Dalmia Bharat Ltd. · NSE:DALBHARAT
Dalmia Bharat — Q1 FY27 Earnings Presentation
41 slides from Dalmia Bharat's earnings presentation, Jul 24, 2026
Slide 1: Exchange filing cover letter - Earnings Release Q1 FY27
1010/02 July 24, 2026 BSE Limited National Stock Exchange of India Limited P J Towers, Dalal Street, “Exchange Plaza”, Plot No. C-1, Block G Fort Mumbai-400001 Bandra – Kurla Complex, Bandra(East), Scrip Code: 542216 Mumbai – 400 051 Symbol: DALBHARAT Subject: Earnings Release / Investor Presentatio
Slide 2: Earnings Release – Q1 FY27
Name : New Pamban Bridge, TN Inaugurated on 6th April 2025 Dalmia Cement is major contributor of this iconic structure Earnings Release – Q1 FY27 July 24, 2026
Slide 3: Disclaimer
Disclaimer Certain statements in this presentation describing the Company's objectives, projections, estimates and expectations may be 'forward looking statements' within the meaning of applicable laws and regulations. Although our expectations are based on reasonable assumptions, these forward-look
Slide 4: Section Page
Section Page Economy & Industry 04 Company Overview 08 Expansion Update 14 Q1 FY27 Financial performance 21 Sustainability 31 Governance 35 Name : Water Recycling Plant Location: Dalmia Cement Plant, Kadapa Commissioned in 2008
Slide 5: Economy & Industry
01 Economy & Name : Chennai Metro, TN Industry Dalmia Cement is major contributor of this iconic structure
Slide 6: Indian Economy
Indian Economy GDP Growth (%) GST Collection (Rs Lakh Cr) World Emerging India ✓ India's economic growth remains Markets 6.3 resilient, despite heightened 7.7% 5.8 geopolitical uncertainties 5.7 5.8 6.6% 5.6 5.3 5.4 5.4 4.4% 5.2 ✓ GST collections touched all time 3.4% 3.8% high in Q1FY27, reflecting
Slide 7: Cement Demand Overview
Cement Demand Overview India Cement Demand (MnT) Central Government Capex (Rs Lac Cr) State Government Capex (Rs Lac Cr) 50% 16 ~e.7% Actual Spending 7.8 12.2 45% (YTD May'26) 14 500 11.0 10.5 40% 9.5 12 5.6 5.9 5.5 35% 10 7.3 30% 400 4.3 5.9 3.9 25% 8 20% 6 300 15% 20% 21% 4 10% 17% 14% 13% 11% 2 5
Slide 8: Cost and Price Trends
Cost and Price Trends US Imported Pet-coke ($/T, CFR) PP Granules (Rs/Kg) Retail Diesel Prices (Rs/Ltr) 160 160 105 11% 140 130 95 9% 120 12% 100 100 85 80 70 75 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Jun-24 Dec-24 Jun-25 Dec-25 Jun'26 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 South Region Prices (Rs/Bag
Slide 9: Company Overview
02 Company Name : Birsa Munda International Hocky Stadium, Odisha Overview Inaugurated on 5th January 2023 Dalmia Cement is major contributor of this iconic structure
Slide 10: Company Overview
Company Overview Serving Every Need with a Diverse Product Range #4th Largest 54.7 MnT Cement Player Installed Cement Capacity1 ₹14,804 Cr ₹3,083 Cr Net Sales EBITDA ₹1,157 Cr ₹34,987 Cr Profit After Tax Market Cap2 449 MW 5,800+ RE Power Capacity 1 Employees All data for FY26 unless otherwise menti
Slide 11: A Legacy of Cementing India’s Growth
A Legacy of Cementing India’s Growth 1939-2009 2009-2014 2015-2019 2020-Present ▪ Commences operations with 250 ▪ Commissioned GF Integrated Unit ▪ Entered East region with the ▪ Commissioned multiple TPD Cement capacity at at Kadapa, Andhra Pradesh acquisition of OCL India Ltd. brownfield expansion
Slide 12: Geographical Footprint
Geographical Footprint Limestone Reserves Region Cement Clinker (# of Years) South 17.0 10.4 48+ East 21.6 8.3 26+ HQ at New Delhi North East 8.0 6.3 100+ Central 5.2 3.3 100+ West 2.9 2.1 74+ Total 54.7 30.4 3.3+ Bn Tonnes of 19 Plants Limestone Reserves1 Integrated Unit Grinding Unit 49,700+ Chann
Slide 13: Strategic Priorities
Strategic Priorities Maximizing ROCE Become a Maintain a Healthy High Standards of Build Strong from Existing Plants Pan India player Balance Sheet Corporate Governance Organizational Culture 12
Slide 14: Levers for Return Maximization
