Dalmia Bharat

Dalmia Bharat said it and its subsidiaries no longer had to pay mineral-bearing land tax and mineral cess from August 22 after the Central government amended the MMDR Act. The amendment, notified on August 22, restricted states from imposing taxes, cess and other levies on mineral rights or mineral-bearing land, while amounts already deposited were not refundable. The group had paid ₹127 crore towards the levies in FY26 and ₹38 crore in FY27 through August 24. The charges covered limestone in Tamil Nadu, Assam and Meghalaya, at stated rates of ₹160, ₹10 and ₹60 a tonne respectively. Dalmia Bharat reported FY26 EBITDA of ₹3,083 crore and net profit of ₹1,157 crore.

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** Axis Capital says Q1 was a muted quarter for Indian cement sector due to cost inflation in the wake of the Middle East crisis

** Cuts margin and earnings estimates for FY27-28 for most companies under its coverage

** "Cost inflation is expected to remain elevated even in H2 FY27 as West Asia conflict gets drawn out" - Axis Capital

** Brokerage says capacity addition pipeline over the next 18 months remains elevated with majority coming from industry leaders like UltraTech Cement ULTC.NS, Dalmia Bharat DALB.NS, Ambuja Cements ABUJ.NS and JK Lakshmi Cement JKLC.NS

** Says pricing gains are likely to be capped, given the significant capacity addition pipeline over the next 18 months

** Shares of ULTC down 0.4%, DALB down 0.2%, ABUJ down 0.1% and JKLC down 0.2%

** Shree Cement SHCM.NS up 0.6%, ACC ACC.NS up 0.1%, Ramco Cements TRCE.NS down 0.4%

** YTD, Nifty Cement Index .NIFTYCEMENT down 0.9% vs 7.1%fall in benchmark Nifty 50 Index .NSEI

(Reporting by Abhinav Parmar in Bengaluru)

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Dalmia Bharat Limited disclosed that its subsidiary Dalmia Cement (Bharat) Limited received a Letter of Intent on July 28, 2026, after being chosen as the successful resolution applicant for Bhilai Jaypee Cement Limited under the Insolvency and Bankruptcy Code. The Bhilai plant comprises a 2.2-million-tonne grinding unit in Chhattisgarh and a 1.1-million-tonne clinker unit in Madhya Pradesh. The resolution plan, already approved by the committee of creditors, remains subject to approval by the National Company Law Tribunal and other regulatory authorities. Dalmia’s cement capacity, including the acquisition of JAL Cement completed in May 2026, stood at around 55 million tonnes. The company had previously recorded a provision of Rs 113 crore in fiscal 2025 against its exposure to the Jaypee cement assets. The Bhilai acquisition forms part of Dalmia’s broader target to reach 75 million tonnes of cement capacity by fiscal 2028 and extend its geographic presence.

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July 28 (Reuters) - Dalmia Bharat Ltd DALB.NS:

• DALMIA BHARAT LTD - RESOLUTION PLAN SUBMITTED BY SUBSIDIARY FOR BHILAI JAYPEE CEMENT HAS BEEN APPROVED

Source text: ID:nBSE16WGPZ

Further company coverage: DALB.NS

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Dalmia Bharat reported its unaudited results for the June quarter, with consolidated revenue of ₹3,890 crore, down 8% from the March quarter. Profit after tax fell to ₹192 crore compared with ₹394 crore in the prior three months, partly weighed down by a ₹182‑crore exceptional charge linked to the acquisition of Jaiprakash Associates’ cement business. The company also announced that Dharmender Tuteja, its chief financial officer, would retire at the end of July. He will be succeeded by Yatin Malhotra, currently CFO of material subsidiary Dalmia Cement (Bharat) Ltd, effective 1 August 2026.

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July 15 (Reuters) - Dalmia Bharat Ltd DALB.NS:

• DALMIA BHARAT TO INVEST 31 BILLION RUPEES FOR SECOND MANUFACTURING UNIT IN KADAPA, ANDHRA PRADESH - STATEMENT

Further company coverage: DALB.NS

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July 14 (Reuters) - Dalmia Bharat Ltd DALB.NS:

• DALMIA BHARAT -ENTERS SHAREHOLDERS AGREEMENT WITH EAGLE AGROTECH FOR ACQUIRING 51% STAKE IN EAHL

• DALMIA BHARAT -ADDITIONAL INVESTMENT UPTO $19.7 MILLION IN EAHL

Source text: [ID:]

Further company coverage: DALB.NS

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** Indian cement firms expected to see high costs, margin pressures on Iran war impact, analysts say

** Nifty Cement .NIFTYCEMENT index down 0.5% on-day

COSTS OUTPACE PRICING GAINS

** Phillip Capital sees cement industry volume growth at around 7%, projecting that realisations will improve by 3% to 4% QoQ

** Expects 4%-5% hike in operational expenses per tonne on war-related impact; EBITDA per tonne to decline 50-70 rupees

** Elara Capital says price hikes should offset fuel costs, keeping EBITDA/tonne broadly stable

** Peak fuel inflation to hit Q2 earnings during seasonal demand lull; South India-based firms such as Ramco Cements TRCE.NS face steeper declines - brokerage

