Dalmia Bharat Ltd reported a mixed set of numbers for the March quarter of FY26, with profitability under pressure even as revenue and operating performance showed resilience.
Profit slips, revenue edges up
The company posted a consolidated profit after tax (PAT) of ₹394 crore in Q4 FY26, down 10.3% from ₹439 crore in the year-ago period. Revenue from operations rose 3.8% year-on-year to ₹4,245 crore, compared with ₹4,091 crore in the corresponding quarter last fiscal.
Record EBITDA signals operating strength
Despite the dip in bottom line, Dalmia Bharat delivered its highest-ever quarterly EBITDA at ₹902 crore, marking a 14% year-on-year growth. The company also maintained a healthy balance sheet, with net debt-to-EBITDA at 0.46x as of March 31, 2026.
Cement volumes grew 3% YoY to 8.8 million tonnes during the quarter, reflecting steady demand.
Posed for accelerated growth
Managing Director & CEO Puneet Dalmia said the company made strong progress on strategic priorities during the year, delivering its highest-ever annual EBITDA of ₹3,083 crore in FY26. He added that ongoing investments, a robust balance sheet, and a focused leadership team position the company well for accelerated growth.
Chief Financial Officer Dharmender Tuteja noted that improved cement volumes and a better sales mix supported performance during the quarter. He added that EBITDA growth was driven by improved realizations, cost optimisation efforts, and higher volumes, while recent firming up of cement prices is expected to cushion cost pressures stemming from geopolitical uncertainties.
FY26 performance jumps
For the full year FY26, Dalmia Bharat reported a sharp 65.5% jump in PAT to ₹1,157 crore, compared with ₹699 crore in FY25. Revenue from operations increased 5.9% to ₹14,804 crore from ₹13,980 crore.
Renewable push gains momentum
During the quarter, the company commissioned 15 MW of waste heat recovery systems (WHRS) and 7 MW of solar power capacity, along with an additional 17 MW under group captive agreements. This took its total operational renewable energy capacity to 449 MW by the end of FY26.
Dividend announcement
The board has recommended a final dividend of ₹5 per share (250% of face value ₹2) for FY26, subject to shareholder approval at the upcoming AGM.
With steady volume growth, record operating performance, and continued investments in sustainability, Dalmia Bharat appears to be balancing near-term margin pressures with long-term growth ambitions.