Dalmia Bharat Ltd. · NSE:DALBHARAT
Dalmia Bharat — Q4 FY26 Earnings Presentation
42 slides from Dalmia Bharat's earnings presentation, Apr 28, 2026
Slide 1: Exchange filing cover letter
1010/02 April 28, 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 Presentati
Slide 2: Earnings Release – Q4 & FY26
Name: Shuttle by Dalmia Bharat Inaugurated: 12th December 2024 Earnings Release – Q4 & FY26 April 28, 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 15 Q4 & FY26 Financial performance 18 Sustainability 30 Governance 34
Slide 5: Economy & Industry
01 Economy & Industry
Slide 6: Indian Economy
Indian Economy GDP Growth (%) Fiscal Deficit (% to GDP) World Emerging India Markets ✓ India continues to be the 6.7% fastest growing major 7.6% 6.5% 6.5% 6.9% economy globally with FY27 5.5% is estimated to grow 6.9%YoY 4.3% 4.4% 3.9% 4.8% 3.3% 3.4% 3.1% 4.4% ✓ Consistent decline in fiscal deficit
Slide 7: Cement Demand Overview
Cement Demand Overview India Cement Demand (MnT) Real Estate Inventory (Months) PMAY Run-rate (in Mn Units) ~e.7% Current Annual Run-rate 500 ~e.6% 44 Required Annual Run-rate 400 28 6.5 23 24 21 3.0 3.2 300 1.1 200 FY22 FY23 FY24 FY25 FY26e FY27e CY21 CY22 CY23 CY24 CY25 PMAY (G) PMAY (U) Central G
Slide 8: Cost and Price Trends
Cost and Price Trends US Imported Pet-coke ($/T, CFR) PP Granules (Rs/Kg) Exchange Rate ($/Re) 160 160 95 140 35% 3% 130 50% 90 120 100 100 85 80 70 80 Mar-24 Sep-24 Mar-25 Sep-25 Mar-26 Mar-24 Sep-24 Mar-25 Sep-25 Mar-26 Mar-24 Sep-24 Mar-25 Sep-25 Mar-26 South Region Prices (Rs/Bag) East Reg
Slide 9: Company Overview
02 Company Overview
Slide 10: Company Overview
Company Overview Serving Every Need with a Diverse Product Range #4th Largest 49.5 MnT Cement Player Cement Capacity ₹14,804 Cr ₹3,083 Cr Net Sales EBITDA ₹1,157 Cr ₹37,001 Cr Profit After Tax Market Cap^ 449 MW 5,864 RE Power Capacity Employees ^as on 27th Apr 2026 9
Slide 11: A Legacy of Cementing India's Growth
A Legacy of Cementing India’s Growth 1939-2009 2009-2014 2015-2019 2020-2026 ▪ 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 12: Geographical Footprint
Geographical Footprint Limestone Reserves Region Cement Clinker (# of Years) South 17.0 10.4 48+ (TN 17+) East 21.6 8.3 26+ HQ at New Delhi North East 8.0 6.3 100+ West 2.9 2.1 74+ Total 49.5 27.1 2.7+ Bn Tonnes of 15 Plants Limestone Reserves^ Integrated Unit Grinding Unit 44,500+ Channel Clinker U
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 Refreshed Brand Identity Product Premiumization Strengthen Bond with Partners Deepen Cost Leadership Reliable Delivery 13
Slide 15: ROCE Buildup
ROCE Buildup Cement Core Group 23.8 21.9 15.3 13.7 Average Capital Employed (Rs ‘000 Cr) FY25 FY26 FY25 FY26 12.1% 9.9% 8.2% 6.8% Return on Capital Employed (ROCE) FY25 FY26 FY25 FY26 Difference in Group and Cement core mainly represents CWIP, Intangibles due to group restructuring, Treasury and Def
Slide 16: Expansion Update
03 Expansion Update
Slide 17: Expansion Update
Expansion Update Cement Capacity expansion (MnTPA) Clinker Capacity expansion (MnTPA) 6.0 61.5 3.6 34.3 55.5 3.6 30.7 3.0 3.0 27.1 49.5 Current Belgaum Pune FY27 Kadapa Q2-Q3 Current Belgaum FY27 Kadapa Q2-Q3 Capacity KA MH AP* FY28 Capacity KA AP FY28 ✓ Belgaum Grinding Unit will improve penetratio
