India · Delayed Price · Currency is INR Dalmia Bharat Earnings Call Transcripts
Fiscal Year 2026
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Record EBITDA and PAT achieved in FY 2026, with strong cost control and margin improvement despite inflationary pressures. Capacity expansion to 75 million tons by FY 2028 remains on track, with robust CapEx plans and a focus on growing ahead of industry demand.
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Q3 FY2026 saw 10% YoY volume and revenue growth, with EBITDA up 18% YoY. Expansion projects are on track, and the company targets 75 MT capacity by FY2028. Margins are expected to improve in Q4 as demand remains robust and pricing stabilizes.
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Revenue and EBITDA saw strong double-digit growth year-over-year, with cost leadership and capacity expansion supporting profitability. GST reduction and stable prices are expected to drive demand in H2, while CapEx and net debt remain well managed.
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Achieved record quarterly EBITDA with strong margin expansion, driven by improved pricing and sales quality, despite flat volumes. Major capacity expansions are underway, with a focus on profitable growth, cost leadership, and maintaining a robust balance sheet.
Fiscal Year 2025
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Q4 saw improved margins and cost efficiencies despite flat realizations and lower YoY volumes, with strong expansion in Northeast and Bihar. FY2026 guidance includes robust CapEx, continued cost reduction, and a focus on profitable growth amid industry consolidation and regional price recovery.
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Volumes grew 2% YoY but revenue declined 12% YoY due to weak cement prices, while EBITDA dropped 34.5% YoY. Management expects a demand rebound in Q4, maintains a strong balance sheet, and targets significant cost reductions by FY27.
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Q2 FY25 saw 8.4% volume growth but a 2% revenue decline due to weak pricing, with EBITDA per ton at INR 650. Expansion and cost-saving initiatives remain on track, and the company targets 9% volume growth for FY25, expecting improved demand and pricing in H2.
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Q1 FY25 saw flat revenue as volume growth offset price declines, with EBITDA up 9% YOY. The company targets 12% volume growth for FY25, cost reductions of INR 150-200/ton over three years, and continued expansion, while industry consolidation and JP insolvency pose risks.