Dalmia Bharat Ltd (DALBHARAT) Q2FY26 Concall Summary - Sep-2025 Qtr
Performance Overview
- The company prioritized profitable growth, achieving its second consecutive quarter of four-digit cement EBITDA per tonne, driven by better realization and cost control measures.
- Management highlighted the positive impact of the government's reduction of GST on cement from 28% to 18%, a move expected to boost consumption, support housing demand, and improve liquidity across the supply chain.
- Despite softer than expected industry demand in H1 due to erratic rains and GST-related inventory slowdowns, the company anticipates a pickup in momentum in the second half of the year.
- Significant progress was made on capacity expansion projects, with trial production commencing at the Umranshu clinker line and other key projects in Belgaum and Kadapa proceeding as per schedule.
- The company maintained a strong balance sheet with a net debt to EBITDA ratio of 0.56 times, even while incurring CapEx of 1,189 crores in H1 FY26.
Financial Metrics
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Operating Performance / Business Segments
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Key Discussions & Insights
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Outlook and Guidance
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Challenges / Concerns
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Industry / Competitive Landscape
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Overall Summary
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