Dalmia Bharat Ltd. (DALBHARAT) AI Stock Analysis

• Market Cap: ₹384.63B
• Dividend Yield: 0.45%
• Average Volume (3M): 10.55K
• Price to Earnings (P/E): 34.2
• 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): 12.59
• Shares Outstanding: 187,565,160
• 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: ₹2,650.00
• Price Target Upside: 33.46% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 56 Neutral
• Price Target: ₹2,263.00 ▲(13.97% 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.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong market demand and effective sales strategies, supporting long-term business stability and expansion.

Sustainability Initiatives

Investment in renewable energy aligns with global sustainability trends, potentially reducing costs and enhancing brand reputation over time.

Strong Balance Sheet

A stable balance sheet with moderate leverage provides financial flexibility and resilience against economic fluctuations, supporting long-term growth.

Negative Factors

Declining Net Margins

Declining margins suggest rising operational costs, which can pressure profitability and limit reinvestment capacity, impacting future growth.

Cash Flow Challenges

Negative free cash flow indicates potential liquidity issues, limiting the company's ability to fund new projects or return capital to shareholders.

Equity Ratio Decrease

A decreasing equity ratio may signal increased financial risk, as higher liabilities can lead to greater vulnerability in economic downturns.

Dalmia Bharat Ltd. Business Overview & Revenue Model

Company Description

Dalmia Bharat Ltd. (DALBHARAT) is a leading Indian conglomerate operating primarily in the cement sector, with a significant presence in the renewable energy and sugar industries. Founded in 1939, the company has established itself as a key player in the manufacturing of cement and has diversified its portfolio to include various products and services that cater to the construction, infrastructure, and energy sectors. Dalmia Bharat is known for its commitment to sustainability and innovation, producing a range of cement products that meet diverse customer needs.

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: 1985.65
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 1985.65 is below the 20-day moving average (MA) of 2001.32, below the 50-day MA of 2091.49, and below the 200-day MA of 2075.84, indicating a bearish trend. The MACD of -33.79 indicates Negative momentum. The RSI at 40.02 is Neutral, neither overbought nor oversold. The STOCH value of 27.37 is Neutral, 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	71 Outperform	₹343.93B	10.31	―	0.42%	15.13%	63.32%
ULTRACEMCO	68 Neutral	₹3.48T	46.72	―	0.67%	14.50%	11.26%
AMBUJACEM	64 Neutral	₹1.40T	24.84	―	0.37%	14.92%	63.27%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
JKCEMENT	57 Neutral	₹446.25B	43.13	―	0.27%	12.93%	27.03%
SHREECEM	57 Neutral	₹996.12B	57.95	―	0.73%	1.58%	-0.75%
DALBHARAT	56 Neutral	₹384.63B	34.19	―	0.45%	-1.98%	47.05%

Dalmia Bharat Ltd. Corporate Events

Dalmia Bharat Clarifies Misleading GST Notice Reports

Dalmia Bharat Limited has issued a clarification regarding media reports about alleged GST notices amounting to Rs 266.3 crore issued to its subsidiary, Dalmia Cement (Bharat) Limited. The company clarified that these reports are incorrect and misleading, as the entire demand has been waived by the concerned authority, resulting in no financial impact on the subsidiary. Stakeholders are advised to rely on the company’s official communications for accurate information.

Dalmia Bharat’s Subsidiary Resolves Major Tax Dispute

Dalmia Bharat Limited announced that its subsidiary, Dalmia Cement (Bharat) Limited, has successfully resolved a tax dispute with the Sales Tax Officer in Tamil Nadu. The adjudication proceedings have resulted in the dropping of a significant tax and penalty demand for the assessment year 2018-19, amounting to over Rs. 1,43,40,47,271 each. This resolution means there will be no financial impact on the company, which is a positive development for its operations and financial health.

Dalmia Bharat Subsidiary Cleared of GST Tax Demands

Dalmia Bharat Limited announced that its wholly-owned subsidiary, Dalmia Cement (Bharat) Limited, has successfully resolved adjudication proceedings concerning show cause notices related to GST discrepancies for the assessment years 2019-20 and 2022-23. The Sales Tax Officer in Tamil Nadu has dropped the tax and penalty demands, totaling over INR 266 crore, resulting in no financial impact on the company. This development is a positive outcome for Dalmia Bharat, as it alleviates potential financial liabilities and reinforces its compliance standing, potentially enhancing its reputation and stability in the market.

Dalmia Bharat Ltd. Expands Renewable Energy Portfolio with Strategic Acquisitions

Dalmia Bharat Ltd. has announced acquisitions through its subsidiaries, Dalmia Cement (Bharat) Limited and Dalmia Bharat Green Vision Limited, to enhance its renewable energy capabilities. The acquisitions involve stakes in solar power projects in Tamil Nadu, with a total investment of Rs. 7.8 Crore, aimed at sourcing solar power as a captive consumer. These strategic moves align with the company’s sustainability goals and are expected to strengthen its position in the renewable energy sector.

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.