Dalmia Bharat Delivers 9% Volume Growth, Expands Capacity to 54.7 MnTPA Despite Cost Headwinds

Strong Performance despite Challenging Environment

Integration on Track for Acquired 5.2 MnTPA Cement Assets in Central Region

Key Highlights

• Installed cement capacity increased to 54.7 MnTPA with successful acquisition of 5.2 MnTPA capacity in Central Region
• Commercial production commenced at Chunar Grinding Unit in June; Trial run started at Rewa Clinker Unit in July
• Sales volume improved 9% YoY to 7.6 MnT
• Revenues from operations increased 7% YoY to Rs 3,890 Cr
• EBITDA per ton improved sequentially to Rs 1,055; EBITDA stood at Rs 805 Cr

Dalmia Bharat Limited, (BSE: 542216, NSE: DALBHARAT), a leading cement manufacturing company, reported its consolidated financial results for the quarter ended Jun 30, 2026.

Financial Highlights for the Quarter ended Jun 30, 2026

Particulars	Q1FY27	Q1FY26	YoY
Sales Volume (MnT)	7.6	7.0	9.0%
Revenue from Operations	3,890	3,636	7.0%
EBITDA	805	883	(8.8%)
EBITDA/T (Rs/T)	1,055	1,261	(16.4%)
PBT (before exceptional items)	436	502	(13.1%)
Exceptional items	(182)	16
PBT	254	518	(51.0%)
PAT	192	395	(51.4%)
Net Debt to EBITDA (x)	1.47x	0.33x

Exceptional items in Q1 FY27 primarily includes acquisition-related costs pursuant to Central cement assets

This quarter marks an important milestone with the acquisition of cement assets in the Central region, as we move firmly towards our aspiration of becoming a pan-India player. Our earlier association with these assets and the markets provides us a great head start. As we look ahead, our endeavour will be swift ramp up and embedding Dalmia’s cost leadership practices to unlock superior returns.

— Mr. Puneet Dalmia, Managing Director & CEO – Dalmia Bharat Limited

Despite temporary disruptions owing to state elections, we delivered a robust volume growth of 9% on a YoY basis. Supported by healthy price increases and focused initiatives across the business, we were able to offset the cost escalation meaningfully and deliver a robust EBITDA of Rs 1,055 per ton.

— Mr. Dharmender Tuteja, Chief Financial Officer – Dalmia Bharat Limited

Key updates

• Completed the acquisition of Jaiprakash Associates' cement undertaking, adding 5.2 MnTPA of cement capacity and 3.3 MnTPA of clinker capacity across four strategically located plants in Madhya Pradesh and Uttar Pradesh, at an EV of Rs 2,850 Cr.
• Successfully commenced commercial production at 2.5 MnTPA Chunar Grinding Unit on June 20, 2026; Trial run started at the 3.3 MnTPA Rewa Clinker Unit in July.
• Entered into Share Subscription and Shareholders’ Agreement and a Power Consumption Agreement to acquire 41% stake (26% on fully-diluted basis) in Oyster Green Hybrid Five Private Limited, an SPV of Oyster Renewable Energy Private Limited, in one or more tranches, at an aggregate consideration of approx. Rs. 17 Cr, to source Hybrid Power (Wind & Solar) as a captive consumer for its Kadapa plant.

Key Recognitions during the quarter

• CII-ITC Sustainability Award – DBL commended for ‘Significant Achievement’ in Manufacturing sector under Excellence for Corporate Social Responsibility
• FAME India Awards 2026 – Multiple Awards by various units (JCW, KCW, GCW and Umrangso) on Excellence in Health & Safety, Environment, Sustainability and CSR
• Kalinga Environment Excellence Award – 5 Star award for Excellence in Environment stewardship, Operational Excellence and Sustainable Growth to Rajgangpur and Gold category to KCW Unit in social impact, sustainable development & positive change in communities

About Dalmia Bharat:

Founded in 1939, Dalmia Bharat Limited (BSE/NSE Symbol: DALBHARAT) is one of India’s pioneering cement companies headquartered in New Delhi. With a growing capacity, currently pegged at 54.7 MnT, Dalmia Bharat Limited (including its subsidiaries) is the fourth-largest cement manufacturing company in India by installed capacity. Spread across 12 states and 19 manufacturing units, Dalmia Bharat Limited prides itself at having one of the lowest carbon footprints in the cement industry globally. It is the first cement company to commit to RE100, EP100 & EV100 (first triple joiner) – showing real business leadership in the clean energy transition by taking a joined-up approach. Visit us at https://www.dalmiacement.com. 

