Dalmia Bharat – Q4 FY26 Results Analysis

key financial highlights

• Revenue from Operations:
  • Revenue (Q4 FY26): ₹4,290 Cr
    • QoQ Change: +20.2%
    • YoY Change: +2.5%
  • Previous Quarter (Q3 FY26): ₹3,568 Cr
  • Previous Year (Q4 FY25): ₹4,184 Cr
• Profit After Tax (PAT):
  • PAT (Q4 FY26): ₹394 Cr
    • QoQ Change: +207%
    • YoY Change: -10.3%
  • Previous Quarter (Q3 FY26): ₹128 Cr
  • Previous Year (Q4 FY25): ₹439 Cr
• QoQ Performance
  • Revenue Trend: Strong Recovery
  • Profit Trend: Sharp Recovery

Margin Analysis

Key Drivers:

• Power & fuel costs remain elevated (₹794 Cr in Q4)
• Freight and logistics costs still high
• Operating leverage kicked in QoQ due to volume recovery

Key Signal: Margins improved sequentially, but YoY pressure persists due to cost structure

Earning quality check

Drivers:

• Strong operating cash flow: ₹2,278 Cr
• Significant depreciation (₹1,349 Cr annually)
• Finance costs elevated (₹480 Cr annually)
• Exceptional items impacting comparability

Interpretation:

• Earnings are operationally supported but capital-intensive nature and high finance costs reduce net profitability efficiency.

balance sheet Analysis

• Total Assets: ₹33,312 Cr
• Total Liabilities: ₹15,189 Cr

Insight:

• Increase in borrowings (₹6,168 Cr vs ₹4,605 Cr YoY)
• Strong asset base driven by capex (PPE ₹16,118 Cr)
• Moderate leverage increase indicates expansion phase

key risks

• Rising fuel and logistics costs
• High capital expenditure leading to leverage increase
• Cyclical nature of cement demand
• Margin compression risk in competitive pricing environment

management strategy signals

Focus Area:

• Capacity expansion
• Cost optimization
• Strengthening operational efficiency
• Improving cash flow generation

Financial Metrics

Quarterly Performance Context