Cement prices in the South finally bounced back—almost like your favorite IPL team winning one match after 10 losses. But while prices partied, volumes sulked in a corner. Management, of course, called it “strategy,” not “loss of market share.” And guess what? Despite flat revenues, they still pulled off their highest ever EBITDA. Traders cheered, analysts frowned, and Puneet Dalmia promised the “best is yet to come.”
Stick around—because this concall had everything: big-bang capex, legal battles, tax notices, discounts doubling, and management refusing region-wise data like it’s a state secret. 😏
2. At a Glance
Revenue flat at ₹3,636 Cr – Growth took a monsoon holiday.
EBITDA up 32% to ₹883 Cr – The company’s inner bodybuilder flexed hard.
Margins jumped to 24.3% – Cement finally turned from dust to gold.
Sales volume down 6% YoY – Demand stayed at home watching Netflix.
Net debt at ₹873 Cr – A cement company with gym-fit leverage? Rare.
Stock rose 8% post-call – Traders only heard “EBITDA highest ever.”
3. Management’s Key Commentary
“India is now the 4th largest economy… cement demand to grow 6–7% this year.” (Translation: Demand growth slower than expected, but let’s distract you with nationalism. 🇮🇳)
“We’ll hit 64 MTPA by FY28; Jaisalmer plant depends on JP Associates bid.” (Translation: Expansion roadmap = Excel + optimism + COC approval + court orders.)
“We saw a 9% QoQ improvement in NSR.” (Translation: Prices finally listened to management pep talks.)
“Our EBITDA margin jumped 5.8% YoY to 24.3%.” (Translation: Forget volumes, margins are the new religion.)
“Discounts doubled to ₹1,200/ton but we’re fixing it.” (Translation: Pricing strategy = ‘Buy 1, confuse 10’.)
“Legal issues? High Court, Supreme Court, ED… we’ll fight them all.” (Translation: Cement business + litigation = inseparable twins.)
“Best of India is yet to come, best of Dalmia is yet to come.” (Translation: Standard closing line, please clap. 👏)
