Slides
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Earnings Release – Q3 & 9M FY26 January 21, 2026
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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 Economy & Industry 04 Company Overview 07 Expansion Update 12 Q3 & 9M FY26 performance 16 Sustainability 27
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01 Economy & Industry
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Indian Economy Manufacturing PMI GDP Growth 5.3 5.8 6.2 5.7 5.4 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 GST Collection (Rs Lac Crore) Source: IMF, S&P, MOSPI, PIB CPI - Inflation ✓ Q2 GDP growth stood at 8.2% while Q3 expected at 7%; full year FY26 GDP growth forecast revised upward to 7.3% (previous 6.8%) ✓ Despite the GST rate cuts, collection has increased 1.4% YoY in Q3 indicating sustained economic activity ✓ While manufacturing PMI has been declining since last 2 months, it remained above the 50-mark threshold ✓ Declining CPI rates suggest an increase in the purchasing power, providing relief to households 1.33% 0% 2% 4% 6% 8% Sep'24 Dec'24 Mar'25 Jun'25 Sep'25 Dec'25 6.4% 7.4% 7.8% 8.2% 7.0% Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26e 55.0 35 45 55 65 Sep'24 Dec'24 Mar'25 Jun'25 Sep'25 Dec'25 5
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27 21 19 18 19 0 10 20 30 0 500 1,000 CY21 CY22 CY23 CY24 Jan-Nov 2025 Launches (MsF) Sales (MsF) Inventory (Months) 4.3 5.9 7.3 9.5 10.5 11.2 FY21 FY22 FY23 FY24 FY25 FY26BE CAGR: 21% Cement Industry Central Govt Capex (Rs Lac Cr) Real Estate Launches & Sales Source: Research Reports, Budget documents, JLL, PIB PMAY Progress (Millions Unit) ✓ FY26 cement demand is likely to grow ~6% YoY , with Q3 FY26 seeing stronger ~7-8% YoY growth led by post monsoon recovery and early festival season ✓ Government capex has increased meaningfully with 21% CAGR in last 5 years; capex spending reached 59% of the FY26 budget by Nov’25 ✓ Real estate launches are expected to increase with low channel inventory and sustained housing demand ✓ PMAY-Gramin and PMAY-Urban to see strong momentum, with 41% and 56% of targets to be completed over the next four years 29.2 9.6 20.3 12.1 49.5 21.7 PMAY (G) PMAY (U) Completed Pending 56% 41% 200 300 400 500 FY21 FY22 FY23 FY24 FY25 FY26e ~e.6% India Cement Demand (MnT) 6
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02 Company Overview
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Company Overview #4th Largest Cement Player 410 MW RE Power Capacity^ 212 MW Thermal Power Capacity 5,763 Employees* Serving Every Need with a Diverse Product Range ₹40,109 Cr Market Cap^ ₹13,980 Cr Net Sales* ₹699 Cr Profit After Tax* 49.5 MnT Cement Capacity ^as on 31st Dec 2025; *Data for FY25 8
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A Legacy of Cementing India’s Growth ▪ Commences operations with 250 TPD Cement capacity at Dalmiapuram, Tamil Nadu in 1939 ▪ Set up Cement capacity at Rajgangpur, Odisha in 1950 under a separate entity OCL India Ltd ▪ Commissioned GF Integrated Unit at Ariyalur, Tamil Nadu 1939-2009 2009-2014 2015-2019 2020-2025 6.5 MnTPA 11.8 MnTPA 26.5 MnTPA 49.5 MnTPA ▪ Commissioned GF Integrated Unit at Kadapa, Andhra Pradesh ▪ KKR acquires 15% stake in DCBL for 5 years in 2010 ▪ Entered highly attractive North East region with the acquisition of Calcom Cement and Adhunik Cement ▪ Entered East region with the acquisition of OCL India Ltd. ▪ Acquired Jaypee Bokaro Cement Plant, Jharkhand and Kalyanpur Cement, Bihar ▪ Commissioned GF Integrated Unit at Belgaum, Karnataka ▪ Entered West region with the acquisition of Murli Industries ▪ Completed corporate restructuring to become a single listed entity ▪ Commissioned multiple brownfield expansion and undertook debottlenecking across cement plants ▪ Commissioned GF Grinding capacity at Sattur, Tamil Nadu ▪ First cement company to formally announce a Capital Allocation Framework & Treasury Policy 9
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Geographical Footprint Region Cement Clinker South 17.0 10.4 East 21.6 8.3 North East 8.0 6.3 West 2.9 2.1 Total 49.5 27.1 15 Plants 23 States Served 29 Sales Offices 46,600+ Channel Partners* Grinding Unit Integrated Unit Clinker Unit HQ at New Delhi 10*As on 31st Mar
