Dalmia Bharat Ltd. · NSE:DALBHARAT
Dalmia Bharat — Investor Presentation (April 2025)
67 slides from Dalmia Bharat's investor presentation, Apr 3, 2025
Slide 1: Exchange filing cover letter - Investor Presentation April 2025
File No: 1010/02 April 03, 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 - Ap
Slide 2: Investor Presentation April 2025
INVESTOR PRESENTATION April 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: Table of Contents
PA G E SECTION NO. 01. Dalmia Bharat at a Glance 4 02. Industry Outlook 12 03. Company Overview 21 04. Shareholder Value and Capital Allocation 39 TA B L E O F CO N T E N T S 05. ESG 47 06. Awards 59 07. Appendix 61 3
Slide 5: Dalmia Bharat at a Glance
SECTION 01 DALMIA BHARAT AT A GLANCE 4
Slide 6: Dalmia Bharat Group Overview
Dalmia Bharat Group Overview Founded in 1939 by Late Shri Jaidayal Dalmia, Dalmia Bharat Group is one of the Fastest Growing and Most Profitable Groups in India ▪ Fourth-largest cement ▪ One of the fastest growing cane- ▪ Home construction & improvement manufacturing company in India based multi-pro
Slide 7: Dalmia Bharat Limited
DALMIA BHARAT LIMITED - 4th Largest Cement Player in the Fastest Growing Economy in the World 6
Slide 8: Our Vision Our Mission Our Values
Biodiversity park at our Ariyalur plant Our Vision To unleash the potential of everyone we touch Our Mission To be in the top two in all our businesses on the strength of our people and the speed of our innovation Our Values ▪ Integrity ▪ Humility ▪ Trust & Respect ▪ Commitment People. Planet. Perfo
Slide 9: Dalmia Bharat by the Numbers
Dalmia Bharat by the Numbers Fundamentals Financials 49.5 MnT^ 28.8 MnT ₹14,691 Cr ₹ 5,105 Cement Capacity Sales Volume Net Sales NSR / Ton 23.5 MnT^ 464 MW# ₹ 2,639 Cr ₹ 917 Clinker Capacity Power Capacity EBITDA EBITDA / Ton 15 23 18.0% ₹34,166 ^ Cr Plants States Served EBITDA Margin Market Cap 49
Slide 10: Key Milestones Over The Past Decade
Key Milestones Over The Past Decade Past Decade The company has consistently made substantial Expansion into North Cement capacity investments to increase their East through Commenced production Multiple cement Acquisition of Acquired Kalyanpur of Line 2 at BCW unit in capacity expansion expansion o
Slide 11: Geographic Expansion
Geographic Expansion FY14 Present 5 Plants 15 Plants 11.8 MnT 49.5 MnT 8% 26% 49.5 MnT 66% Our Markets Organic Inorganic Distressed Existing Plants 10
Slide 12: Growth Snapshot
Growth Snapshot 10 YEAR CAGR* 14% 16% 17% 20% Capacity Volume Revenue EBITDA 4x 4x 5x 6x Aggressive Yet Sustainable Growth Enabled Us to Emerge as the 4th Largest Cement Player In India *FY14-FY24 11
Slide 13: Industry Outlook
SECTION 02 INDUSTRY OUTLOOK 12
Slide 14: Demonstrating resilience in the face of geopolitical challenges
Demonstrating resilience in the face of geopolitical challenges India’s underlying economic fundamentals are robust Economic Growth projections S&P Global India Manufacturing PMI 6.5 6.5 2025e 2026e 65 4.2 4.3 60 57.7 3.3 3.3 55 1.9 1.8 50 45 World Output Advanced Emerging India Jan'23 Apr'23 Jul'23
Slide 15: Robust Cement Demand Growth
Robust Cement Demand Growth Cement Demand is expected to grow by ~6-8% in FY26 Industry Cement Demand (MnT) 500 Impacted by Central & key state elections coupled with extended 450 and unseasonal rainfall 400 350 300 250 200 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25e FY26e The demand trajecto
Slide 16: Demand Growth - a multiple of GDP growth
Demand Growth - a multiple of GDP growth After a slowdown in last decade, Cement Demand is reviving driven by a fresh Housing and Capex Cycle FY14: Taper tantrum FY20: Credit Tightness Housing + Capex Cycle - Housing Cycle FY17: Demonetization FY21: COVID-19 pandemic - Capex Cycle FY18: GST & RERA 1
