Dalmia Bharat Ltd. · NSE:DALBHARAT
Dalmia Bharat — Q3 FY26 Earnings Presentation
36 slides from Dalmia Bharat's earnings presentation, Jan 21, 2026
Slide 1: Stock exchange filing cover letter
1010/02 January 21, 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 Presenta
Slide 2: Earnings Release – Q3 & 9M FY26
Earnings Release – Q3 & 9M FY26 January 21, 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 07 Expansion Update 12 Q3 & 9M FY26 performance 16 Sustainability 27
Slide 5: Economy & Industry
Name : Vidyasagar Setu, West Bengal Inaugurated: 10, Dalmia Cement contributor
Slide 6: Indian Economy
Indian Economy GDP Growth GST Collection (Rs Lac Crore) ✓ Q2 GDP growth stood at 8.2% while 7.8% 8.2% 6.2 Q3 expected at 7%; full year FY26 7.4% 5.8 5.7 7.0% 5.3 5.4 6.4% GDP growth forecast revised upward to 7.3% (previous 6.8%) ✓ Despite the GST rate cuts, collection has increased 1.4% YoY in Q3 Q
Slide 7: Cement Industry
Cement Industry India Cement Demand (MnT) Central Govt Capex (Rs Lac Cr) ~e.6% CAGR: 21% 11.2 ✓ FY26 cement demand is likely to grow 500 10.5 9.5 ~6% YoY, with Q3 FY26 seeing stronger 7.3 ~7-8% YoY growth led by post monsoon 400 recovery and early festival season 5.9 4.3 300 ✓ Government capex has i
Slide 8: Company Overview
02 Company Overview
Slide 9: Serving Every Need with a Diverse Product Range
Company Overview Serving Every Need with a Diverse Product Range #4th Largest 49.5 MnT Cement Player Cement Capacity 410 MW 212 MW RE Power Capacity^ Thermal Power Capacity ₹13,980 Cr ₹699 Cr Net Sales* Profit After Tax* ₹40,109 Cr 5,763 Market Cap^ Employees* ^as on 31st Dec 2025; *Data for FY25 8
Slide 10: A Legacy of Cementing India’s Growth
A Legacy of Cementing India’s Growth 1939-2009 2009-2014 2015-2019 2020-2025 ▪ 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 an
Slide 11: Geographical Footprint
Geographical Footprint Region Cement Clinker South 17.0 10.4 East 21.6 8.3 HQ at New Delhi North East 8.0 6.3 West 2.9 2.1 Total 49.5 27.1 15 Plants 23 States Served Integrated Unit Grinding Unit Clinker Unit 29 Sales Offices 46,600+ Channel Partners* *As on 31st Mar 10
Slide 12: Strategic Direction
Strategic Direction PAN India Pure Play Cement Company Significant presence in every market wherein Dalmia operates Grow capacity to reach 110-130 MnT by 2031; intermittent milestone of 75 MnTPA by FY28 Maintain a strong balance sheet along with highest standards of corporate governance Continue bui
Slide 13: Expansion Update
03 Expansion Update
Slide 14: Expansion Update
Expansion Update Cement Capacity expansion (MnTPA) Clinker Capacity expansion (MnTPA) 6.0 61.5 3.6 34.3 55.5 3.0 3.6 30.7 3.0 27.1 49.5 Current Belgaum, Pune, FY27 Kadapa, Q2 FY28 Current Belgaum, FY27 Kadapa, Q2 FY28 Capacity KA MH AP* Capacity KA AP *Kadapa will be supported by 3 MnTPA Bulk termin
Slide 15: 3.6 MnTPA Clinker line at Umrangso, Assam
3.6 MnTPA Clinker line at Umrangso, Assam ✓ Commenced commercial production from Umrangso Clinker line on Jan 20, 2026 ✓ 2.4 MnTPA Grinding Capacity at Lanka already commissioned in Q4 FY25 ✓ Kiln entails 15 MW WHRS 14
Slide 16: Expansion Update
Expansion Update ✓ Civil work at Belgaum is in full swing (86% work completed till date); fabrication and erection in progress ✓ All major orders placed for Belgaum, Pune & Kadapa expansion Belgaum Project Site 15
Slide 17: Q3 & 9M FY26 Financial Performance
04 Q3 & 9M FY26 Financial Performance
Slide 18: Sales Volume
Sales Volume Sales Volume (MnT) 66% 67% 68% 10% 62% 62% 2% Trade Share 6% (%) 21.2 20.8 7.3 6.9 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 6.7 24% 24% 23% 22% 22% Premium Share^ (%) Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Volumes improved by 10% on a YoY basis during the
Slide 19: Revenue from Operations
Revenue from Operations Revenue (Rs Cr) NSR/T (Rs) 10% 7% 1% 3% 10,559 4% 5% 3,506 3,417 9,889 4,973 4,984 230 4,763 4,794 91 4,757 3,181 64 237 102 Q3FY25 Q2FY26 Q3FY26 9M FY25 9M FY26 Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 Incentives accrued Revenues increased by 10% on a YoY basis primari
Slide 20: Cost of Raw Material Consumed
Cost of Raw Material Consumed Cost of Raw Material Consumed (Rs/T^) 1.7 1.7 1.7 1.6 1.6 2% CC Ratio 2% 4% (x) 799 760 790 765 780 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 85% 84% 85% 80% 80% Blended Share (%) Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 Raw Material cost inc
