Dalmia Bharat Ltd. · NSE:DALBHARAT
Dalmia Bharat — H1 FY2026 Earnings Presentation
31 slides from Dalmia Bharat's earnings presentation, Oct 17, 2025
Slide 1: Stock exchange filing cover letter
1010/02 October 17, 2025 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 Presenta
Slide 2: Earnings Release – Q2 & H1 FY26
EARNINGS RELEASE – Q2 & H1 FY26
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 Key Highlights 4 Expansion & Capex Update 6 Q2 & H1 FY26 Performance 12 ESG & Others 22 Annexures 27
Slide 5: Key Highlights
01 Key Highlights
Slide 6: Key Highlights
Key Highlights Q2 FY26 Financial Performance ▪ Sales volume stood at 6.9 MnT ▪ EBITDA improved 60% YoY to Rs 696 Cr; EBITDA/T improved 56% YoY to Rs 1,013 ▪ NSR/T Increased by 7.6% YoY to Rs 4,973 ▪ Net Debt/EBITDA stood at 0.56x as on September 30, 2025 Capacity ▪ Commenced Trial Run of Clinker Uni
Slide 7: Expansion & Capex Update
02 Expansion & Capex Update
Slide 8: Expansion update
Expansion update (in MnTPA) 75.0 6.0 61.5 55.5 3.0 3.0 49.5 +3.0 MnT Pune, MH +6.0 MnT +3.0 MnT Kadapa, AP Belgaum, KA +Bulk Terminal Chennai, TN Greenfield Current Belgaum, Pune, FY27 Kadapa, Q2 FY28 FY28e Brownfield Capacity KA MH AP Milestone 3 MnTPA Bulk Terminal 7
Slide 9: Clinker Capacity Expansion Plan
Clinker Capacity Expansion Plan Figures in MnT South East North East West Total FY25 10.4 8.3 2.7 2.1 23.5 FY26 10.4 8.3 6.3 2.1 27.1 FY27 14.0 8.3 6.3 2.1 30.7 Q2 FY28 17.6 8.3 6.3 2.1 34.3 8
Slide 10: Key Milestones of Growth Projects
Key Milestones of Growth Projects Project Umrangso, Assam Belgaum, Karnataka Kadapa, Andhra Pradesh Pune, Maharashtra Capacity Clinker Capacity - 3.6 MnTPA Clinker Capacity - 3.6 MnTPA Clinker Capacity - 3.6 MnTPA Cement Capacity – 6 MnTPA Cement Capacity – 6 MnTPA (Bulk Terminal – 3 MnTPA at Chenna
Slide 11: 3.6 MnT Clinker line at Umrangso, Assam
3.6 MnT Clinker line at Umrangso, Assam 10
Slide 12: Belgaum expansion project
Belgaum expansion project Preheater & Blending Silo Kiln Piers Fly Ash Silo 11
Slide 13: Q2 & H1 FY26 Performance
03 Q2 & H1 FY26 Performance
Slide 14: Sales Volume (MnT)
Sales Volume (MnT) Quarterly Sales Volume Half-Yearly Sales Volume Increase: 2.9% Decline: 1.7% Decline: 1.9% 14.1 13.9 7.0 6.9 6.7 Q2FY25 Q1FY26 Q2FY26 H1FY25 H1FY26 13
Slide 15: Revenue (Rs Cr)
Revenue (Rs Cr) Quarterly Revenue Half-Yearly Revenue Increase: 10.7% Increase: 5.1% Decline: 6.0% 3,636 7,053 3,417 6,708 3,087 Q2FY25 Q1FY26 Q2FY26 H1FY25 H1FY26 Revenue increased YoY supported by 7.6% increased in NSR per ton in Q2 FY26 14
Slide 16: Raw Material Consumed (Rs/T)
Raw Material Consumed^ (Rs/T) Quarterly Raw Material Consumed (Rs/T) Half-Yearly Raw Material Consumed (Rs/T) Increase : 1.3% Increase: 1.4% Increase: 1.0% 789 791 799 784 795 Q2FY25 Q1FY26 Q2FY26 H1FY25 H1FY26 Raw material cost increased only marginally despite the imposition of mineral tax by the
Slide 17: Power & Fuel Cost (Rs/T)
Power & Fuel Cost^ (Rs/T) Quarterly Power & Fuel (Rs/T) Half-Yearly Power & Fuel Cost (Rs/T) Increase : 0.5% Decline : 0.8% Increase : 3.7% 1,012 981 1,017 1,007 999 Q2FY25 Q1FY26 Q2FY26 H1FY25 H1FY26 ➢ Petcoke/coal consumption cost remained rangebound at $100/T in Q2 FY26 ➢ Share of RE power improv
Slide 18: Logistics Cost (Rs/T)
Logistics Cost (Rs/T) Quarterly Logistics Cost (Rs/T) Half-Yearly Logistics Cost (Rs/T) Decline : 3.8% Decline : 1.1% Decline : 6.7% 1,102 1,135 1,110 1,098 1,060 Q2FY25 Q1FY26 Q2FY26 H1FY25 H1FY26 17
