Dalmia Bharat Ltd. · NSE:DALBHARAT
Dalmia Bharat — Q4 FY25 Earnings Presentation
74 slides from Dalmia Bharat's earnings presentation, May 15, 2025
Slide 1: Exchange filing cover letter
File No: 1010/02 May 15, 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: Investor Presentation – Q4 F
Slide 2: Investor Presentation – Q4 FY25
Investor Presentation– Q4 FY25 May 15, 2025
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 Dalmia Bharat Overview 04 Indian Economy 11 Cement Demand 14 Cement Supply 23 Value Creation 26 Annexure 68
Slide 5: Dalmia Bharat Overview
Dalmia Bharat Overview
Slide 6: Dalmia Bharat Group Overview
Dalmia Bharat Group Overview Fourth largest cement One of the fastest growing Home construction & Expanding CSR programs Proud ‘Monument Mitra’ of manufacturing company in cane-based multi-product improvement products & and projects of Dalmia one of India’s most iconic India companies services retai
Slide 7: Our Vision Our Mission Our Values
Our Vision Our Mission Our Values To unleash the potential of everyone To be in the top two in all our businesses ➢ Integrity ➢ Trust & Respect we touch on the strength of our people and the ➢ Humility ➢ Commitment speed of our innovation 6
Slide 8: Dalmia Bharat Limited by the Numbers
Dalmia Bharat Limited by the Numbers Fundamentals Financials 49.5 MnT 29.4 MnT ₹13,980 Cr ₹ 4,763 Cement Capacity Sales Volume Net Sales NSR / Ton 23.5 MnT 479 MW# ₹ 2,407 Cr ₹ 820 Clinker Capacity Power Capacity EBITDA EBITDA / Ton 15 23 17.2% ₹34,166 Cr Plants States Served EBITDA Margin Market Ca
Slide 9: Key Milestones Over The Past Decade
Key Milestones Over The Past Decade Expansion into North East through Acquisition of Calcom and Adhunik Increased stake in OCL to ▪ Completed corporate restructuring to 11.8 MnTPA 74.6%; OCL became a become a single listed entity Commenced production of Line FY13 subsidiary of the Group ▪ Acquired K
Slide 10: Strategic Imperatives
Strategic Imperatives PAN India Pure Play Cement Company Significant presence in every market wherein Dalmia operates Grow capacity at a CAGR of 14% - 15% over the next decade to reach 110-130 MnT by 2031 Target of 75 MnT by FY2028 Maintain a strong balance sheet along with highest standards of corp
Slide 11: Empowering Progress Through Our Pillars
Empowering Progress Through Our Pillars Financial Organization Growth Sustain Trust performance Building ➢ Sales volumes grew 2% YoY ➢ Achieved milestone of 49.5 ➢ Strengthening leadership by ➢ Continued transition to greener to 29.4 MnT in FY25 MnTPA for Installed Cement hiring top industry talent
Slide 12: Indian Economy
Indian Economy
Slide 13: INDIA – Adding every progressive Trillion Dollar faster
INDIA – Adding every progressive Trillion Dollar faster.. India GDP, current prices (US$ Tn) Years to reach the milestone of next $1tn level 2 Yr 3 Yr 6.8 6.1 5.6 4 Yr 5.1 4.6 7 Yr 4.2 3.9 7 Yr 3.2 60 Yr 2.0 1.2 FY08 FY15 FY22 FY25e FY26e FY27e FY28e FY29e FY30e FY31e India is adding each trillion d
Slide 14: Growing resilience in the Indian Economy
Growing resilience in the Indian Economy Economic Growth projections S&P Global India Manufacturing PMI 65 2025e 2026e 6.2% 6.3% 60 58.1 3.7% 3.9% 55 2.8% 3.0% 1.4% 1.5% 50 45 World Advanced Emerging Market India Mar'21 Mar'22 Mar'23 Mar'24 Mar'25 Production of 8 Core Industry (Indexed) Annual GST C
Slide 15: Cement Demand
Cement Demand
Slide 16: Robust Cement Demand
Robust Cement Demand Industry Cement Demand (MnT) 700 CAGR: 7-8% 600 Impacted by Central & key state elections coupled with extended 500 and unseasonal rainfall ~7-8% ~5% 400 300 200 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26e FY30e The demand trajectory remains favorable and is anticipa
Slide 17: Cement Demand Growth - a multiple of GDP growth
Cement Demand Growth - a multiple of GDP growth FY14: Taper tantrum FY20: Credit Tightness Housing + Capex Cycle - Housing Cycle FY17: Demonetization FY21: COVID-19 pandemic - Capex Cycle FY18: GST & RERA 15.0% 10.0% 5.0% 0.0% FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY1