** Jefferies says cos to post ~5% YoY decline in Q1 EBITDA as price hikes lag cost increases

** Nomura expects 6% to 7% organic Q1 volume growth sector-wide

** Says escalated fuel and packaging cost to more than offset any benefit of cement price improvement

(Reporting by Mridula Kumar in Bengaluru)

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** Shares of India's Dalmia Bharat DALB.NS jump 2.93% to 1975 rupees

** Cement maker's reported bigger-than-expected Q4 net profit at 3.87 billion rupees ($40.84 million)

** Analysts, on average, expected net profit of 3.62 billion rupees - LSEG data

** Emkay lifts PT by 100 rupees to 2000 rupees; raised FY27 and FY28 EBITDA estimates by ~6% and ~4%, respectively

** Antique estimates ~8% annual volume growth over FY26–FY28, with EBITDA/tonne staying steady at ~980 rupees in FY27–FY28

** Systematix downgrades stock to "hold" from buy, cuts PT by 464 rupees to 2,158 rupees; but estimates 7% revenue CAGR over FY25–FY28, driven by 4% annual volume growth

** YTD, stock down ~8%

($1 = 94.7550 Indian rupees)

(Reporting by Bipasha Dey in Bengaluru)

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April 28 (Reuters) - Dalmia Bharat Ltd DALB.NS:

• DALMIA BHARAT LTD - RECOMMENDS FINAL DIVIDEND OF 5 RUPEES PER SHARE

Source text: ID:nNSExfmqn

Further company coverage: DALB.NS

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Adds share reaction in paragraph 12

By Aditya Kalra

NEW DELHI, March 9 (Reuters) - When India's largest oil explorer opened a tender for a cement order in 2018, it sensed something was off by the competing bids coming in: all of them were exactly 7,000 rupees per metric ton.

Oil and Natural Gas Corporation ONGC.NS queried the bids and got a wry reply from an executive at India Cements. Seven was his "lucky number", he explained.

Suspicious, ONGC quietly lodged an antitrust case against three Indian cement companies.

The details of the case were outlined in a confidential investigation report and evidence that were shared with the companies in January and reviewed by Reuters, following a five-year probe that found a decade of price collusion targeting state-run ONGC.

The Competition Commission of India (CCI) report said the "cartel period" ran 12 years between 2007 and 2018 for Dalmia Cement (Bharat), a unit of India's fourth-largest cement maker Dalmia Bharat DALB.NS, and rival Shree Digvijay SRDC.NS. India Cements ICMN.NS was part of the cartel for 2017-18.

The report identified thinly concealed attempts at collusion by Indian companies, signalling a growing willingness by the regulator to scrutinise domestic firms after months of high-profile investigations into foreign giants.

The Indian cement firms' bid rigging, discussions of supply patterns and efforts to oust foreign bidders were "substantiated from strong evidences in form of communication, meetings, emails, admission," said the 90-page report.

Local media outlet Zee Business reported the basic finding of wrongdoing last year, but Reuters is the first to report the detailed tactics and evidence that underpin CCI's investigation findings.

Dalmia Bharat declined to comment citing pendency of the matter before the CCI, but has previously said it is cooperating with the authorities. India Cements, which was acquired by No. 1 player UltraTech ULTC.NS in 2024, did not respond, and neither did Shree Digvijay, ONGC or the CCI.

The cement companies have been asked to respond to the report and the watchdog will then issue a final order within months. It has powers to drop any of the investigation findings, but fines can go as high as three times the companies' profit or 10% of their turnover for each year of wrongdoing.

In fiscal year 2024-25, Dalmia Bharat recorded annual revenues of $1.5 billion, Shree Digvijay $79 million and India Cements $444 million.

After the Reuters story, shares of Shree Digvijay extended losses to fall as much as 5.4%, while India Cements was down 4.4% and Dalmia Bharat down 3.5%.

'SUPPORTED BY THE NUMEROLOGY FACTOR OF 7'

While Apple, Amazon and other foreign firms have faced intense antitrust scrutiny, the cement case highlights CCI's focus on big Indian firms from key economic sectors.

"Tech cases have been a growing focus for CCI but there is increased cognizance within the government to tackle breaches at state-run firms and in public procurement," said Gautam Shahi, a competition law partner at Indian law firm Dua Associates.

In January, Reuters reported an antitrust investigation found four major Indian steelmakers, including Tata Steel and JSW Steel, colluded on prices.

Before filing the case in 2020, ONGC noticed bids had come in at the exact same or very similar pricing in four tenders for oil well cement.

For example, the 2018 tender for 170,000 tons of cement saw all three companies quoting a price of 7,000 rupees, or 7,350 rupees per ton with taxes, for different states.

That prompted ONGC to issue a warning in late 2019, with a notice to India Cements, contained in the report, saying the identically priced bids suggested violation of competition law.

India Cements defended its bid in a written submission on its letterhead to ONGC that year, citing global trends as well as the "lucky number".

