Source: Integrated Annual Report 2025-26
Quick Facts / Company Snapshot
| Metric | Details |
|---|---|
| Company Name | Dalmia Bharat Limited |
| CIN | L14200TN2013PLC112346 |
| Stock Exchange Tickers | NSE: DALBHARAT, BSE: 542216 |
| ISIN | INE00R701025 |
| Registered Office | Dalmiapuram, Lalgudi, Dist. Tiruchirappalli, Tamil Nadu – 621651, India |
| Corporate Office | 11th & 12th Floors, Hansalaya Building, 15, Barakhamba Road, New Delhi – 110001, India |
| Managing Director & CEO | Mr. Puneet Yadu Dalmia |
| Managing Director | Mr. Gautam Dalmia |
| Chief Financial Officer | Mr. Dharmender Tuteja |
| Installed Cement Capacity | 49.5 MnTPA |
| Installed Clinker Capacity | 27.1 MnTPA |
| Manufacturing Footprint | 15 Plants across 10 States |
Company Overview
Dalmia Bharat Limited is the fourth-largest cement manufacturing entity in India by installed capacity. With a legacy spanning over eight decades, the company operates an integrated manufacturing network across Southern, Eastern, North Eastern, and Western India. Dalmia Bharat operates 15 plants spanning integrated units, grinding units, and a clinker unit across 10 Indian states, backed by an operational primary truck fleet of more than 8,600 vehicles and over 550 warehouses. The enterprise prioritises low-carbon production models, recording an industry-leading environmental profile characterized by an 82% share of blended cement production and an emissions intensity of 466 kg CO₂ per tonne of cementitious material.
Business Segments
Dalmia Bharat Limited operates primarily in the manufacture and distribution of cement and clinker, complemented by management support services and power generation:
- Cement and Allied Products: The core operating segment engaged in the manufacturing and distribution of Portland Pozzolana Cement (PPC), Portland Composite Cement (PCC), Ordinary Portland Cement (OPC), and Portland Slag Cement (PSC). In FY 2025-26, this segment contributed Rs. 14,448 crore to gross product and service turnover.
- Management Services: The standalone listed entity, Dalmia Bharat Limited, provides comprehensive corporate, administrative, and strategic management services to its operating subsidiaries, generating service charges of Rs. 361 crore (standalone revenue) and Rs. 12 crore on a consolidated turnover basis.
- Power: Generation and auxiliary utilization of power from captive thermal units, waste heat recovery systems, and renewable installations, contributing external product sales of Rs. 7 crore in FY 2025-26.
History and Evolution
The origins of Dalmia Bharat date back to the early 1930s when the discovery of high-purity limestone deposits near Kallakudi in Tamil Nadu prompted the establishment of the Dalmiapuram cement facility, which was formally commissioned in 1939. Following India’s independence, the enterprise played a foundational role in national infrastructure development, setting up the Rajgangpur cement plant in Odisha under OCL in the late 1940s to support the construction of the Hirakud Dam. In 1973, the group pioneered the manufacturing of concrete railway sleepers, replacing traditional timber sleepers across the Indian railway network.
Corporate restructuring under court-approved schemes of arrangement led to the amalgamation of Odisha Cement Limited (incorporated on July 12, 2013) and Dalmia Bharat Limited, culminating in the formal name change of the listed parent company to Dalmia Bharat Limited on April 15, 2019. In FY 2025-26, the company marked an operational expansion by commissioning a 3.6 MnTPA clinker line at Umrongso in Assam, consolidating its position as the largest clinker-backed producer in North Eastern India.
Founders
The industrial foundation was laid by Late Shri Jaidayal Dalmia in the 1930s, guided by the Gandhian principle of trusteeship—treating industrial enterprise as a custodianship held on behalf of the nation and its people. This educational and societal vision was complemented by earlier institutional initiatives established alongside Shri Ramakrishna Dalmia, including Dalmia Vidya Mandir, founded in Chirawa, Rajasthan, in 1925.
Products and Services
Dalmia Bharat Limited manufactures and delivers specialized building materials optimized for durability, environmental performance, and extreme load bearing:
- Portland Composite Cement (PCC): Comprises 45% of total production, combining clinker, fly ash, and slag to offer high long-term strength and dense structural integrity.
