Slides
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EARNINGS RELEASE – Q1FY26
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Disclaimer Certain statements in this presentation describing the Company's objectives, projections, estimates and expectations may be 'forward looking statements' within the meaning of applicable laws and regulations. Although our expectations are based on reasonable assumptions, these forward-looking statements may be influenced by numerous risks and uncertainties that could cause actual outcomes and results to be materially different from those expressed or implied. The Company takes no responsibility for any consequence of decisions made based on such statements and holds no obligation to update these in the future. The past financial figures have been regrouped or rearranged as per the current grouping, wherever necessary. 2
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Section Page Key Highlights 4 Expansion & Capex Update 6 Q1FY26 Performance 12 ESG & Others 22 Annexures 27
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01 Key Highlights
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Financial Performance ▪ Sales Volume stood at 7.0 MnT during the quarter ▪ EBITDA improved 32% YoY to Rs 883 Cr (Highest ever Quarterly EBITDA); EBITDA/T improved 40% YoY to Rs 1,261 ▪ NSR/T Increased by 6.6% YoY to Rs 5,193 ▪ Net Debt/EBITDA stood at 0.33x as on June 30, 2025 Capacity ▪ Announced strategic investment of Rs 3,287 Cr to establish a 3.6 MnTPA Clinker unit with a 6 MnTPA grinding unit at Kadapa, Andhra Pradesh (3 MnTPA Bulk Terminal at Chennai, Tamil Nadu) ▪ Clinker capacity expansion of 3.6 MnTPA at Umrangso, Assam is in advanced stage ▪ 6 MnTPA Belgaum-Pune project is progressing as per plan Other highlights ▪ In line with the commitment to exit non-core assets, divested 4.1% holding in IEX Ltd amounting to Rs 742 Cr; holding in IEX now reduced to 10.8% ▪ Commissioned 26 MW of RE capacity under Group Captive, increasing our total operational RE capacity to 294 MW ▪ ICRA ESG has upgraded its Combined ESG rating to 80 (Exceptional) for Dalmia Bharat, underscoring our status as one of the leaders in sustainability within the Indian cement sector Key Highlights 5
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02 Expansion & Capex Update
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New Expansion & Capex Update 7 Integrated Unit: Kadapa, Andhra Pradesh Bulk Terminal: Chennai, Tamil Nadu Clinker: 3.6 MnTPA Cement: 6.0 MnTPA (Bulk Terminal: 3.0 MnTPA) Capex Cost Rs 3,287 Cr Expected commissioning Q2 FY28
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Bulk Terminal States of plants Rationale for Kadapa & Chennai Expansion 8 Targeted markets New plant (Kadapa) Existing Capacity of 3.6 MnTPA at Kadapa already operating at High Utilization levels Large cities within 300-400 kms of Kadapa including Bangalore & Chennai 3 MnTPA of capacity at Kadapa unit will help strengthen our presence in Andhra Pradesh and Southern Karnataka markets 3 MnTPA capacity in Chennai (through Bulk Terminal) will primarily address to the underserved markets of Northern Tamil Nadu
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49.5 61.5 75.0 3.0 3.0 55.5 3.0 3.0 FY25 Belgaum, KA Pune, MH FY27 Kadapa, AP Chennai, TN Q2 FY28 FY28e Inching towards the milestone +3.0 MnT Pune, MH +3.0 MnT Belgaum, KA Brownfield Greenfield (in MnTPA) 9 Bulk Terminal +3.0 MnT Kadapa, AP +3.0 MnT Chennai, TN Milestone
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Clinker Capacity Expansion Plan FY25 FY26 West 2.1 2.1 10.4 East 8.3 North East 2.7 6.3 Total 27.1 23.5 Figures in MnT 10.4 8.3 FY27 2.1 30.7 14.0 8.3 6.3 South Q2 FY28 2.1 34.3 17.6 8.3 6.3
