Slides
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EARNINGS RELEASE – Q2 & H1 FY26
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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 Q2 & H1 FY26 Performance 12 ESG & Others 22 Annexures 27
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01 Key Highlights
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Q2 FY26 Financial Performance ▪ Sales volume stood at 6.9 MnT ▪ EBITDA improved 60% YoY to Rs 696 Cr; EBITDA/T improved 56% YoY to Rs 1,013 ▪ NSR/T Increased by 7.6% YoY to Rs 4,973 ▪ Net Debt/EBITDA stood at 0.56x as on September 30, 2025 Capacity ▪ Commenced Trial Run of Clinker Unit at Umrangso, Assam (3.6 MnT); commercial production expected by Q3 FY26 ▪ Civil work at Belgaum expansion in full swing Other highlights ▪ Introduced Variable Pay structure for all senior and mid-level managers across the organization. The new framework links compensation to the company’s overall performance, individual contributions and safety. ▪ Share of Renewable energy increased to 48.1%; commissioned 93 MW of RE capacity, taking our operational RE capacity to 387 MW ▪ Declared an Interim Dividend of Rs 4 per Share Key Highlights 5
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02 Expansion & Capex Update
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49.5 61.5 75.0 3.0 3.0 55.5 6.0 Current Capacity Belgaum, KA Pune, MH FY27 Kadapa, AP Q2 FY28 FY28e Expansion update +3.0 MnT Pune, MH +3.0 MnT Belgaum, KA Brownfield Greenfield (in MnTPA) 7 3 MnTPA Bulk Terminal +6.0 MnT Kadapa, AP +Bulk Terminal 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 8
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Key Milestones of Growth Projects 9 Project Umrangso, Assam Belgaum, Karnataka Pune, Maharashtra Kadapa, Andhra Pradesh 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 at Chennai, Tamil Nadu) Milestones ✓ Commenced Trial run production in Sep’25 ✓ Commercial production expected by Q3 FY26 ✓ All major orders placed ✓ Civil work at Belgaum is in full swing (52% work completed till date) ✓ Fabrication and Erection work started ✓ Plant land available ✓ Public Hearing completed
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3.6 MnT Clinker line at Umrangso, Assam 10
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Belgaum expansion project 11 Fly Ash SiloKiln Piers Preheater & Blending Silo
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03 Q2 & H1 FY26 Performance
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Sales Volume (MnT) 13 6.7 7.0 6.9 Q2FY25 Q1FY26 Q2FY26 Increase: 2.9% Decline: 1.9% Quarterly Sales Volume Half-Yearly Sales Volume 14.1 13.9 H1FY25 H1FY26 Decline: 1.7%
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Revenue (Rs Cr) 14 Revenue increased YoY supported by 7.6% increased in NSR per ton in Q2 FY26 3,087 3,636 3,417 Q2FY25 Q1FY26 Q2FY26 Increase: 10.7% Decline: 6.0% 6,708 7,053 H1FY25 H1FY26 Quarterly Revenue Half-Yearly Revenue Increase: 5.1%
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Raw Material Consumed ^ (Rs/T) 15 Raw material cost increased only marginally despite the imposition of mineral tax by the TN government 789 791 799 Q2FY25 Q1FY26 Q2FY26 Increase : 1.3% Increase: 1.0% ^ Basis Cement Production (not sales volume) Quarterly Raw Material Consumed (Rs/T) Half-Yearly Raw Material Consumed (Rs/T) 784 795 H1FY25 H1FY26 Increase: 1.4%
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Power & Fuel Cost ^ (Rs/T) 16 ➢ Petcoke/coal consumption cost remained rangebound at $100/T in Q2 FY26 ➢ Share of RE power improved to 48.1% in Q2 FY26 1,012 981 1,017 Q2FY25 Q1FY26 Q2FY26 Increase : 0.5% Increase : 3.7% ^ Basis Cement Production (not sales volume) Quarterly Power & Fuel (Rs/T) Half-Yearly Power & Fuel Cost (Rs/T) 1,007 999 H1FY25 H1FY26 Decline : 0.8%
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Logistics Cost (Rs/T) 17 1,102 1,135 1,060 Q2FY25 Q1FY26 Q2FY26 Decline : 3.8% Decline : 6.7% Quarterly Logistics Cost (Rs/T) Half-Yearly Logistics Cost (Rs/T) 1,110 1,098 H1FY25 H1FY26 Decline : 1.1%