Slide 18: Low per capita Consumption offers high growth potential
Low per capita Consumption offers high growth potential Per Capita Cement Consumption in Emerging Markets (Kg) ~1,300 ~1,000 ~950 ~500 ~500 ~350 ~320 ~295 China Vietnam Turkiye Russia Mexico Brazil India World India’s low per capita Cement consumption driving robust demand growth Source: United Stat
Slide 19: Broad based demand growth drivers
Broad based demand growth drivers Segmental demand share Segmental growth outlook (FY26) 9-11% 35-37% 7.5-8.5% 6.5-7.5% 5.5-6.5% 22-24% 28-30% Housing Infrastructure Industrial & Commercial Rural Housing Urban Housing Infrastructure Industrial & Commercial Source: Research reports 18
Slide 20: Upswing in the Housing sector
Upswing in the Housing sector Urban Housing Affordable Housing (Fig in Rs Cr) PMAY – Urban (Budgetary allocation) Residential Unit Sales and Launches in Top 8 Cities in India 21,684 23,294 15,170 400,000 300,000 FY24 A FY25RE FY26BE 200,000 PMAY – Rural (Budgetary allocation) 100,000 54,832 32,426 0
Slide 21: Housing Sector Outlook Remains Promising
Housing Sector Outlook Remains Promising India’s Per Capita GDP ($) Urbanization % CAGR: ~9% 40% 4,469 37% CAGR: ~6% 35% 2,878 31% 1,916 28% 1,351 26% 369 442 1990 2000 2010 2020 2025 2030e 1990 2000 2010 2020 2025 2030e No. of cities with 1 Mn population in India 71 ➢ Improving India’s per capita G
Slide 22: Capex Push by the Government
Capex Push by the Government Central Government’s Capital Expenditure 12. 0 CAGR: 16% 11.2 7.0 % ➢ Capital expenditure is increasing at a 10.2 CAGR of 16% since FY16 9.5 6.0 % Capex (Rs Lac Cr) 10. 0 8.0 Capex as % of Nominal GDP 7.3 5.0 % 5.9 4.0 % ➢ Share of Capex in the overall GDP has 6.0 signif
Slide 23: Investment driven Structural Megatrends
Investment driven Structural Megatrends Smart & Sustainable Cities Expressways, Highways & Bharatmala ➢ Aims to improve quality of life and promote economic ➢ Bharatmala Pariyojana is India's largest infrastructure growth in 100 selected cities by providing efficient program to develop 34,800 km of
Slide 24: Cement Supply
Cement Supply
Slide 25: Supply Growth trailing Demand momentum
Supply Growth trailing Demand momentum Industry Cement Supply (MnT) & Capacity Utilization 800 100% 90% 700 80% 600 70% 64% 500 60% 50% 400 40% 300 30% 200 20% FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26e ➢ Industry supply is expected to grow at 6.5-7% CAGR in medium term ➢ Capacity utili
Slide 26: Consolidation remains in Play!
Consolidation remains in Play! Capacity Share of Top 4 Cement players Entry Barriers for New players 60% 58% Transparent Limestone Auction 50% 47% 48% 48% Longer lead in Land Acquisition Tight Credit Availability FY21 FY22 FY23 FY24 FY25 FY26e ➢ Share of Top 4 players in the cement supply capacity i
Slide 27: Value Creation
Value Creation
Slide 28: Dalmia Bharat: Drivers for Value Creation
Dalmia Bharat: Drivers for Value Creation Growth Potential Financial Health Driving growth potential through strategic Robust balance sheet and return ratios expansion and market penetration enabling long-term growth Brand Equity Robust Management Enhancing brand equity with Experienced leadership w
Slide 29: Growth Potential
01 Growth Potential
Slide 30: 10 Year Growth Snapshot
10 Year Growth Snapshot 7% 15% 15% 15% Capacity Volume Revenue EBITDA 2x 4x 4x 4x Aggressive Yet Sustainable Growth Enabled Us to Emerge as the 4th Largest Cement Player In India *FY15-25 29
Slide 31: Expanding footprint through consistent & strategic growth
Expanding footprint through consistent & strategic growth FY15 Present 11 Plants 15 Plants 24.0 MnTPA 49.5 MnTPA 20 States served 23 States served Our Markets Existing Plants 30
Slide 32: Future Growth Plans ensures PAN India player
Future Growth Plans ensures PAN India player (in MnTPA) 110-130 75 3.0 55.5 3.0 49.5 +3.0 MnT Pune, MH +3.0 MnT Belgaum, KA FY25 Pune, Belgaum, FY27e FY28e 2031e MH KA Target Brownfield Greenfield 31
Slide 33: Market Leader in Highly Attractive North-Eastern Region