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Strategic Direction PAN India Pure Play Cement Company Significant presence in every market wherein Dalmia operates Grow capacity to reach 110-130 MnT by 2031; intermittent milestone of 75 MnTPA by FY28 Maintain a strong balance sheet along with highest standards of corporate governance Continue building a great organizational culture and a strong value system 11
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03 Expansion Update
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Clinker Capacity expansion (MnTPA) 49.5 61.5 3.0 3.0 55.5 6.0 Current Capacity Belgaum, KA Pune, MH FY27 Kadapa, AP* Q2 FY28 Expansion Update Cement Capacity expansion (MnTPA) 27.1 30.7 34.3 3.6 3.6 Current Capacity Belgaum, KA FY27 Kadapa, AP Q2 FY28 ✓ Belgaum Grinding Unit will improve penetration into the Southern Maharashtra markets while Pune GU will cater to the untapped Western Maharashtra markets ✓ Kadapa unit will help strengthen our presence in Andhra Pradesh and Southern Karnataka markets while volumes through 3 MnTPA Bulk terminal at Chennai will primarily address to the markets of Northern Tamil Nadu *Kadapa will be supported by 3 MnTPA Bulk terminal at Chennai 13
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3.6 MnTPA Clinker line at Umrangso, Assam ✓ Commenced commercial production from Umrangso Clinker line on Jan 20, 2026 ✓ 2.4 MnTPA Grinding Capacity at Lanka already commissioned in Q4 FY25 ✓ Kiln entails 15 MW WHRS 14
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Expansion Update 15 ✓ Civil work at Belgaum is in full swing (86% work completed till date); fabrication and erection in progress ✓ All major orders placed for Belgaum, Pune & Kadapa expansion Belgaum Project Site
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04 Q3 & 9M FY26 Financial Performance
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6.7 6.9 7.3 Q3FY25 Q2FY26 Q3FY26 Sales Volume 20.8 21.2 9MFY25 9MFY26 Sales Volume (MnT) Volumes improved by 10% on a YoY basis during the quarter, better than cement demand growth 6% 10% 2% 66% 67% 68% 62% 62% Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 24% 24% 22% 22% 23% Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Premium share remained steady during the quarter 17 Premium Share^ (%) Trade Share (%) ^ of trade volume
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Revenue from Operations 3,181 3,417 3,506 Q3FY25 Q2FY26 Q3FY26 4,763 4,973 4,794 Q3FY25 Q2FY26 Q3FY26 4,757 4,984 9MFY25 9MFY26 Revenue (Rs Cr) 9,889 10,559 9M FY25 9M FY26 NSR/T (Rs) 64 102 237 Incentives accrued 91 3% 10% 230 7% 1% 4% 18 Revenues increased by 10% on a YoY basis primarily driven by higher sales volume NSR improved by 1% YoY with higher cement prices 5% Note: Q3 FY26 incentives include certain incentives amounting to Rs 37 Cr pertaining to prior years and Rs 9 Cr for H1 FY26
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Cost of Raw Material Consumed ^ Basis Cement Production (not sales volume) Cost of Raw Material Consumed (Rs/T^) 765 799 780 Q3FY25 Q2FY26 Q3FY26 760 790 9MFY25 9MFY26 Raw Material cost increased only by 2% YoY despite additional levy of tax on minerals in Tamil Nadu 1.7 1.7 1.7 1.6 1.6 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 85% 84% 85% 80% 80% Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 19 Blended Share (%) CC Ratio (x) CC Ratio continues to remain high with higher share of blended cement 2% 2% 4%
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96 95 100 100 99 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Cost of Power & Fuel ^ Basis Cement Production (not sales volume) Cost of Power & Fuel (Rs/T^) 1,005 1,017 1,019 Q3FY25 Q2FY26 Q3FY26 1,008 1,005 9MFY25 9MFY26 Flat 33% 39% 41% 48% 48% Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 20 Blended Fuel (Rs/MnKcal) Petcoke & Coal ($/T) RE Share (%) Power & Fuel cost marginally increased by 1% on a YoY basis Share of RE continues to increase with commitment to usage of green power Flat 1% 1.31 1.30 1.33 1.38 1.36 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26
