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Release
August 2026 · rev 1
Opportunities PMS · Published
As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI
Present
Internal working platform. Published figures are extracted from the August 2026 source package and reviewed; reference prices and fundamentals are unlicensed working data, not for redistribution. Past performance is not indicative of future returns.
Company Atlas/Building Materials/Dalmia Bharat
NSE: DALBHARAT· Building MaterialsValue · Aug 26Mid cap

Dalmia Bharat

Value: south/east capacity at half the EV/t

Last close
₹1,637.40
29 Sept 2026 · reference
1D · 1M
−0.9% · −11.3%
price-only
Weight
2.4%
31 Jul 2026 · Aug rank 18
Thesis review
8 Sep 2026
Why We Own, p51
Coverage owner: Research (per book); latest results Q Jun-26Buoyant AIF I Top 30 Holdings - Aug 2026.pdf · p1Buoyant_Why_We_Own_What_We_Own_Sep2026.pdf (portfolio as of 31 July 2026) · p51Screener ↗Tijori ↗NSE ↗
OverviewBusiness & segmentsChartsFinancialsValuationThesisRisks & catalystsCompetitorsResearch & documents
Broker research · 2 reports

Sell-side views, extracted from the PDFs on file

Antique Stock Broking LimitedHOLDdailymulti-company
Antique's Morning Presentation - From The Research Desk (Indian Banking Sector; NBFC 1QFY27 Review; Cement; FMCG)
19 Aug 2026 · Manjith Nair, Pashmi Chheda, Raju Barnawal · 86 pp · open PDF ↗
Target
₹2,100
At report
₹1,837
Vs our close
+28.3%

Dalmia Bharat (DALBHARA) is rated HOLD by Antique amid sector-wide cost inflation outpacing cement price hikes.

Key points
  • Valuation Guide: Mcap $3.6bn, FY27E/FY28E/FY29E P/E of 31.5x/32.3x/27.5x, EV/EBITDA 11.6x/10.7x/9.8x
  • Volumes: FY26 30mn MT to FY29E 41mn MT (10.7% CAGR); Realisation/te FY26 Rs 4,935 to FY29E Rs 5,059 (0.8% CAGR)
  • EBITDA/te: FY26 Rs 1,028 (+25.3% YoY) declining to FY27E Rs 965 (-6.1% YoY) before recovering to FY28E Rs 982/FY29E Rs 1,002
  • Antique's FY27E/FY28E EBITDA estimate of Rs 29,505mn/Rs 37,060mn is 10%/5% below consensus

Extraction note: This is a very long (86-page) multi-sector daily; only sections/data relevant to tracked portfolio companies were extracted in depth. The daily's Banking sector report (pages 3-60) also covers non-portfolio banks in similar depth: Kotak Mahindra Bank, IndusInd Bank, Federal Bank,…

GeojitBUYcompany update
Dalmia Bharat Ltd. - Volumes Drive Growth, Margins Remain Soft
10 Aug 2026 · Vincent K A · 6 pp · open PDF ↗
Target
₹2,278
At report
₹1,826+25% printed
Vs our close
+39.1%

Geojit retains BUY on Dalmia Bharat as 7% YoY revenue growth and 9% YoY volume growth (ahead of the 7-8% industry rate) offset a soft quarter for margins, with EBITDA down 9% YoY on elevated power, fuel and other cost inflation. The broker expects a meaningful ramp-up from Q3FY27 as the acquired Jaypee (JAL) assets contribute to volumes and turn EBITDA-neutral, supporting a 12x EV/EBITDA target price of Rs.2,278.