- Portland Pozzolana Cement (PPC): Accounts for 32% of total production, engineered with reactive fly ash for enhanced impermeability and resistance to chemical ingress.
- Ordinary Portland Cement (OPC): Represents 18% of the product mix, formulated for rapid early strength requirements in commercial and infrastructure projects.
- Portland Slag Cement (PSC): Constitutes 5% of product output, utilizing granulated blast-furnace slag to deliver superior resistance against marine and sulfate-rich environments.
- Specialty Formulations: Includes custom cements developed for specialized infrastructure requirements, such as railway sleepers, airport runways, oil wells, and water-repellent formulations.
Brand Portfolio
The company maintains a tiered brand portfolio targeting distinct construction applications and market demographics:
- Dalmia Cement: Positioned as the “Protection Expert,” utilizing Nano Bonding Technology (NBT) for Roof, Column, and Foundation (RCF) applications to prevent corrosion and chemical attacks.
- Dalmia DSP Cement: Formulated as the “Ultimate Concrete Expert,” deploying advanced pore reduction technology and reactive silica for high-stress structural construction.
- WEATHER365: Premium water-repellent cement engineered with barrier technology to resist severe monsoon weather, moisture penetration, and efflorescence.
- Konark Cement: Heritage retail brand established in 1952, commanding strong consumer franchise and contractor loyalty across Eastern India.
- InfraPro: Heavy-duty, high-performance institutional brand dedicated to large-scale infrastructure, commercial developments, and mass transit corridors.
- InstaPro: Specialized high-performance PPC engineered for rapid setting time, higher yield, and early strength development in masonry and concrete block production.
Geographical Presence
Dalmia Bharat provides building solutions across 23 Indian states via 29 sales offices and 15 manufacturing facilities located across 10 states:
- Southern Region (17.0 MnTPA Cement Capacity, 10.4 MnTPA Clinker Capacity): Integrated manufacturing facilities located at Dalmiapuram (Tamil Nadu), Ariyalur (Tamil Nadu), Kadapa (Andhra Pradesh), and Belgaum (Karnataka), alongside a grinding plant in Sattur (Tamil Nadu).
- Eastern Region (21.6 MnTPA Cement Capacity, 8.3 MnTPA Clinker Capacity): Integrated plants at Rajgangpur (Odisha) and Rohtas (Bihar), supported by dedicated grinding units in Cuttack (Odisha), Medinipur (West Bengal), and Bokaro (Jharkhand).
- North Eastern Region (8.0 MnTPA Cement Capacity, 6.3 MnTPA Clinker Capacity): Integrated plant at Lumshnong (Meghalaya), clinkerization plant at Umrongso (Assam), and grinding units at Lanka (Assam) and Jagiroad (Assam).
- Western Region (2.9 MnTPA Cement Capacity, 2.1 MnTPA Clinker Capacity): Integrated cement manufacturing facility situated at Chandrapur (Maharashtra).
Board of Directors and Leadership Team
The governance structure is overseen by a Board of Directors comprising eight members, half of whom are Independent Directors:
- Mr. Yadu Hari Dalmia: Chairperson, Non-Executive and Non-Independent Director
- Mr. Puneet Yadu Dalmia: Managing Director & Chief Executive Officer
- Mr. Gautam Dalmia: Managing Director
- Dr. Niddodi Subrao Rajan: Non-Executive Director
- Mr. Paul Heinz Hugentobler: Non-Executive and Independent Director
- Mrs. Anuradha Mookerjee: Non-Executive and Independent Director
- Mr. Anuj Gulati: Non-Executive and Independent Director
- Mr. Haigreve Khaitan: Non-Executive and Independent Director
- Mr. Dharmender Tuteja: Chief Financial Officer
- Mr. Rajeev Kumar: Company Secretary & Compliance Officer
Today’s Bharat has changed. The new and modern Bharat is bolder, faster, self-confident to forge its own path and take on the world on its own terms. And to keep pace with this New Bharat, we too are evolving. We have re-invented how we look, think, and act and this change is reflected in our adoption of a new logo. The new Dalmia Bharat reflects our commitment to align with a dynamic and ambitious nation, so that we can continue to partner with and contribute to its growth for decades to come. What remains unchanged, however, is our promise of superior quality and trust built over generations.