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Cost of Logistics Cost of Logistics (Rs/T) 948 923 931 172 137 126 1,120 1,060 1,057 Q3FY25 Q2FY26 Q3FY26 Clinker Cement 953 937 160 146 1,113 1,084 9MFY25 9MFY26 269 277 280 287 277 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 56% 61% 62% 60% 62% Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 87% 84% 86% 87% 89% Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 21 Road Share (%) Lead Distance (Kms) DD Share (%) Logistics cost reduced by 6% YoY on the back of savings from various initiatives Direct Dispatches continue to improve and stood at 62% during the quarter Flat 6% 3%
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Other Expenses 780 793 792 Q3FY25 Q2FY26 Q3FY26 769 785 9MFY25 9MFY26 Other Expenses (Rs/T) Key Marketing Initiatives 22 Official Premium Sponsor - Messi India G.O.A.T. Tour 2025 Annual Dealer Conference – NAMAN 2025 Other expenses increased by 1.5% on a YoY basis primarily due to higher shutdown cost and increased marketing spends Multiple marketing initiatives undertaken during the quarter 1% Flat 2%
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Total Cost Adjusted Total Cost per ton has been declining, reflecting progress in our cost-saving initiatives 3,973 3,994 4,033 3,885 3,901 3,909 3,924 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 ^ Adjusted for the impact of mineral tax in TN at Rs 160/T & considering same consumption cost of coal and petcoke in Q1 FY25 23 3,973 3,971 3,998 3,852 3,932 3,960 3,971 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Total Cost – Reported (Rs/T) Total Cost – Adjusted^ (Rs/T) Total Cost per ton has remained flattish over the years
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EBITDA Movement 511 602 49 22 20 Q3 FY25 EBITDA Volume NSR Cost Changes Q3 FY26 EBITDA EBITDA improvement driven by all key levers i.e. volume, price and cost 24 EBITDA Movement (Rs Cr, YoY) EBITDA Movement (Rs Cr, QoQ) 696 602 45 131 8 Q2 FY26 EBITDA Volume NSR Cost Changes Q3 FY26 EBITDA Reduction in prices impacted EBITDA
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Abridged Profit & Loss Statement (Rs Crores) Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 Revenue 3,181 3,417 3,506 9,889 10,559 Total Cost 2,670 2,721 2,904 8,275 8,378 EBITDA 511 696 602 1,614 2,181 EBITDA/T 765 1,013 823 776 1,029 PBT 83 318 174 350 1,010 PAT 66 239 128 260 762 EPS (Rs/Share) 3.3 12.6 6.5 13.2 40.0 25
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Debt Level 0.55 0.30 0.33 0.56 0.60 - 0.5 1.0 1.5 2.0 2.5 3.0 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 5,457 5,279 6,456 6,621 6,844 1,242 716 873 1,602 1,793 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Gross Debt (Rs Cr) Net Debt (Rs Cr) 26 Gross & Net Debt (Rs Cr) Net Debt to EBITDA (x) Net Debt increased marginally on QoQ basis Healthy leverage ratio against the threshold of 2x as per Capital Allocation Framework Note: Value of IEX stood at Rs 1,293 Cr in Q3 FY26 forming part of cash & cash equivalents
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05 Sustainability
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670 546 492 463 459 456 Net Carbon Negative (FY14) (FY19) (FY21) (FY23) (FY24) (FY25) (2040e) Environmental Stewardship 28 One of the first Cement Company globally to aspire for Net Carbon Negative by 2040 One of the lowest Net Carbon Emission globally Particulars Q3 FY25 Q2 FY26 Q3 FY26 Net KgCO2/ton 460 474 479 RE% 33% 48% 48% CC Ratio 1.7x 1.6x 1.6x Blended Cement 85% 80% 80% Grey to Green Roadmap (Net KgCO2/ton of Cementitious Material) Environmental performance Snapshot
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Commitment to Renewable Power 29 Total RE Capacity (MW) 17 32 63 166 185 267 410 448 576 FY20 FY21 FY22 FY23 FY24 FY25 Dec'25 FY26e Jun'26e 9 22 31 66 72 72 73 88 88 FY20 FY21 FY22 FY23 FY24 FY25 Dec'25 FY26e Jun'26 8 10 32 100 113 136 136 142 142 FY20 FY21 FY22 FY23 FY24 FY25 Dec'25 FY26e Jun'26 - - - - - 59 200 217 345 FY20 FY21 FY22 FY23 FY24 FY25 Dec'25 FY26e Jun'26e Group Captive Capacity WHRS Capacity Captive Solar Capacity34x Significantly increased Renewable power capacity over the years Added 23 MW of RE Capacity during Q3 FY26
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CSR Interventions DIKSHa centers: 2 new centers operationalized offering Sewing Machine Operator courses with a strong focus on women trainees Gram Parivartan: Supporting farmers through access to improved agricultural inputs and tools Upscaling Micro-Enterprise: Supporting households to establish and upscale micro- enterprises 30
