Dalmia Bharat logo

Dalmia Bharat share price

NSE: DALBHARATBSE: 542216Cement & Cement ProductsMid Cap

Dalmia Bharat Limited · Formerly Odisha Cement · Face value ₹2 · Listed Dec 2018
Last close ₹1,407.90down ₹66.50 (4.51%)BSE ₹1,407.80

Share price at the NSE close on 29 Oct 2026. Previous close ₹1,474.40.

29 Oct: open ₹1,470.00, high ₹1,474.90, low ₹1,403.00

52-week range of traded prices to 29 Oct 2026
₹1,403.00Low, 29 Oct 2026₹2,260.00High, 22 Jan 2026
Market cap
₹26,407 Cr239th largest listed
P/E
53.89
P/E without one-offs
25.13
P/B
1.47
Dividend yield
0.36%
ROE
2.7%
ROE without one-offs
5.9%
ROCE
5.0%
Debt to equity
0.53
Volume, NSE
12,71,203

Dalmia Bharat share price chart

Daily closes since Dec 2018, adjusted for splits and bonuses

−30.7%over a year to 28 Oct 2026 · Nifty Cement −21.5% · Nifty 500 −8.8%

ResultsTo 28 Oct 2026, 20-session average 1,03,435 shares a day, 47.2% delivered

About Dalmia Bharat

Dalmia Bharat Limited makes and sells cement in India through its wholly owned subsidiary Dalmia Cement (Bharat) Limited.1 Its customers are individual home builders, institutional and commercial buyers, and government bodies building infrastructure.2 It runs plants in the south, east, northeast, centre and west of India, and its head office is in New Delhi.3

Dalmia Bharat is India's fourth-largest cement manufacturer by installed capacity, the company says.4 Its cement brands are Dalmia Bharat Cement, Dalmia Bharat DSP, Dalmia Bharat Supreme, Konark Cement and Weather365, a premium-plus range introduced in the quarter to Jun 2026.56

Its cement business began with the Dalmiapuram plant, commissioned in 1939, followed by a plant at Rajgangpur, Odisha, built to supply the Hirakud Dam.78 It entered the northeast by acquiring Calcom and Adhunik Cements, and the west by acquiring Murli Industries.9 The listed company was incorporated on 12 Jul 2013 and took its present name in April 2019.10

It is part of the Dalmia Bharat Group, which traces its start to Jaidayal Dalmia in the early 1930s.1112 Yadu Hari Dalmia is chairman, Gautam Dalmia is managing director and Puneet Dalmia is managing director and CEO.13

Dalmia Bharat key points

Results

  • In the quarter to Sep 2026, Dalmia Bharat's revenue was ₹3,563 crore against ₹3,417 crore a year earlier, and EBITDA (earnings before interest, tax, depreciation and amortisation) was ₹493 crore against ₹696 crore.14
  • In the quarter to Sep 2026, Dalmia Bharat's reported profit after tax was a ₹205 crore loss against ₹239 crore profit a year earlier, after a ₹282 crore write-down of assets including 3 in-house (captive) power plants and a ₹57 crore employee separation charge.1415
  • In the year to Mar 2026, consolidated revenue rose 5.9% to ₹14,804 crore and consolidated EBITDA rose 28.1% to ₹3,083 crore, the highest annual EBITDA in the company's history.1617
  • In the year to Mar 2026, consolidated profit after tax, including minority owners' share, rose 65.5% to ₹1,157 crore from ₹699 crore.18

Revenue mix

  • In the quarter to Sep 2026, trade sales (through dealers and retailers) were 63% of Dalmia Bharat's volume, and premium products 25% of trade volume.19
  • Blended cements, which replace part of the clinker with fly ash or slag, were 77% of Dalmia Bharat's cement in the quarter to Sep 2026.20
  • Exports were less than 0.1% of Dalmia Bharat's turnover in the year to Mar 2026.21
  • Dalmia Bharat sells through more than 49,700 channel partners (dealers and retailers).22

Plants and capacity

  • Installed cement capacity by region at the end of Sep 2026, million tonnes a year2223
    Itemquarter to Sep 2026
    East21.6
    South17.0
    North East8.0
    Central5.2
    West2.9
    The total of 54.7 million tonnes a year comes from 19 plants; clinker (the kiln product ground into cement) capacity is 30.4 million tonnes.
  • Dalmia Bharat's cement plants ran at 61% of their capacity in the year to Mar 2026.24

Debt and credit rating

  • At the end of Jun 2026, after funding the central India acquisition, Dalmia Bharat's gross debt was ₹9,108 crore and net debt (borrowings less cash and liquid investments) ₹4,431 crore, or 1.47 times EBITDA.25
  • As of its annual report of 4 Jun 2026, CRISIL rated Dalmia Bharat's long-term bank facilities AA+ with a stable outlook and its short-term facilities A1+.26