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Key Milestones of Growth Projects 11 Project Umrangso, Assam Belgaum, Karnataka Pune, Maharashtra Kadapa, Andhra Pradesh Chennai, Tamil Nadu Capacity Clinker Capacity - 3.6 MnTPA Clinker Capacity - 3.6 MnTPA Cement Capacity – 6 MnTPA Clinker Capacity - 3.6 MnTPA Cement Capacity – 6 MnTPA (Bulk Terminal – 3 MnTPA) Milestones ✓ Erection and Electrical & Instrumentation work at full swing ✓ Trial run expected in Sep’25; commercial production in Q3FY26 ✓ All major orders placed ✓ Civil work under progress ✓ Plant land available ✓ Public Hearing completed
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03 Q1 FY26 Performance
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Quarterly Sales Volume (MnT) 13 Sales volume declined by 5.8% on YoY basis (0.4 MnT - Jaypee tolling volumes discontinued since July’24) 7.4 8.6 7.0 Q1FY25 Q4FY25 Q1FY26 Decline: 5.8% Decline: 18.2%
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Quarterly Revenue (Rs Cr) 14 Revenue - flattish on YoY basis as increase in cement prices & better price positioning is offset by lower volumes 3,621 4,091 3,636 Q1FY25 Q4FY25 Q1FY26 Increase: 0.4% Decline: 11.1%
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Quarterly Cost of Raw Material Consumed ^ (Rs/T) 15 Largely due to Mineral Bearing Land Tax imposed by Tamil Nadugovernment on limestone at Rs 160/T since 4th April 2025 779 * 743 791 Q1FY25 Q4FY25 Q1FY26 Increase : 1.5% Increase: 6.4% ^ Basis Cement Production (not sales volume) *Excluding the Cost of Purchases from Jaiprakash Associates, our Raw Material Cost in Q1 FY25 was Rs 729 per ton of cement production
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Quarterly Power & Fuel Cost ^ (Rs/T) 16 ➢ Fuel consumption cost declined from $106/T in Q1 FY25 ($95/T in Q4 FY25) to $100/T in Q1 FY26 ➢ Share of RE power improved to 41.2% 1,003 945 981 Q1FY25 Q4FY25 Q1FY26 Decline: 2.2% Increase : 3.8% ^ Basis Cement Production (not sales volume)
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Quarterly Logistics Cost (Rs/T) 17 Logistics cost increased on YoY basis due to increase in Lead distance partially offset by increase in Direct Dispatch % 1,117 1,135 1,135 Q1FY25 Q4FY25 Q1FY26 Increase: 1.6% Flat
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Total Cost (Rs/T) 18 Dalmia Bharat consistently upholds its position as one of the lowest total cost producer 3,973 3,852 3,932 Q1FY25 Q4FY25 Q1FY26 Decrease : 1.0% Increase : 2.1%
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Quarterly EBITDA (Rs Cr) 19 ➢ Highest Ever Quarterly EBITDA of Rs 883 Cr ➢ EBITDA increased on YoY basis primarily on account of improvement in NSR per ton 669 793 883 18.5% 19.4% 24.3% 0.0 % 5.0 % 10. 0% 15. 0% 20. 0% 25. 0% 30. 0% 35. 0% 40. 0% 200 300 400 500 600 700 800 900 1,00 0 Q1FY25 Q4FY25 Q1FY26 EBITDA (Rs Cr) EBITDA Margin % Increase: 31.9% Increase: 11.3%
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Debt Position 20 * Includes MTM value of IEX Investment (Q4FY25: Rs 2,339 Cr; Q1FY26: Rs 1,861 Cr); divested 4.1% holding in IEX Ltd amounting to Rs 742 Cr; holding in IEX now reduced to 10.8%. Net Debt / EBITDA (Rs Cr) 0.33x June’25 0.30x Mar’25 Issued NCDs worth Rs 950 Cr at weighted average cost of 7.5%, led to increase in Gross debt and Cash & cash equivalents
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Finance Cost 21 Cost of Borrowing : 7.5% Cost of Borrowing : 8.3% (Rs Cr) (Rs Cr) Q1 FY26 Q1 FY25
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04 ESG & Others
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31 66 72 72 72 88 32 100 113 136 136 172 59 85 316* 17 32 63 166 185 267 294 576 FY20 FY21 FY22 FY23 FY24 FY25 Q1FY26 FY26e Group Captive Solar WHRS Commissioned 26 MW of group captive renewable energy in Q1 FY26 Operational RE capacity is expected to reach 576 MW by the end of FY26 Renewable Power Update (in MW) 23*Opex capacity expected to reach 316 MW by FY26 (334 MW earlier), as 18 MW of Opex capacity is spilled over to FY27