Thesis
  • Q1FY27 revenue grew 7.0% YoY to Rs.3,890cr on robust volume growth of 9% YoY, ahead of estimated industry demand growth of 7-8% YoY
  • EBITDA fell 8.8% YoY to Rs.805cr with margins down 360bps to 20.7% as power & fuel and other expenses rose 17% YoY
  • Reported PAT fell 52.2% YoY to Rs.188cr on JAL acquisition-related expenses of Rs.182cr; Adjusted PAT fell 15.1% YoY to Rs.324cr on higher interest and depreciation from the debt-funded acquisition
  • Management expects meaningful volume contribution from acquired JAL assets from Q3FY27, turning EBITDA-neutral within a couple of quarters and reaching Dalmia's average EBITDA/ton over 7-8 quarters
  • Cement capacity to rise to ~67MT by Q3FY28, with a directional long-term target of 110-130MT by FY31 as the company becomes a pan-India player
  • Volume growth guided to outperform the industry by 200-250bps, supported by geographical expansion into the central region
Risks
  • Input costs projected to rise ~Rs.70-80/ton sequentially in Q2FY27, keeping cost pressures elevated
  • Gross debt increased to Rs.9,108cr following the debt-funded JAL acquisition, though management expects net debt/EBITDA to stay below 2x
  • Depreciation guided to rise by Rs.100cr in FY27 and a further Rs.100-250cr in FY28 as Jaypee, Belgaum, Kadapa and Pune assets are commissioned
  • Only 50% pass-through of cost inflation achieved so far, per per-ton analysis showing EBITDA/ton down 16.0% YoY
Q1FY27 highlights
  • Sales Rs.3,890cr, up 7.0% YoY, down 8.4% QoQ
  • EBITDA Rs.805cr, down 8.8% YoY, margin 20.7% (-360bps YoY)
  • Reported PAT Rs.188cr, down 52.2% YoY on Rs.182cr JAL acquisition-related expenses
  • Adjusted PAT Rs.324cr, down 15.1% YoY
  • Cement volume 7.6MT, up 9% YoY outperforming industry (7-8% YoY)
  • EBITDA/ton Rs.1,059, down 16.0% YoY
Catalysts
  • Ramp-up of acquired JAL assets from Q3FY27 driving H2FY27 topline growth
  • Cement demand strengthened in June on return of labour to construction sites post state elections
  • FY27 capex guidance maintained at Rs.3,200-3,400cr, including Rs.200cr for Jaypee asset efficiency capex
  • FY27 incentive guidance of Rs.200cr reiterated (Rs.45cr accrued in Q1FY27)
Broker estimatesUnitFY26AFY27EFY28E
SalesRs. cr14,80416,45218,510
EBITDARs. cr3,0833,2853,978
EBITDA Margin%20.82021.5
Adj. PATRs. cr1,1581,2181,411
Adj. EPSRs.61.864.975.2
P/Ex29.628.124.3
P/Bx1.91.81.7
EV/EBITDAx11.911.79.9
ROE%6.66.67.1
D/Ex0.50.50.5

Valuation: 12x EV/EBITDA. Geojit values Dalmia Bharat at 12x EV/EBITDA to arrive at a target price of Rs.2,278 and maintains its BUY rating. Geojit raised FY27E/FY28E revenue estimates by 0.2%/0.4%, cut FY27E EBITDA by 2.5% while raising FY28E EBITDA by 1.3%, and raised FY27E/FY28E Adj. PAT by 3.7%/0.7% and EPS by 3.8%/0.7%.

Extraction note: The 'Change in Estimates' exhibit shows slightly different Adj. PAT/EPS figures (FY27E 1,205/64.2, FY28E 1,375/73.3) than the main financial summary table (1,218/64.9 and 1,411/75.2); the main summary table values were used for the estimates array as the primary reported figures.

Figures are transcribed from each broker's PDF as printed (units as the broker states them) and are the broker's estimates, not Buoyant's. "Vs our close" recomputes the target against the latest reference close (29 Sept 2026).

