Dalmia Bharat management has provided positive guidance on India's economic outlook and cement sector prospects during their recent conference call, projecting robust growth across key metrics for the upcoming fiscal year.

Economic Growth Projections

The company's management team has projected India's GDP growth at 7.30% for the current fiscal year, indicating confidence in the country's economic fundamentals and growth trajectory. This projection reflects the management's assessment of various macroeconomic factors influencing India's economic performance.

Cement Sector Outlook

For the cement industry, management has shared encouraging forecasts for FY26 performance. The company anticipates full-year FY26 cement demand growth of approximately 6.00% year-over-year, suggesting sustained momentum in the construction and infrastructure sectors.

Market Momentum Continuation

The management emphasized that the positive momentum observed in Q4 is expected to continue, supporting their optimistic outlook for cement demand growth. This sustained momentum indicates underlying strength in the sectors that drive cement consumption, including residential construction, commercial projects, and infrastructure development.

These projections from Dalmia Bharat's management reflect confidence in both India's broader economic performance and the specific dynamics of the cement industry, positioning the company for potential growth opportunities in the upcoming fiscal year.

Dalmia Bharat Limited delivered impressive financial performance for the quarter ended December 31, 2025, showcasing strong operational efficiency and revenue growth across its cement and cement-related products business.

Strong Financial Performance in Q3FY26

The company reported robust quarterly results with significant improvements across key financial metrics:

The company's revenue from operations grew 10.22% year-on-year to ₹3,506 crores, while other income increased to ₹62 crores from ₹37 crores in the corresponding quarter last year.

Nine-Month Performance Shows Consistent Growth

For the nine months ended December 31, 2025, Dalmia Bharat demonstrated sustained growth momentum:

The nine-month period reflected exceptional performance with net profit attributable to owners surging 202.82% to ₹751 crores from ₹248 crores in the previous year.

Operational Efficiency and Cost Management

The company maintained disciplined cost management while scaling operations. Total expenses for Q3FY26 were ₹3,362 crores compared to ₹3,135 crores in Q3FY25. Key expense components included:

• Power and fuel: ₹744 crores (Q3FY26) vs ₹666 crores (Q3FY25)
• Freight charges on finished goods: ₹681 crores vs ₹633 crores
• Employee benefits expense: ₹224 crores vs ₹223 crores
• Depreciation and amortisation: ₹340 crores vs ₹364 crores

Impact of New Labour Codes

The company recorded exceptional items of ₹32 crores in Q3FY26 due to the implementation of four Labour Codes notified by the Government of India on November 21, 2025. These codes consolidate 29 existing labour laws and resulted in incremental impact towards gratuity and other employee benefits. The company assessed this impact based on available guidance from the Institute of Chartered Accountants of India.

Ongoing Legal and Regulatory Matters

Dalmia Bharat continues to manage several ongoing legal proceedings, including disputes with the Bawri Group regarding shareholdings in subsidiaries, matters related to fraudulent transfer of mutual fund units, and enforcement directorate proceedings under the Prevention of Money Laundering Act. The company maintains that these matters will not have material adverse impact based on legal assessments.

Board Approval and Compliance

The unaudited financial results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on January 21, 2026. The results have been prepared in accordance with Indian Accounting Standards and comply with SEBI Listing Regulations. The company maintains its paid-up equity share capital at ₹38 crores with face value of ₹2 per share.