Dalmia Bharat (DALBHARAT) Q3 25/26 earnings summary

Executive summary

• Achieved 10% YoY sales volume and revenue growth in Q3 FY26, with premium product share at 23% and trade share between 62-68%.

• EBITDA for Q3 FY26 reached ₹602 crore, up 18% YoY, with margin improvement supported by volume, price, and cost levers.

• PAT for Q3 FY26 was ₹128 crore, up from ₹66 crore YoY; EPS for 9M FY26 stood at ₹40.0.

• Expansion plans on track, with new clinker line in Assam commissioned and further projects progressing as scheduled.

• Targeting 75 million tons capacity by FY2028 and 110-150 million tons by 2031.

Financial highlights

• Q3 FY26 sales volume reached 7.3 million tons, up 9.5% YoY; revenue was ₹3,506 crore, up 10% YoY.

• Q3 FY26 EBITDA: ₹602 crore (up 18% YoY); PAT: ₹128 crore (up 94% YoY); 9M FY26 PAT: ₹762 crore (up 193% YoY).

• EBITDA per ton at ₹823; absolute EBITDA at ₹602 crore.

• Logistics cost declined 5.6-6% YoY; power and fuel cost per ton up 1% YoY; raw material cost per ton up 2% YoY.

• Basic and diluted EPS for the quarter stood at ₹6.50 (consolidated), up from ₹3.25 YoY.

Outlook and guidance

• Expecting continued strong demand in Q4, with industry growth likely in high single digits.

• Margins anticipated to improve with better pricing in Q4.

• CapEx guidance for FY2026 at INR 2,700 crore; next year expected at INR 4,000 crore.

• Capacity expansion plans to reach 75 MnTPA by FY28 and 110-150 MnTPA by 2031.

• Full-year FY26 GDP growth forecast revised upward to 7.3%.