Dalmia Bharat Ltd. · NSE:DALBHARAT
Dalmia Bharat — Q2 FY27 Earnings Presentation
40 slides from Dalmia Bharat's earnings presentation, Oct 26, 2026
Slide 1: Cover letter to stock exchanges
File No: 1010/02 October 26, 2026 BSE Limited National Stock Exchange of India Limited P J Tower, Dalal Street, “Exchange Plaza”, C-1, Block G Fort Mumbai - 400001 Bandra – Kurla Complex, Bandra (E), Scrip Code: 542216 Mumbai – 400 051 Symbol: DALBHARAT Subject: Earnings Release / Investor Presentat
Slide 2: Earnings Release – Q2 FY27
Name : New Pamban Bridge, TN Inaugurated on 6th April 2025 Dalmia Cement is major contributor of this iconic structure Earnings Release – Q2 FY27 October 26, 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 Q2 & H1FY27 Financial performance 19 Sustainability 29 Governance 34 Name : Water Recycling Plant Location: Dalmia Cement Plant, Kadapa Commissioned in 2008
Slide 5: Economy & Industry
01 Economy & Name : Chennai Metro, TN Industry Dalmia Cement is major contributor of this iconic structure
Slide 6: Indian Economy
Indian Economy GDP Growth (%) GST Collection (Rs Lakh Cr) ✓ RBI raised FY27 GDP growth forecast World Emerging India 6.3 to 7.1% after robust Q1, reflecting Markets 6.1 resilient economic environment 5.8 5.8 7.7% 5.7 7.1% 5.3 5.2 5.4 5.4 ✓ GST collections grew 15% YoY in Q2, 4.4% indicating continue
Slide 7: Cement Demand Overview
Cement Demand Overview India Cement Demand (MnT) Per Capita Consumption (Kgs) Urbanization (%) ~e-8% 1209 Global Avg 35.7% 36.0% 500 1,036 984 35.4% 880 35.1% 34.8% 400 34.4% 541 300 321 200 CY21 CY22 CY23 CY24 EV Trucks CY25 CY26e FY22 FY23 FY24 FY25 FY26 FY27e China Turkey Vietnam S.Korea Egypt In
Slide 8: Cost and Price Trends
Cost and Price Trends US Imported Petcoke ($/T, CFR) PP Granules (Rs/Kg) Fuel Prices 200 Diesel (Rs/Ltr,LHS) 160 8% 130 150 180 Brent ($/Bbl,RHS) 20% 160 100 100 130 140 37% 120 100 70 50 100 80 70 40 - Sep-24 Mar-25 Sep-25 Mar-26 Sep-26 Sep-24 Mar-25 Sep-25 Mar-26 Sep-26 Sep-24 Mar-25 Sep-25
Slide 9: Company Overview
02 Company Name : Birsa Munda International Hocky Stadium, Odisha Overview Inaugurated on 5th January 2023 Dalmia Cement is major contributor of this iconic structure
Slide 10: Company Overview
Company Overview Serving Every Need with a Diverse Product Range #4th Largest 54.7 MnT Cement Player Installed Cement Capacity1 ₹14,804 Cr ₹3,083 Cr Net Sales EBITDA ₹1,157 Cr ₹31,594 Cr Profit After Tax Market Cap2 449 MW ~7,500 RE Power Capacity 1 Employees All data for FY26 unless otherwise menti
Slide 11: A Legacy of Cementing India's Growth
A Legacy of Cementing India’s Growth 1939-2009 2009-2019 2019-2026 2026-2028 ▪ Commences operations with 250 ▪ Commissioned integrated units at ▪ Focused organic expansion in ▪ Calibrated expansion while TPD Cement capacity at Kadapa and Belgaum South, East & Northeast while maintaining a strong bal
Slide 12: Geographical Footprint
Geographical Footprint Limestone Reserves Region Cement Clinker (No. of Years) South 17.0 10.4 48+ East 21.6 8.3 26+ HQ at New Delhi North East 8.0 6.3 100+ Central 5.2 3.3 100+ West 2.9 2.1 74+ Total 54.7 30.4 3.3+ Bn Tonnes of 19 Plants Limestone Reserves1 Integrated Unit Grinding Unit 49,700+ Cha
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 Consolidate Brand Position Product Premiumization Strengthen Bond with Partners Deepen Cost Leadership Reliable Delivery 13