Dalmia Bharat Lays ₹3100 Cr Foundation for Next‑Gen Green Cement Plant in Kadapa, Andhra Pradesh

• New manufacturing unit in Kadapa will run on over 80% renewable power, recycle all its water, and create 1,000 jobs - as southern India's cement demand accelerates

Dalmia Bharat Limited (DBL), one of India's leading cement manufacturing companies, today laid the foundation stone for its second manufacturing unit in Kadapa, Andhra Pradesh.

The foundation laying ceremony was graced by Shri Nara Lokesh, Hon'ble Minister for Information Technology, Electronics & Communications, Real Time Governance and Human Resources Development, Government of Andhra Pradesh, along with Mr. Puneet Dalmia, Managing Director & CEO, Dalmia Bharat Limited, senior government officials and the company's leadership.

With an investment of ₹3100 crore, the project will establish a next-generation integrated manufacturing facility, designed to produce one of the world's greenest cement. This expansion is a part of the announcement made by the company in 2025.

To be commissioned by Q3 FY28, the new Kadapa unit will become Dalmia Bharat’s largest integrated manufacturing facilities in southern India with a clinker capacity of 6.1 MTPA and cement manufacturing capacity of 9.6 MTPA. The commissioning is expected to create approximately 1000 direct and indirect additional job opportunities.

Commending Dalmia Bharat for the initiative, Shri Nara Lokesh said: “We see in Dalmia Bharat a strong partner that wholeheartedly shares our vision of building a globally competitive, future-ready economy through sustainable industrialisation. We welcome the company’s continued faith in Andhra Pradesh and look forward to strengthening this partnership to create jobs, empower local communities, strengthen our industrial base and position our state as a global benchmark for green, technology-led growth."

Speaking on the occasion, Mr. Puneet Dalmia, Managing Director & CEO, Dalmia Bharat Limited, said: "Andhra Pradesh has been an integral part of our growth journey for over a decade. Under the visionary leadership of Hon'ble Chief Minister Shri N. Chandrababu Naidu Ji, Andhra Pradesh has emerged as one of India's most progressive and investment-friendly States. Transparent governance, policy stability, world-class infrastructure, and a strong commitment to ease of doing business have created an ecosystem that has encouraged Dalmia Bharat to make yet another significant investment in the State.”

He further added: "This world-class unit is a clear reflection of our long-term vision of redefining cement manufacturing for a low-carbon future. We are creating a next-generation manufacturing ecosystem capable of producing one of the world's greenest cements, while setting new benchmarks in efficiency and sustainability. As a partner in Bharat's growth journey, we are committed to building manufacturing assets that not only support the nation's infrastructure needs today but also contribute to its sustainability goals."

Dalmia Bharat is the first cement company globally to commit to the RE100, EP100 and EV100 initiatives. It will continue to work on inclusive development in the region with the administration and local communities, and will actively increase its ongoing programmes for education, healthcare, skill development and community welfare through its flagship CSR programs – DIKSHa & Gram Parivartan. The expansion is expected to create business opportunities for local MSMEs, transporters, contractors, and service providers alongwith the overall employment opportunities at the plant.

About Dalmia Bharat:

Founded in 1939, Dalmia Bharat Limited (BSE/NSE Symbol: DALBHARAT) is one of India’s pioneering cement companies headquartered in New Delhi. With a growing capacity, currently pegged at 54.7 MnT, Dalmia Bharat Limited (including its subsidiaries) is the fourth-largest cement manufacturing company in India by installed capacity. Spread across 12 states and 19 manufacturing units, Dalmia Bharat Limited prides itself at having one of the lowest carbon footprints in the cement industry globally. It is the first cement company to commit to RE100, EP100 & EV100 (first triple joiner) – showing real business leadership in the clean energy transition by taking a joined-up approach.

