Dalmia Bharat Ltd. (DALBHARAT) AI Stock Analysis

• Market Cap: ₹347.33B
• Dividend Yield: 0.44%
• Average Volume (3M): 10.55K
• Price to Earnings (P/E): 82.0
• Beta (1Y): 1.05
• Revenue Growth: -1.98%
• EPS Growth: 47.05%
• Country: IN
• Employees: 5,945
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Construction Materials
• EPS (TTM): 7.80
• Shares Outstanding: 187,565,950
• 10 Day Avg. Volume: 10,142
• 30 Day Avg. Volume: 10,548
• PEG Ratio: -2.80
• Price to Book (P/B): 1.93
• Price to Sales (P/S): 2.40
• P/FCF Ratio: -61.25
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹2,508.00
• Price Target Upside: 17.70% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 62.29
• Revenue Forecast (FY): ₹150.64B

• Rating: 56 Neutral
• Price Target: ₹1,895.00 ▼(-11.07% Downside)
• Action: Reiterated Date: 10/21/25
• Date: Action: Reiterated 10/21/25

Dalmia Bharat Ltd.'s overall score is primarily influenced by its solid financial performance, despite challenges in net margins and cash flow. The technical analysis indicates bearish momentum, and the valuation suggests potential overvaluation, which impacts the overall attractiveness of the stock.

Positive Factors

Consistent Revenue Growth

Sustained revenue expansion indicates durable demand for cement products across trade and institutional channels. Over a 2–6 month horizon this underpins capacity utilization, pricing leverage and the company's ability to fund operations and reinvest, supporting long-term market share gains.

Robust Operating Cash Flow

Strong operating cash generation shows core cement operations convert sales to cash effectively, enabling the company to meet short-term obligations and service growth needs. This cash resilience supports operational stability amid cyclical demand in construction materials.

Stable Balance Sheet & Moderate Leverage

A strengthening equity base and moderate leverage provide financial flexibility for capital investments and weathering cyclical downturns. This balance supports strategic expansion and lowers refinancing risk, preserving capacity to invest in plants and distribution over time.

Negative Factors

Declining Net & EBIT Margins

Worsening margins suggest rising input, operating or overhead costs that erode profitability even with revenue growth. If persistent, margin compression limits retained earnings, reduces reinvestment capacity and pressures long-term return on capital in a competitive cement market.

Negative Free Cash Flow from Capex

Sustained negative free cash flow driven by heavy capex can strain liquidity and force reliance on debt or equity financing. Over months this may limit flexibility for dividends, M&A or upkeep of margins, and increases exposure to interest rate or funding availability risks.

Slightly Weaker Equity Ratio

A falling equity ratio implies growing liabilities versus equity, signaling higher financial risk and reduced cushion against cyclical shocks. Persisting this trend raises leverage sensitivity and could constrain strategic moves or increase borrowing costs over the medium term.

Dalmia Bharat Ltd. Business Overview & Revenue Model

Company Description

Dalmia Bharat Limited, together with its subsidiaries, manufactures and sells clinker and cement products to individual consumers and institutional customers. It provides Portland slag cement, Portland pozzolana cement, Portland composite cement, ordinary Portland cement, and specialty cement under the Dalmia Cement, Konark Cement, and Dalmia DSP brands. The company also offers refractory products, solutions, and services; sugar products; power; and management consultancy services. The company was formerly known as Odisha Cement Limited and changed its name to Dalmia Bharat Limited in April 2019. Dalmia Bharat Limited was founded in 1939 and is headquartered in New Delhi, India.

How the Company Makes Money

Dalmia Bharat makes money mainly by manufacturing and selling cement. Revenue is generated from (1) sales to trade channels (dealers/retail network) that supply individual home-builders and small contractors, and (2) sales to non-trade or institutional customers such as large contractors and infrastructure projects. The company’s earnings are driven by the volume of cement sold and the realized selling price per unit, which is influenced by regional demand-supply conditions and competition. Profitability is affected by input and operating costs (such as fuel/power and logistics) and by the company’s ability to optimize plant utilization and distribution. null

Dalmia Bharat Ltd. Financial Statement Overview

Summary

Dalmia Bharat Ltd. shows strong revenue growth and effective cost management, but faces challenges with declining net profit margins and cash flow issues due to high capital expenditures.

Income Statement

Dalmia Bharat Ltd. has experienced consistent revenue growth over the years, with a slight dip in the most recent year. The gross profit margin remains strong, indicating effective cost management. However, net profit margin and EBIT margin have shown a declining trend, suggesting rising operational costs or other expenses impacting profitability.

Balance Sheet

The company's balance sheet reflects a stable equity position with an increasing trend in stockholders' equity over the years. The debt-to-equity ratio remains moderate, indicating a balanced approach to leveraging. However, the equity ratio has slightly decreased, suggesting a higher proportion of liabilities in recent years.

