Dalmia Bharat Limited — Important, 23-04-2025: General Updates

**Financial Highlights:** Dalmia Bharat reported a 3% year-on-year decline in sales volume to 8.6 MnT for Q4 FY25, with a modest improvement in FY25 sales volume to 29.4 MnT. EBITDA rose 21% year-on-year to Rs 793 Cr in Q4, while the annual EBITDA fell 9% to Rs 2,407 Cr. The EBITDA per ton improved to Rs 926 in Q4, though it declined to Rs 820 for the year. The company maintains a strong net debt/EBITDA ratio of 0.30x as of March 31, 2025.

**Strategic Initiatives and Growth Drivers:** The company expanded its cement capacity by commissioning new facilities in Assam and Bihar, increasing total capacity to 49.5 MnT. A substantial investment of around Rs 3,520 Cr is planned for a new clinker and grinding unit in Karnataka and Maharashtra to further enhance capacity.

**Business Developments:** The establishment of a 2.2 MW solar power plant and additional renewable capacity took total operational renewable energy capacity to 267 MW.

**Market Position and Competitive Advantage:** Dalmia Bharat is recognized for having one of the lowest carbon footprints in the cement sector, with CO2 emissions at 465 kg per ton of cement in FY25.

**Investor Implications:** The growth strategy focused on capacity expansion and sustainability positions Dalmia Bharat favorably amidst a recovering market, making it a stock to watch closely for potential growth opportunities.