Dalmia Bharat Q1 FY26: Capex-Heavy Cement Beast or Just Dusty Hype?
Date of Publishing -
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1. At a Glance
Dalmia Bharat drops a power-packed Q1 FY26: ₹883 Cr EBITDA (+32% YoY), ₹395 Cr PAT, and a wild ₹6,800 Cr capex plan for 12 MTPA capacity. But with a P/E of 47 and ROE under 5%, is this cement titan building empires—or just castles in the air?
2. Introduction with Hook
Picture this: You’re pouring crores into kilns, your margins are finally rising, and then boom—investors start asking “Where’s the ROE, bro?” Welcome to Dalmia Bharat Ltd, India’s 4th-largest cement manufacturer with massive ambition and mid-tier returns. With ₹43,000 Cr market cap, this is a classic “capex today, returns tomorrow” story. But is tomorrow getting pushed a little too far?
Q1 FY26 PAT: ₹395 Cr (+71% YoY)
EBITDA: ₹883 Cr (+32% YoY)
Capex Announced: ₹6,800 Cr for 12 MTPA
3. Business Model (WTF Do They Even Do?)
Dalmia Bharat is in the business of cement… and ambition.
Segments:
Cement Manufacturing (bulk of revenue)
Power & Waste Heat Recovery (integrated plants)
Clinker & Grinding operations
Geography:
Strong in South & East India
Expanding towards North & Central via acquisitions + greenfield