Visit us at https://www.dalmiacement.com/

Dalmia Cement Acquires Adani‑Owned JAL Assets for ₹2,850 Cr, Boosts Capacity to 54.7 MnTPA

Dalmia Cement (Bharat) Limited (“DCBL”), a wholly owned subsidiary of Dalmia Bharat Limited, has executed a Business Transfer Agreement with Jaiprakash Associates Limited (“JAL”) (which has been acquired by Adani Group under the Insolvency & Bankruptcy Code “IBC”) and Adani Infra (India) Limited on May 21, 2026 for acquisition of Cement Undertaking comprising of plants located at Rewa (Madhya Pradesh), Churk, Chunar and Sadwa (Uttar Pradesh) with 5.2 MnTPA cement capacity and 3.3 MnTPA clinker capacity at an Enterprise Value of Rs 2,850 Cr. The asset also entails 99 MW of thermal power capacity and railway siding at Rewa and Chunar, along with a common railway siding at Churk.

With the consummation of the transaction, Dalmia Bharat’s cement capacity will increase to 54.7 MnTPA. In addition to this, the ongoing expansion projects at Belgaum, Pune and Kadapa will further augment the company’s cement capacity to 66.7 MnTPA by Q2~Q3 FY28. The transaction is expected to be consummated within two weeks.

DCBL had entered into framework agreement in December 2022 with JAL for sale of business assets along with other relevant agreements in pursuant thereof including a business transfer agreement and cement sale purchase agreement. These agreements were entered into with a view to, inter alia, settle all disputes with JAL including under the ‘Long-term clinker supply agreement’. However, while the consummation of the same was pending, JAL was admitted to insolvency and the sale could not be completed.

Post approval of the resolution plan of Adani Group under the IBC framework with respect to JAL, DCBL requested that the earlier agreement should be considered with a view to settle all pending disputes with JAL. Considering overall interest of all stakeholders and to ensure that the Cement Undertakings are preserved and valuable economic activity can commence in the true spirit of resolution under the IBC, DCBL has executed a fresh Business Transfer Agreement with JAL and Adani Infra (India) Ltd. for the Cement Undertaking, to settle and bring quietus to all disputes and differences between them concerning the ongoing legal proceedings, the pending arbitral award and/or the Framework Agreement.

This acquisition marks a significant milestone in advancing the Company’s vision of becoming a pan-India player and represents a key step towards achieving its long-term capacity expansion targets. The asset provides faster access to Central markets compared to a greenfield project and further offers expansion opportunity through debottlenecking as well as brownfield approach. Considering newer markets, relatively better prices and Dalmia’s proven cost leadership, these assets would augment EBITDA delivery and enhance overall returns for the company.

Commenting on the acquisition, Mr. Puneet Dalmia, Managing Director & CEO – Dalmia Bharat Limited, said, “I am very excited about addition of these assets in our portfolio. This serves as a great strategic fit for Dalmia. It helps us move forward in our journey to be a pan India player and provide a strong head start to serve the high potential markets in Central region. I am optimistic that the expansion potential of these assets along with close proximity with Dalmia’s captive mines will help us create a capacity hub for the future”. He further added, “Our familiarity with these assets under the earlier tolling arrangement gives us a deep understanding of the facilities and helps us establish strong connect with channel partners and vendors. We believe that this will help us in faster ramp up of capacities and quicker inroads into the market. As we look forward, I am very confident that we will be able to leverage the strengths of Dalmia to operate these assets in a manner where we can maximize value creation for all our stakeholders.”

About Dalmia Bharat:

Founded in 1939, Dalmia Bharat Limited (BSE/NSE Symbol: DALBHARAT) is one of India’s pioneering cement companies headquartered in New Delhi. With a growing capacity, currently pegged at 49.5 MnT, Dalmia Bharat Limited (including its subsidiaries) is the fourth-largest cement manufacturing company in India by installed capacity. Spread across 10 states and 15 manufacturing units, Dalmia Bharat Limited prides itself at having one of the lowest carbon footprints in the cement industry globally. It is the first cement company to commit to RE100, EP100 & EV100 (first triple joiner) – showing real business leadership in the clean energy transition by taking a joined-up approach. Visit us at https://www.dalmiacement.com/