Market Leader in Highly Attractive North-Eastern Region ➢ The government is prioritizing developing the North Eastern Capital spending in NER (Rs Cr) Region (NER) of India because of its strategic location and Capex on Roads Capex for Ministry of NE potential to drive economic growth (Budgetary allo
Slide 34: Brand Equity
02 Brand Equity
Slide 35: Serving Every Need with a Diverse Product Range
Serving Every Need with a Diverse Product Range… Retail Offerings Institutional Offerings ➢ AA+ Category ➢ Dalmia Supreme help ➢ Dalmia Infra Pro, premium product for building a Strong & known for high strength Durable home consistency, high concrete strength and applications performance ➢ Produced
Slide 36: Focus on improving the Quality of Sales
…with focus on improving the Quality of Sales Share of Trade Sales Share of Premium Products 68% 67% 24% 24% 65% 66% 22% 22% 64% 22% 63% 63% 63% 21% 21% 21% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY24 FY24 FY24 FY24 FY25 FY25 FY25 FY25 FY24 FY24 FY24 FY24 FY25 FY25 FY25 FY25 ➢ Since its lau
Slide 37: Expanding Visibility: Strengthening Brand Recall
Expanding Visibility: Strengthening Brand Recall ➢ 1,500+ In-Shop Brandings Enhanced brand visibility inside stores ➢ 7,000+ Signages Installed Captured consumer attention at high-footfall locations ➢ 5,000+ Shop Paintings Completed Transformed storefronts into vibrant brand canvases 36
Slide 38: Merchandiser Kits: Building Brand Presence
Merchandiser Kits: Building Brand Presence ➢ Well crafted Branded merchandiser kits for retailers and dealers ➢ Delivered 21,000+ kits to 19,000+ counters across key markets ➢ Enhanced Brand Visibility & Strengthened in-store presence and recall at the point of sale 37
Slide 39: Cost Leadership
03 Cost Leadership
Slide 40: One of the Lowest Cost Producers in India
One of the Lowest Cost Producers in India Raw Material Cost/T Power & Fuel Cost/T Dalmia Average of Top 6 players 942 1,296 800 989 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 Freight Cost/T Total Cost/T 4,512 1,276 3,943 1,120 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 Key drivers incl
Slide 41: Driving efficiency in Raw Material cost
Driving efficiency in Raw Material cost Strategically located cement plants Product Mix (FY25) Only company to have Clinker Unit in Bihar 12% 15% OPC Average Life of Limestone Mines: 20+ years across majority plants PPC 31% PCC Securing Long-term tie-ups for Slag & FlyAsh PSC 42% One of the largest
Slide 42: Accelerating Renewable Power Expansion
Accelerating Renewable Power Expansion (in MW) Group Captive 595 Solar WHRS Added 23 MW of captive solar capacity in 334 FY25 at Sattur, Medinipur and Lanka 267 59 185 Commissioned 59 MW of group captive 166 renewable energy in FY25 172 136 113 100 63 Operational RE capacity is expected to reach 32
Slide 43: Demonstrating Resilience in Supply Chain
Demonstrating Resilience in Supply Chain ➢ Higher utilization of trucks by fast channeling Dedicated Fleets ➢ Improvement in Direct Dispatch: 57% in FY25 from 54% in FY24 ➢ Warehouse Optimization through better inventory management ➢ Deployment of 11 dedicated wagons, reducing clinker freight ➢ 32 L
Slide 44: Usage of Smart Technology
Usage of Smart Technology Zero Trust Access 01 02 CO Project Multi-factor authentication ensures only Automates product cost calculations and authorized users can access systems, reporting, improving cost transparency, significantly reducing cybersecurity risks audit readiness, and operational contr
Slide 45: Efficiency levers deepening Cost Leadership
Efficiency levers deepening Cost Leadership Logistics Increase in Share of optimization Renewable Power Improvement in Higher usage of Clinker factor Recycled waste Operationalizing Improvement in Heat & Captive coal mines Power Consumption Target to gain Rs 150-200/T by FY27 through cost efficiency
Slide 46: Financial Health
04 Financial Health
Slide 47: Financial Performance
