Dalmia Bharat (DALBHARAT) Q4 24/25 earnings summary

Executive summary

• Q4 FY2025 saw improved economic activity, but sales volume declined 3% YoY to 8.6 MnT; full-year volume grew 2% YoY to 29.4 MnT, with GDP growth estimated at 6.5%.

• EBITDA rose 21% YoY to Rs 793 Cr in Q4 FY25, margin up to 19.4%; full-year EBITDA at Rs 2,407 Cr.

• Net Debt/EBITDA improved to 0.30x as of March 31, 2025.

• Board recommended a final dividend of Rs 5 per share for FY25, subject to approval.

• Audited standalone and consolidated financial results for FY25 were approved, with unmodified opinions.

Financial highlights

• Q4 revenue at Rs 4,091 Cr, down 5% YoY; full-year revenue at Rs 13,980 Cr, with consolidated revenue at Rs 14,691 Cr.

• Q4 EBITDA margin improved to 19.4% from 15.2% in Q4 FY24.

• Q4 PAT at Rs 699 Cr; consolidated net profit for FY25 at Rs 853 Cr.

• Cost of raw material and power & fuel per ton declined YoY in Q4 FY25, supporting margins.

• Goodwill from Odisha Cement acquisition fully amortized by December 2024, impacting PBT.

Outlook and guidance

• FY2026 GDP growth projected at 6.5%; cement demand expected to grow 7%-8%.

• Operational renewable energy capacity expected to reach 595 MW by end of FY26.

• CapEx guidance for FY2026 at Rs 3,500 Cr, mainly for expansion and efficiency projects.

• Ongoing expansion to increase cement capacity to 55.5 MnT by FY27.

• Next phase of capacity expansion plans to be detailed in the next quarter.