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Earnings Release – Q2 FY27 October 26, 2026 Name : New Pamban Bridge, TN Inaugurated on 6th April 2025 Dalmia Cement is major contributor of this iconic structure
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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. Trademarks/ logos used in this presentation are the property of their respective owner(s) and have been shown for identification purposes only. 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 08 Expansion Update 15 Q2 & H1FY27 Financial performance 19 Sustainability 29 Governance 34 Name : Water Recycling Plant Location: Dalmia Cement Plant, Kadapa Commissioned in 2008
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01 Economy & Industry Name : Chennai Metro, TN Dalmia Cement is major contributor of this iconic structure
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Source: IMF, RBI, GST revenue report, HSBC India PMI Index, MOSPI, India GDP growth as per RBI Indian Economy 5 GDP Growth (%) GST Collection (Rs Lakh Cr) Manufacturing Indicators ✓ RBI raised FY27 GDP growth forecast to 7.1% after robust Q1, reflecting resilient economic environment ✓ GST collections grew 15% YoY in Q2, indicating continued strength in consumption activity ✓ Manufacturing activity strengthened, with PMI reaching a 7-month high in Sep while IIP achieving record growth ✓ Key positives: Robust consumption & public spending, strong credit growth and healthy forex reserves ✓ Key monitorable: Elevated energy prices, inflationary pressure, higher bond yields and onset of a global rate- hike cycle 5.3 5.2 5.4 5.8 5.7 5.4 5.8 6.3 6.1 Q2'25 Q4'25 Q2'26 Q4'26 Q2'27 3.4% 3.0% 4.4% 3.8% 7.7% 7.1% FY26 FY27e World Emerging Markets India 0% 4% 8% 12% 40 50 60 70 Sep-25 Jan-26 May-26 Sep-26 PMI Manufacturing (LHS) IIP Manufacturing Growth (YoY %) 600 650 700 750 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Foreign Reserves ($, bn)
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Cement Demand Overview 6 EV Trucks 200 300 400 500 FY22 FY23 FY24 FY25 FY26 FY27e ~e-8% 5.9 7.3 9.5 10.5 11.0 12.2 31% 34% 37% 27% 38% 42% 0 2 4 6 8 10 12 14 16 20% 25% 30% 35% 40% 45% 50% FY22 FY23 FY24 FY25 FY26 FY27B Actual Spending (YTD Aug'26) 3.9 4.3 5.5 5.6 5.9 7.8 FY22 FY23 FY24 FY25 FY26 FY27B Source: Research Reports, Budget documents, PIB, State Capex (excluding UTs), US Geological survey, JLL India Cement Demand (MnT) Land Deals by Developers (In acres) Per Capita Consumption (Kgs) Central Government Capex (Rs Lac Cr) State Government Capex (Rs Lac Cr) 34.4% 34.8% 35.1% 35.4% 35.7% 36.0% CY21 CY22 CY23 CY24 CY25 CY26e Urbanization (%) 1,603 1,947 2,335 3,093 CY22 CY23 CY24 CY25 1209 1,036 984 880 541 321 China Turkey Vietnam S.Korea Egypt India Global Avg
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Source: Internal estimates, Jefferies (Cement prices for periods prior to Q3FY26 have been adjusted to 18% GST for LFL comparison), World Bank Cost and Price Trends 7 EV Trucks 80 100 120 140 160 180 200 Sep-24 Mar-25 Sep-25 Mar-26 Sep-26 70 100 130 160 Sep-24 Mar-25 Sep-25 Mar-26 Sep-26 US Imported Petcoke ($/T, CFR) PP Granules (Rs/Kg) Fuel Prices South Region Prices (Rs/Bag) East Region Prices (Rs/Bag) Pan India Prices (Rs/Bag) - 50 100 150 40 70 100 130 Sep-24 Mar-25 Sep-25 Mar-26 Sep-26 Diesel (Rs/Ltr,LHS) Brent ($/Bbl,RHS) 37% 8% 20% 322 318 315 353 338 326 329 338 336 Q2'25 Q4'25 Q2'26 Q4'26 Q2'27 297 301 309 325 324 315 323 339 335 Q2'25 Q4'25 Q2'26 Q4'26 Q2'27 315 320 326 338 334 328 333 343 341 Q2'25 Q4'25 Q2'26 Q4'26 Q2'27