Levers for Return Maximization Higher Capacity Utilization Consolidate Brand Position Product Premiumization Strengthen Bond with Partners Deepen Cost Leadership Reliable Delivery 13
Slide 15: Expansion Update
03 Expansion Name : Line III, Dalmia Update Cement, Rajgangpur, Odisha Commissioned in 2019
Slide 16: Acquisition Completed in Central India
Acquisition Completed in Central India Sadwa (Blending Unit) Chunar (Grinding Unit) Cement : 0.6 MnTPA^ Cement : 2.5 MnTPA Status: Pre-operating stage Thermal Power : 37 MW UP Railway Siding : ✓ Status: Operations Commenced Rewa (Integrated Unit) MP Churk (Grinding Unit) Cement : 1.1 MnTPA^ Cement :
Slide 17: New Central Capacity – A Strategic Fit
New Central Capacity – A Strategic Fit Firm step in our journey to be a pan India Player Dalmia’s cost leadership practices Faster Market Entry vs Greenfield will enhance overall returns Project High potential markets with Expansion opportunity – strong pricing debottlenecking & brownfield High fami
Slide 18: Chunar Grinding Unit
Chunar Grinding Unit Successfully dispatched first Cement consignment from Chunar Grinding Unit, Uttar Pradesh on 20 th June 2026, within 22 days from the date of acquisition 17
Slide 19: Capacity Growth
Capacity Growth Cement Capacity expansion (MnTPA) Clinker Capacity expansion (MnTPA) 6.0 66.7 3.6 37.6 3.6 3.0 3.0 30.4 54.7 Current Belgaum Pune Kadapa Q3 Current Belgaum Kadapa Q3 Installed KA MH AP^ FY28 Installed KA AP FY28 Capacity Capacity ✓ Belgaum will improve penetration into the Southern M
Slide 20: Expansion Update
Expansion Update Pune GU, Maharashtra Kadapa IU, Andhra Pradesh ▪ Site excavation started ▪ Site excavation started ▪ Civil & Mechanical contractors mobilized ▪ Civil & Mechanical contractors mobilized ▪ Likely commissioning : ~Q2 FY28 ▪ Likely commissioning : ~Q3 FY28 Belgaum IU, Karnataka Chennai
Slide 21: Belgaum Line II
Belgaum Line II 20 Belgaum Project Site
Slide 22: Q1 FY27 Performance
04 Q1 FY27 Name : Glass bridge, Kanyakumari, TN Inaugurated on 30th December 2024 Performance Dalmia Cement is major contributor of this iconic structure
Slide 23: Sales Volume
Sales Volume Sales Volume (MnT) 68% 67% 66% 9% 62% 62% 13% Trade Share (%) 8.8 7.6 7.0 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 25% 23% 24% 22% 22% Premium Share1 (%) Q1FY26 Q4FY26 Q1FY27 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Robust volume growth of 9% YoY despite impact of state Trade share steady at 66
Slide 24: Revenue from Operations
Revenue from Operations Revenue (Rs Cr) NSR/T (Rs) 7% 2% 8% 6% 4,245 5,193 5,098 4,813 3,890 3,636 75 45 45 Q1FY26 Q4FY26 Q1FY27 Q1FY26 Q4FY26 Q1FY27 Incentives accrued NSR improved 6% QoQ, driven by healthy price increases, Revenues increased 7% YoY driven by higher sales volume higher prem
Slide 25: Raw Material Cost
Raw Material Cost Raw Material Cost (Rs/T1) 1.7 1.6 1.6 1.6 1.7 4% 12% CC Ratio (x) 823 791 734 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 85% 83% 82% 80% 80% Blended Share (%) Q1FY26 Q4FY26 Q1FY27 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Raw material cost increased 12% QoQ driven by higher CC Ratio continues
Slide 26: Power & Fuel Cost
Power & Fuel Cost Power & Fuel Cost (Rs/T1) 48% 48% 47% 48% 7% 41% 10% RE Share (%) 1,045 981 954 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 1.47 1.33 1.38 1.36 1.36 Blended Fuel (Rs/MnKcal) Q1FY26 Q4FY26 Q1FY27 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 P&F cost increased 10% QoQ; focused initiatives and openi
Slide 27: Logistics Cost
Logistics Cost Cement Freight (Rs/T1) Clinker Freight (Rs/T2) 65% 65% 62% 60% 62% Flat 12% Direct Dispatch 1% Share (%) 11% Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 947 280 287 277 281 277 942 936 797 705 Lead Distance 633 (Kms) Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1FY27 86% 87% 89% 85% 87% Road Share (
Slide 28: Fixed Costs