Cash Flow

Cash flow analysis shows fluctuating free cash flow figures, with negative free cash flow in recent years due to high capital expenditures. The operating cash flow remains robust, but the free cash flow to net income ratio indicates potential challenges in converting earnings into available cash.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	139.95B	139.80B	146.91B	135.52B	112.86B	101.10B
Gross Profit	85.71B	83.86B	85.07B	75.51B	69.62B	66.96B
EBITDA	27.42B	24.78B	27.68B	24.76B	25.92B	29.18B
Net Income	9.35B	6.83B	8.26B	10.35B	8.16B	11.71B
Balance Sheet
Total Assets	0.00	302.26B	277.49B	255.43B	248.71B	220.42B
Cash, Cash Equivalents and Short-Term Investments	45.94B	46.02B	44.72B	38.79B	45.75B	35.38B
Total Debt	0.00	57.02B	48.05B	38.55B	31.76B	38.39B
Total Liabilities	-175.00B	127.26B	112.42B	97.99B	85.58B	91.98B
Stockholders Equity	175.00B	173.74B	163.97B	156.28B	160.61B	128.10B
Cash Flow
Free Cash Flow	0.00	-5.47B	-1.92B	-4.57B	1.68B	25.50B
Operating Cash Flow	0.00	21.17B	26.35B	22.52B	19.37B	35.96B
Investing Cash Flow	0.00	-22.70B	-27.50B	-23.26B	-10.48B	-2.76B
Financing Cash Flow	0.00	-390.00M	2.22B	1.68B	-9.42B	-33.66B

Dalmia Bharat Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2130.80
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DALBHARAT, the sentiment is Negative. The current price of 2130.8 is above the 20-day moving average (MA) of 2042.08, above the 50-day MA of 2092.04, and below the 200-day MA of 2151.39, indicating a bearish trend. The MACD of -65.60 indicates Positive momentum. The RSI at 27.83 is Positive, neither overbought nor oversold. The STOCH value of 9.27 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:DALBHARAT.

Dalmia Bharat Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ULTRACEMCO	76 Outperform	₹3.43T	50.22	―	0.66%	14.50%	11.26%
ACC	71 Outperform	₹276.89B	20.19	―	0.43%	15.13%	63.32%
AMBUJACEM	64 Neutral	₹1.14T	168.78	―	0.37%	14.92%	63.27%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
JKCEMENT	57 Neutral	₹391.77B	61.18	―	0.27%	12.93%	27.03%
SHREECEM	57 Neutral	₹864.35B	89.88	―	0.73%	1.58%	-0.75%
DALBHARAT	56 Neutral	₹347.33B	81.96	―	0.44%	-1.98%	47.05%

Dalmia Bharat Ltd. Corporate Events

Dalmia Bharat to Join Morgan Stanley Virtual India Materials Seminar

Dalmia Bharat Ltd. has announced that its management will participate in the Morgan Stanley Virtual India Materials Seminar on March 10, 2026, in a virtual group meeting format with analysts and institutional investors. The company emphasized that no unpublished price sensitive information will be shared at this event, underscoring its adherence to SEBI disclosure norms while maintaining active engagement with the investment community.

Dalmia Bharat Schedules Key Investor and Analyst Meetings in February 2026

Dalmia Bharat Limited has announced that its management will participate in a series of analyst and institutional investor engagements in February 2026, including Axis Capital’s Flagship India Conference, IIFL’s 17th Enterprising India Global Investors’ Conference, and Kotak’s Chasing Growth 2026, all to be held physically in Mumbai through one-on-one and group meetings. The company has clarified that while these forums are intended to deepen engagement with the investment community and enhance transparency, no unpublished price sensitive information will be shared, and schedules may be adjusted subject to organizers’ or company representatives’ exigencies.

Dalmia Bharat Subsidiary Exits Stake in Renewable Energy Associate OREV

Dalmia Cement (Bharat) Limited, a wholly owned subsidiary of Dalmia Bharat Limited, has disposed of its entire 25.44% equity stake in O2 Renewable Energy V Private Limited, which had been acquired to source up to 11 MW of captive wind power in Karnataka. The Rs 10.82 crore transaction, completed on 16 January 2026, transfers the stake to JSW Neo Energy, Goldman Sachs Services and Syngene International, and results in O2 Renewable Energy V ceasing to be an associate of Dalmia Cement (Bharat); the company noted that the associate contributed nothing to its turnover, income or net worth and its financials were not consolidated, indicating that the exit is unlikely to have a material financial impact but signals a strategic withdrawal from this specific renewable energy investment structure.

Dalmia Bharat Secures 26% Stake in Solar SPV to Power Cement Operations

Dalmia Cement (Bharat) Limited, a wholly owned subsidiary of Dalmia Bharat Limited, has completed the acquisition of a 26% equity stake in TrueRE Surya Private Limited for Rs 42.87 crore in cash, securing captive access to up to 128 MW of solar power capacity in Tamil Nadu. The transaction, finalized on 14 January 2026, positions TrueRE Surya as a special purpose vehicle for supplying renewable power to Dalmia’s operations, supporting the group’s goal of achieving 100% renewable electricity by 2030 and becoming carbon negative by 2040, and reinforcing its strategic pivot toward cleaner energy sourcing within the power-intensive cement industry.

Dalmia Cement Subsidiary to Contest Service Tax, Penalty Order on River Water Usage

Dalmia Cement (Bharat) Limited, a wholly owned subsidiary of Dalmia Bharat Limited, has received an appellate order from the Commissioner (Appeals), GST, CX & Customs, Bhubaneswar, raising a service tax demand of Rs 10.59 lakh and a penalty of Rs 10.69 lakh for FY 2016-17 and 2017-18, linked to an alleged tax liability on state-granted licences to draw and use natural river water for industrial purposes. The company maintains that it has strong grounds to contest the levy and plans to challenge the order before the Customs, Excise and Service Tax Appellate Tribunal within the prescribed timelines, while asserting that the financial impact of the order is not material and is limited to the specified tax and penalty amount, suggesting minimal implications for its overall operations and balance sheet.