Dalmia Bharat Ltd. (IN:DALBHARAT)
:DALBHARAT
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Dalmia Bharat Ltd.
(DALBHARAT)
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Rating:50Neutral
Price Target:
₹1,658.00
▼(-22.19% Downside)
Action:Reiterated
Date:04/30/26
The score is held back primarily by weak cash conversion (recurring negative free cash flow) and an expensive valuation (very high P/E with low yield). Offsetting factors include an equity-supported balance sheet and a 2026 net income rebound, while technical indicators are largely neutral and do not strongly improve the outlook.
Positive Factors
Multi-year revenue growth with 2026 net income rebound
Sustained top-line expansion (101.1B in 2021 to 148.0B in 2026) plus a 2026 net income rebound signal an enlarging revenue base and improving operating throughput. That scale can support fixed-cost absorption, improved negotiating power with suppliers, and longer-term margin recovery if executed consistently.
Negative Factors
Recurring negative free cash flow
Persistent negative free cash flow constrains the company's ability to deleverage, pay dividends, or self-fund expansion. Over a multi-quarter horizon this pattern suggests heavy reinvestment or working-capital strain that reduces financial flexibility and increases reliance on external financing for capital needs.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year revenue growth with 2026 net income rebound
Sustained top-line expansion (101.1B in 2021 to 148.0B in 2026) plus a 2026 net income rebound signal an enlarging revenue base and improving operating throughput. That scale can support fixed-cost absorption, improved negotiating power with suppliers, and longer-term margin recovery if executed consistently.
Read all positive factors
Dalmia Bharat Ltd. (DALBHARAT) vs. iShares MSCI India ETF (INDA)
Market Cap
₹322.47B
Dividend Yield0.44%
Average Volume (3M)10.55K
Price to Earnings (P/E)28.3
Beta (1Y)1.09
Revenue Growth5.89%
EPS Growth66.61%
CountryIN
Employees5,945
SectorBasic Materials
Sector Strength58
IndustryConstruction Materials
Share Statistics
EPS (TTM)59.97
Shares Outstanding187,565,950
10 Day Avg. Volume10,142
30 Day Avg. Volume10,548
Financial Highlights & Ratios
PEG Ratio0.44
Price to Book (P/B)1.86
Price to Sales (P/S)2.25
P/FCF Ratio-212.54
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹2,108.33Price Target Upside-1.05% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)57.63
Revenue Forecast (FY)₹163.62B
Dalmia Bharat Ltd. Business Overview & Revenue Model
Company Description
Dalmia Bharat Limited, an Indian enterprise, specializes in the production and sale of clinker and a diverse range of cement products. Serving both individual consumers and institutional clients, its cement offerings include Portland slag, pozzola...
How the Company Makes Money
Dalmia Bharat Ltd. primarily makes money by manufacturing cement and selling it to customers in the construction ecosystem. Its core revenue stream is the sale of cement (across different grades/variants) through a mix of distribution channels, in...
Dalmia Bharat Ltd. Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
67
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 143.25B | 148.04B | 139.80B | 146.91B | 135.52B | 112.86B |
| Gross Profit | 81.89B | 68.13B | 83.86B | 85.07B | 75.51B | 69.62B |
| EBITDA | 30.80B | 32.79B | 24.78B | 27.68B | 24.76B | 25.92B |
| Net Income | 11.25B | 11.39B | 6.83B | 8.26B | 10.35B | 8.16B |
Balance Sheet | ||||||
| Total Assets | 315.13B | 333.12B | 302.26B | 277.49B | 255.43B | 248.71B |
| Cash, Cash Equivalents and Short-Term Investments | 50.33B | 53.29B | 46.02B | 44.72B | 38.79B | 45.75B |
| Total Debt | 70.82B | 74.06B | 57.02B | 48.05B | 38.55B | 31.76B |
| Total Liabilities | 135.58B | 150.01B | 127.26B | 112.42B | 97.99B | 85.58B |
| Stockholders Equity | 176.79B | 179.79B | 173.74B | 163.97B | 156.28B | 160.61B |
Cash Flow | ||||||
| Free Cash Flow | -4.54B | -1.57B | -5.47B | -1.92B | -4.57B | 1.68B |
| Operating Cash Flow | 7.35B | 18.99B | 21.17B | 26.35B | 22.52B | 19.37B |
| Investing Cash Flow | -18.30B | -30.90B | -22.70B | -27.50B | -23.26B | -10.48B |
| Financing Cash Flow | 10.16B | 12.54B | -390.00M | 2.22B | 1.68B | -9.42B |
Dalmia Bharat Ltd. Technical Analysis
Neutral
2130.80
Price Trends
1799.49
Negative
1885.15
Negative
2016.36
Negative
Market Momentum
-19.17
Negative
48.63
Neutral
68.27
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DALBHARAT, the sentiment is Neutral. The current price of 2130.8 is above the 20-day moving average (MA) of 1697.80, above the 50-day MA of 1799.49, and above the 200-day MA of 2016.36, indicating a neutral trend. The MACD of -19.17 indicates Negative momentum. The RSI at 48.63 is Neutral, neither overbought nor oversold. The STOCH value of 68.27 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:DALBHARAT.