Slide 19: Total Cost (Rs/T)
Total Cost (Rs/T) Quarterly Total Cost (Rs/T) Half-Yearly Total Cost (Rs/T) Decline : 0.3% Decline : 0.7% Increase : 0.7% 3,971 3,960 3,972 3,932 3,946 Q2FY25 Q1FY26 Q2FY26 H1FY25 H1FY26 ➢ Dalmia Bharat consistently upholds its position as one of the lowest total cost producer ➢ Total cost per ton r
Slide 20: EBITDA (Rs Cr)
EBITDA (Rs Cr) Quarterly EBITDA Half-Yearly EBITDA Increase: 60.3% Increase: 43.1% Decline : 21.2% 1,00 0 40. 0% 1,80 0 40. 0% 883 1,579 900 1,60 0 35. 0% 35. 0% 696 800 1,40 0 30. 0% 30. 0% 700 1,20 0 1,103 25. 0% 25. 0% 600 1,00 0 500 434 24.3% 20. 0% 20. 0% 800 22.4% 400 20.4% 15. 0% 15. 0% 16.4%
Slide 21: Debt Position
Debt Position Net Debt / EBITDA 0.33x 0.56x (Rs Cr) June’25 September’25 * Includes MTM value of IEX Investment (Q1FY26: Rs 1,861 Cr; Q2FY26: Rs 1,341 Cr) 20
Slide 22: Finance Cost
Finance Cost Q2 FY26 (Rs Cr) Cost of Borrowing : 6.9% Q2 FY25 (Rs Cr) Cost of Borrowing : 8.1% 21
Slide 23: ESG & Others
04 ESG & Others
Slide 24: Renewable Power Update
Renewable Power Update (in MW) Group Captive Solar WHRS 576 Commissioned 93 MW of renewable energy capacity in Q2FY26 387 316 267 59 177 Operational RE capacity is 185 expected to reach 576 MW by the 166 end of FY26 172 63 100 113 136 136 32 32 17 31 66 72 72 73 88 FY20 FY21 FY22 FY23 FY24 FY25 Q2FY
Slide 25: ESG at Dalmia Bharat
ESG at Dalmia Bharat CO2 Emission 474 (kg/ton of cementitious material) Water Positivity* 23x (Times) Renewable Energy Consumption 48.1% 80, ICRA ESG Rating Exceptional Data for Q2 FY26; *For FY25 24
Slide 26: CSR at Dalmia Bharat
CSR at Dalmia Bharat Climate Action: ▪ 7 water structures were created across Dalmiapuram, Ariyalur, and Belgaum, benefiting 1,800+ households and 450+ farmers, with an annual harvesting capacity of 2 lakh KL, enhancing irrigation, groundwater recharge, and soil conservation. Social Infrastructure :
Slide 27: Sustainability Awards – Q2 FY26
Sustainability Awards – Q2 FY26 26th National Award for Excellence in 4th Construction Engineering & National Environment Award Energy management Construction Review Award 2024-2025 ➢ Multiple plants were recognized for ➢ Shuttle by Dalmia Bharat received ➢ Dalmiapuram Kalaikudi Mines Excellence in
Slide 28: Annexure
05 Annexure
Slide 29: Operational performance (basis cement production)
Operational performance (basis cement production) (Rs/T) Particulars Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Cost of Raw Material Consumed 779* 789 765 743 791 799 Power & Fuel 1,003 1,012 1,005 945 981 1,017 *Excluding the Cost of Purchases from Jaiprakash Associates, Our Raw Material Cost
Slide 30: Impact on PBT due to Goodwill Amortization (Restructuring Related)
Impact on PBT due to Goodwill Amortization (Restructuring Related) (Rs Cr) Q2FY25 Q2FY26 With Without With Without Restructuring Restructuring Restructuring Restructuring Income from Operations 3,087 3,087 3,417 3,417 Less:-Operating Expenses 2,653 2,653 2,721 2,721 EBITDA 434 434 696 696 Add:- Othe
Slide 31: Thank You
Thank You CHENNAI HIRAKUD METRO DAM BIRSA MUNDA STADIUM HOLLONGI AIRSTRIP DHOLA Contact Information SADIYA BRIDGE o: 11th & 12th floor, Hansalaya Building, 15, Barakhamba Road, New Delhi – 110001 e: investorrelations@dalmiabharat.com w: www.dalmiabharat.com