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02 Company Overview Name : Birsa Munda International Hocky Stadium, Odisha Inaugurated on 5th January 2023 Dalmia Cement is major contributor of this iconic structure
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Company Overview #4th Largest Cement Player ₹14,804 Cr Net Sales ₹3,083 Cr EBITDA ~7,500 Employees 449 MW RE Power Capacity 1 ₹1,157 Cr Profit After Tax ₹31,594 Cr Market Cap2 54.7 MnT Installed Cement Capacity1 All data for FY26 unless otherwise mentioned; 1. as on 30th September 2026; 2. as on 16th October 2026 9 Serving Every Need with a Diverse Product Range
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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 greenfield Integrated Unit at Ariyalur 1939-2009 2009-2019 2019-2026 2026-2028 ▪ Commissioned integrated units at Kadapa and Belgaum ▪ Entered highly attractive North East region with the acquisition of Calcom and Adhunik Cements ▪ Entered East region with the acquisition of OCL India, Jaypee Bokaro Cement and Kalyanpur Cement ▪ Focused organic expansion in South, East & Northeast while strengthening the balance sheet health ▪ Entered West region with the acquisition of Murli Industries ▪ Commissioned greenfield Grinding capacity at Sattur, Tamil Nadu 10 +6.5 MnTPA +20 MnTPA +23 MnTPA +17.2 MnTPA Umrangso, Assam Rewa, MP ▪ Calibrated expansion while maintaining a strong balance sheet ▪ Entered the Central region through the acquisition of Jaiprakash Associates cement assets ▪ Strengthening foothold in South & West with expansion at Belgaum, Pune and Kadapa Sattur, TN
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23 States served 19 Plants Geographical Footprint Region Cement Clinker Limestone Reserves (No. of Years) South 17.0 10.4 48+ East 21.6 8.3 26+ North East 8.0 6.3 100+ Central 5.2 3.3 100+ West 2.9 2.1 74+ Total 54.7 30.4 Grinding Unit Integrated Unit Clinker Unit HQ at New Delhi 11Note: Limestone reserves are for our current operating mines, considering upcoming expansion at Kadapa & Belgaum; 1. reserves for operating plant locations only 49,700+ Channel Partners 3.3+ Bn Tonnes of Limestone Reserves1 Blending Unit
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Strategic Priorities 12 Maximizing ROCE from Existing Plants Become a Pan India player Maintain a Healthy Balance Sheet High Standards of Corporate Governance Build Strong Organizational Culture
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Deepen Cost Leadership Consolidate Brand Position Levers for Return Maximization 13 Higher Capacity Utilization Product Premiumization Strengthen Bond with Partners Reliable Delivery
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Strengthening Brand Visibility 14 Sponsorship : Major Sporting event Dealer Engagement: Annual Dealer Conference Mass Visibility : Large scale execution in mass media & shops 2026 BWF World Championships
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03 Expansion Update Name : Line III, Dalmia Cement, Rajgangpur, Odisha Commissioned in 2019
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16 Expansion Update Plants Unit Clinker Cement Update 1 Chunar GU - 2.5 Commenced commercial production 2 Rewa IU 3.3 1.1 Under Trial-run 3 Churk GU - 1.0 Pre Operating Stage 4 Sadwa BU - 0.6 Pre Operating Stage 5 Belgaum IU 3.6 3.0 Clinker under trial-run ahead of schedule 6 Pune GU - 3.0 Civil and fabrication work at full swing 7 Kadapa IU 3.6 6.0 Major equipment ordered; civil work underway 8 Chennai BT - - Major equipment ordered for 3 MnT BT Total 10.5 17.2 2 3 14 5 6 7 8 Project Capex: ~2.2k Cr in FY27e in MnTPA IU: Integrated Unit; GU: Grinding Unit; BU: Blending Unit; BT: Bulk Terminal
