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CORPORATE OVERVIEW

STATUTORY REPORTS

FINANCIAL STATEMENTS

OTHER DISCLOSURES

Integrated Annual Report2025-26
Investment Case

Driving
Value-accretive Growth

At Dalmia Bharat, we are focussed on our core strategy of capacity expansion, returns maximisation, balance sheet health, high performance organisation and deep commitment to sustainability. As India moves through a multi-year growth upcycle, we are strongly positioned to capture the demand opportunity efficiently and strengthen our market position, creating sustainable value for our shareholders.

Capacity Expansion Aligned with Robust Demand

India’s cement demand is likely to exhibit a 6-7% CAGR over the next few years, driven by government-led capital expenditure, investments by private businesses and rising housing demand led by higher urbanisation. This will create long-term volume-growth opportunity across regions. Our calibrated capacity expansion to 110-130 MTPA capacity by 2031 is strategically aligned with this demand growth outlook.

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Driving Premiumisation with Innovation-driven Portfolio

Our product strategy is anchored in specialised RCF (Roof, Column, Foundation) solutions, enabling superior performance in core structural applications. A strong shift towards blended and premium cements, supported by PSC utilisation and advanced formulations, reflects our emphasis on quality, efficiency, and future-ready construction materials.

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Operational Excellence and Cost Leadership

Our commitment to operational excellence and disciplined cost management drives sustained profitability and strengthens resilience against market volatility. By increasing the share of blended cement, we enhance raw material efficiency while improving energy performance. The adoption of multi-fuel kilns and alternative energy sources further reduces exposure to fuel cost fluctuations. In parallel, a strategically optimised logistics network, with plants located close to key raw material sources and major consumption centres, minimises transportation costs and improves overall operational efficiency.

Strong Financial Performance

Sustained growth over the past decade reflects a disciplined approach to capital allocation and operational efficiency. Strong momentum across revenue and EBITDA continues to enhance productivity, resilience, and long-term competitiveness.

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Sustainable Progress

Sustainability is embedded into our operating philosophy. With one of the lowest carbon footprints in the sector at 466 kg CO₂ per tonne of cementitious material, we are advancing decisively towards cleaner energy adoption. Our RE100, EV100 and EP100 commitments, along with industry-first ESG assessments, highlight our transition to responsible growth.

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Products that Build Bharat
Delivering Impact at Scale