1. Opening Hook
While most of us were busy lighting diyas and burning crackers, Puneet Dalmia decided to light up cement kilns with optimism. The man compared GST cuts to Diwali gifts — except this one might actually last longer than your firecrackers. With a fresh 10% GST cut on cement and a 60% jump in EBITDA, Dalmia’s festive spirit was contagious… until someone asked about volume growth. Spoiler: even Dalmia doesn’t predict that now.
But wait till you see how their “profitable growth” mantra hides a few spicy contradictions. Keep reading — the real cement mix gets thicker later. 😏
2. At a Glance
- Revenue up 11% YoY: CFO swears it’s real demand, not Excel inflation.
- EBITDA grew 60% YoY: Cement turned into money faster than Diwali ads.
- EBITDA/ton ₹1,013: Finally in the four-digit club — no subsidy required.
- Margins at 20.4% (vs 14.1%): Inflation fell, ego rose.
- Net Debt ₹1,602 Cr: Thanks to IEX shares tanking — treasury losses aren’t cemented yet.
- Interim Dividend ₹4/share: A small pat on investors’ backs before the CAPEX storm hits.
3. Management’s Key Commentary
Puneet Dalmia: “The GST cut from 28% to 18% is a long-awaited relief. We’ve passed on the benefit to customers.”
(Translation: We had no choice — SEBI and social media both watch now.)
Dharmender Tuteja: “Revenue grew 10.7% YoY, with realization up 7.6% and volumes up 2.9%.”
(Translation: We sold slightly more, charged a lot more, and called it strategy.)
Puneet Dalmia: “Our Belgaum and Kadapa expansions are on track.”
(Translation: The cement still hasn’t met the builder’s