Slide 15: Strengthening Brand Visibility
Strengthening Brand Visibility Dealer Engagement: Annual Dealer Mass Visibility : Large scale Sponsorship : Major Sporting event Conference execution in mass media & shops 2026 BWF World Championships 14
Slide 16: Expansion Update
03 Expansion Name : Line III, Dalmia Update Cement, Rajgangpur, Odisha Commissioned in 2019
Slide 17: Expansion Update
Expansion Update in MnTPA Plants Unit Clinker Cement Update 1 Chunar GU - 2.5 Commenced commercial production 2 Rewa IU 3.3 1.1 Under Trial-run 3 Churk GU - 1.0 Pre Operating Stage 4 1 3 2 4 Sadwa BU - 0.6 Pre Operating Stage 5 Belgaum IU 3.6 3.0 Clinker under trial-run ahead of schedule 6 - 5 6 Pun
Slide 18: Belgaum Clinker Line 2
Belgaum Clinker Line 2
Slide 19: Expansion Update
Expansion Update Clinker Silo Kiln pier, EPC & AQC Boiler Pune Grinding Unit Kadapa Integrated Unit (Expected commissioning: Q2 FY28) (Expected commissioning: Q3~Q4 FY28) 18
Slide 20: Q2 & H1FY27 Performance
04 Q2 & H1FY27 Name : Glass bridge, Kanyakumari, TN Inaugurated on 30th December 2024 Performance Dalmia Cement is major contributor of this iconic structure
Slide 21: Sales Volume
Sales Volume Sales Volume (MnT) 67% 66% 3% 6% 62% 62% 63% 7% Trade Share 14.7 (%) 7.6 13.9 6.9 7.1 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 25% 25% 23% 24% 22% Premium Share1 (%) Q2FY26 Q1FY27 Q2FY27 H1FY26 H1FY27 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Subdued demand in East & North East markets impacte
Slide 22: Revenue from Operations
Revenue from Operations Revenue (Rs Cr) NSR/T (Rs) 4% 6% 1% 1% 8% Flat 3,890 7,453 5,098 7,053 5,042 5,084 3,563 4,973 5,071 3,417 64 45 25 138 70 Q2FY26 Q1FY27 Q2FY27 H1FY26 H1FY27 Q2FY26 Q1FY27 Q2FY27 H1FY26 H1FY27 Incentives accrued Revenues up 4% YoY; QoQ down due to lower volumes and
Slide 23: Raw Material Cost
Raw Material Cost Raw Material Cost (Rs/T^) 1.6 1.6 1.6 1.7 1.6 10% 6% 7% CC Ratio (x) 876 848 799 823 795 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 80% 80% 83% 82% 77% Blended Share (%) Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Q2FY26 Q1FY27 Q2FY27 H1FY26 H1FY27 RM cost increased 6% QoQ reflecting inflatio
Slide 24: Power & Fuel Cost
Power & Fuel Cost Power & Fuel Cost (Rs/T^) 52% 48% 48% 47% 48% 20% 13% 17% 1,130 RE Share (%) 1,224 999 1,017 1,045 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 1.66 1.47 1.38 1.36 1.36 Blended Fuel (Rs/MnKcal) Q2FY26 Q1FY27 Q2FY27 H1FY26 H1FY27 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Rising share of renewa
Slide 25: Logistics Cost
Logistics Cost Cement Freight (Rs/T1) 62% 65% 65% 60% 59% 2% 1% Flat Direct Dispatch 947 951 948 Share (%) 928 935 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Q2FY26 Q1FY27 Q2FY27 H1FY2 6 H1FY2 7 287 277 281 277 276 Lead Distance Clinker Freight (Rs/T2) (Kms) 20% 15% Q2 FY26 Q3 FY26 Q4 FY26 Q1FY27 Q2
Slide 26: Fixed Costs
Fixed Costs Employee Cost (Rs Cr) Other Expenses (Rs Cr) 9% 8% 24% 21% Flat 7% 491 1,309 453 677 245 246 632 226 1,084 545 Q2FY26 Q1FY27 Q2FY27 H1FY26 H1FY27 Q2FY26 Q1FY27 Q2FY27 H1FY26 H1FY27 Higher shutdown cost led to QoQ increase; elevated packing Employee costs largely remained flatti
Slide 27: EBITDA Movement