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Belgaum Clinker Line 2
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Expansion Update 18 Clinker Silo Pune Grinding Unit (Expected commissioning: Q2 FY28) Kiln pier, EPC & AQC Boiler Kadapa Integrated Unit (Expected commissioning: Q3~Q4 FY28) 18
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04 Q2 & H1FY27 Performance Name : Glass bridge, Kanyakumari, TN Inaugurated on 30th December 2024 Dalmia Cement is major contributor of this iconic structure
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Sales Volume Subdued demand in East & North East markets impacted YoY Growth 62% 62% 67% 66% 63% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 22% 23% 24% 25% 25% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 20 Premium Share1 (%) Trade Share (%) 1. of trade volume Rising premium share with focused initiatives; expanding ‘Weather365’ into new markets Sales Volume (MnT) 6.9 7.6 7.1 Q2FY26 Q1FY27 Q2FY27 13.9 14.7 H1FY26 H1FY27 7% 3% 6%
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Revenue (Rs Cr) Revenue from Operations 3,417 3,890 3,563 Q2FY26 Q1FY27 Q2FY27 4,973 5,098 5,042 Q2FY26 Q1FY27 Q2FY27 5,084 5,071 H1FY26 H1FY27 7,053 7,453 H1FY26 H1FY27 4564 138 Incentives accrued 25 8% 4% 70 6% 1% 1% 21 Flat Revenues up 4% YoY; QoQ down due to lower volumes and lower share of plants with incentive accruals NSR up 1% YoY , decline of 1% on a QoQ basis NSR/T (Rs)
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Raw Material Cost (Rs/T^) Raw Material Cost ^ Basis Cement Production (not sales volume) 799 823 876 Q2FY26 Q1FY27 Q2FY27 795 848 H1FY26 H1FY27 22 Blended Share (%) CC Ratio (x) 10% 6% 7% RM cost increased 6% QoQ reflecting inflationary pressure in key raw materials Marginal dip in blended share due to regional mix 1.6 1.6 1.6 1.7 1.6 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 80% 80% 83% 82% 77% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27
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Power & Fuel Cost (Rs/T^) Power & Fuel Cost ^ Basis Cement Production (not sales volume) 1,017 1,045 1,224 Q2FY26 Q1FY27 Q2FY27 999 1,130 H1FY26 H1FY27 13% 23 Blended Fuel (Rs/MnKcal) RE Share (%) 20% Increase in P&F costs consequent to escalating fuel prices Rising share of renewable energy supports mitigation of power cost inflation 48% 48% 47% 48% 52% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 1.38 1.36 1.36 1.47 1.66 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 17%
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Logistics Cost 287 277 281 277 276 Q2 FY26 Q3 FY26 Q4 FY26 Q1FY27 Q2FY27 60% 62% 65% 65% 59% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 87% 89% 85% 87% 89% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 24 Road Share (%) Lead Distance (Kms) Direct Dispatch Share (%) Cement freight remained flattish despite diesel impact; clinker freight declined with efficiencies Optimizing lead distance; direct dispatches declined with seasonality Cement Freight (Rs/T1) 1. Basis cement dispatches; 2. Basis clinker dispatches Clinker Freight (Rs/T2) 928 947 951 Q2FY26 Q1FY27 Q2FY27 654 705 520 Q2FY26 Q1FY27 Q2FY27 935 948 H1FY2 6 H1FY2 7 729 622 H1FY26 H1FY27 2% Flat 1% 26% 20% 15%
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Employee Cost (Rs Cr) Fixed Costs 545 632 677 Q2FY26 Q1FY27 Q2FY27 1,084 1,309 H1FY26 H1FY27 25 24% 7% 21% 226 245 246 Q2FY26 Q1FY27 Q2FY27 453 491 H1FY26 H1FY27 9% Flat 8% Higher shutdown cost led to QoQ increase; elevated packing costs & marketing spends drove YoY increase Other Expenses (Rs Cr) Employee costs largely remained flattish on QoQ basis