Expansion and capital spending

  • In its presentation of 26 Oct 2026, the company said the Belgaum clinker line was in trial run and expects commissioning of the Pune grinding unit in the quarter to Sep 2027 and Kadapa's integrated (clinker and cement) unit by the quarter to Mar 2028.272829
  • On its earnings call of 24 Jul 2026, the company said the acquisition and its Belgaum, Kadapa and Pune projects would take cement capacity to about 67 million tonnes a year by the quarter to Dec 2027.30
  • On its earnings call of 24 Jul 2026, the company said it expects capital spending of ₹3,200 crore to ₹3,400 crore in the year to Mar 2027, excluding the ₹2,850 crore acquisition price, of which projects take about ₹2,200 crore.3132
  • The company stated in its annual report for the year to Mar 2026 that it targets 110 to 130 million tonnes a year of cement capacity by 2031; on its call of 24 Jul 2026 it allowed a couple of years either way.3334

What the company expects

  • On its earnings call of 24 Jul 2026, the company said it expects the cement industry to grow 7% to 8% and aims to grow volumes from existing plants in line with it, with new capacity on top.3536
  • On its earnings call of 24 Jul 2026, the company said the acquired central India plants might break even on EBITDA in a couple of quarters and match its other states' average EBITDA per tonne in 7 to 8 quarters, calling it early days.37

Recent events

  • On 20 Jun 2026, the acquired Chunar grinding unit in Uttar Pradesh, with 2.5 million tonnes a year of cement capacity, began commercial production.38
  • On 29 May 2026, Dalmia Bharat bought Jaiprakash Associates' cement plants at Rewa in Madhya Pradesh and Churk, Chunar and Sadwa in Uttar Pradesh, with 5.2 million tonnes a year of cement capacity.3940
  • On 20 Jan 2026, a 3.6 million tonnes a year clinker unit at Umrangso, Assam, began commercial production, taking group clinker capacity to 27.1 million tonnes a year.41

Litigation and regulatory matters

  • As of its annual report of 4 Jun 2026, the Bawri Group's appeal was pending against a Delhi High Court judgment of 17 Oct 2022 that set aside arbitral awards it had won in a dispute with subsidiary Dalmia Cement (Bharat).4243
  • As of its annual report of 4 Jun 2026, Dalmia Cement (Bharat) had given ₹100 crore bank and ₹300 crore corporate guarantees under Supreme Court orders to recover mutual fund units the report says Allied Financial Services fraudulently transferred; management expects no loss.44

Last updated

All 44 sources, each with its page
  1. 1. Annual report, 4 Jun 2026, page 105
  2. 2. Annual report, 4 Jun 2026, page 130
  3. 3. Investor presentation, 26 Oct 2026, page 12
  4. 4. Annual report, 4 Jun 2026, page 9
  5. 5. Annual report, 4 Jun 2026, page 80
  6. 6. Earnings call, 24 Jul 2026, page 4
  7. 7. Annual report, 4 Jun 2026, page 6
  8. 8. Annual report, 4 Jun 2026, page 7
  9. 9. Investor presentation, 26 Oct 2026, page 11
  10. 10. Annual report, 4 Jun 2026, page 158
  11. 11. Exchange filing, 20 Jan 2026, page 1
  12. 12. Annual report, 4 Jun 2026, page 6
  13. 13. Investor presentation, 26 Oct 2026, page 36
  14. 14. Investor presentation, 26 Oct 2026, page 28
  15. 15. Investor presentation, 26 Oct 2026, page 28
  16. 16. Annual report, 4 Jun 2026, page 105
  17. 17. Annual report, 4 Jun 2026, page 5
  18. 18. Annual report, 4 Jun 2026, page 105
  19. 19. Investor presentation, 26 Oct 2026, page 21
  20. 20. Investor presentation, 26 Oct 2026, page 31
  21. 21. Annual report, 4 Jun 2026, page 130
  22. 22. Investor presentation, 26 Oct 2026, page 12
  23. 23. Investor presentation, 26 Oct 2026, page 10
  24. 24. Annual report, 4 Jun 2026, page 29
  25. 25. Earnings call, 24 Jul 2026, page 7
  26. 26. Annual report, 4 Jun 2026, page 127
  27. 27. Investor presentation, 26 Oct 2026, page 17
  28. 28. Investor presentation, 26 Oct 2026, page 19
  29. 29. Investor presentation, 26 Oct 2026, page 19
  30. 30. Earnings call, 24 Jul 2026, page 5
  31. 31. Earnings call, 24 Jul 2026, page 7
  32. 32. Earnings call, 24 Jul 2026, page 12
  33. 33. Annual report, 4 Jun 2026, page 85
  34. 34. Earnings call, 24 Jul 2026, page 12
  35. 35. Earnings call, 24 Jul 2026, page 10
  36. 36. Earnings call, 24 Jul 2026, page 13
  37. 37. Earnings call, 24 Jul 2026, page 15
  38. 38. Exchange filing, 21 Jun 2026, page 1
  39. 39. Earnings call, 24 Jul 2026, page 7
  40. 40. Exchange filing, 22 May 2026, page 2
  41. 41. Exchange filing, 20 Jan 2026, page 1
  42. 42. Annual report, 4 Jun 2026, page 182
  43. 43. Annual report, 4 Jun 2026, page 182
  44. 44. Annual report, 4 Jun 2026, page 182