Fixed Costs Employee Cost (Rs Cr) Other Expenses (Rs Cr) 8% 17% 13% 3% 245 227 612 632 217 539 Q1FY26 Q4FY26 Q1FY27 Q1FY26 Q4FY26 Q1FY27 Employee cost increased 13% QoQ primarily due to merit Other expenses rose 3% QoQ consequent to escalation in increase & certain one-off favorable impact i
Slide 29: EBITDA Movement
EBITDA Movement EBITDA Movement (Rs Cr, YoY) EBITDA Movement (Rs Cr, QoQ) 9% 11% 76 231 883 902 58 805 805 96 124 204 Q1 FY26 Volume NSR Cost Changes Q1 FY27 Q4 FY26 Volume NSR Cost Changes Q1 FY27 EBITDA EBITDA EBITDA EBITDA EBITDA declined on a QoQ basis as the benefit of improved realizations
Slide 30: Abridged Profit & Loss Statement
Abridged Profit & Loss Statement (Rs Crores) Q1FY26 Q4FY26 Q1FY27 Revenue 3,636 4,245 3,890 Total Cost 2,753 3,343 3,085 EBITDA 883 902 805 EBITDA/T 1,261 1,023 1,055 PBT (Before Exceptional items) 502 450 436 Exceptional items1 16 (10) (182) PBT 518 440 254 PAT 395 394 192 EPS (Rs/Share) 21.0 20.7
Slide 31: Debt Level
Debt Level Gross & Net Debt (Rs Cr) Net Debt to EBITDA (x) 9,108 3.0 2.5 6,621 6,844 6,752 6,456 2.0 4431 1.47 1.5 1.0 1,602 1,793 0.56 0.60 1,428 0.46 873 0.5 0.33 - Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Gross Debt (Rs Cr) Net Debt (Rs Cr) Increase in debt primarily
Slide 32: Sustainability
05 Sustainability Project: Social impact through education Location : Umrangso, Assam An initiative of Dalmia Bharat Foundation
Slide 33: Environmental Stewardship
Environmental Stewardship Environmental performance Snapshot ESG Ratings Particulars Q1 FY26 Q4 FY26 Q1 FY27 70 High ranking in Sustainability DJSI Score Net KgCO2/ton 452 471 475^ RE% 41% 47% 48% 80 ‘Exceptional’ Rating sustained ICRA ESG Rating CC Ratio 1.7x 1.6x 1.7x #1 Rated by BusinessWorld Ble
Slide 34: Scaling Renewable Power capacity
Scaling Renewable Power capacity Total RE Capacity (MW) 136 143 143 100 113 Captive Solar Capacity 26x 449 449 8 FY20 FY23 FY24 FY25 FY26 Q1 FY27 88 88 66 72 72 267 WHRS Capacity 9 185 FY20 FY23 FY24 FY25 FY26 Q1 FY27 166 217 217 Group Captive Capacity 59 17 - - - FY20 FY23 FY24 FY25 FY26 Q1 FY27 FY
Slide 35: CSR Interventions
CSR Interventions DIKSHa centers: 2 new centers Gram Parivartan: Supporting farmers Community Wellbeing: Strengthened operationalized, taking the total centers through access to improved agricultural community infrastructure and access to 29 across locations inputs and tools to medical amenities 34
Slide 36: Governance
06 Governance Name: Bogibheel Bridge, Dibrugarh, Assam Inaugurated on 25th December 2018 Dalmia Cement is major contributor
Slide 37: Diversified Board
Diversified Board Independent Directors Non-Independent Directors Paul Heinz ▪ Served as CEO of Siam City Cement Public Company Ltd. Yadu Hari ▪ 47+ years of experience in the cement industry and has Hugentobler in Bangkok Dalmia earlier served as President of the Cement Chairman Manufacturers Assoc
Slide 38: Seasoned Executive Committee
Seasoned Executive Committee Puneet ▪ Spearheading Dalmia’s transformation Dharmender ▪ 37+ Years of experience in various facets Dalmia journey for more than 22 years Tuteja of Business Management and F&A Managing functions ▪ B.Tech-IIT Delhi and Gold Medalist, MBA- CFO Director & CEO IIM Bangalore
Slide 39: Assurances & Ratings by Reputed Agencies
Assurances & Ratings by Reputed Agencies Audit & Assurances Statutory Internal Non-financial Related Party Tax Auditor Auditor Information Assurance Transaction Assurance Auditors ESG Ratings 80, Exceptional 60 63 70 Active Member (Jul 16, 2026) (Jul 14, 2026) (Dec 8, 2025) (March 2026) (Since Jun’2
Slide 40: Awards
Awards 20th CII-ITC Sustainability Award 19th FAME National Awards 2026 Kalinga Environment Excellence Award ✓ Commended for ‘Significant ✓ Won multiple awards by various ✓ 5 Star award for Excellence in Achievement’ in the Manufacturing plants on Excellence in Health & Environment stewardship, sect
Slide 41: Contact
e: investorrelations@dalmiabharat.com o: 11th & 12th floor, Hansalaya, 15, Barakhamba Road, New Delhi w: www.dalmiabharat.com goyal.prassan@dalmiabharat.com