Dalmia Bharat declared a final dividend of ₹5.00 per share for the financial year ended March 31, 2026, during its 13th Annual General Meeting held on June 30, 2026. The meeting also confirmed the payment of an interim dividend of ₹4.00 per equity share, which was already paid. Shareholders approved the re-appointment of M/s Walker Chandiok & Co LLP as statutory auditors for a second term of five years, concluding with the 18th AGM, to perform audits from FY 2026-27 to FY 2030-31. Additionally, the company authorized the raising of funds through the issuance of securities.

The remote e-voting facility was available from June 26, 2026, to June 29, 2026, while e-voting during the AGM was open until 15 minutes after the meeting concluded. The meeting, conducted via video conferencing, was chaired by Managing Director Mr. Gautam Dalmia. Jyoti Sharma of M/s JVS & Associates, Company Secretaries, served as the Scrutinizer for the voting process.

All resolutions proposed in the notice were passed with the requisite majority. The re-appointment of Mr. Puneet Yadu Dalmia as Director, liable to retire by rotation, was also approved. The results of the voting have been disseminated to the stock exchanges and uploaded on the company's website and NSDL portal.

The following table summarizes the resolutions passed during the meeting:

Dalmia Bharat has received a significant rating upgrade from Goldman Sachs (GS), which has moved its stance on the stock from Neutral to Buy, assigning a target price of ₹2,020. The upgrade signals renewed confidence in the company's outlook amid a challenging environment for the broader cement sector.

Upgrade Rationale

Goldman Sachs cited that prevailing concerns across the cement industry are now largely reflected in current valuations. The brokerage identified the following key sector headwinds that it believes have been priced in:

• Energy costs: Rising input costs that have weighed on cement manufacturers' margins
• Weaker demand: Subdued consumption trends impacting volume growth across the sector
• Capacity additions: Industry-wide expansion adding supply-side pressure
• Monsoon risks: Seasonal factors that typically dampen construction activity and cement offtake

Dalmia Bharat's Competitive Position

Beyond the sector-level assessment, Goldman Sachs highlighted company-specific strengths that underpin the upgrade. The brokerage noted that Dalmia Bharat offers among the highest growth prospects within the cement peer group, alongside attractive valuations compared to competitors.

Key Takeaways

The Goldman Sachs upgrade encapsulates the following key points:

• Cement sector risks—energy costs, demand weakness, capacity additions, and monsoon impact—are considered largely priced into current market levels
• Dalmia Bharat is positioned as offering among the highest growth prospects within the cement sector
• Valuations are viewed as attractive relative to peers, supporting the Buy recommendation
• The target price has been set at ₹2,020

The rating revision reflects Goldman Sachs's view that the risk-reward profile for Dalmia Bharat has improved materially, with the stock's valuation now offering a compelling entry point relative to its growth potential and peer comparisons.