Scope

As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI

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-26Screener ↗Tijori ↗NSE ↗

Analysis · industrial rules · FY21–FY26

What the numbers say

data to 30 Jun 2026

Growth

2.8

Profitability

2.3

Balance sheet

2.5

Cash conversion

3.3

Valuation

0.0

Sales14,804 cr FY26

Net Profit1,139 cr FY26

Operating margin20.8% FY26

ROCE7.1% FY26

Revenue CAGR 3y

3.0%

5y 7.9%

Net profit CAGR 3y

3.2%

5y −0.6%

Operating margin

20.8%

3y avg 17.4%

CFO / PAT, 3y

2.65x

FCF ₹-360 cr cumulative

ROCE

7.1%

3y avg 6.2%

Debt / equity

0.38x

interest cover 4.0x

Cash conversion cycle

-178 days

-140 days three years earlier

P/E

34.9x

PEG 10.9 on 3y PAT growth

Promoter holding

55.8%

FII 6.8% · DII 19.9%

Growth. Revenue compounded 3.0% a year over FY23–FY26, net profit 3.2%; the latest year grew 5.9% (profit 66.8%). · Tijori P&L, annual
Margins. Operating margin 20.8% in FY26, +3.4 pp against the prior three-year average. · Tijori P&L (OPM)
Cash conversion. Operating cash flow was 2.65x reported profit across the last three years; free cash flow of minus ₹360 cr after capex. · Tijori cash flow vs P&L
Returns on capital. ROCE 7.1% and ROE 6.3% in FY26 (three-year average ROCE 6.2%). · Tijori ratios sheet
Balance sheet. Debt to equity 0.38x, interest covered 4.0x by EBIT in FY26. · Tijori ratios sheet
Working capital. Cash conversion cycle shortened from -140 to -178 days over three years. · Tijori ratios sheet
Valuation. 34.9x trailing earnings, 12.2x EV/EBITDA, 1.9x book — 10.9x the three-year profit growth rate; dividend yield 0.5%. · Tijori valuation ratios at the latest price
Latest quarter. Q Jun-26: revenue 7.0% YoY, net profit −52.2% YoY; 4 of the last 4 quarters grew revenue year on year. · Tijori quarterly results

Forensic flags · Tijori

Accounting & Shareholding

Contingent Liabilities: Company does not have significant contingent liabilities
Depreciation Effect: Company is depreciating a lower percentage of assets. this is contributing to an increase in net profit
Other Income: Other income is not affecting ratios of the company
Pledge: Promoters have not pledged a significant portion of their holding
Retail Holding: Retail has been buying the stock which is usually a sign of exuberance
Promoter Holding: Promoter has not sold any shares in the last 90 days
Revenue Recognition: Company is converting accounting profit to cash

Price & Performance

Capex vs ROCE: Roce of the company has increased over the last three years
ROE: Net profit margin is responsible for roe increase over last 10 years
Working Capital: Working capital of the company seems to be under control
Current vs Historic Valuation: Company is trading at a discount to 3yr historic valuations
Debt: Company should not have issues servicing its debt
Share price: Share price has increased over last 10 years but more due to rerating
Sales Growth: Sales of the company has grown at a slow pace
Margin Stability: Margins of the company are volatile
ROCE Strength: Roce of the company is not consistently strong
Balance Sheet Strength: Balance sheet of the company is moderately strong, but it might have issues paying it suppliers

Rules over the stated numbers only — CAGRs need positive start and end values, margins use the company's own OPM line, cash conversion is cumulative operating cash flow over cumulative profit for the last three fiscal years. Scores are 0–5 rule outputs, not a recommendation. Source: Tijori Finance normalised statements; Buoyant's own estimates are shown separately below and never blended in.

Cross-check

Same metric, every source · Dalmia Bharat

Where the app shows the same metric in more than one place, this table lists each figure with its period and definition. No two sources disagree on the same period and definition; every difference below is a period or definition difference.

Metric	Source	Period	Definition	Value	Verdict
Return on equity	Tijori ratio table	FY26	net profit ÷ year-end equity (Tijori)	6.34%	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	TTM	trailing 12 months (Tijori)	6.34%
	House model (one-pager)	FY26	net profit ÷ average equity, standalone	6.10%
Net profit	Tijori P&L	FY26	consolidated, annual	₹1,139 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori P&L	TTM Jun-26	trailing 12 months	₹953 cr
	Tijori screener	TTM	trailing 12 months	₹953 cr
	House model (one-pager)	FY26	standalone, annual	₹1,157 cr
	Tijori quarterly table	Q Jun-26	single quarter	₹188 cr
P/E	Tijori screener	TTM at 2026-09-25	price ÷ trailing EPS	35.10x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori ratio table	FY26 year-end	year-end price ÷ that year's EPS	29.63x
	House model (one-pager)	FY27E	FY27E / FY28E P/E (Buoyant sheet)	30.70x
P/B	Tijori screener	at 2026-09-25	price ÷ book value per share	1.82x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
P/B	Tijori ratio table	FY26 year-end	year-end price ÷ book value	1.88x
Market cap	BSE master	2026-09-25	BSE full market cap	₹32,618 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	latest Tijori refresh	price × shares	₹32,692 cr
	House one-pager	31-Jul-26	as printed	₹33,653 cr
Promoter holding	Tijori screener	latest filing	% of shares	55.84%	One source

Tolerance for a conflict: 1.5% on the same period and definition (3% for market cap, which moves with the price date). Tijori's ratio table uses its own definitions; the quarterly table and operating metrics carry the company's reported figures; the house model is standalone and dated.