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ESG at Dalmia Bharat CO2 Emission (kg/ton of cementitious material) 452 Water Positivity* (Times) 23x Renewable Energy Consumption 41.2% ICRA ESG Rating 80 Exceptional 24 Data for Q1 FY26; *For FY25
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CSR at Dalmia Bharat Climate Action: ▪ Provided 1.4 lacs bamboo shoots (in partnership project with GIZ), covering 400+ households spread across 19 villages in the Umrangso, Assam, with potential to increase income by Rs 60,000 p.a. (full-grown bamboo shoot will annually reduce a minimum of ~21 lacs kgs of CO2) Social Infrastructure : ▪ Mobile Medical Unit was launched to serve 7 remote villages in Chhindwara, MP with nearly 1,000 patients screened, treated, and provided free medication ▪ 4,000+ villagers benefitted through a range of health interventions across locations Livelihood: ▪ Community village pond was desilted in Kallagam village, Dalmiapuram, ensuring water availability for agricultural purposes, helps maintain soil moisture levels and provides drinking water for cattle in the area. The project is expected to conserve 50,000 KL of water annually 25
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National Safety Council of India Award ➢ First Prize in Overall Performance ➢ First Prize in Waste Dump Management, Systematic & Scientific Development ➢ First Prize in Environmental Monitoring & Sustainable Development 13th Mines Environment & Mineral Conservation Week Sustainability Awards Excellence in Safety Standards in the Lifting Industry ➢ Golden Hook Award For successful completion of Projects – Lanka II ➢ Excellence in Lifting Process & Planning for heaviest single lift of clinker dome 221 MT – Lanka II ➢ Certificate of Appreciation for Excellence in Occupational Safety & Health - Dalmiapuram 26
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05 Annexure
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Operational performance (basis cement production) Particulars Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Cost of Raw Material Consumed 779* 789 765 743 791 Power & Fuel 1,003 1,012 1,005 945 981 28 (Rs/T) *Excluding the Cost of Purchases from Jaiprakash Associates, Our Raw Material Cost in Q1 FY25 was Rs 729 per ton of cement production
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Impact on PBT due to Goodwill Amortization (Restructuring Related) 29 (Rs Cr) Q1FY25 Q1FY26 With Restructuring Without Restructuring With Restructuring Without Restructuring Income from Operations 3,621 3,621 3,636 3,636 Less:-Operating Expenses 2,952 2,952 2,753 2,753 EBITDA 669 669 883 883 Add:- Other Income 50 50 49 49 Less:-Depreciation / Amortization 317 266 322 322 Less:- Finance Cost 95 95 108 108 Profit before share of profit in associate and joint venture and exceptional item 307 358 502 502 Dalmia had amortized goodwill acquired on account of slump exchange of the assets and liabilities forming part of transferredundertakings of Odisha Cement Limited (renamed to Dalmia Bharat Limited), over a period of 10 years from the appointed date, pursuant to Scheme of Arrangement and Amalgamation sanctioned by Hon'ble National Company Law Tribunal, Chennai Bench which overrides the requirements of Ind AS 38, Intangible Assets. The said goodwill amount was fully amortized as on 31st December 2024.
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Contact Information o: 11th & 12th floor, Hansalaya Building, 15, Barakhamba Road, New Delhi – 110001 e: investorrelations@dalmiabharat.com w: www.dalmiabharat.com CHENNAI METRO HOLLONGI AIRSTRIP HIRAKUD DAM BIRSAMUNDA STADIUM DHOLA SADIYA BRIDGE Thank You