Results

Consolidated; ₹ crore.Dalmia Bharat quarterly results

Revenue growth, 12 months
+6.1%
Net profit growth, 12 months
−56.4%

Quarter to Sep 2026, against the quarter before

Revenue
₹3,563 Crdown 8.41%
Net profit
−₹205 CrQuarter to Jun 2026: ₹192 Cr
Net margin
−5.8%

Revenue by quarter

₹3,181 CrDec 24₹4,091 CrMar 25₹3,636 CrJun 25₹3,417 CrSep 25₹3,506 CrDec 25₹4,245 CrMar 26₹3,890 CrJun 26₹3,563 CrSep 26
Peak revenue ₹4,245 Cr, quarter to Mar 2026; lowest ₹3,181 Cr, quarter to Dec 2024

Net profit by quarter, a loss in red

  • Net profit
  • Loss
₹66 CrDec 24₹439 CrMar 25₹395 CrJun 25₹239 CrSep 25₹128 CrDec 25₹394 CrMar 26₹192 CrJun 26−₹205 CrSep 26
A loss in the quarter to Sep 2026, −₹205 CrA loss in 1 of the 8 quarters shown
₹ croreDec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Revenue3,1814,0913,6363,4173,5064,2453,8903,563
Net profit66439395239128394192−205
Net margin2.1%10.7%10.9%7.0%3.7%9.3%4.9%−5.8%
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.

Business segments

In the year to Mar 2026 the company reports one business segment, Cement and Cement related products, which carries all its revenue.

Valuation

Today, against the company's own history.Dalmia Bharat PE ratio and valuation

Price to earnings

At or below today's level on 5% of 1,048 trading days over the last 5 years.

LowestHighest
Its median34.34Industry median26.36
Price to book

At or below today's level on 10% of 1,853 trading days since May 2019.

LowestHighest
Its median2.10Industry median1.41
Dividend yield

At or below today's level on 35% of 1,914 trading days since Feb 2019.

LowestHighest
Its median0.43%Industry median0.65%

Where the return came from

Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.

OverReturn a yearEarnings growthChange in P/EDividend yield
1 year−1.8%+66.7%−41.4%0.5%
3 years−2.8%+3.2%−6.3%0.5%
5 years+2.8%−1.5%+3.9%0.5%
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth over 1 and 3 years includes one-off items (exceptional items and the result of businesses sold or closed) of more than a tenth of the profit of the years to Mar 2023 and Mar 2025.

Shareholding

Per cent of the company's shares, from the filing for Sep 2026.Dalmia Bharat shareholding pattern

Shareholding by group

  • Promoters55.84%
  • Foreign institutions7.42%
  • Indian institutions18.91%
  • Governments0.14%
  • Individuals and others17.70%
Holder
Keshav Power LimitedPromoter35.65%
Sita Investment Company LimitedPromoter7.40%
Rama Investment Company Private LimitedPromoter5.48%
LIFE INSURANCE CORPORATION OF INDIA - P & GS FUNDInsurance companies2.63%
Dalmia Bharat Refractories LimitedPromoter2.51%
INVESTOR EDUCATION AND PROTECTION FUND AUTHORITYInvestor education fund1.71%
Holders are named in the company's own words: an insurer's holding can carry one of its funds' names. Mutual funds are left out here and listed fund by fund below.

Since Jun 2026: promoters unchanged, foreign institutions +0.61 pts, Indian institutions −1.03 pts, mutual funds −1.03 pts.

Mutual fund holdings

97 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 62 of the 70 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future. 1 more fund filed its first portfolio on record, holding it.All 97 funds holding Dalmia Bharat

Added
36
Cut
34
Held unchanged
26
Sold out
1
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.

Promoter and insider buying and selling

Trades made since 29 Oct 2025.Dalmia Bharat insider trading

Bought on the market Sold on the market
  • Promoters and promoter group1 purchase, 1 sale₹17 Cr₹17 CrNet₹0 Cr9 off-market moves
  • Others: no market trade · 6 pledge filings of unclear kind
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.

