1. Opening Hook
Just when everyone thought cement prices had finally found their feet, Q3 politely kicked them again. GST cuts, state elections, petcoke tantrums—basically the full Indian macro buffet. Yet, Dalmia Bharat walked in smiling, carrying double-digit volume growth and a balance sheet that still looks annoyingly clean.
Management opened with GDP patriotism, flirted with consolidation theory, and quietly reminded everyone that they’re still one of the lowest-cost producers in the country. Prices fell, margins sulked, but volumes ran ahead like an overexcited intern.
If you’re here for panic—wrong call.
If you’re here for long-term capacity bravado, cost obsession, and “prices will go up eventually, trust us”—read on.
It gets interesting once the optimism meets reality. 😏
2. At a Glance
- Volumes up 9.5% – Cement moved faster than price discipline.
- Revenue up 10% YoY – Growth happened despite pricing sulking.
- EBITDA/ton ₹823 – Respectable, but not champagne-worthy.
- EBITDA up 18% YoY – Volumes did the heavy lifting.
- NSR down ~4% QoQ – Prices blinked first.
- Net Debt/EBITDA at 0.6x – Balance sheet still flexing quietly.
3. Management’s Key Commentary
“India remains the fastest growing major economy.”
(Translation: Macro will save us, don’t worry 😌)
“Cement demand grew 7–8% YoY in Q3.”
(Translation: The party restarted after monsoon hangover.)
“We delivered 10% volume growth.”
(Translation: Market share matters—even when prices don’t.)
“Prices softened beyond GST cuts, especially