EBITDA Movement EBITDA Movement (Rs Cr, YoY) EBITDA Movement (Rs Cr, QoQ) 805 20 49 696 60 39 493 493 272 213 Q2 FY26 Volume NSR Cost Changes Q2 FY27 Q1 FY27 Volume NSR Cost Changes Q2 FY27 EBITDA EBITDA EBITDA EBITDA Impact of macroeconomic factors on cost and regional demand challenges impacted EB
Slide 28: Abridged Profit & Loss Statement
Abridged Profit & Loss Statement (Rs Crores) Q2FY26 Q1FY27 Q2FY27 H1FY26 H1FY27 Revenue 3,417 3,890 3,563 7,053 7,453 Total Cost 2,721 3,085 3,070 5,474 6,155 EBITDA 696 805 493 1,579 1,298 EBITDA/T 1,013 1,055 698 1,138 883 PBT (before exceptional items) 318 436 46 820 482 Exceptional items - (182)
Slide 29: Debt level
Debt level Gross & Net Debt (Rs Cr) Credit Ratings Gross Debt (Rs Cr) Net Debt (Rs Cr) Net debt to EBITDA (x) 12, 000 5.0 AA+ 10, 000 9,582 4.0 Stable Outlook 9,108 3.0 8,0 00 AA+ 6,621 6,844 6,752 2.0 Stable Outlook 2.0 6,0 00 1.5 5722 1.0 0.6 0.6 4431 4,0 00 0.5 AA+ Stable Outlook 0.0 1,602 1,793
Slide 30: Sustainability
05 Sustainability Project: Social impact through education Location : Umrangso, Assam An initiative of Dalmia Bharat Foundation
Slide 31: Environmental Stewardship
Environmental Stewardship Environmental performance Snapshot ESG Ratings Particulars Q2 FY27 70 High ranking in Sustainability DJSI Score Net KgCO2/ton^ 501 RE% 52% 80 ‘Exceptional’ Rating sustained ICRA ESG Rating CC Ratio 1.6x #1 Rated by BusinessWorld Blended Cement 77% Most Sustainable Cement Co
Slide 32: Scaling Renewable Power capacity
Scaling Renewable Power capacity Total RE Capacity (MW) 136 143 143 100 113 Captive Solar Capacity 26x 449 449 8 FY20 FY23 FY24 FY25 FY26 Q1 FY27 88 88 66 72 72 267 WHRS Capacity 9 185 FY20 FY23 FY24 FY25 FY26 Q1 FY27 166 217 217 Group Captive Capacity 59 17 - - - FY20 FY23 FY24 FY25 FY26 Q2 FY27 FY
Slide 33: Scaling Up Electric Mobility
Scaling Up Electric Mobility Deployed nearly 100 electric vehicles (EVs) across our operations, delivering CO2 emissions savings 32
Slide 34: CSR Interventions
CSR Interventions DIKSHa centers: Sign MOU with Vision Agriculture: Piloted the Kisan Drone Gram Parivartan: Supporting micro- India Services to enhance placement Training program in Dalmiapuram to enterprises in establishing and growing opportunities for youth trained at DIKSHA promote drone adopti
Slide 35: Governance
06 Governance Name: Bogibheel Bridge, Dibrugarh, Assam Inaugurated on 25th December 2018 Dalmia Cement is major contributor
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 ▪ Spearheading Dalmia’s transformation journey for Yatin ▪ 24+ years of experience in various finance and Dalmia more than 22 years business roles - former COO Reliance Retail Malhotra Managing (Electronics) and CFO for ACC and Whirlpool ▪ B.Tech-IIT Delhi and Gol
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 Inclusion in Sustainability 80, Exceptional 60 63 Active Member (Jul 16, 2026) (Jul 14, 2026) (Dec 8, 2025)
Slide 39: Awards
Awards 27th National Award For Excellence 12th Greentech CSR India Award 66th Mine Safety Week 2026 – Tamil in Energy Management 2026- CII 2026 Nadu Mines Safety Association ✓ Six units recognized for excellence in ✓ “Most Admired Top Honour” for ✓ Dalmiapuram mines recognized across energy efficien
Slide 40: Investor relations contact
e: [email protected] o: 11th & 12th floor, Hansalaya, 15, Barakhamba Road, New Delhi w: www.dalmiabharat.com [email protected]