Slide 17: Cement Demand Growth To Be Robust
Cement Demand Growth To Be Robust Robust potential for growth in cement demand due to the relatively low per capita cement consumption, bolstered by the housing and infra sectors Per Capita Cement Consumption/Kg Cement Demand Mix 500-550 10% Rural Housing 37% Urban Housing 280-290 23% Infrastructure
Slide 18: Key Demand Drivers
Key Demand Drivers ▪ Completed 2.68 Cr houses in 9 years under PMAY (R), achieving 91% of its target, reflecting strong progress in affordable rural housing. An additional 2 crore houses, planned over the next 5 years, will boost cement demand ▪ Allocation to PMAY (R) has increased by 69% to about R
Slide 19: Infra & consumption driven budget to support growth
Infra & consumption driven budget to support growth Impetus for cement intensive capex continues (Fig in Rs Cr) Key Highlights from the Union Budget FY26 Pradhan Mantri Awas Yojna - Urban Pradhan Mantri Awas Yojna - Rural 54,832 ▪ The Budget aims to increase capex, boost 21,684 23,294 consumption th
Slide 20: Booming Real Estate Market
Booming Real Estate Market ✓ Sales and launches have been above the range of 3 Lacs per year in CY22-24, showing a strong real estate demand in top-tier cities ✓ Launches rose at 26% CAGR since CY20 and reached 372,936 units in CY24, highest number of yearly launches in the last 10 years ✓ QTS level
Slide 21: Capex Push by the Government to Drive Demand
Capex Push by the Government to Drive Demand Continuity of the incumbent government ensures stable policies and sustained investment in infrastructure 12.0 Capex by Center (Rs Lac Cr) 11.2 4.5% 10.2 Capex (Rs Lac Cr) Capex as a % of GDP 9.5 4.0% 10.0 ~3.4% 3.5% 8.0 7.3 3.0% 5.9 6.0 2.5% 4.3 4.0 2.1%
Slide 22: Company Overview
SECTION 03 COMPANY OVERVIEW 21
Slide 23: Company Overview
Company Overview Integrated Model with State-of- Market Leader in Each of Our Pioneer in the Area of the-Art Production Facilities and Operating Regions Sustainability Supply Chain 01 03 05 02 04 06 Diverse Product Portfolio with Lowest Cost Producer with Proven Multi-tier Governance Structure Stron
Slide 24: Pioneer in the Area of Sustainability
01 Pioneer in the Area of Sustainability Dalmia has one of the lowest net carbon footprint in Global cement industry - 460 CO₂ emission- Kg/ton in Q3FY25 One of the lowest Clinker factor at 59% in Q3FY25 First cement group to commit to become carbon negative by 2040 One of the Largest producer of sl
Slide 25: Globally Recognized for its Focus on Sustainability
01 Globally Recognized for its Focus on Sustainability ▪ Member, G20 Resource Efficiency Circular Economy Industry Coalition (RECEIC) DALMIA BELIEF ▪ First global triple Joiner company for RE100, EV100 & EP100 Clean and Green is Profitable ▪ Founding member - LEADIT and First Movers Coalition (FMC)
Slide 26: Diverse Product Portfolio with Strong Brand Recognition
02Consumer Brands Diverse Product Portfolio with Strong Brand Recognition ▪ AA+ Category premium product ▪ Produced using superior ▪ Protects the construction ingredients to provide high ▪ Dalmia Supreme help building from harsh environmental for high strength concrete applications strength construc
Slide 27: Consistent Improvement in Product Mix
02 Consistent Improvement in Product Mix ▪ Since its launch, DSP has been immensely successful in East and ▪ One of the Largest producer of Slag Cement in India North East Region ▪ On track to achieve 100% blended cement by 2026: 85% ▪ DSP contributes meaningfully higher profitability than other ble