Trend

Sales and net profit, FY

₹ crore. Actuals only; the last column is a TTM where labelled. Estimates are shown separately below with an "E" and never blended into this series.

Buoyant estimates

Model table from the research book

Buoyant estimates
₹ crore / %	FY24	FY25	FY26
Revenue (₹ cr)	14,691	13,980	14,804
EBITDA (₹ cr)	2,639	2,407	3,083
Net profit (₹ cr)	853	699	1,157
ROE (%)	n.a.	n.a.	6.1

Estimate columns (E) are in green italics.

Consolidated where reported · standalone not separately available in this source

Income statement (annual)
₹ crore unless %	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	TTM Jun-26
Sales	8,580	9,484	9,674	10,110	11,286	13,552	14,691	13,980	14,804	15,058
Operating Expenses	6,559	7,656	7,591	7,348	8,914	11,243	12,054	11,573	11,721	12,053
Raw Material	1,509	1,932	1,721	1,483	1,537	1,958	2,687	2,347	2,324	2,400
Material Cost (%)	17.60	18.82	18.05	15.26	13.04	14.62	18.40	16.65	15.79	15.72
Employee Cost	609	648	675	659	744	771	871	885	894	912
Power & Fuel Cost	1,405	1,756	1,738	1,659	2,570	3,679	3,116	2,903	2,980	—
Operating Profit	2,021	1,828	2,083	2,762	2,372	2,309	2,637	2,407	3,083	3,005
Other Income	274	368	226	204	214	145	317	253	222	312
OPM (%)	23.55	19.27	21.53	27.32	21.02	17.04	17.95	17.22	20.83	19.96
Depreciation and Amortisation	1,213	1,296	1,528	1,250	1,235	1,305	1,498	1,331	1,349	1,388
Interest	693	561	424	318	202	234	386	399	480	519
Profit Before Tax	389	339	357	1,364	1,152	1,325	1,070	817	1,450	1,186
Tax	98	-10	119	178	315	242	216	118	292	232
Net Profit	292	308	224	1,171	816	1,035	826	683	1,139	953
Number of shares(Crs)	—	19	19	19	19	19	19	19	19	—
Dividend Payout Ratio(%)	—	12.66	17.41	2.10	20.40	16.09	20.70	25.04	15.01	—

Consolidated where the company reports consolidated; Tijori Finance normalisation of company filings. Fiscal years end 31 March; "TTM" columns are trailing twelve months to the stated quarter. Quarterly growth is year-on-year (same quarter, prior year). Quarterly balance-sheet and cash-flow data are not disclosed and are not implied. General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA.

Ratios

Sector-appropriate ratios

Ratio	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Interest Coverage Ratio	1.13	1.56	1.60	1.84	5.29	6.70	6.66	3.77	3.05	4.02
Cash Conversion Cycle	-207.00	-168.00	-133.00	-124.00	-158.00	-176.00	-140.00	-122.00	-179.00	-178.00
Inventory Days	28.53	29.59	31.94	33.77	27.69	23.86	26.52	26.90	27.18	25.68
Days Receivable	23.20	22.62	19.63	20.42	18.76	16.57	16.11	16.31	18.00	17.46
Days Payable	258.00	220.00	185.00	178.00	204.00	217.00	183.00	165.00	224.00	221.00
Debt to Equity Ratio	0.83	0.70	0.55	0.56	0.29	0.19	0.24	0.28	0.30	0.38
Free Cash Flow/Sales (%)	19.91	14.14	9.67	10.29	25.49	1.87	-3.31	-0.60	-3.64	1.60
Free Cash Flow(est) (Crs)	1,483.00	1,213.00	917.00	995.00	2,577.00	211.00	-449.00	-88.00	-509.00	237.00
Gross Margin (%)	83.12	82.40	81.18	81.95	84.74	86.96	85.38	81.60	83.35	84.21
Op Profit Margin (%)	25.43	23.55	19.27	21.53	27.32	21.02	17.04	17.95	17.22	20.83
Net Profit Margin (%)	0.59	3.40	3.25	2.32	11.58	7.23	7.64	5.62	4.89	7.69
ROCE (%)	5.52	6.23	5.50	4.95	10.06	6.75	5.46	6.27	5.33	7.09
ROIC (%)	1.48	4.56	4.23	3.04	10.71	6.16	5.27	5.28	4.93	6.78
ROE (%)	0.46	2.83	2.90	2.12	9.14	5.08	6.62	5.04	3.93	6.34
Net Profit Margin (%)	0.59	3.40	3.25	2.32	11.58	7.23	7.64	5.62	4.89	7.69
P/E	n.m.	n.m.	62.67	42.57	25.07	33.89	35.10	44.68	50.61	29.63
Price to Book	—	—	1.82	0.90	2.29	1.72	2.33	2.25	1.99	1.88
EV/EBITDA	3.59	3.01	11.25	6.53	11.07	11.84	16.21	13.86	14.91	12.18
Dividend Yield (%)	—	—	0.20	0.41	0.08	0.60	0.46	0.46	0.49	0.51

General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA. Suppressed for this preset: none.