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696 493 20 49 272 Q2 FY26 EBITDA Volume NSR Cost Changes Q2 FY27 EBITDA EBITDA Movement (Rs Cr, YoY) EBITDA Movement 26 EBITDA Movement (Rs Cr, QoQ) 805 493 60 39 213 Q1 FY27 EBITDA Volume NSR Cost Changes Q2 FY27 EBITDA Impact of macroeconomic factors on cost and regional demand challenges impacted EBITDA
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Abridged Profit & Loss Statement (Rs Crores) Q2FY26 Q1FY27 Q2FY27 Revenue 3,417 3,890 3,563 Total Cost 2,721 3,085 3,070 EBITDA 696 805 493 EBITDA/T 1,013 1,055 698 PBT (before exceptional items) 318 436 46 Exceptional items - (182) (339)^ Reported PAT 239 192 (205) Reported EPS (Rs/Share) 12.6 10.0 (11.0) 27 ^In Q2 FY27, the group recognized an impairment loss of Rs. 282 Cr on certain assets, including 3 Captive Power Plants (CPPs) and one of the Brands, based on an assessment of their recoverable values. Further, the company implemented a separation scheme for eligible employees at few units resulting in a one-time charge of Rs. 57 Cr. H1FY26 7,053 5,474 1,579 1,138 820 16 634 33.5 H1FY27 7,453 6,155 1,298 883 482 (521) (13) (1.1)
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Gross & Net Debt (Rs Cr) Debt level 6,621 6,844 6,752 9,108 9,582 1,602 1,793 1,428 4431 5722 0.6 0.6 0.5 1.5 2.0 -2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 0 2,0 00 4,0 00 6,0 00 8,0 00 10, 000 12, 000 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Gross Debt (Rs Cr) Net Debt (Rs Cr) Net debt to EBITDA (x) 28Note: Value of IEX stood at Rs 1,031 Cr as on 30th September 2026 forming part of cash & cash equivalents Increase in debt primarily due to acquisition of cement undertakings in Central region Robust credit ratings reflecting financial strength of the company despite fragile geopolitical environment Credit Ratings AA+ Stable Outlook AA+ Stable Outlook AA+ Stable Outlook AA+ Stable Outlook
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05 Sustainability Project: Social impact through education Location : Umrangso, Assam An initiative of Dalmia Bharat Foundation
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Environmental performance Snapshot Environmental Stewardship 30 Particulars Q2 FY27 Net KgCO2/ton^ 501 RE% 52% CC Ratio 1.6x Blended Cement 77% 70 DJSI Score High ranking in Sustainability 80 ‘Exceptional’ Rating sustained ICRA ESG Rating #1 Rated by BusinessWorldMost Sustainable Cement Company ^Subject to assurance Aspire to be Net Carbon Negative by 2040 Commanding High Sustainability Ratings ESG Ratings
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Total RE Capacity (MW) Scaling Renewable Power capacity 31 17 166 185 267 449 449 FY20 FY23 FY24 FY25 FY26 Q2 FY27 9 66 72 72 88 88 FY20 FY23 FY24 FY25 FY26 Q1 FY27 8 100 113 136 143 143 FY20 FY23 FY24 FY25 FY26 Q1 FY27 - - - 59 217 217 FY20 FY23 FY24 FY25 FY26 Q2 FY27 Group Captive Capacity WHRS Capacity Captive Solar Capacity 26x Significantly increased Renewable energy capacity over the years Further RE capacity is in pipeline for commissioning over the next few quarters
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Scaling Up Electric Mobility 32 Deployed nearly 100 electric vehicles (EVs) across our operations, delivering CO2 emissions savings
