventories6527791,0329747609451,3161,2181,3861,192
Trade Receivables530564549664511673700836889864
Cash Equivalents 175354469403247160285582158224
Others Assets 1,5211,9221,9711,7261,7042,0063,0402,4882,7383,045
Total Assets 21,26221,33420,53820,87821,88624,66825,51927,71230,17133,259

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 1,8751,6061,8432,3403,6041,9322,2522,6352,1172,278
PBT 1083893393571,3611,1621,3211,0698171,449
Adjustment 1,8141,6621,6911,7731,4181,2611,0221,5741,6011,587
Changes in Working Capital -28-359-163276781-515-7746-230-659
Tax Paid -19-86-24-664424-14-54-71-99
Cash Flow From Investing Activity + -139135187-1,760-301-1,043-2,326-2,750-2,270-3,023
Capex -392-393-926-1,345-1,027-1,721-2,701-2,723-2,626-2,041
Net Investments 168-1931,051-497732579298-161220-1,049
Others 857216282-6997713413667
Cash Flow From Financing Activity + -1,749-1,564-2,067-594-3,375-942168222-39808
Net Proceeds from Shares 0440550300
Net Proceeds from Borrowing -1,047-403-1,546-295-1,829-4651,0071,2402061,646
Interest Paid -810-762-522-467-396-232-297-452-464-494
Dividend Paid 0-33-40-770-100-169-169-169-169
Others 108-37037245-1,155-150-373-400388-175
Net Cash Flow -13177-37-14-72-5394107-19263

Financial Ratio

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)1.158.784.882.2510.165.86.845.344.146.55
ROCE (%)5.466.145.284.7310.197.598.097.215.578.15
Asset Turnover Ratio0.390.410.490.520.530.560.620.650.60.58
PAT to CFO Conversion(x)55.155.525.289.833.042.312.083.093.031.97
Working Capital Days
Receivable Days23.2022.6019.6020.4018.8016.6016.1016.301817.50
Inventory Days28.5029.6031.9033.8027.7023.9026.5026.9027.2025.70
Payable Days258.40219.70184.50178.30204.40216.80182.90165.50223.80221.10

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Dalmia Bharat Ltd FAQs

The current trading price of Dalmia Bharat on 10-Jun-2026 13:30 is ₹1,655.5.

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 09-Jun-2026 the market cap of Dalmia Bharat stood at ₹30,977.5 Cr

The latest P/E ratio of Dalmia Bharat as of 09-Jun-2026 is 219.7.

The latest P/B ratio of Dalmia Bharat as of 09-Jun-2026 is 3.93.

The 52-week high of Dalmia Bharat is ₹2,496 and the 52-week low is ₹1,643.9.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Dalmia Bharat is ₹361 ( Cr.) .

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

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

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

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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