Value: south/east capacity at half the EV/t
Dalmia Bharat Limited, a prominent cement company in India, emphasizes innovation and sustainability to offer top-notch, cost-effective, and environmentally friendly products, catering to a range of construction needs with customized solutions.
Dalmia Bharat Limited, together with its subsidiaries, manufactures and sells cement and its related products primarily in India. It offers ordinary Portland cement (OPC), Portland pozzolana cement (PPC), Portland composite cement (PCC), and Portland slag cement (PSC) under the Dalmia DSP Cement, Dalmia Cement, Konark Cement, Dalmia Bharat Weather365, InfraPro Cement, and InstaPro Cement brand names. The company also provides Dalmia Magic Premium Skim Coat, a natural colour tone alternative to wall putty; Dalmia Magic FIBROTHICK, a versatile cement based micro-texture; Dalmia Magic Premium Ceilingfast, a fiber polymer modified cement-based plaster; Dalmia Magic INNOBOND, a versatile thin-set block jointing mortar for thin bed applications; Dalmia Magic INNOFIX, a versatile adhesive material for very thin bed applications; and Dalmia Infra Green products. It serves institutional and commercial establishments, individual home builders, and government bodies engaged in infrastructure development. The company was formerly known as Odisha Cement Limited and changed its name to Dalmia Bharat Limited in April 2019. Dalmia Bharat Limited was founded in 1939 and is headquartered in New Delhi, India.
Key people: Mr. Puneet Yadu Dalmia B.Tech., M.B.A. (MD, CEO & Executive Director) · Mr. Manu Sood (Chief Digital & Information Officer) · Mr. Rajeev Kumar (Company Secretary & Compliance Officer) · Mr. Rajiv Kumar Choubey (Senior Executive Director, Group General Counsel & Chief Risk Officer) · Mr. Udaiy Khanna (Senior Executive Director, Head of Human Resources & Chief Human Resources Officer) · Mr. Gautam Dalmia M.S (MD & Executive Director)
Dalmia Bharat major competitors are JK Cement, ACC, The Ramco Cements, Nuvoco Vistas Corpn., India Cements, Star Cement, JK Lakshmi Cement. Market Cap of Dalmia Bharat is ₹33,189 Crs. While the median market cap of its peers are ₹11,959 Crs.
Dalmia Bharat seems to be less financially stable compared to its competitors.Altman Z score of Dalmia Bharat is 2.73 and is ranked 5 out of its 8 competitors.
Yahoo profile 23 Sept 2026 · Tijori 23 Sept 2026
Latest reported mix as compiled by Tijori from company disclosures; percentages of revenue.
As the company reports them. They can differ from the ratio table on the Financials tab, which uses Tijori's own definitions (for example NIM on average total assets rather than on interest-earning assets); the Cross-check panel there lines both up.
India's fourth-largest cement group by capacity with 54.7 mtpa at Jun-2026 (after adding 5.2 mtpa of Jaiprakash/JP central-India assets at Chunar, Rewa and Sadwa for Rs 2,850 cr), historically concentrated in the South and East (Tamil Nadu, Andhra/Telangana, Odisha, West Bengal, Bihar, North-East) and now expanding into Central and West India. Sells ~30 mt a year (Q1FY27 volume 7.6 mt) with a 25% premium-product mix in trade; targets ~67 mtpa by FY28 and 110-130 mtpa by FY31.
TTM P/E 29.2x and ~1.8x book (Rs 1,713 / BV Rs 959); ~11-12x forward EV/EBITDA per MOFSL (Feb-2026). 5-year average not sourced. EV/EBITDA n.m.; dividend yield 0.5%.
| Shree Cement | Shree trades at ~52x TTM P/E and ~Rs 84,844 cr market cap with a 7.5% ROE; Dalmia's 29x P/E and lower EV/tonne offer more re-rating room for a similar ROE profile. |
| JK Cement | JK Cement has a superior 15.6% ROE but trades at ~40x P/E with Rs 6,183 cr of borrowings; it is a North/Central play with a larger white-cement/putty business - Dalmia is the cheaper South/East asset base. |
| Ramco Cements | Ramco is the most direct southern peer but has ROE of 0.4%, ~108x P/E and Rs 3,871 cr of debt on a Rs 20,587 cr market cap; Dalmia has a stronger balance sheet (1.47x net debt/EBITDA) and a diversified East/Central footprint. |
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Building Materials — 5.3%: consolidation, not capex faith
Cement is the one capex-linked industry where we are comfortable being large, because the investment case is about industry structure, not order books. Two groups — UltraTech (200+ mtpa) and Adani (~109 mtpa) — now control ~309 mtpa against 126 mtpa in 2016, and a fragmented industry that could never hold prices is becoming a duopoly-led one that can. Demand is solid: production rose 9.8% in CY2025 to 481 mt and ICRA expects 6–7% growth in FY27 on housing, roads and irrigation. Supply is the debate — 47–49 mtpa was added in FY26 and 35–37 mtpa follows in FY27 with utilisation around 70–72% — which is why all-India prices are flat at ₹349/bag and the ₹10/bag hikes attempted in August have not stuck. We are not underwriting a price boom; we are underwriting that the two leaders take share and keep costs falling (UltraTech's EBITDA/t of ₹1,214 versus Ambuja's ₹931 in Q1FY27 is the moat in one number), and that Dalmia's south and east capacity is worth far more than 30x depressed earnings implies.
Ambuja/ACC is the other consolidator but the Adani group's integration and cost delivery are lagging (EBITDA/t down 13% YoY) and the holding-company structure adds complexity; Shree Cement is the most efficient north Indian producer but trades at 50x+ on a self-imposed growth cap; JK Cement and Ramco are regional stories at leader-like multiples. Among pipes (in our Industrials bucket) we own Astral over Supreme (PMS) because the CPVC-led mix and adhesives optionality offer more growth for a similar price.
| Cement Production - Market Share | 5.65 % | as of Mar 25 |