Mr. Puneet Yadu Dalmia, Managing Director & CEO, and Mr. Gautam Dalmia, Managing Director
Parent
Dalmia Bharat Limited operates as the listed apex entity of the group. Its primary operating subsidiaries include Dalmia Cement (Bharat) Limited (100% owned) and Dalmia Cement (North East) Limited (95.28% owned), both classified as material unlisted subsidiaries. The company does not have an external corporate holding entity.
Future Strategy
Dalmia Bharat is pursuing a structured corporate roadmap to expand cement capacity to 75 MnTPA in the medium term, and 110–130 MnTPA by FY 2030-31:
- Organic Capacity Additions: Execution of a 12.0 MnTPA cement expansion across Belgaum (3.0 MnTPA grinding and 3.6 MnTPA clinker), Pune (3.0 MnTPA greenfield grinding), and Kadapa (6.0 MnTPA grinding and 3.6 MnTPA clinker), alongside a 3.0 MnTPA coastal bulk terminal near Chennai.
- Inorganic Market Access: Finalized a Business Transfer Agreement on May 21, 2026, to acquire the cement undertaking of Jaiprakash Associates Limited via Adani Infra (India) Limited for an Enterprise Value of Rs. 2,850 crore. The transaction includes 5.2 MnTPA cement capacity, 3.3 MnTPA clinker capacity, and 99 MW captive thermal power assets across Rewa (Madhya Pradesh), Churk, Chunar, and Sadwa (Uttar Pradesh).
- Decarbonisation Milestones: Advancing toward a 60% renewable energy share by 2030, targeting 100% renewable power under RE100, and validating a 2-tonne-per-day industrial Carbon Capture and Utilisation (CCU) test bed in Rajgangpur in collaboration with IIT Bombay.
Key Strengths
- Lowest Cost Producer Profile: Structural cost leadership achieved through captive rail sidings across 8 facilities, multi-fuel kilns, and high local sourcing.
- Industry-Leading ESG Metrics: Attained an emissions intensity of 466 kg CO₂/tonne of cementitious material, a 46% operational renewable energy share across 449 MW capacity, and a 20.5x water positive operational footprint.
- High Blended Ratio: Blended cements comprise 82% of total production volume, reducing raw material costs and extending limestone mine life.
- Prudent Capital Allocation: Robust balance sheet structure with a conservative Net Debt-to-EBITDA ratio of 0.46x.
Key Challenges and Risks
- Input Cost and Fuel Price Volatility: Susceptibility of thermal and electrical energy costs to international petcoke, domestic coal supply interruptions, and global energy supply risks.
- Regional Capacity Additions and Pricing Competition: Rapid supply additions across Southern and Eastern regions leading to price volatility and lower capacity utilization.
- Land Acquisition and Mining Clearances: Complex regulatory processes for surface land acquisition and forest clearance renewals, creating potential lead-time delays in new mining leases.
- Workplace Operational Hazards: Heavy industrial processes, pyro-processing, and extensive contracted logistics movements posing ongoing employee and contractor safety challenges.
Conclusion and Strategic Outlook
Dalmia Bharat Limited combines balance sheet resilience, structural operational efficiency, and aggressive brownfield and greenfield execution. With existing cement production capacity standing at 49.5 MnTPA, the progression toward 66.7 MnTPA by FY 2027-28 positions the enterprise to capitalize on ongoing public capital outlays, freight corridor expansions, and urban housing construction across India.
