Dalmia Bharat Limited — Investor Meet, 25-07-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Dalmia Bharat achieved its highest-ever Q1 FY26 EBITDA of INR 883 Cr, with EBITDA per ton up 40% YoY to INR 1,261 on flattish volumes (excluding prior year tolling). Sales quality improved, boosting Net Sales Realization by 9% QoQ. The company plans significant capacity expansion of 14-14.5 MTPA by FY28 (total 63.5-64 MTPA), including new units in Belgaum/Pune and Kadapa/Chennai, and a Northeast grinding unit. A North India expansion is eyed, with Jaisalmer considered, contingent on the Jaiprakash Associates acquisition. Management is confident about sustained pricing power, cost reduction initiatives, and long-term profitable growth in the sector.