Dalmia Bharat Ltd. (DALBHARAT) AI Stock Analysis

• Market Cap: ₹412.16B
• Dividend Yield: 0.42%
• Average Volume (3M): 10.55K
• Price to Earnings (P/E): 37.4
• Beta (1Y): 1.10
• Revenue Growth: -1.98%
• EPS Growth: 47.05%
• Country: IN
• Employees: 5,945
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Construction Materials
• EPS (TTM): 12.59
• Shares Outstanding: 187,565,160
• 10 Day Avg. Volume: 10,142
• 30 Day Avg. Volume: 10,548
• PEG Ratio: -2.83
• 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: ₹2,650.00
• Price Target Upside: 24.53% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3

• Rating: 56 Neutral
• Price Target: ₹2,263.00 ▲(6.35% Upside)

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.

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 Ltd. generates revenue primarily through the production and sale of cement, which is its core business. The company operates several cement plants across India, producing various types of cement, including Ordinary Portland Cement (OPC), Portland Pozzolana Cement (PPC), and other specialty products. In addition to cement, Dalmia Bharat has revenue streams from its renewable energy initiatives, where it engages in the generation of power through waste heat recovery and solar energy projects, further enhancing its sustainability profile. The company also earns income from its sugar manufacturing operations, which contribute to its revenue during the sugar production season. Strategic partnerships with various distributors and retailers across India help Dalmia Bharat enhance its market reach and drive sales. Furthermore, ongoing investments in technology and innovation allow the company to improve operational efficiency and reduce costs, which in turn supports its profitability.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 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: 2127.95
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• 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 2127.95 is below the 20-day moving average (MA) of 2202.03, below the 50-day MA of 2302.02, and above the 200-day MA of 2039.68, indicating a neutral trend. The MACD of -49.68 indicates Positive momentum. The RSI at 32.40 is Neutral, neither overbought nor oversold. The STOCH value of 8.84 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
ACC	―	₹344.16B	14.23	―	0.40%	9.72%	8.34%
ULTRACEMCO	―	₹3.63T	48.88	―	0.65%	14.50%	11.26%
AMBUJACEM	―	₹1.39T	32.16	―	0.35%	9.41%	8.70%
Sector *	―	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
JKCEMENT	―	₹501.73B	50.17	―	0.23%	7.10%	15.37%
SHREECEM	―	₹1.04T	72.07	―	0.38%	-5.54%	-29.27%
DALBHARAT	―	₹412.16B	37.44	―	0.42%	-1.98%	47.05%

Dalmia Bharat Ltd. Corporate Events

Dalmia Bharat Announces Interim Dividend with TDS Provisions

Dalmia Bharat Limited announced that its Board of Directors has recommended an interim dividend of Rs. 4 per equity share for the financial year 2025-26. The dividend will be subject to tax deduction at source (TDS) as per the Income Tax Act, 1961, which mandates that dividends are taxable in the hands of shareholders. The company has communicated the applicable TDS provisions to its shareholders, highlighting the different rates for resident and non-resident shareholders and the conditions under which tax may not be deducted.

Dalmia Bharat Releases Q2 FY26 Earnings Call Transcript

Dalmia Bharat Limited has released the transcript of its Q2 FY26 earnings conference call, held on October 17, 2025, for the quarter and half-year ending September 30, 2025. This release is part of the company’s compliance with the SEBI regulations and is intended to keep stakeholders informed about its financial performance and strategic direction.

Dalmia Bharat Secures Approval for Shareholder Reclassification

Dalmia Bharat Limited has received approval from the National Stock Exchange of India Limited and BSE Limited for the reclassification of Birla Tyres Limited from the ‘Promoter and Promoter Group’ category to the ‘Public’ category under SEBI’s Listing Regulations. This reclassification could impact the company’s shareholder structure, potentially influencing its market dynamics and stakeholder relationships.

Dalmia Bharat to Engage in Global Investor Conference

Dalmia Bharat Limited has announced its participation in the Motilal Oswal 21st Annual Global Investor Conference, scheduled for September 2, 2025, in Mumbai. This engagement reflects the company’s proactive approach to investor relations and its commitment to transparency, as it will not share any unpublished price-sensitive information during the meetings.

Dalmia Bharat to Engage with Investors at Key Conferences

Dalmia Bharat Limited has announced its participation in several key investor meetings and conferences scheduled for August 2025 in Mumbai. These meetings, including the JM Financial Promoter Conference, Equirus Annual India Conference, and Antique’s flagship investor conference, aim to engage with analysts and institutional investors through one-on-one and group sessions. This initiative reflects the company’s commitment to transparency and stakeholder engagement, potentially strengthening its market position and investor relations.