Dalmia Bharat Limited — Investor Meet, 22-10-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Dalmia Bharat reported a strong Q2 FY26, with revenue up 11% YoY to Rs. 3,417 Cr and EBITDA soaring 60% YoY to Rs. 696 Cr, reaching Rs. 1,013 per ton for the second consecutive quarter. Margins expanded to 20.4%. Management noted a softer H1 due to weather but anticipates H2 demand recovery, aided by the GST rate cut (28% to 18%) which the company fully passed on. Capacity expansion is on track, with Belgaum and Kadapa projects progressing and a new 3.6 MTPA clinker line in Assam beginning trial runs. FY26 CAPEX is estimated at Rs. 3,000 Cr, and net debt-to-EBITDA stands at a healthy 0.56x. The company maintains its focus on profitable growth and cost leadership, eyeing a 7-8% cement demand CAGR this decade.