Dalmia Bharat Limited Earnings Summary — Q4 FY2026
Dalmia Bharat Delivers Strong Revenue Recovery and Margin Improvement in Q4 FY2026
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue declined 8.4% sequentially in Q1 FY2027.
- Revenue of ₹3,890 Cr is 7.0% higher year-on-year.
- Revenue has compounded at -4.4% annualised over the last 10 quarters.
- Net profit of ₹188 Cr is 52.2% below the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at -20.5% annualised across the period.
- Operating margin stands at 20.7% in Q1 FY2027.
- Operating margin compressed by 359 bps year-on-year.
- Over the last two years operating margin has expanded by 221 bps.
- PBT margin is 6.5%.
- Expenses grew 12.1% against revenue growth of 7.0%.
- Operating profit of ₹805 Cr is 8.8% lower year-on-year.
- Operating leverage has been under pressure recently.
- 5 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 44/100 (Moderate) on the latest 10 quarters.
- Business momentum has softened and warrants monitoring.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Stable | 3,890 | 4,245 | 3,506 | 3,417 | 3,636 | 4,091 | 3,181 | 3,087 | 3,621 | 4,307 |
| Expenses | Stable | 3,085 | 3,343 | 2,904 | 2,721 | 2,753 | 3,298 | 2,670 | 2,653 | 2,952 | 3,653 |
| Operating Profit | Improving | 805 | 902 | 602 | 696 | 883 | 793 | 511 | 434 | 669 | 654 |
| Operating Margin | Improving | 20.7% | 21.3% | 17.2% | 20.4% | 24.3% | 19.4% | 16.1% | 14.1% | 18.5% | 15.2% |
| Other Income | Volatile | -43 | 34 | 30 | 66 | 65 | 93 | 37 | 73 | -63 | 120 |
| Interest | Improving | 147 | 132 | 118 | 122 | 108 | 105 | 101 | 98 | 95 | 94 |
| Depreciation | Stable | 361 | 365 | 340 | 322 | 322 | 314 | 364 | 336 | 317 | 328 |
| Profit Before Tax | Volatile | 254 | 439 | 174 | 318 | 518 | 467 | 83 | 73 | 194 | 352 |
| Tax | Volatile | 62 | 45 | 46 | 79 | 123 | 28 | 17 | 24 | 49 | 32 |
| Net Profit | Volatile | 188 | 387 | 122 | 236 | 393 | 435 | 61 | 46 | 141 | 315 |
| Net Margin | Volatile | 4.8% | 9.1% | 3.5% | 6.9% | 10.8% | 10.6% | 1.9% | 1.5% | 3.9% | 7.3% |
Key Takeaways
- Revenue for Q4 FY2026 reached ₹4,245 Cr, reflecting a robust 21% sequential growth.
- Operating Profit Margin improved to 21%, up from 17% in the preceding quarter, indicating better cost control.
- The company continues its heavy capital expenditure cycle, reflected in the rise of Borrowings to ₹7,406 Cr.
- Despite sequential recovery, Net Profit is down 10.2% compared to the same quarter last year (₹394 Cr vs ₹439 Cr).
- Interest costs have risen steadily to ₹132 Cr this quarter, up from ₹105 Cr YoY, following increased debt levels.
- Tax expense as a percentage of profit dropped significantly to 10% in Q4 compared to 26% in the previous quarter.
- Management maintains a focus on scale, with Fixed Assets growing to ₹19,371 Cr to support market share goals.
Management Guidance
Management remains committed to aggressive capacity expansion and sustainability, positioning the company as a low-carbon leader. Focus is on digital transformation and supply chain optimization to bridge the gap between capacity leadership and shareholder returns.
Sentiment Shift
Improving
A strong sequential rebound in margins and revenue suggests the company is effectively managing recent cost headwinds even as it scales.
Outlook
The outlook remains constructive on volumes due to infrastructure play, though high interest costs and negative free cash flow from recent capex cycles remain key monitors for capital efficiency.
From the Annual Report (Key Quotes)
“Dalmia Bharat is India's 4th largest cement manufacturer, characterized by aggressive capacity expansion.”
“There is a perceived gap between the 'Promise' of capacity leadership and the 'Delivery' of shareholder returns.”
“Management is viewed as visionary regarding scale and sustainability, positioning Dalmia as one of the lowest carbon-footprint cement producers globally.”
Official Quarterly Documents
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This summary is AI-generated from Dalmia Bharat Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.