Slide 28: Launched New Cement Bags at Retail Outlets
02 Launched New Cement Bags at Retail Outlets Expanded Dalmia Cement and DSP products across retailer Activated 1,000+ retail outlets to improve product availability counters for greater accessibility and strengthen dealer relationships 27
Slide 29: Integrated Model with State-of-the-Art Facilities
03 Integrated Model with State-of-the-Art Facilities Raw Material Power Plants Limestone Power Source Location ▪ Average Life of Mine: 20+ years ▪ One of the lowest power ▪ One of the largest cement producers across majority plants consumption per ton of cement in East, North East and South Region ▪
Slide 30: Demonstrating Resilient Supply Chain
03 Demonstrating Resilient Supply Chain New Initiatives launched Supply Chain by Numbers Over 90% of the fleet is equipped with GPS, enabling optimized Tons CO2 Emission saved 108+ through alternate fuel routes, diversion detection, and improved fuel usage Implemented Green Channel for dealer trucks
Slide 31: Efficient Movement of Clinker
03 Efficient Movement of Clinker Lease based/GPWIS Rake Electric Vehicles on Pilot 30 General Purpose Wagon Investment Scheme
Slide 32: Focused on Usage of Smart Technology
03 Focused on Usage of Smart Technology Focused on automation and mobility and cloud solutions, strengthening supply chain management TMS Solution SAP Ariba Dalmia tied up with Blue Technology Stack Yonder to implement TMS solution which provides a comprehensive platform that helps 01 02 Provide bet
Slide 33: Lowest Total Cost Producer of Cement in India
04 Lowest Total Cost Producer of Cement in India Raw Material Cost/T Power & Fuel Cost/T Key drivers Rs/T include long Rs/T 994 1,641 877 934 term tie-ups 1,429 787 760 with suppliers, 1,306 725 648 716 702 692 1,157 1,231 1,083 focus on 979 897 887 801 blended cement along with investment in FY20 F
Slide 34: Proven Track Record of Financial Performance
04 Proven Track Record of Financial Performance Sales Volume (MnT) Sales Revenue 5Y CAGR: 9% Consistent 5Y CAGR: 9% 14,691 28.8 13,552 25.7 Capacity additions 20.7 22.2 19.3 and share of 11,286 9,674 10,110 premium products led volume and revenue growth FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 F
Slide 35: Proven Track Record of Financial Performance
04 Proven Track Record of Financial Performance Net Debt (Rs Cr) Net Debt/EBITDA Our resiliency has 3,118 enabled us to 1.48 delever our Balance Sheet and 0.28 661 484 0.18 154 provided 0.06 FY20 FY21 FY22 FY23 FY24 Flexibility for FY20 FY21 FY22 FY23 FY24 future expansion -0.59 (1,421) Adjusted RoC
Slide 36: Market Leader in Highly Attractive North-Eastern Region
05 Market Leader in Highly Attractive North-Eastern Region Key demand drivers of the region Capital spending in NER (Rs Cr) Capex on Roads Capex for Ministry of NE ▪ The government is prioritizing developing the North Eastern 4,032 Region (NER) of India because of its strategic location and 19,499 p
Slide 37: Multi-Tier Governance Structure
06 Multi-Tier Governance Structure ▪ Audit Committee ▪ Risk Management Committee ▪ Stakeholders’ Relationship Committee ▪ Corporate Social Responsibility Committee ▪ Nomination and Remuneration Committee ▪ Operations Committee Board of Directors Executive ▪ Constituted a team of top leadership which
Slide 38: Overseen by a Reputed Board
06 Overseen by a Reputed Board Yadu Hari Dalmia Paul Heinz Hugentobler Niddodi Subrao Rajan Haigreve Khaitan Anuradha Mookerjee Anuj Gulati Gautam Dalmia Puneet Dalmia Chairman Independent Director Non-Executive Director Independent Director Independent Director Independent Director Managing Directo
Slide 39: Managed by a Diverse Leadership Team