Slide 18: Expansion Update
Expansion Update ✓ Belgaum : Civil work completed, E&I work started ✓ Kadapa and Pune : All major orders placed ✓ Project capex (Rs Cr) : ~3.2K in last 2 years, ~2.2K in FY27e 17 Belgaum Project Site
Slide 19: Q4 & FY26 Financial Performance
04 Q4 & FY26 Financial Performance
Slide 20: Annual Performance Snapshot
Annual Performance Snapshot Sales Volumes (MnT) Net Sales Realization Revenue (Rs Cr) 2% 4% 6% 30.0 4,934 14,804 4,763 29.4 13,980 FY25 FY26 FY25 FY26 FY25 FY26 EBITDA/T EBITDA (Rs Cr) PAT (Rs Cr) 28% 65% 25% 1,027 3,083 1,157 2,407 820 699 FY25 FY26 FY25 FY26 FY25 FY26 19
Slide 21: Sales Volume
Sales Volume Sales Volume (MnT) 67% 68% 67% 3% 62% 62% 2% 21% Trade Share 30.0 (%) 8.6 8.8 29.4 7.3 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 24% 23% 24% 22% 22% Premium Share^ (%) Q4FY25 Q3FY26 Q4FY26 FY25 FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Sales volume up 3% YoY Trade share back to 67%; Premiu
Slide 22: Revenue from Operations
Revenue from Operations Revenue (Rs Cr) NSR/T (Rs) 4% 6% 1% 21% 4,245 Flat 4% 4,091 14,804 13,980 3,506 4,778 4,794 4,813 4,934 4,763 99 91 45 336 275 Q4FY25 Q3FY26 Q4FY26 FY25 FY26 Q4FY25 Q3FY26 Q4FY26 FY25 FY26 Incentives accrued Revenues increased by 4% YoY driven by higher sales volume
Slide 23: Raw Material Cost
Raw Material Cost Raw Material Cost (Rs/T^) 1.7 1.7 1.6 1.6 1.6 1% 6% 3% CC Ratio (x) 753 773 780 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 743 734 84% 85% 83% 80% 80% Blended Share (%) Q4FY25 Q3FY26 Q4FY26 FY25 FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 CC Ratio continues to remain high with higher Raw
Slide 24: Power & Fuel Cost
Power & Fuel Cost Power & Fuel Cost (Rs/T^) 48% 48% 47% 39% 41% 1% Flat 6% RE Share (%) 1,019 989 991 945 954 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 1.33 1.38 1.36 1.36 1.30 Blended Fuel (Rs/MnKcal) Q4FY25 Q3FY26 Q4FY26 FY25 FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Share of RE continues to increase w
Slide 25: Logistics Cost
Logistics Cost Logistics Cost (Rs/T) 62% 62% 65% 61% 60% 6% 4% Direct Dispatch Share (%) 1% 1,120 1,078 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 1,135 1,057 1,064 171 143 277 280 287 277 281 196 126 136 Lead Distance (Kms) Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 949 934 939 931 927 86% 87% 89% 84% 8
Slide 26: Fixed Costs
Fixed Costs Employee Cost (Rs/T) Other Expenses (Rs/T) 2% 4% 20% 1% 12% 3% 306 792 758 302 298 740 668 694 251 246 Q4FY25 Q3FY26 Q4FY26 FY25 FY26 Q4FY25 Q3FY26 Q4FY26 FY25 FY26 Other expenses increased by 4% YoY primarily due to Employee Cost declined 2% on a YoY basis increase in packin
Slide 27: Cost Reduction Journey
Cost Reduction Journey Total Cost – Reported (Rs/T) Total Cost – Adjusted^ (Rs/T) 3,973 3,973 3,966 3,943 3,885 3,866 3,852 3,906 3,790 3,762 Q1FY25 Q4FY25 Q4FY26 FY25 FY26 Q1FY25 Q4FY25 Q4FY26 FY25 FY26 Total Cost per ton has been declining on a YoY basis Adjusted Total Cost per ton reflects substa
Slide 28: EBITDA Movement
EBITDA Movement EBITDA Movement (Rs Cr, YoY) EBITDA Movement (Rs Cr, QoQ) 14% 50% 902 159 902 54 31 17 793 24 124 602 Q4 FY25 Volume NSR Cost Changes Q4 FY26 Q3 FY26 Volume NSR Cost Changes Q4 FY26 EBITDA EBITDA EBITDA EBITDA EBITDA improvement driven by all key levers i.e. volume, price and cos
