1. Opening Hook
While Twitter was busy debating whether GDP growth is “real” or “revision-adjusted optimism,” Dalmia Bharat quietly did what cement companies love most—moved more tonnes. Q3 FY26 arrived with festive demand, post-monsoon recovery, and a management deck packed with confidence charts and carbon slides. Volumes grew faster than industry demand, costs behaved (mostly), and EBITDA… well, it remembered Q2 existed.
The market heard “capacity expansion,” ignored “price pressure,” and nodded approvingly at “Net Carbon Negative by 2040.” Management sounded calm, numbers looked decent, and leverage stayed on a tight leash.
But beneath the polished slides and sustainability flex lies a familiar cement story—prices wobble, costs resist heroics, and the real payoff is always next capacity coming online.
Stick around. The fun begins once we decode what they didn’t emphasize.
2. At a Glance
- Volumes up 10% YoY – Demand didn’t grow this fast, but Dalmia did. Extra bags found buyers.
- Revenue up 10% YoY – Mostly volume-led; pricing showed up late and left early.
- EBITDA down QoQ – Q2 was generous, Q3 was realistic.
- EBITDA/T at ₹823 – Still respectable, just not cocktail-party worthy.
- PAT at ₹128 Cr – Lower sequentially; finance costs stayed polite.
- Net Debt/EBITDA at 0.60x – Balance sheet still behaving better than peers.
3. Management’s Key Commentary
“Volumes grew faster than industry demand.”
(Translation: We grabbed market
share while others debated price hikes 😏)
“NSR improved YoY on the back of better prices.”
(Translation: Prices rose, but not enough to brag about.)
“Logistics costs declined due to multiple initiatives.”
(Translation: Rail, routes, and spreadsheets finally agreed.)
“Renewable power share has reached 48%.”
(Translation: ESG slides are now non-negotiable.)
“Expansion projects are progressing as planned.”
(Translation: Capex is heavy, but trust us.)
“Net debt remains well within our capital allocation framework.”
(Translation: Please don’t ask about future capex funding just yet 😏)
“We remain confident about long-term cement demand.”
(Translation: India will keep building; we’ll keep selling.)
4. Numbers Decoded
| Metric | Q3 FY25 | Q3 FY26 | What Changed |
|---|---|---|---|
| Volume (MnT) | 6.7 | 7.3 | More trucks, same roads |
| Revenue (₹ Cr) | 3,181 | 3,506 | Volume > pricing |
| EBITDA (₹ Cr) | 511 | 602 | Q2 hangover faded |
| EBITDA/T (₹) | 765 | 823 | Costs behaved, prices didn’t explode |
| PAT (₹ Cr) | 66 | 128 | Finance costs behaved |
| Net Debt/EBITDA | 0.55x | 0.60x | Still conservative |
One-liner: Costs are under control, but pricing still decides the mood.
5.
