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Integrated Annual Report2025-26

A Sustainable Partner to
Bharat's Growth Story

The Kanyakumari Glass Bridge*

*Proud cement supplier

Management Message

Letter from the Managing Directors

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Dear Shareholders,

Namaskar!

We, at Dalmia Bharat, believe that growth is not defined solely by what we build, but by the enduring value we create for the nation. This belief continues to guide how we invest, operate and scale. For more than eight decades, the story of Dalmia Bharat has been intrinsically linked to the rise of Bharat, contributing to landmark infrastructure that has shaped its progress. This belief also defines our role today as a sustainable partner to Bharat’s growth journey. From enabling mega infrastructure projects such as the Hirakud Dam, Vidyasagar Setu, and the New Pamban Bridge, to supporting critical developments such as the Dibang enabling connectivity, resilience, and national progress.

Mr. Gautam Dalmia

Managing Director

Mr. Puneet Yadu Dalmia

Managing Director and CEO

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A Legacy of Building Bharat

Some legacies are measured by the years they endure. Others are defined by the nation they help shape.

For over 85 years, Dalmia Bharat has stood as a symbol of vision, resilience, innovation and nation building, contributing meaningfully to the making of modern Bharat. Our foundation has been rooted in the Gandhian philosophy of Trusteeship: the belief that wealth is not truly owned, but held in custodianship for the nation, its people and generations to come. This enduring philosophy has served as the moral compass guiding Dalmia Bharat’s illustrious journey.

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Disclaimer: This map is a generalised illustration only for the ease of the reader to understand the locations, and is not intended to be used for reference purposes. The representation of political boundaries and the names of geographical features/states do not necessarily reflect the actual position. The Company or any of its Directors, officers or employees cannot be held responsible for any misuse or misinterpretation of any information or design thereof.

About Dalmia Bharat

Built on Strong Foundation

Dalmia Bharat is India’s fourth-largest cement manufacturer by installed capacity. Aligned with the country’s ‘Viksit Bharat by 2047’ ambition, we have steadily expanded our capacity and presence with the aspiration of becoming a pan-India cement player. With a strong focus on advanced manufacturing practices, robust supply chains, resource optimisation and sustainability, the cement we make provides enduring strength while achieving one of the lowest net carbon footprints globally.

Disclaimer: This map is a generalised illustration only for the ease of the reader to understand the locations, and is not intended to be used for reference purposes. The representation of political boundaries and the names of geographical features/states do not necessarily reflect the actual position. The Company or any of its Directors, officers or employees cannot be held responsible for any misuse or misinterpretation of any information or design thereof.

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Product Portfolio

Products that Build Bharat

With decades of industry expertise and a strong legacy of innovation, we are recognised as specialists in delivering advanced cement solutions engineered for superior construction performance. Dalmia Bharat Cement’s expert range of cement portfolio caters to the evolving needs of both retail consumers and institutional projects, offering multiple specialised brands designed for residential, commercial, and infrastructure applications. Backed by advanced technologies and stringent quality benchmarks, our diverse product portfolio ensures exceptional strength, enhanced durability, corrosion resistance, and long-term structural reliability. From individual home construction to large-scale developments, our solutions consistently deliver trusted performance and quality across every stage of construction.

Retail Brands
Institutional Brands

InfraPro Cement

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InstaPro Cement

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Highlights of the Year

Delivering Impact at Scale

Financial Performance

Financial Performance

Medinipur, West Bengal

Medinipur, West Bengal

Rs.14,804 crore
Revenue from Operations
Rs.3,083 crore
EBITDA
Rs.1,027
EBITDA/tonne
Rs.1,157 crore
Profit After Tax
Rs.60.7
Basic Earnings per Share
0.46x
Net Debt-to-EBITDA
Operational Excellence
Sustainability Commitment
Environmental Stewardship
Social Responsibility
Robust Governance
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Strategic Governance
and Financial Performance

Guided by Experience
and Expertise

Mr. Yadu Hari Dalmia

Chairperson

Non-Executive and Non-Independent Director

  • 8 years on DBL Board

  • Board Participation: 6/6

Leadership Experience & Qualification

  • Brings over 48 years of experience in the cement industry

  • Former President of the Cement Manufacturers Association

  • Held leadership roles in Dalmia Bharat’s Cement and Sugar businesses

  • B. Com (Hons.) from Delhi University; Fellow Member of ICAI

Mr. Gautam Dalmia

Chairperson Non-Executive and Non-Independent Director

  • 8 years on DBL Board

  • Board Participation: 5/6

Leadership Experience & Qualification

  • Over two decades of leadership experience across cement and sugar sectors

  • Pioneered the Group’s ESG initiatives, especially on the social front

  • Leads the Group’s ‘Green Growth’ sustainability strategy

  • B.S. and M.S. degrees in Electrical Engineering from Columbia University

Mr. Puneet Yadu Dalmia

Managing Director and CEO Executive Director

  • 8 years on DBL Board

  • Board Participation: 6/6

Leadership Experience & Qualification

  • Spearheading Dalmia Bharat’s transformation since 2004

  • Co-founded JobsAhead.com, acquired by Monster.com in 2004

  • Chairman, Development Council for Cement Industry (Govt. of India)