Slide 21: Cost of Power & Fuel
Cost of Power & Fuel Cost of Power & Fuel (Rs/T^) 41% 48% 48% RE Share (%) 33% 39% 1% Flat Flat 1,008 1,005 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 1,005 1,017 1,019 96 95 100 100 99 Petcoke & Coal ($/T) Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 1.31 1.30 1.33 1.38 1.36 Blended Fuel (Rs/MnKcal) Q3FY25 Q2
Slide 22: Cost of Logistics
Cost of Logistics Cost of Logistics (Rs/T) 61% 62% 60% 62% 56% DD Share (%) 6% 3% Flat 1,113 1,084 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 1,120 1,060 1,057 160 146 269 277 280 287 277 172 137 126 Lead Distance (Kms) Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 953 937 948 923 931 89% 87% 84% 86% 87% Road
Slide 23: Other Expenses
Other Expenses Other Expenses (Rs/T) Key Marketing Initiatives 1% Flat 2% 793 792 780 769 785 Annual Dealer Conference – NAMAN 2025 Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 Official Premium Sponsor - Messi India G.O.A.T. Tour 2025 Other expenses increased by 1.5% on a YoY basis primarily due to Multip
Slide 24: Total Cost
Total Cost Total Cost – Reported (Rs/T) Total Cost – Adjusted^ (Rs/T) 4,033 3,998 3,994 3,973 3,971 3,960 3,971 3,973 3,932 3,924 3,901 3,909 3,885 3,852 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Total Cost per ton has remained flattish over th
Slide 25: EBITDA Movement
EBITDA Movement EBITDA Movement (Rs Cr, YoY) EBITDA Movement (Rs Cr, QoQ) 45 696 20 602 602 49 22 131 8 511 Q3 FY25 Volume NSR Cost Changes Q3 FY26 Q2 FY26 Volume NSR Cost Changes Q3 FY26 EBITDA EBITDA EBITDA EBITDA EBITDA improvement driven by all key levers i.e. volume, Reduction in prices impacte
Slide 26: Abridged Profit & Loss Statement
Abridged Profit & Loss Statement (Rs Crores) Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 Revenue 3,181 3,417 3,506 9,889 10,559 Total Cost 2,670 2,721 2,904 8,275 8,378 EBITDA 511 696 602 1,614 2,181 EBITDA/T 765 1,013 823 776 1,029 PBT 83 318 174 350 1,010 PAT 66 239 128 260 762 EPS (Rs/Share) 3.3 12.6 6.5
Slide 27: Debt Level
Debt Level Gross & Net Debt (Rs Cr) Net Debt to EBITDA (x) 6,621 6,844 3.0 6,456 5,457 5,279 2.5 2.0 1.5 1,602 1,793 1.0 1,242 0.55 0.56 0.60 716 873 0.30 0.33 0.5 - Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Gross Debt (Rs Cr) Net Debt (Rs Cr) Healthy leverage ratio again
Slide 28: Sustainability
05 Sustainability
Slide 29: Environmental Stewardship
Environmental Stewardship Grey to Green Roadmap (Net KgCO2/ton of Cementitious Material) Environmental performance Snapshot Particulars Q3 FY25 Q2 FY26 Q3 FY26 Net KgCO2/ton 460 474 479 RE% 33% 48% 48% CC Ratio 1.7x 1.6x 1.6x 670 546 492 463 459 456 Net Carbon Negative Blended Cement 85% 80% 80% (FY
Slide 30: Commitment to Renewable Power
Commitment to Renewable Power Total RE Capacity (MW) 136 136 142 142 100 113 Captive Solar 34x 576 Capacity 32 8 10 FY20 FY21 FY22 FY23 FY24 FY25 Dec'25 FY26e Jun'26 448 410 88 88 66 72 72 73 WHRS 31 Capacity 22 9 267 FY20 FY21 FY22 FY23 FY24 FY25 Dec'25 FY26e Jun'26 185 166 345 200 217 Group Captiv
Slide 31: CSR Interventions
CSR Interventions DIKSHa centers: 2 new centers operationalized Gram Parivartan: Supporting farmers Upscaling Micro-Enterprise: Supporting offering Sewing Machine Operator courses through access to improved agricultural households to establish and upscale micro- with a strong focus on women trainees
Slide 32: Reputed Board
Reputed 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 Associati
Slide 33: Seasoned Executive Committee
Seasoned Executive Committee Puneet ▪ 22+ Years of experience in spearheading Dharmender ▪ 37+ Years of experience in various facets Dalmia Dalmia’s transformation journey Tuteja of Business Management and F&A Managing functions ▪ B.Tech-IIT Delhi and Gold Medalist, MBA- CFO Director & CEO IIM Banga
Slide 34: 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 57 63 64 Active Member (Jan 19, 2026) (April 14, 2025) (July 8, 2025) (April 18, 2025) (Sinc
Slide 35: Awards
Awards 4th Environment & Sustainability Indian Bureau of Mines Honourz Excellence Awards 2025 Awards & Net Zero Conclave ✓ Dalmiapuram, Ariyalur, Sattur and ✓ Chandrapur Cement Works mines honored with ✓ Rohtas Cement Works recognized for Rohtas Cement Works recognized for multiple awards during the
Slide 36: 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