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CSR Interventions 33 DIKSHa centers: Sign MOU with Vision India Services to enhance placement opportunities for youth trained at DIKSHA Agriculture: Piloted the Kisan Drone Training program in Dalmiapuram to promote drone adoption in agriculture Gram Parivartan: Supporting micro- enterprises in establishing and growing their businesses
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06 Governance Name: Bogibheel Bridge, Dibrugarh, Assam Inaugurated on 25th December 2018 Dalmia Cement is major contributor
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Independent Directors 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 ▪ Served as 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 Diversified Board Non-Independent Directors 35
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Puneet Dalmia Managing Director & CEO ▪ Spearheading Dalmia’s transformation journey for more than 22 years ▪ B.Tech-IIT Delhi and Gold Medalist, MBA-IIM Bangalore Yatin Malhotra CFO ▪ 24+ years of experience in various finance and business roles - former COO Reliance Retail (Electronics) and CFO for ACC and Whirlpool ▪ CA, CS & CWA Navin Tewari CMO (Head – Sales, Marketing & Logistics) ▪ 26+ years of experience across industries, including Capital Foods, Ultratech and Aditya Birla Capital ▪ CA Dharmender Tuteja Advisor to CEO ▪ 37+ years of experience in Business Management and F&A across diverse industries, including Humboldt Wedag; ex-CFO of Dalmia Bharat Ltd ▪ CS, CWA K.C. Birla Head - Integration & Corporate Affairs ▪ 39+ years of experience in Cement, former CFO of Ultratech ▪ CA Ganesh W Jirkuntwar Head – Manufacturing ▪ 31+ years of experience in manufacturing operations across multiple countries, including Ultratech and Lafarge ▪ MBA-Warwick Business School Anupam Agrawal Head – Projects ▪ 30+ years of experience with a track record of delivering large-scale projects at Ultratech and Shree Cement. ▪ BE Mech – Bhopal University Rajiv Choubey Group General Counsel ▪ 26+ years of experience in legal functions across industries, including HCL, Ambuja and ACC. ▪ Alumnus of Faculty of Law, Indian Law Institute and ICSI Udaiy Khanna CHRO ▪ 31+ years of experience in HR across industries, including Samsung and Walmart. ▪ MBA-XLRI Jamshedpur 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 Manu Sood Chief Digital and Information Officer ▪ 28+ years of experience in IT across industries, including Airtel and HUL ▪ B.Tech - IIT Delhi, MBA-IIFT Rajeev Kumar Company Secretary ▪ 31+ years of experience in Secretarial and Compliance functions across industries, including Kalpataru, GMR and DLF ▪ CS Seasoned Executive Committee 36
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Statutory Auditor Internal Auditor Non-financial Information Assurance Related Party Transaction Assurance Tax Auditors Assurances & Ratings by Reputed Agencies 37 Audit & Assurances 80, Exceptional (Jul 16, 2026) 60 (Jul 14, 2026) 63 (Dec 8, 2025) Inclusion in Sustainability & Climate Coverage (August, 2026) Active Member (Since Jun’22) ESG Ratings
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✓ Dalmiapuram mines recognized across safety, technical and mining categories Awards 38 ✓ Six units recognized for excellence in energy efficiency ✓ “Most Admired Top Honour” for community development and rural upliftment 27th National Award For Excellence in Energy Management 2026- CII 12th Greentech CSR India Award 2026 66th Mine Safety Week 2026 – Tamil Nadu Mines Safety Association
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o: 11th & 12th floor, Hansalaya, 15, Barakhamba Road, New Delhi e: investorrelations@dalmiabharat.com goyal.prassan@dalmiabharat.com w: www.dalmiabharat.com