Dalmia Bharat competitors and peers

Cement & Cement Products, 40 listed companies, priced on 29 Oct 2026. The table lists the 8 companies closest to Dalmia Bharat in market cap.Construction materials companies

Where the company sits among the companies nearest its size

Return on equity across, P/E up, size is market cap
Company
Grasim Industries logoGrasim IndustriesGRASIM1,99,60135.061.93+20.5%–5.7%4.7%0.34%
Ambuja Cements logoAmbuja CementsAMBUJACEM88,136–1.49+7.7%––3.4%0.56%
Shree Cement logoShree CementSHREECEM83,41952.683.50+14.3%−7.9%6.8%6.8%0.65%
JK Cement logoJK CementJKCEMENT37,80739.465.15+17.3%−7.4%13.9%11.5%0.41%
ACC logoACCACC21,66124.551.05+4.6%−73.6%4.3%5.1%0.65%
The Ramco Cements logoThe Ramco CementsRAMCOCEM17,24226.742.13+8.6%+101.2%8.3%5.0%0.34%
JSW Cement logoJSW CementJSWCEMENT15,78920.792.32––11.8%7.7%0.43%
Nuvoco Vistas Corporation logoNuvoco Vistas CorporationNUVOCO11,86128.591.24+10.6%+52.0%4.4%6.6%0.00%
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.

Dividends

Per share, by the year it was paid for, and the latest payments.Dalmia Bharat dividend history

Dividend per share, ₹, restated for later splits and bonuses

2Mar 192Mar 201.3Mar 219Mar 229Mar 239Mar 249Mar 259Mar 26
Highest ₹9.00 a share, in 5 years, the latest the year to Mar 2026.
Ex-dateTypePer share
30 Oct 2026Interim₹4.00
23 Jun 2026Final₹5.00
24 Oct 2025Interim₹4.00
23 Jun 2025Final₹5.00
25 Oct 2024Interim₹4.00
19 Jun 2024Final₹5.00
Latest payments, as declared, by ex-date.

Latest announcements

Routine notices left out.Dalmia Bharat announcements

Dalmia Bharat share price by year

Each calendar year to 2025.Dalmia Bharat share price history

YearClose at year endChangeHighest closeLowest close
20252,130.90+20.6%2,476.201,607.10
20241,767.25−22.3%2,390.701,686.35
20232,275.20+22.1%2,406.651,693.70
20221,862.80+0.8%2,066.701,237.75
20211,847.90+71.1%2,455.951,094.50
20201,079.75+34.9%1,181.25408.90
2019800.30−27.2%1,214.40756.70
20181,099.85–1,130.051,073.55
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before. 2018 is from its first session, 21 Dec 2018.

Recent sessions

The 9 trading days to 28 Oct 2026, as traded on NSE; the latest is at the top of the page.

DateOpenHighLowCloseAverage priceVolumeDelivery
28 Oct 20261,502.001,518.301,466.101,474.401,478.292,12,71254.0%
27 Oct 20261,545.001,579.001,502.001,519.001,529.887,41,88932.8%
26 Oct 20261,592.001,631.001,574.301,625.801,606.0954,65639.2%
23 Oct 20261,601.001,625.801,581.301,591.301,595.1835,18041.8%
22 Oct 20261,606.701,625.001,597.001,620.601,614.4457,61848.4%
21 Oct 20261,630.001,662.001,605.101,624.201,628.6641,49942.1%
19 Oct 20261,669.001,690.801,611.001,622.601,651.6245,20640.7%
16 Oct 20261,601.001,709.001,595.001,684.401,671.763,17,70127.2%
15 Oct 20261,625.001,644.601,607.801,610.001,620.8723,19551.3%
Prices in ₹ per share as traded, not adjusted.

Price adjustments

What the price chart is corrected for, so it reads as one share held throughout.Buyback history

Ex-dateEventPrice factorWhat happened
22 Jan 2019Price move–Between two trading sessions the price moved by a fifth or more. No corporate action is on record. Not adjusted for.
Each event is noted and not adjusted for.

Company details

Chairperson
Yadu Hari Dalmia
At the end of the quarter to Jun 2026
Managing director
Gautam Dalmia
At the end of the quarter to Jun 2026
Managing director and CEO
Puneet Yadu Dalmia
At the end of the quarter to Jun 2026
NSE symbol
DALBHARAT
BSE code
542216
ISIN
INE00R701025
Industry
Cement & Cement Products
Former symbols
OCLINDIA
CIN
L40109TN2006PLC058818
Corporate identity number, the registrar of companies' code for it
Incorporated
2006
Registered office
Dalmiapuram Lalgudi, Tiruchirapalli 621651, Tamil Nadu
Share registrar
KFin Technologies Ltd
Keeps the register of shareholders and handles transfers and dividend payments