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Total Cost (Rs/T) 18 ➢ Dalmia Bharat consistently upholds its position as one of the lowest total cost producer ➢ Total cost per ton remains flattish despite the imposition of mineral tax by the TN government 3,971 3,932 3,960 Q2FY25 Q1FY26 Q2FY26 Decline : 0.3% Increase : 0.7% Quarterly Total Cost (Rs/T) Half-Yearly Total Cost (Rs/T) 3,972 3,946 H1FY25 H1FY26 Decline : 0.7%
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EBITDA (Rs Cr) 19 EBITDA increased on YoY basis primarily on account of improvement in NSR per ton 434 883 696 14.1% 24.3% 20.4% 0.0 % 5.0 % 10. 0% 15. 0% 20. 0% 25. 0% 30. 0% 35. 0% 40. 0% - 100 200 300 400 500 600 700 800 900 1,00 0 Q2FY25 Q1FY26 Q2FY26 EBITDA (Rs Cr) EBITDA Margin % Increase: 60.3% Decline : 21.2% Quarterly EBITDA Half-Yearly EBITDA 1,103 1,579 16.4% 22.4% 0.0 % 5.0 % 10. 0% 15. 0% 20. 0% 25. 0% 30. 0% 35. 0% 40. 0% - 200 400 600 800 1,00 0 1,20 0 1,40 0 1,60 0 1,80 0 H1FY25 H1FY26 EBITDA (Rs Cr) EBITDA Margin % Increase: 43.1%
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Debt Position 20* Includes MTM value of IEX Investment (Q1FY26: Rs 1,861 Cr; Q2FY26: Rs 1,341 Cr) Net Debt / EBITDA (Rs Cr) 0.56x September’25 0.33x June’25
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Finance Cost 21 Cost of Borrowing : 6.9% Cost of Borrowing : 8.1% (Rs Cr) (Rs Cr) Q2 FY26 Q2 FY25
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04 ESG & Others
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31 66 72 72 73 88 32 100 113 136 136 172 59 177 316 17 32 63 166 185 267 387 576 FY20 FY21 FY22 FY23 FY24 FY25 Q2FY26 FY26e Group Captive Solar WHRS Commissioned 93 MW of renewable energy capacity in Q2FY26 Operational RE capacity is expected to reach 576 MW by the end of FY26 Renewable Power Update (in MW) 23
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ESG at Dalmia Bharat CO2 Emission (kg/ton of cementitious material) 474 Water Positivity* (Times) 23x Renewable Energy Consumption 48.1% ICRA ESG Rating 80, Exceptional 24 Data for Q2 FY26; *For FY25
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CSR at Dalmia Bharat Climate Action: ▪ 7 water structures were created across Dalmiapuram, Ariyalur, and Belgaum, benefiting 1,800+ households and 450+ farmers, with an annual harvesting capacity of 2 lakh KL, enhancing irrigation, groundwater recharge, and soil conservation. Social Infrastructure : ▪ In Q2FY26, two new DIKSHa centers were opened in Chennai and Odisha, expanding our network to 30 centers and empowering over 7,800+ youths ▪ 2 Mobile Medical Units (MMUs) are operational in Chhindwara and Hazaribagh, providing free health check-ups and medicines. 9,300+ individuals have been screened and treated, improving primary healthcare access in remote areas Livelihood: ▪ 2,000+ farmers across six locations were supported with quality seeds of paddy, potato, chilis, turmeric, and other crops. This initiative offers an annual income potential per household of up to Rs 80,000 25
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4th Construction Engineering & Construction Review Award ➢ Multiple plants were recognized for Excellence in Energy Management ➢ Ariyalur, Dalmiapuram and Lanka plants were awarded as National Energy Leaders 26th National Award for Excellence in Energy management Sustainability Awards – Q2 FY26 National Environment Award 2024-2025 ➢ Dalmiapuram Kalaikudi Mines recognized by the Federation of Indian Mineral Industries for significant contribution to environmental protection and sustainable mining ➢ Shuttle by Dalmia Bharat received the Architectural Aesthetics in Building Structures award from CE&CR magazine 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 Q2 FY26 Cost of Raw Material Consumed 779* 789 765 743 791 799 Power & Fuel 1,003 1,012 1,005 945 981 1,017 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) Q2FY25 Q2FY26 With Restructuring Without Restructuring With Restructuring Without Restructuring Income from Operations 3,087 3,087 3,417 3,417 Less:-Operating Expenses 2,653 2,653 2,721 2,721 EBITDA 434 434 696 696 Add:- Other Income 73 73 66 66 Less:-Depreciation / Amortization 336 285 322 322 Less:- Finance Cost 98 98 122 122 Profit before share of profit in associate and joint venture and exceptional item 73 124 318 318 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