Dalmia Bharat, a cement maker with 54.7 MnT of installed capacity, reports its September quarter with the first full quarter of the acquired JAL (Jaypee) Central-region assets in the fold. The print will speak to whether the elevated cost environment management flagged for Q2 — blended fuel at Rs. 1.47/Kcal and pet coke at $130-135/ton — was offset by price hikes and its Rs. 150/ton savings lever, and how the JAL ramp and 1.47x leverage trajectory are tracking.
| Results date | October 26, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 3,890 Cr (+7.0% YoY) |
| Previous quarter PAT | Rs. 192 Cr (-51.4% YoY) |
| Previous quarter EBITDA margin | 20.69% |
| Net debt (latest quarter) | Rs. 4,431 Cr |
| Market cap | Rs. 30,330.33 Cr |
| CMP | Rs. 1,617.05 |
The board meets on October 26, 2026 to consider the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026.
The Q2 FY27 earnings call is scheduled for October 26, 2026 at 5:30 PM IST, covering the quarter and half year ended September 30, 2026.
The key question for Q2 FY27 is whether Dalmia Bharat can hold EBITDA per tonne above the Q2 FY26 base of Rs. 1,013/T as management's guided Rs. 70-80/tonne sequential production-cost increase lands, with the company having explicitly flagged that the cost environment will stay elevated in Q2. On the demand side, official cement output grew 13.1% YoY in July and 12.5% YoY in August 2026 — well above the ~7% industry-growth peg management guided for FY27 — providing a supportive backdrop against the soft 6.9 MnT Q2 FY26 volume base and the first full JAL consolidation. Offsetting that, the monsoon ran deficient in Dalmia's South (76% of LPA) and Northeast (74%) belts, and Bengal price suppression persisted with only an early-July South uptick, though trade prices turned firmly upwards in the second half of September with hikes of Rs. 10-15 in South and Rs. 15-20 in East. Below EBITDA, finance costs of Rs. 147 Cr (+36% YoY) and depreciation of Rs. 361 Cr stay structurally higher on JAL and Umrangso, with Net Debt/EBITDA at 1.47x against the guided 'comfortably below 2:1'. The call — the first full quarter under CFO Yatin Malhotra, effective August 1, 2026 — is expected to cover the JAL ramp (Rewa trial production already achieved), BJCL's pending NCLT Cuttack approval, and the cost-reduction run-rate against the Rs. 50-100/ton internal target.
Guidance scorecard to test on the call: Key management commitments and their latest status entering Q2 FY27.
Q2 cost environment and fuel trajectory: Management explicitly flagged elevated costs for Q2 FY27.
Pricing momentum and premium mix: NSR and mix direction after Q1's sequential gains.
JAL integration and BJCL resolution: Central-region acquisition milestones.
H1 FY27 demand assessment and other updates: Management's own framework was that H2 would be the real test of any demand slowdown.
Management expects the acquired Central-region assets' EBITDA to reach current Dalmia normal average levels within 6 to 8 quarters from the Q1 FY27 call. The company has not provided specific utilisation or EBITDA-per-tonne assumptions used in its internal deal returns.
Management pointed to East strength and said demand should absorb supply additions of 10-11 MnT per year in the region, while flagging a potential positive impact from West Bengal elections. It noted Bengal has seen price suppression, though there was some uptick in South in early July.
The company said it has sufficient reserves for the initial years and is continuously securing more, with land procurement ongoing. The assets' proximity to Dalmia's captive limestone mines in Satna was cited as part of the deal rationale.
The Rs. 50-100 per ton cost-reduction target from internal efficiencies is on track, with management calling it a continuous activity rather than formal guidance. In Q1 FY27, procurement and operations initiatives generated savings of more than Rs. 150/ton against fuel-cost inflation.