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Indian cement manufacturer (Dalmia Cement brand) with strong East and South India presence and a low carbon-footprint focus.
Indian cement manufacturer (Dalmia Cement brand) with strong East and South India presence and a low carbon-footprint focus.
Sells cement mostly in bags through dealers, so profit is the gap between price per tonne and the costs of power, fuel and freight, and its strength lies in the east and south of India. It has expanded by buying other cement companies, including Binani Cement, and the Dalmia family controls it.
Moat: narrow (scale, brand). Strong regional market share in East/South India, but cement is a capital-intensive, competitive commodity business.
Headquarters: New Delhi, India · Founded: 1939 · Employees: 21,332
Size Dalmia Bharat (DALBHARAT.NS) is an India Industrials company (Construction Materials) with a market value of $2.92B, the 292nd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,470 on 6 Nov 2026.
Performance Over six months the shares fell 25.5%, against -13.0% for the median peer and 0.0% for the India market (cap-weighted) — 3rd lowest of 11 in its peer set.
Growth Revenue grew 6.1% over the last twelve months (peer median +9.6%); the operating margin is 9.0% (peer median 8.0%).
Valuation It trades at 31.2× forward earnings against a peer median of 28.9× (6th cheapest of 11).
Capital Return on invested capital runs 7.7 points below its cost of capital (11.8% WACC).
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹152B | ₹145B | ₹136B | ₹144B | ₹133B |
| Revenue growth | — | +7% | -5% | +8% | — |
| Gross profit | ₹69.0B | ₹55.5B | ₹47.7B | ₹48.9B | ₹44.1B |
| EBITDA | ₹28.0B | ₹28.5B | ₹20.3B | ₹23.9B | ₹21.1B |
| Net income | ₹4.90B | ₹11.4B | ₹6.83B | ₹8.26B | ₹10.3B |
| Free cash flow | n/a | -₹1.57B | -₹8.55B | -₹4.97B | -₹6.68B |
| Capital expenditure | n/a | ₹20.6B | ₹26.6B | ₹28.3B | ₹27.1B |
| Total debt | ₹103B | ₹74.1B | ₹57.0B | ₹48.0B | ₹38.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Dalmia Bharat DALBHARAT.NS | $2.92B | -26% | +6% | 9% | 31.2× | n/a |
| UltraTech Cement ULTRACEMCO.NS | $38.8B | +2% | +18% | 14% | 38.0× | 35.8% |
| ACC ACC.NS | $2.46B | -13% | +8% | 4% | 22.9× | n/a |
| Shree Cement SHREECEM.NS | $9.63B | -2% | +14% | 8% | 51.4× | 38.8% |
| India Cements INDIACEM.NS | $1.14B | -15% | +5% | 5% | 25.6× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DALBHARAT.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.3% | +5.8% | 2nd lowest of 11 |
| 6-month return | -25.5% | -13.0% | 3rd lowest of 11 |
| Distance from 52-week high | -34.9% | -30.4% | 4th lowest of 11 |
| Revenue growth (TTM) | +6.1% | +9.6% | 4th lowest of 11 |
| Operating margin | 9.0% | 8.0% | 5th highest of 11 |
| Forward P/E | 31.2× | 28.9× | 6th cheapest of 11 |
| ROIC minus cost of capital | -7.7 pp | -6.1 pp | 4th lowest of 11 |
| EV / EBITDA | 12.2× | 18.1× | 4th cheapest of 11 |
| Net debt / EBITDA | 2.3× | 1.6× | 6th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Dalmia Bharat DALBHARAT.NS | India | $2.92B | -26% | +6% | 9% | 31.2× | n/a | n/a |
| ACC ACC.NS | India | $2.46B | -13% | +8% | 4% | 22.9× | n/a | n/a |
| Ramco Cements RAMCOCEM.NS | India | $2.05B | -15% | +9% | 6% | 70.1× | 31.6% | +11.2% |
| J.K. Cement JKCEMENT.NS | India | $4.28B | -7% | +17% | 11% | 37.7× | n/a | n/a |
| JSW Cement JSWCEMENT.NS | India | $1.78B | -1% | +13% | 12% | 32.2× | n/a | n/a |
| Nuvoco Vistas NUVOCO.NS | India | $1.29B | +2% | +11% | 8% | 20.8× | 17.8% | +8.9% |
| India Cements INDIACEM.NS | India | $1.14B | -15% | +5% | 5% | 25.6× | n/a | n/a |
| Shree Cement SHREECEM.NS | India | $9.63B | -2% | +14% | 8% | 51.4× | 38.8% | +9.4% |
| Ambuja Cements AMBUJACEM.NS | India | $10.3B | -13% | +6% | 4% | 44.1× | n/a | n/a |
| Vesuvius India VESUVIUS.NS | India | $782M | -31% | +4% | 13% | 22.1× | 30.4% | +21.6% |
| Star Cement STARCEMENT.NS | India | $739M | -28% | +15% | 14% | 19.2× | 4.9% | +16.8% |