SWOT

Strengths · Weaknesses · Opportunities · Threats

Draft
Strengths
  • Cheapest replacement-cost play among large-caps: market cap of ~Rs 32,000 cr plus net debt of Rs 4,431 cr gives an EV of ~Rs 36,500 cr on 54.7 mtpa, i.e. ~Rs 670 cr (~$78) per mtpa, versus the ~$100+/t cost of new greenfield capacity and the Rs 548/t (~Rs 2,850 cr for 5.2 mtpa) Dalmia itself paid for the JP assets (management: near replacement cost).
  • Capacity growth of ~22% to 66.7 mtpa by FY28 is largely funded and under construction: Belgaum 3 mtpa 78% complete (Q4FY27), Kadapa 6 mtpa (Q3FY28), Pune 3 mtpa (Q2FY28), with FY27 capex of Rs 3,200-3,400 cr and leverage of 1.47x net debt/EBITDA kept below the 2x ceiling.
  • Margin recovery: FY26 EBITDA rose 28% to Rs 3,083 cr (OPM 21% vs 17%) and PAT rose 66% to Rs 1,157 cr; Q1FY27 EBITDA/tonne of Rs 1,055 is above ICRA's FY27 industry estimate of Rs 880-930/t, and cost-saving programme targets Rs 150-200/t (Rs 45-50/t achieved).
  • South-India pricing is improving - management cited Rs 10-15/bag hikes in the South in Q1FY27 and industry-wide 6-7% increases in South/East in April 2026 - the regions where Dalmia has its highest share.
Weaknesses
  • vs 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.
  • vs 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.
Opportunities
  • Commissioning of the 3 mtpa Belgaum unit in Q4FY27 (Jan-Mar 2027) - first step to 66.7 mtpa.
  • Q2FY27 results (late Oct-2026) showing JP assets' ramp (first shipment 20-Jun-2026) and whether the South price hikes held through the monsoon.
  • Any further bolt-on acquisition at or below replacement cost, or a re-rating as leverage stays below 2x through the capex cycle.
Threats
  • East-India pricing remains depressed (management declined to guide on East prices) and Q2FY27 costs are guided up Rs 70-80/t, so EBITDA/tonne could slip below Rs 1,000 in the monsoon quarter.
  • Integration risk: the JP assets need 7-8 quarters to reach Dalmia's normal EBITDA/tonne, and net debt tripled QoQ to Rs 4,431 cr with Rs 3,200-3,400 cr of FY27 capex still to spend.
  • Structurally low ROE (6.1% FY26, 5% three-year) and five-year sales CAGR of only 8%; screener flags both; earnings have been downgraded by some brokers to Sell/Hold in early 2026.

Compiled from the approved one-pager (Why We Own What We Own, 8 Sep 2026): why-we-own → strengths, catalysts → opportunities, key risks → threats, peer caveats → weaknesses. Editorial mapping pending review. · author: compiled from the approved one-pager

Research reports · upload with a check step

0 approved · 0 pending · 0 rejected

Only approved reports are readable from the company page; the reviewer must differ from the uploader. Files are hashed (duplicates skipped) and held in the private store.

Internal evidence

Buoyant sources for this name

  • August 2026 top-30 disclosure — rank 18, Building Materials, Value. Buoyant AIF I Top 30 Holdings - Aug 2026.pdf
  • One-pager, "Why We Own What We Own" — p51, 8 Sep 2026. Buoyant_Why_We_Own_What_We_Own_Sep2026.pdf (portfolio as of 31 July 2026)
  • Sales playbook, Aug 2026 — holdings matrix (PMS/AIF I/AIF II, $31 Jul 2026). Buoyant_Capital_Sales_Playbook_Aug_2026_Full_Holdings.pdf

Original PDFs are in the supplied package on disk; private object storage is not configured, so source pages are referenced, not served.

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Ownership

Shareholding · Jun'26

Promoter55.84%
Indian Promoters55.84%
Keshav Power Limited36.04%
Sita Investment Company Limited7.40%
Rama Investment Company Private Limited5.73%
Dalmia Bharat Refractories Limited1.88%
Dalmia Bharat Sugar and Industries Limited1.70%
Kavita Dalmia Parivar Trust1.38%
J.H. Dalmia Trust1.38%
Shri Brahma Creation Trust0.19%
Alirox Abrasives Limited0.13%
Shri Yadu Hari Dalmia C/o Y. H. Dalmia (HUF)0.00%
OCL China Limited0.00%
Eagle Agrotech Holdings Limited0.00%