Official Site
Official Website: https://www.dalmiabharat.com
Profit and Loss
| Particulars (Rs. Crore) | Year ended March 31, 2026 | Year ended March 31, 2025 | YoY Growth (%) |
|---|---|---|---|
| Revenue from operations | 14,804 | 13,980 | +5.89% |
| Other income | 222 | 253 | -12.25% |
| Total income | 15,026 | 14,233 | +5.57% |
| Cost of raw materials consumed | 2,324 | 2,241 | +3.70% |
| Purchases of stock in trade | – | 106 | – |
| Changes in inventories of finished goods, stock in trade and work-in-progress | 14 | (19) | -26.32% |
| Employee benefits expense | 894 | 885 | +1.02% |
| Finance costs | 480 | 399 | +20.30% |
| Depreciation and amortisation expense | 1,349 | 1,331 | +1.35% |
| Power and fuel | 2,980 | 2,903 | +2.65% |
| Freight charges (finished goods) | 2,804 | 2,785 | +0.68% |
| Freight charges (internal clinker transfer) | 430 | 501 | -14.17% |
| Other expenses | 2,275 | 2,171 | +4.79% |
| Total expenses | 13,550 | 13,303 | +1.86% |
| Profit before share of profit in joint venture and exceptional items | 1,476 | 930 | +58.71% |
| Share of profit in joint venture accounted for using equity method (net of tax) | 0 | 0 | N/A |
| Profit before exceptional items and tax from continuing operations | 1,476 | 930 | +58.71% |
| Exceptional items (net) | (26) | (113) | -76.99% |
| Profit before tax from continuing operations | 1,450 | 817 | +77.48% |
| Tax expense | 292 | 118 | +147.46% |
| Profit after tax for the year from continuing operations | 1,158 | 699 | +65.67% |
| (Loss) / profit before tax from discontinued operations | (1) | 0 | N/A |
| Tax expense on discontinued operations | (0) | – | – |
| (Loss) / profit for the year from discontinued operations | (1) | 0 | N/A |
| Profit for the year | 1,157 | 699 | +65.52% |
| Profit attributable to non-controlling interest | 18 | 16 | +12.50% |
| Profit attributable to owners of the parent company | 1,139 | 683 | +66.76% |
Balance Sheet
| Particulars (Rs. Crore) | As at March 31, 2026 | As at March 31, 2025 | YoY Growth (%) |
|---|---|---|---|
| Property, plant and equipment | 16,118 | 14,180 | +13.67% |
| Capital work-in-progress | 2,593 | 2,497 | +3.84% |
| Investment properties | 41 | 41 | 0.00% |
| Goodwill | 374 | 374 | 0.00% |
| Other intangible assets | 2,084 | 2,177 | -4.27% |
| Right-of-use assets | 754 | 534 | +41.20% |
| Intangible assets under development | 133 | 119 | +11.76% |
| Biological assets other than bearer plants | 0 | 0 | N/A |
| Investments accounted using equity method | 2 | 2 | 0.00% |
| Non-current financial investments | 771 | 673 | +14.56% |
| Non-current loans | 19 | 14 | +35.71% |
| Other non-current financial assets | 693 | 414 | +67.39% |
| Income tax assets (net) – non-current | 91 | 80 | +13.75% |
| Deferred tax assets (net) | 53 | 55 | -3.64% |
| Other non-current assets | 809 | 737 | +9.77% |
| Inventories | 1,192 | 1,386 | -14.00% |
| Current financial investments | 5,105 | 4,444 | +14.87% |
| Trade receivables | 864 | 889 | -2.81% |
| Cash and cash equivalents | 212 | 149 | +42.28% |
| Bank balances other than cash and cash equivalents | 12 | 9 | +33.33% |
| Current loans | 13 | 12 | +8.33% |
| Other current financial assets | 447 | 644 | -30.59% |
| Income tax assets (net) – current | 26 | 15 | +73.33% |
| Other current assets | 892 | 766 | +16.45% |
| Assets or disposal group classified as held for sale | 14 | 15 | -6.67% |
| Total assets | 33,312 | 30,226 | +10.21% |
| Equity share capital | 38 | 38 | 0.00% |
| Other equity | 17,941 | 17,336 | +3.49% |
| Non-controlling interest | 144 | 126 | +14.29% |
| Total equity | 18,123 | 17,500 | +3.56% |
| Non-current borrowings | 6,168 | 4,605 | +33.94% |
| Non-current lease liabilities | 591 | 395 | +49.62% |