Financial Performance Revenue (Rs Cr) EBITDA (Rs Cr) & EBITDA Margin 14,691 2,760 13,552 13,980 2,426 2,639 2,407 3,00 0 35% 2,50 0 2,328 30% 25% 11,286 2,00 0 27% 20% 10,110 1,50 0 21% 15% 1,00 0 17% 18% 17% 10% 500 5% - 0% FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 PAT (Rs Cr) & PAT Margin
Slide 48: Robust Balance Sheet
Robust Balance Sheet Net Debt (Rs Cr) Net Debt to EBITDA 661 484 716 154 0.28 0.18 0.30 0.06 (0.59) (1,421) FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 Net Debt to Equity Cash Conversion % 0.04 0.04 129% 0.01 0.03 96% 100% 80% 88% (0.09) FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 Strong
Slide 49: Disciplined and Value Focused Capital Allocation
Disciplined and Value Focused Capital Allocation ➢ Up to 10% of the Operating Cash Flow towards shareholders’ return which would include a mix of both dividend & share buy-backs ➢ Up to 10% of Operating Cash Flow towards an Innovation & Green Energy Fund which would be channelized towards focused R&
Slide 50: Strong Credit Profile
Strong Credit Profile Cost of borrowings (%) Gross Debt (Rs Cr) 6,0 00 9.0 0% 8.8 0% AA+ 5,5 00 5,279 8.6 0% Stable Outlook 8.4 0% 5,0 00 8.2 0% AA+ 4,5 00 8.0 0% 4,0 00 7.8 0% Stable Outlook 7.6 0% 7.70% 7.4 0% 3,5 00 7.2 0% 3,0 00 7.0 0% AA+ Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Stable Outlook FY24 FY24 FY24 FY
Slide 51: Robust Management
05 Robust Management
Slide 52: Overseen by a Reputed Board
Overseen by a Reputed Board Independent Directors Non-Independent Directors Yadu Hari ▪ 47+ years of experience in the cement industry and Paul Heinz ▪ Served as CEO of Siam City Cement Public Company Ltd. Dalmia has earlier served as President of the Cement Hugentobler in Bangkok From Jan’02 till r
Slide 53: Managed by a Diverse Leadership Team
Managed by a Diverse Leadership Team Puneet Dalmia ▪ Spearheading Dalmia’s transformation journey Dharmender ▪ 37+ years of experience in various facets of Managing Director & through his vision of nation-building since 2004 Tuteja Finance & Accounts function and Business CEO Management in diverse i
Slide 54: Multi-Tier Governance Structure
Multi-Tier Governance Structure ➢ Audit Committee ➢ Risk Management Committee ➢ Stakeholders’ Relationship Committee ➢ Corporate Social Responsibility Committee ➢ Nomination and Remuneration Committee Board of Directors Executive Committee ➢ Strategic decision making and driving efficiency, profitab
Slide 55: Majority of the Committees led by Independent Directors
Majority of the Committees led by Independent Directors Committee Chairperson Members Audit Committee Paul Heinz Hugentobler Anuradha Mookerjee Anuj Gulati Nomination & Remuneration Committee Anuradha Mookerjee Paul Heinz Hugentobler Niddodi Subrao Rajan Corporate Social Responsibility Committee Nid
Slide 56: ESG & Safety
06 ESG & Safety
Slide 57: Pioneer in the Area of Sustainability
Pioneer in the Area of Sustainability Environment Social Governance ➢ Led by sustainable business practices, ➢ Sustainability strategy aligned to the ➢ Institutionalized good governance led our intent is to become Carbon UN Sustainable Development Goals by robust Corporate Governance Negative Cement
Slide 58: Globally Recognized for our Focus on Sustainability
Globally Recognized for our Focus on Sustainability Founding Member Member Business Leaders Captive Solar Power Plant 57 57 Place: Lanka, Assam 57
Slide 59: Carbon Negative Roadmap
Carbon Negative Roadmap Net Carbon Negative Roadmap (Kg CO2/T of Cementitious Material) RE 100 commitment to fourfold renewable power consumption by 2030 and 100% in long term 465^ EP 100 commitment to double energy productivity by 2030 EV 100 commitment for sizable Electric Vehicle transition by 20
Slide 60: Safety – Dalmia Way of Life
Safety – Dalmia Way of Life VISION Injury Frequency Rate (IFR) (per one million-person hours worked) We aspire to set a global benchmark by creating the safest work environment and encourage individuals to make safety a part of life Lost Time IFR Total Recordable IFR MISION 0.62 0.56 To continuously