  • B. Tech from IIT Delhi; Gold medallist MBA from IIM Bengaluru

Mrs. Anuradha Mookerjee

Non-Executive and Independent Director

  • 2.75 years on DBL Board

  • Board Participation: 6/6

Leadership Experience & Qualification

  • Over 30 years of experience in Indian Revenue Services

  • Championed rural upliftment and cultural sustainability initiatives

  • Topper of 1986 IRS batch; M.Sc. and M.Phil. in Social Anthropology

Mr. Paul Heinz Hugentobler

Non-Executive and Independent Director

  • 2.75 years on DBL Board

  • Board Participation: 6/6

Leadership Experience & Qualification

  • Former CEO of Siam City Cement, Thailand

  • Served on Holcim Executive Committee for South and Southeast Asia

  • Degrees in Civil Engineering (ETH) and Economics (St. Gallen)

Dr. Niddodi Subrao Rajan

Non-Executive Director

  • 8 years on DBL Board

  • Board Participation: 6/6

Leadership Experience & Qualification

  • Nearly 40 years of global leadership experience across HR and strategy

  • Former CHRO at Tata Sons; ex-CEO of IDFC Foundation

  • PhD from IIT Delhi; PGDBM from XLRI; Economics graduate from Loyola College

Mr. Anuj Gulati

Non-Executive and Independent Director

  • 8 years on DBL Board

  • Board Participation: 6/6

Leadership Experience & Qualification

  • Over 25 years of experience in the insurance sector

  • CEO of Care Health Insurance; former senior leader at ICICI Lombard

  • Chemical Engineering degree from IIT Delhi and an MBA from IIM Bengaluru

Mr. Haigreve Khaitan

Non-Executive and Independent Director

  • 2 years on DBL Board

  • Board Participation: 4/6

Leadership Experience & Qualification

  • Over 30 years of legal expertise in Corporate M&A and Private Equity

  • Recognised as Dealmaker of the Year (2019, Asian Legal Business Awards)

  • Law graduate from South Kolkata Law College

Leadership that Delivers

Mr. Gautam Dalmia

Managing Director

DBL

Mr. Puneet Yadu Dalmia

Managing Director and CEO

DBL and DCBL

Mr. Dharmender Tuteja

Chief Financial Officer

DBL

Mr. K C Birla

Head Projects

DBL

Mr. Udaiy Khanna

Chief Human Resources Officer

DBL

Mr. Rajiv Kumar Choubey

Group General Counsel

DBL

Mr. Yatin Malhotra

Chief Financial Officer

DCBL

Mr. Navin Tewari

Chief Marketing Officer

DCBL

Mr. Ganesh W Jirkuntwar

National Manufacturing Head

DCBL

Mr. Rajeev Kumar

Company Secretary

DBL

Mr. Manu Sood

Chief Digital and Information Officer

DBL

Mr. Anirudh Tara

Chief Strategy Officer

DBL

Financial Excellence for Future-ready Growth

At Dalmia Bharat, we remain committed to disciplined inancial management even as we deepen our contribution to India’s infrastructure and development journey. Amid an increasingly competitive landscape, we sharpened our sales execution, strengthened our market positioning and improved realisations to expand market share. Supported by prudent capital allocation and a strong balance sheet, we continue to invest responsibly in growth while maintaining sustainable leverage levels, reinforcing our position as a trusted partner in Bharat’s long-term growth story.

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Smart Manufacturing
for Strong Bharat

Ariyalur Plant, Tamil Nadu Ariyalur Plant, Tamil Nadu

Growing with the
Value Chain

Site Storming Activity Photos
Sattur, Tamil Nadu
Strengthening a Future-ready Supply Chain

Strengthening a Future-ready Supply Chain

We recognise that agile and future-ready supply chains are built on trust, accountability and a shared commitment to Bharat’s growth aspirations. Sustainable procurement remains central to this vision, with our Supplier Code of Conduct guiding the selection and engagement of critical suppliers through clearly defined environmental, social and governance (ESG) criteria. Through responsible sourcing practices, local procurement initiatives and transparent collaboration with suppliers, we aim to reduce environmental impact and foster a more inclusive and sustainable supply chain ecosystem.