| Other non-current financial liabilities | 1 | 0 | N/A |
| Non-current provisions | 330 | 313 | +5.43% |
| Government grants (non-current) | 188 | 154 | +22.08% |
| Deferred tax liabilities (net) | 2,237 | 2,036 | +9.87% |
| Current borrowings | 584 | 653 | -10.57% |
| Current lease liabilities | 63 | 49 | +28.57% |
| Trade payables (MSME) | 97 | 75 | +29.33% |
| Trade payables (Others) | 1,197 | 1,464 | -18.24% |
| Other current financial liabilities | 2,665 | 1,712 | +55.67% |
| Current provisions | 127 | 115 | +10.43% |
| Government grants (current) | 22 | 20 | +10.00% |
| Other current liabilities | 816 | 981 | -16.82% |
| Current tax liabilities (net) | 103 | 154 | -33.12% |
| Total liabilities | 15,189 | 12,726 | +19.35% |
| Total equity and liabilities | 33,312 | 30,226 | +10.21% |
Cash Flow
| Particulars (Rs. Crore) | Year ended March 31, 2026 | Year ended March 31, 2025 | YoY Growth (%) |
|---|---|---|---|
| Net cash flow generated from operating activities | 2,278 | 2,117 | +7.61% |
| Net cash used in investing activities | (3,023) | (2,270) | +33.17% |
| Net cash generated from / (used in) financing activities | 808 | (39) | +1971.79% |
| Net increase / (decrease) in cash and cash equivalents | 63 | (192) | -67.19% |
| Cash and cash equivalents at the beginning of the year | 149 | 341 | -56.30% |
| Cash and cash equivalents at the end of the year | 212 | 149 | +42.28% |
Subsidiaries, Associates, and Joint Ventures
The consolidated group comprises the Parent Company along with the following direct and step-down subsidiaries and joint ventures:
- Dalmia Cement (Bharat) Limited (Subsidiary, 100.00% holding)
- Dalmia Power Limited (Subsidiary, 100.00% holding)
- Dalmia Cement (North East) Limited (Subsidiary, 95.28% holding)
- Alsthom Industries Limited (Subsidiary, 100.00% holding)
- DPVL Ventures LLP (Subsidiary, 100.00% holding)
- Vinay Cement Limited (Subsidiary, 97.21% holding)
- RCL Cements Limited (Subsidiary, 100.00% holding)
- SCL Cements Limited (Subsidiary, 100.00% holding)
- Bangaru Kamakshi Amman Agro Farms Private Limited (Subsidiary, 100.00% holding)
- Chandrasekara Agro Farms Private Limited (Subsidiary, 100.00% holding)
- Cosmos Cements Limited (Subsidiary, 100.00% holding)
- D.I. Properties Limited (Subsidiary, 100.00% holding)
- Dalmia Minerals & Properties Limited (Subsidiary, 100.00% holding)
- Geetee Estates Limited (Subsidiary, 100.00% holding)
- Golden Hills Resort Private Limited (Subsidiary, 100.00% holding)
- Hemshila Properties Limited (Subsidiary, 100.00% holding)
- Ishita Properties Limited (Subsidiary, 100.00% holding)
- JayeVijay Agro Farms Private Limited (Subsidiary, 100.00% holding)
- Rajputana Properties Private Limited (Subsidiary, 100.00% holding)
- Shri Rangam Properties Limited (Subsidiary, 100.00% holding)
- Sri Madhusudana Mines & Properties Limited (Subsidiary, 100.00% holding)
- Sri Shanmugha Mines & Minerals Limited (Subsidiary, 100.00% holding)
- Sri Subramanya Mines & Minerals Limited (Subsidiary, 100.00% holding)
- Sri Swaminatha Mines & Minerals Limited (Subsidiary, 100.00% holding)
- Sri Trivikrama Mines & Properties Limited (Subsidiary, 100.00% holding)
- Sutnga Mines Private Limited (Subsidiary, 100.00% holding)
- Hopco Industries Limited (Subsidiary, 100.00% holding)
- Ascension Mercantile Private Limited (Subsidiary, 100.00% holding)
- Ascension Multiventures Private Limited (Subsidiary, 100.00% holding)
- Dalmia Bharat Green Vision Limited (Subsidiary, 100.00% holding)
- Radhikapur (West) Coal Mining Private Limited (Joint Venture, 14.70% holding)
- Khappa Coal Company Private Limited (Joint Venture, 36.73% holding)
Other Investments