06 Managed by a Diverse Leadership Team Puneet Dalmia Dharmender Tuteja Navin Tewari Ganesh Wamanrao KC Birla Rajiv Choubey Udaiy Khanna Managing Director & CEO Chief Financial Officer Chief Marketing Officer Jirkuntwar Head – Growth & Expansion Group General Counsel Head - Human Resources (Head – S
Slide 40: Shareholder Value and Capital Allocation
SECTION 04 SHAREHOLDER VALUE AND CAPITAL ALLOCATION 39
Slide 41: Drivers of Value Creation
Drivers of Value Creation GROWTH PROFITABILITY RESPECT & CASH FLOW GENERATION HUMAN CAPITAL DIGITIZATION ACCELERATED FOCUS ON ESG 40
Slide 42: 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 Strategic 2031 Vision ▪ Target of 75 MnT by FY2028 ▪ Maintain a strong balance sheet along wit
Slide 43: Disciplined and Value Focused Capital Allocation
Disciplined and Value Focused Capital Allocation Capital Allocation Framework 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 chann
Slide 44: Identified levers for sustainable EBITDA improvement
Identified levers for sustainable EBITDA improvement Focused initiatives on key operating levers to further improve EBITDA/T Increase in market share Improvement in trade with higher Capacity share through premium Utilization product launches Reducing power & fuel cost by Near Term Increase in Share
Slide 45: Capex Plan
CAPEX PLAN 44
Slide 46: Cement Capacity Expansion Plan
Cement Capacity Expansion Plan 3.0 3.0 55.5 49.5 +3.0 MnT Pune, MH +3.0 MnT Belgaum, KA Brownfield Greenfield Current Capacity Belgaum, KA Pune, MH Capacity by FY27 45
Slide 47: Announced Clinker Capacity Expansion Plan
Announced Clinker Capacity Expansion Plan Figures in MnT South East North East West Total Q3FY25 10.4 8.3 2.7 2.1 23.5 FY25 10.4 8.3 2.7 2.1 23.5 FY26 10.4 8.3 6.3 2.1 27.1 46
Slide 48: ESG
SECTION 05 ESG 47
Slide 49: Environmental, Social and Governance (ESG)
Environmental, Social and Governance (ESG) Environmental, Social & Corporate Governance (ESG) has been an central pillar of our business strategy Environmental Social Governance Our specific net emissions, 460 kg CO2/ Corporate Social Responsibility activities Institutionalized good governance led t
Slide 50: Leading the Cement World in Carbon Emissions
Leading the Cement World in Carbon Emissions ^ 369^ 460 Dalmia Bharat Dalmia Bharat Net Eastern Operations 580 560 CO2Emissions Net CO2Emissions India Average** Global Average* * Source: GNR data published in 2024 for 2022 by GCCA ** Source: GNR data published in 2021 representative of 55% cement pr
Slide 51: Carbon Negative Roadmap
Carbon Negative Roadmap Switch to 100% blended cement production Dalmia Determined Contribution (DDC) by 2026 Grey to Green Roadmap for Carbon Negative Transition RE 100 commitment to transition to 100% Ambition for carbon negative Realised low carbon transition renewable power by 2030 transition EP
Slide 52: Renewable Power Update
Renewable Power Update Renewable Power Capacity 15x 252 Group Captive Solar WHRS Total Renewable Power - MW 46 185 166 134 113 100 63 32 32 17 17 66 72 72 10 8 8 22 31 9 9 FY19 FY20 FY21 FY22 FY23 FY24 Q3FY25 ➢ During Q3FY25, DCBL has signed Group Captive RE Power Agreements totaling 21 MW of RE Cap
Slide 53: Leading Player to Supply Blended Cement in Key Infra Projects
Leading Player to Supply Blended Cement in Key Infra Projects A testament of the quality of our blended cement is its usage in construction of some of the breakthrough projects in the country Lower Subansiri Hydro-electric Project, Sela Tunnel, Arunachal Pradesh 2 Lane Bridge over river Brahmaputra,
Slide 54: '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 55: CSR at Dalmia Bharat