Slide 29: Abridged Profit & Loss Statement
Abridged Profit & Loss Statement (Rs Crores) Q4FY25 Q3FY26 Q4FY26 FY25 FY26 Revenue 4,091 3,506 4,245 13,980 14,804 Total Cost 3,298 2,904 3,343 11,573 11,721 EBITDA 793 602 902 2,407 3,083 EBITDA/T 926 823 1,023 820 1,027 PBT 467 174 440 817 1,450 PAT 439 128 394 699 1,157 EPS (Rs/Share) 23.2 6.5 2
Slide 30: Debt Level
Debt Level Gross & Net Debt (Rs Cr) Net Debt to EBITDA (x) 6,844 3.0 6,456 6,621 6,752 2.5 5,279 2.0 1.5 1,602 1,793 1.0 1,428 0.56 0.60 873 0.46 716 0.5 0.30 0.33 - Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Gross Debt (Rs Cr) Net Debt (Rs Cr) Healthy leverage ratio again
Slide 31: Sustainability
05 Sustainability
Slide 32: Environmental Stewardship
Environmental Stewardship Environmental performance Snapshot ESG Ratings Particulars Q4 FY25 Q3 FY26 Q4 FY26 64 → 70 Sustainability ranking improved DJSI Score Net KgCO2/ton 459 479 471^ RE% 39% 48% 47% 80 ‘Exceptional’ Rating sustained ICRA ESG Rating CC Ratio 1.7x 1.6x 1.6x #1 Rated by BusinessWor
Slide 33: Scaling Renewable Power capacity
Scaling Renewable Power capacity Total RE Capacity (MW) 136 143 449 100 113 7x Captive Solar Capacity 32 FY22 FY23 FY24 FY25 FY26 88 66 72 72 267 WHRS 31 Capacity 185 166 FY22 FY23 FY24 FY25 FY26e 217 63 Group Captive Capacity 59 - - - FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 Significantly
Slide 34: CSR Interventions
CSR Interventions DIKSHa centers: 9 new centers launched Gram Parivartan: Supporting ~7,000 Water Conservation: Created annual in FY26, resulting in an expansion of farmers through access to improved water harvesting capacity of 6+ Lac KL, annual training capacity to 9,000+ youth agricultural inputs
Slide 35: Governance
06 Governance
Slide 36: 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 37: 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 38: 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 70 Active Member (Jan 19, 2026) (April 14, 2025) (Dec 8, 2025) (March 2026) (Since Jun
Slide 39: Contingent Liabilities
Contingent Liabilities (Rs Crores) FY24 FY25 FY26 Mines & Minerals related Matters 376 536 700 Tax Matters 351 333 97 Other Legal Matters 250 292 296 Contingent Liabilities 977 1,161 1,093 Contingent Liabilities / Equity 5.9% 6.6% 6.0% FY26 witnessed reduction in contingent liabilities with positive
Slide 40: Key Legal Matters
Key Legal Matters Key Litigation Matter Background Progress Enforcement Directorate ED had attached land parcels (valued Rs 344 Cr) of the company considering The Tribunal has significantly reduced (“ED”) Attachment of alleged Proceeds of Crime (“POC”) of Rs 793 Cr. ED case was basis a 2011 CBI the
Slide 41: Awards
Awards BW India’s Most Sustainable Global HR Excellence Award Safety Excellence - Mines Companies ✓ Ranked #1 in Cement & Building ✓ Best HR Strategy reflecting strong ✓ Lanjiberna Limestone Mines secured Materials sector; featured among HR business partnering with a clear #1 position in the Highly
Slide 42: o: 11th & 12th floor, Hansalaya, 15, Barakhamba Road, New Delhi e: investorrelations@dalmiabharat.com w:
o: 11th & 12th floor, Hansalaya, 15, Barakhamba Road, New Delhi e: investorrelations@dalmiabharat.com w: www.dalmiabharat.com