Key Highlights of FY 2025-26

8600+
Primary Truck Fleet
550+
Warehouses
350+
Districts Served
2,900+
Daily truck movement
70
Electric and LNG Vehicles Deployed Across Plants
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A Brand Rooted in Building Bharat

A Brand Rooted in Building Bharat

At Dalmia Bharat, our marketing philosophy extends beyond brand building to building Bharat. During FY 2025-26, we accelerated our market momentum by expanding our presence across emerging and existing markets, strengthening partnerships across our channel ecosystem, and working closely with contractors and masons to create long-term value. Backed by a robust product portfolio that helps build strong Indian infrastructure and reinforces our brand promise of being the RCF Expert, every initiative was designed to deepen trust, enhance customer experience and consistently deliver superior quality.

Performance Snapshot

49,776
Channel Partners
10,015
Active Dealers
2,59,730+
Contractors and Masons Engaged
74%
Customer Satisfaction Score
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Sattur, Tamil Nadu

Responsible towards
Stakeholders

Corporate Office, Delhi Corporate Office, Delhi
Empowering People for Shared Progress

Empowering People for Shared Progress

At Dalmia Bharat, we believe that enduring progress begins with our people who relentlessly work towards a shared purpose. We are nurturing a culture grounded in integrity, trust & respect, humility and commitment where individuals are empowered to grow and thrive. As we expand, our approach to human capital is evolving from traditional frameworks to a more strategic, data-led model that strengthens our talent ecosystem. In doing so, we are building a workforce that is deeply invested in shaping a stronger, sustainable Bharat.

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Lead Indicators

49,960
Unsafe Acts (UA) Reported
49,958
Unsafe Acts (UA) Complied
80,445
Unsafe Conditions (UC) Observed
79,590
Unsafe Conditions (UC) Complied
5,079
Near-Miss Incidents (NMI)
13
High Potential Incidents (HiPo)
1,047
Work Stoppages Against Violations
147
Mock-Drills and Fire-Drills
299
Gate Meetings
2,283
CFSA Contractor Field Safety Audits
198
Model Areas Developed
1,495
Safety Committee Meetings
3,11,329
Total Training Hours
1,29,428
TBT Sessions
17,82,831
Number of TBT Participants
Partnering India's Inclusive Growth Journey

Partnering India’s Inclusive Growth Journey

Dalmia has always been rooted in Bharat’s Community Development journey. To us, growth is meaningful only when it is inclusive, empowering communities to build resilience, unlock opportunities and shape their own futures. Guided by this belief, our community initiatives focus on creating lasting socioeconomic impact, strengthening local ecosystems and enabling inclusive development across regions. This shared journey forms the foundation of a truly sustainable enterprise, where business success and community well-being advance together in support of a stronger nation.

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11 States
32 Operational Centres
75%+
Placement
60%+
Women Participation
Key Highlights FY 2025-26
6,953 Trained
5,151 Placed
Cumulative Progress Since 2016
29,642 Trained
22,551 Placed

Anchoring Sustainable Growth
with Global Standards

Solar Power Plant at Medinipur, West Bengal Solar Power Plant at Medinipur, West Bengal

Aligning Dalmia’s Sustainable Transformation with Global Benchmarks

Deploying Resources Efficiently for Sustained Value Creation

Sustainable Impact through Integrated Capitals

Collaborating for Inclusive Progress

Prioritising Issues that Deliver Meaningful Value

Ensuring a Responsible and Resilient Tomorrow

Aligning Dalmia’s Sustainable Transformation with Global Benchmarks

Aligning Dalmia’s Sustainable Transformation with Global Benchmarks

India’s journey towards becoming a Viksit Bharat by 2047 will be shaped not only by the pace of economic growth, but also by how sustainably it is achieved across industrial, manufacturing and urban ecosystems.

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Progress across our key levers of decarbonisation remains strong, including operational efficiencies, renewable energy adoption under RE100, increased use of alternative fuels, and transition to low‑carbon materials.

Deploying Resources Efficiently for Sustained Value Creation

Deploying Resources Efficiently for Sustained Value Creation

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Sustainable Impact through Integrated Capitals

Sustainable Impact through Integrated Capitals

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Collaborating for Inclusive Progress

Collaborating for Inclusive Progress

Guided by a deep sense of ownership and collaboration, we are committed to creating lasting value for all stakeholders. We emphasise consistent engagement and purposeful dialogue to drive tangible progress and enable shared long-term success.

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Prioritising Issues that Deliver Meaningful Value

Prioritising Issues that Deliver Meaningful Value

We advanced our sustainability agenda through a rigorous double materiality assessment in FY 2024-25, sharpening strategic focus and strengthening long-term preparedness. The exercise enhanced enterprise resilience, refined capital allocation, and reinforced our ability to create sustained stakeholder value.

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Ensuring a Responsible and Resilient Tomorrow

Ensuring a Responsible and Resilient Tomorrow

India’s growth is accelerating, and as a key enabler of this progress, Dalmia Bharat is committed to ensuring it is both resilient and responsible. In FY 2025-26, we deepened our focus on decarbonisation, resource efficiency, and circularity across operations. As a partner in a growing Bharat, we continue to support the nation’s development while advancing a lower-carbon, future-ready path.

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