CSR at Dalmia Bharat Activities at CSR Climate Action : A 20m-wide check Social Infrastructure : Health camps in Livelihood: In Ariyalur, Dalmiapuram, dam was constructed in Kallakudi, six locations served 940 beneficiaries, and Kadapa, 1256 farmers were provided Dalmiapuram, to support nearby farme
Slide 56: Theory of Change Designed to Ensure CSR Initiatives Help Achieve Our Vision & Mission
Theory of Change Designed to Ensure CSR Initiatives Help Achieve Our Vision & Mission Creating Opportunities Activities Expected Outcome Impact Creating economic Farm Schools for increase in income Social - Improved quality of life through opportunities that enable skilling pre and post access to ba
Slide 57: Our CSR Partners
Our CSR Partners yuna Me FOUNDATION \e/ N-S°D-C National Skill Development Corporation AkzoNobel / % y) corn Re Sie rN & Aet SAIL | | Z SkiILAP ¢, Solidaridad solidarida Schneider Electric =NDrip Gravity Micro lrigatio DECI] soscn OcsRBoOx bsi, (27st SmartPower |ncic ros Dalmia Bharat Limited é pp ‘
Slide 58: Redefining Corporate Governance
Redefining Corporate Governance ▪ First cement company in ▪ Appointed one of the ▪ Segregated the family ▪ Use technology to track ▪ Implemented a India to formally Big4 accounting firms, office and the corporate and monitor different organization wide Risk announce a Capital EY, as its Internal off
Slide 59: Governing Polices at Dalmia
Governing Polices at Dalmia Code of Conduct for all members of Board of Code of Practices and Procedures for Fair Disclosure Directors and Senior Management of unpublished price sensitive information Related Party Transaction Policy Code of Conduct for prevention of Insider Trading Nomination and Re
Slide 60: Awards
SECTION 06 AWARDS 59
Slide 61: Sustainability Awards
Sustainability Awards National Energy Conservation Award by Tamil Nadu Best Employer Brand Award ISEI Safety Award Bureau of Energy Efficiency 2024 by HRD Congress 1. Excellence in Safety, Health & Environment – Corporate 1st Prize in energy conservation - Tamil Nadu Best Employer Brand Award 2. Exc
Slide 62: Appendix
SECTION 07 APPENDIX 61
Slide 63: Key Financials
Key Financials Particulars FY20 FY21 FY22 FY23# FY24# Cement Capacity – MnT 26.5 30.8 35.9 38.6 44.6 Sales Volume - MnT 19.3 20.7 22.2 25.7 28.8 Net Sales - Rs Cr 9,674 10,110 11,286 13,552 14,691 EBITDA - Rs Cr 2,106 2,760 2,426 2,328 2,639 EBITDA Margin% 21.8% 27.3% 21.5% 17.2% 18.0% EBITDA - Rs/M
Slide 64: Adjusted RoCE and RoE
Adjusted RoCE and RoE REPORTED ADJUSTED* (in Rs Cr) FY20# FY21# FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24 EBITDA (including Other Income) 2,323 2,949 2,586 2,454 2,954 2,323 2,949 2,586 2,454 2,954 Less : - Depreciation as per books 1,528 1,266 1,235 1,305 1,498 1,528 1,266 1,235 1,305 1,498 Add: Amor
Slide 65: Movement in Cash & Cash Equivalents - FY24 (Rs Cr)
Movement in Cash & Cash Equivalents - FY24 (Rs Cr) Healthy trend of Cash Conversion with 100% ratio in FY24 887 600 2635 85 204 4166 2827 100 3,102 169 452 Opening Cash Cashflow Proceeds Debt Capex Dividend Interest Interest IEX Others Closing Cash & Cash from from Sale movement Payment Received mov
Slide 66: Strong Balance Sheet
Strong Balance Sheet (Rs Crores) 31.03.2020 31.03.2021 31.03.2022 31.03.2023 31.03.2024 Fixed Assets^ 14,990 14,905 15,336 16,745 18,153 Investments^ 118 740 1,305 1,389 590 Net Working Capital 71 (846) (652) (549) (591) Other Assets 531 454 670 925 1,139 Total Assets 15,711 15,254 16,660 18,510 19,
Slide 67: Thank You
CONTACT INFORMATION Thank You Corporate Office: 11th & 12th floor, Hansalaya Building, 15, Barakhamba Road, New Delhi – 110001 e: investorrelations@dalmiabharat.com w: www.dalmiabharat.com