The Group holds more than 20% stake in certain companies. However, since the Group does not exercise significant influence or control over the decisions of these investees, they are not construed as associate companies and are accounted for as investments measured at fair value through profit and loss or OCI:
1. Solarcraft Power India 23 Private Limited
2. O2 Renewable Energy V Private Limited
3. Bijlee Kandasamy Private Limited
4. Kilavikulam Rajalakshmi Solar Power Developer Private Limited
5. Apple India Solar Products Private Limited
6. TrueRe Surya Private Limited
7. Gee Yess India Engineering Technology Private Limited
8. San Power Generation Transmission Private Limited
9. Arunachalam Solar Power Private Limited
Physical Properties
The Group operates manufacturing plants and offices across regional clusters in India:
1. Southern Region: Dalmiapuram (Tamil Nadu, Integrated), Ariyalur (Tamil Nadu, Integrated), Sattur (Tamil Nadu, Grinding), Kadapa (Andhra Pradesh, Integrated), Belgaum (Karnataka, Integrated)
2. Eastern Region: Rajgangpur (Odisha, Integrated), Kapilas (Odisha, Grinding), Medinipur (West Bengal, Grinding), Bokaro (Jharkhand, Grinding), Rohtas (Bihar, Integrated)
3. North Eastern Region: Lumshnong (Meghalaya, Integrated), Lanka (Assam, Grinding), Umrongso (Assam, Clinker), Jagiroad (Assam, Grinding)
4. Western Region: Chandrapur (Maharashtra, Integrated)
5. Corporate Offices: Hansalaya Building, Barakhamba Road, New Delhi, along with registered offices in Dalmiapuram, Tamil Nadu.
Investments and Capital Expenditure
Research and Development (R&D) expenses incurred during the year under review totaled Rs. 1.73 crore on a standalone basis (Consolidated R&D expenditure: Rs. 2 crore charged to P&L). Capital expenditure investments focused on environmental and energy conservation equipment totaled Rs. 134.52 crore on a standalone basis.
Shareholding Pattern
| Category | Number of Shares | % Stake | Previous % Stake |
|---|---|---|---|
| Promoters / Promoter Group | 10,47,31,548 | 55.84% | 55.84% |
| Mutual Funds | 3,12,92,849 | 16.68% | – |
| Alternate Investment Funds | 47,536 | 0.03% | – |
| Banks / Financial Institutions | 2,45,983 | 0.13% | – |
| Qualified Institutional Buyers | 63,80,279 | 3.40% | – |
| NBFC Registered with RBI | 18,198 | 0.01% | – |
| Foreign Institutional Investors | 1,34,16,233 | 7.15% | – |
| Central / State Governments | 1,37,910 | 0.07% | – |
| Directors & KMP | 21,045 | 0.01% | – |
| IEPF Authority | 32,68,173 | 1.74% | – |
| Resident Individuals | 1,51,12,965 | 8.06% | – |
| NRI / Foreign Nationals | 4,93,366 | 0.26% | – |
| Bodies Corporates | 92,02,299 | 4.91% | – |
| Other (Trust / HUF / Clearing Members) | 31,97,569 | 1.70% | – |
| Total | 18,75,65,953 | 100.00% | 100.00% |
Frequently Asked Questions
What is Dalmia Bharat Limited’s total cement manufacturing capacity?
As of March 31, 2026, Dalmia Bharat Limited possesses an installed cement manufacturing capacity of 49.5 MnTPA and a clinker capacity of 27.1 MnTPA across 15 production sites.
What is the status of Dalmia Bharat’s acquisition of Jaiprakash Associates’ assets?
On May 21, 2026, Dalmia Cement (Bharat) Limited signed a Business Transfer Agreement to acquire cement assets of 5.2 MnTPA cement and 3.3 MnTPA clinker capacity in Madhya Pradesh and Uttar Pradesh at an Enterprise Value of Rs. 2,850 crore.
What are the primary retail cement brands marketed by the company?
The company markets its products under Dalmia Cement, Dalmia DSP Cement, WEATHER365, and Konark Cement, alongside specialized institutional brands including InfraPro and InstaPro.
What is Dalmia Bharat’s net carbon emission performance?
In FY 2025-26, the company recorded a net carbon footprint of 466 kg CO₂ per tonne of cementitious material, which is among the lowest recorded globally in the cement sector.