Slide 61: Driving Safety Excellence through Strategic Interventions
Driving Safety Excellence through Strategic Interventions Leveraging Technology Building Capabilities ➢ AI-driven solutions for hazard identification and mitigation ➢ Engaging grassroot teams through daily Toolbox Talks to drive safety awareness and culture ➢ Boots On Ground: QR code and geo-fencing
Slide 62: Highest standards of Corporate Governance
Highest standards of Corporate Governance ➢ First cement company in India to formally ➢ Completed divestment of Hippo Stores (retail announce a Capital Allocation framework business) ➢ Formal Treasury Policy - At least 80% of the ➢ Completed divestment of Refractory business money should be invested
Slide 63: Governing Polices at Dalmia
Governing Polices at Dalmia Code of Conduct for Directors and Senior Code of Fair Disclosure of unpublished price sensitive Management Personnel information Policy on Related Party Transactions Code of Conduct for prevention of Insider Trading Nomination and Remuneration Policy Dividend Distribution
Slide 64: ESG Ratings
ESG Ratings ICRA ESG Rating 78, Strong S&P Global CSA Score 64 (2024) CDP Climate A- (2023) CDP Water B (2023) CRISIL ESG Score 57 (April 14, 2025) Sustainalytics 29.8 (Dec 25,2024) 63
Slide 65: CSR at Dalmia Bharat
CSR at Dalmia Bharat Climate Action: ➢ Promoting bamboo cultivation as a biofuel source while creating additional income opportunities for farmers. 3,300+ farmers are engaged, having planted 1.85 lakh bamboo shoots ➢ A 20m-wide check dam was constructed in Dalmiapuram to support nearby farmers by co
Slide 66: Shuttle by Dalmia Bharat, dedicated to the nation
‘Shuttle by Dalmia Bharat’, dedicated to the nation "Shuttle by Dalmia Bharat" is a High-Performance Centre in Odisha, dedicated for excellence in badminton. This architectural marvel, inspired by the design of a shuttlecock, is the first of its kind globally. Designed and constructed by us, the fac
Slide 67: World Heritage Day Celebration
World Heritage Day Celebration ➢ Under the initiative of Indian government – ‘Adopt a Heritage’ project – Dalmia Bharat is a proud Monument Mitra of one of India’s most iconic landmarks - The Red Fort ➢ To mark the occasion of World Heritage Day, we hosted a special evening that brought the monument
Slide 68: Sustainability Awards
Sustainability Awards Mines Environment & Mineral National Safety Council of India Award FAME National Award Conservation Awards ➢ 1st Prize in Sustainable Mining ➢ Certificate of Appreciation for ➢ Excellence in Safety Culture and Operations – Dalmiapuram Mines Excellence in Safety - Lanka Environm
Slide 69: Annexure
Annexure
Slide 70: Financial Performance
Financial Performance (in Rs Cr) (Rs Crores) 31.03.2021 31.03.2022 31.03.2023 31.03.2024 31.03.2025 Fixed Assets^ 14,905 15,336 16,745 18,153 19,937 Investments^ 740 1,305 1,389 590 675 Net Working Capital (846) (652) (549) (591) (798) Other Assets 454 670 925 1,139 1,245 Total Assets 15,254 16,660
Slide 71: Movement in Cash & Cash Equivalents - FY25
Movement in Cash & Cash Equivalents - FY25 (in Rs Cr) 628 2,117 551 4,563 4,166 310 87 2,664 169 464 Opening Cash & Cashflow from Debt movement Capex Dividend Interest Interest Others IEX movement Closing Cash & Cash Equivalents Operations Payment Received Cash Equivalents 70
Slide 72: Key Financials
Key Financials Particulars UoM FY21 FY22 FY23# FY24# FY25 Cement Capacity MnT 30.8 35.9 38.6 44.6 49.5 Sales Volume MnT 20.7 22.2 25.7 28.8 29.4 Net Sales Rs Cr 10,110 11,286 13,552 14,691 13,980 EBITDA Rs Cr 2,760 2,426 2,328 2,639 2,407 EBITDA Margin % 27.3% 21.5% 17.2% 18.0% 17.2% EBITDA Rs/T 1,3
Slide 73: Adjusted RoCE and RoE
Adjusted RoCE and RoE Reported Adjusted* (in Rs Cr) FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 EBITDA (including Other Income) 2,949 2,586 2,454 2,954 2,660 2,949 2,586 2,454 2,954 2,660 Less : - Depreciation as per books 1,266 1,235 1,305 1,498 1,331 1,266 1,235 1,305 1,498 1,331 Add: Amorti
Slide 74: 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