Dalmia Bharat Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | ₹928.29B | 53.32 | ― | 0.73% | 8.61% | 55.29% | |
62 Neutral | ₹3.38T | 41.26 | ― | 0.66% | 19.67% | 24.67% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
56 Neutral | ₹251.39B | 11.74 | ― | 0.43% | 21.37% | -11.10% | |
56 Neutral | ₹1.05T | 22.82 | ― | 0.37% | 19.28% | 9.33% | |
55 Neutral | ₹430.75B | 43.25 | ― | 0.27% | 15.52% | 15.26% | |
50 Neutral | ₹322.47B | 28.29 | ― | 0.44% | 5.89% | 66.61% |
* Basic Materials Sector Average
IN:DALBHARAT
Dalmia Bharat Ltd.
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Dalmia Bharat Ltd. Corporate Events
Dalmia Bharat Sets June 30 Virtual AGM, Details Remote E-Voting Process
Jun 6, 2026
Dalmia Bharat Limited has announced that its 13th Annual General Meeting will be held on June 30, 2026, at 11:30 a.m. IST via video conferencing and other audio-visual means, in line with Companies Act and SEBI listing regulations that permit virt...
Dalmia Bharat Sets June 30 Virtual AGM, Announces Record Date for Dividend Eligibility
Jun 4, 2026
Dalmia Bharat Ltd. has released its Integrated Annual Report for FY 2025-26 and issued the notice for its 13th Annual General Meeting, which will be held on June 30, 2026 via video conferencing and other audio-visual means. The documents have been...
Dalmia Bharat to Boost Capacity with Rs 2,850 Crore Cement Asset Acquisition
May 21, 2026
Dalmia Cement (Bharat) Limited, a wholly owned subsidiary of Dalmia Bharat Limited, has signed a Business Transfer Agreement to acquire multiple cement assets from Jaiprakash Associates Limited and Adani Infra (India) Ltd. The acquired portfolio i...
Dalmia Bharat to Acquire 5.2 MTPA Central India Cement Assets from Jaiprakash Associates
May 21, 2026
Dalmia Cement (Bharat) Limited has signed a Business Transfer Agreement with Jaiprakash Associates Limited and Adani Infra (India) Limited to acquire a 5.2 million tonnes per annum cement capacity and 3.3 million tonnes per annum clinker capacity ...
Dalmia Bharat Files Q4 FY26 Earnings Call Transcript With Exchanges
May 1, 2026
Dalmia Bharat Limited has submitted to stock exchanges the official transcript of its Q4 FY26 earnings conference call, covering the quarter and full year ended March 31, 2026. The transcript, which features remarks from top management including t...
Dalmia Bharat Shifts Q4 FY26 Earnings Call to Zoom Without Changing Schedule
Apr 23, 2026
Dalmia Bharat has notified stock exchanges that its upcoming investors and analysts group conference, linked to the release of audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, will proceed as sch...
Dalmia Cement Subsidiary Wins Release of ED-Attached Land After PMLA Ruling
Apr 22, 2026
Dalmia Bharat said its material subsidiary Dalmia Cement (Bharat) Ltd. has secured the release of all land parcels earlier provisionally attached by the Enforcement Directorate, Hyderabad, under the Prevention of Money Laundering Act. The release ...
Dalmia Bharat Flags Kiln Breakdown That Hit Eastern Cement Sales
Mar 29, 2026
Dalmia Bharat Limited reported an operational disruption following a sudden breakdown of one of its three kilns at Rajgangpur, Odisha, on March 13, 2026, which supplies a major share of clinker to its grinding units in Odisha, West Bengal and Jhar...
Dalmia Cement Faces GST ITC Tax Demands, Plans to Appeal
Mar 26, 2026
Dalmia Cement (Bharat) Ltd., a wholly owned subsidiary of Dalmia Bharat Ltd., has received two tax orders relating to disallowance of input tax credit for FY 2019-20 under the Central and state Goods and Services Tax Acts. Authorities in Uttar Pra...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.