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Paul Heinz Hugentobler ▪ Served as CEO of Siam City Cement Public Company Ltd. in Bangkok ▪ Civil Engineer from ETH and degree in Economic Science from the University of St. Gallen Yadu Hari Dalmia Chairman ▪ 47+ years of experience in the cement industry and has earlier served as President of the Cement Manufacturers Association ▪ Chartered Accountant Anuradha Mookerjee ▪ A bureaucrat for over three decades in revenue services ▪ Topper of the 1986 batch of the Indian Revenue Service ▪ B.Sc (Botany), M.Sc. & M. Phil Social Anthropology Niddodi Subrao Rajan Non-Executive Director ▪ Held leadership positions with IDFC First Bank and Tata Sons ▪ Doctorate from IIT Delhi, PDGBA from XLRI, Jamshedpur and graduation from Loyola College Anuj Gulati ▪ CEO of Care Health Insurance ▪ Member of General Insurance Council (GIC) with 26 years of industry experience ▪ Chemical Engineer-IIT Delhi; MBA-IIM Bangalore Gautam Dalmia Managing Director ▪ 31+ years of experience in Cement and Sugar industries; pioneered the Group’s ESG initiatives ▪ Holds a B.S and an M.S. degree in Electrical Engineering from Columbia University Haigreve Khaitan ▪ Managing Partner of Khaitan & Co ▪ Also acts as an advisor to companies across sectors on corporate matters including M&A, Private Equity investments, Corporate Restructuring and Governance Puneet Dalmia Managing Director & CEO ▪ Spearheading Dalmia’s transformation journey through his vision of nation-building since 2004 ▪ B.Tech from IIT Delhi and Gold Medalist, MBA from IIM Bangalore Reputed Board 31 Independent Directors Non-Independent Directors
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Puneet Dalmia Managing Director & CEO ▪ 22+ Years of experience in spearheading Dalmia’s transformation journey ▪ B.Tech-IIT Delhi and Gold Medalist, MBA- IIM Bangalore Dharmender Tuteja CFO (Dalmia Bharat) ▪ 37+ Years of experience in various facets of Business Management and F&A functions ▪ CS, CWA Navin Tewari CMO (Head – Sales, Marketing & Logistics) ▪ 26+ years of experience in Cement, Financial Services, Food & FMCG ▪ Former CEO of Capital Foods ▪ CA Yatin Malhotra CFO Dalmia Cement (Bharat) ▪ 24+ years of experience in various finance and business roles - former COO for Electronics Own Brands in Reliance Retail and CFO for ACC and Whirlpool ▪ CA, CS & CWA K.C. Birla Head – Growth & Expansion ▪ 39+ years of experience in Cement, former CFO of Ultratech ▪ CA Ganesh W Jirkuntwar Head – Manufacturing ▪ 31+ Years of experience in manufacturing operations across countries ▪ MBA-Warwick Business School Rajiv Choubey Group General Counsel ▪ 26+ Years of experience in legal function across industries ▪ Alumnus of Faculty of Law, Indian Law Institute and ICSI Udaiy Khanna Head – HR ▪ 31+ years of experience in HR across industries including IT, BFSI, Retail and Consumer Electronics ▪ MBA-XLRI Jamshedpur Manu Sood Chief Digital and Information Officer ▪ 28+ years of experience in IT across industries including Telecom, FMCG ▪ B.Tech - IIT Delhi, MBA-IIFT Anirudh Tara Chief Strategy Officer ▪ 15+ Years of experience in driving profitability transformation & growth acceleration, former MD & Partner at BCG ▪ BSc (Electrical)-DCE, MBA-IIM Calcutta Seasoned Executive Committee 32
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Statutory Auditor Internal Auditor Non-financial Information Assurance Related Party Transaction Assurance Tax Auditors Assurances & Ratings by Reputed Agencies 33 Audit & Assurances 80, Exceptional (Jan 19, 2026) 57 (April 14, 2025) 63 (July 8, 2025) 64 (April 18, 2025) Active Member (Since Jun’22) ESG Ratings
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✓ Rohtas Cement Works recognized for Occupational Health and Safety 2025 in Cement Sector Awards 34 ✓ Dalmiapuram, Ariyalur, Sattur and Rohtas Cement Works recognized for Excellence in Productivity, Energy Efficiency, CSR and Environmental Excellence ✓ Chandrapur Cement Works mines honored with multiple awards during the 36th Mines Environment & Mineral Conservation Week 2025 4th Environment & Sustainability Awards & Net Zero Conclave Indian Bureau of Mines Honourz Excellence Awards 2025
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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