"The financial bid was also supported by the numerology factor of 7", the company letter stated.

SUBMITTING BIDS TOGETHER

The CCI's investigation puts the onus of breaches on eight top executives including former managing director of Shree Digvijay, Rajeev Nambiar; billionaire chairman of Dalmia Bharat, Y.H. Dalmia; and former managing director of India Cements, N. Srinivasan, who is also one of India's high-profile business figures. None of the executives responded to Reuters queries.

The CCI also cited Shree Digvijay senior vice president Prem R. Singh, whose testimony said "the prime objective for quoting the identical price was to allocate almost equal volumes and revenue amongst companies".

Singh visited rival Dalmia's office for "directly assisting" them in their tender filing in 2018, the CCI report said, citing messages sent by Singh to Nambiar, his then managing director. Singh did not respond to requests for comment.

Shree Digvijay and Dalmia were "actively involved" in calculating the rail freight distance of their factories from ONGC cement delivery destinations. They then bid accordingly to avoid competition and divided territories amongst themselves.

Excel sheets were also made comparing distances to decide "volume sharing" among rivals, the report showed.

TARGETING FOREIGN FIRMS

Shree Digvijay and Dalmia also targeted foreign firms who bid by flagging "prickly issues", said the report.

They repeatedly filed complaints with the Indian government about foreign bidders' lack of certification and how New Delhi should promote domestic firms over foreign ones.

Foreign bidders included Texas-based Schlumberger, the world's largest oilfield services provider now known as SLB SLB.N, UAE-based Classic Oil Field Chemicals, and Bell Weather, the report showed. The three companies did not respond to queries.

The investigators concluded that the companies tried at least once to pressure ONGC to cancel foreign bids by deciding to "restrict supply" of cement to the oil explorer, which breaches antitrust laws.

In 2019, one executive wrote to another: "Need your support in making them (ONGC) understand that they cannot throw Indian parties in bath tub."

The companies could "not digest the fact that a foreign bidder" can be awarded a tender, the CCI said.

(Reporting by Aditya Kalra; Editing by Sam Holmes)

((Email: [email protected]; X: @adityakalra;))

** Shares of Dalmia Bharat DALB.NS rise as much as 2.3% to a three-month high of 2,242.10 rupees, last up 1.9%

** Cement maker's Q3 consol net profit doubles to 1.22 billion rupees

** Co's quarterly revenue from ops increases 10.2% to 35.06 billion rupees

** More than 882,850 shares change hands vs 30 day average of 319,536 shares

** Stock rose 20.6% in 2025

(Reporting by Brijesh Patel in Bengaluru)

(([email protected]; Ph no. +91 9590227221;))

Jan 20 (Reuters) - Dalmia Bharat Ltd DALB.NS:

• UNIT COMMENCES PRODUCTION AT 3.6 MTPA CLINKERISATION CAPACITY

Source text: ID:nNSE87HjHS

Further company coverage: DALB.NS

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Adds details, dealer's quote in paragraphs 11-12

By Mayank Bhardwaj and Rajendra Jadhav

NEW DELHI Nov 10 (Reuters) - India plans to allow sugar exports of 1.5 million metric tons in the new season, as a decline in the diversion of sugar for ethanol production is expected to leave a larger domestic surplus, government and trade sources told Reuters on Monday.

Higher exports from the world's second-largest sugar producer could pressure benchmark New York and London futures SBc1, LSUc1, which are hovering near five-year lows.

Exports will help reduce sugar stocks in the country and support local prices, benefiting producers such as Balrampur Chini Mills BACH.NS, EID Parry EIDP.NS, Dalmia Bharat DALB.NS, and Shree Renuka Sugars SRES.NS, whose shares rose up to 5% in early trade on Monday.

"We have agreed to allow sugar exports this year, keeping in mind surplus stocks and farmers' interests," said a government source who did not wish to be quoted ahead of the final order.

The government is likely to allow sugar exports of 1.5 million tons in the 2025/26 season, which began on October 1, with a final order expected soon, said another government official, who did not wish to be named as he was not authorised to speak to the media.

The Ministry of Consumer Affairs, Food and Public Distribution did not immediately respond to a Reuters’ request for comment.

India was the world's second-largest sugar exporter in the five years to 2022/23, with shipments averaging 6.8 million tons annually. But a drought led the government to ban sugar exports in 2023/24, and it allowed only 1 million tons to be shipped overseas last year.

India's net sugar output for the 2025/26 season is estimated at 30.95 million tons after diverting about 3.4 million tons for ethanol production, up 18.5% from last year, according to the Indian Sugar & Bio-Energy Manufacturers Association (ISMA).

ISMA last week demanded New Delhi allow exports of 2 million tons of sugar in the new season.

The industry body had earlier expected a diversion of 4.5 million to 5  million tons of sugar for ethanol this year, but only 28% of the total allocation for the biofuel went to sugar-based ethanol, with the remainder allocated to feed-based ethanol plants.

Exporting 1.5 million tons could prove difficult for Indian industry, given that local prices are trading at a premium to global levels, said a Mumbai-based dealer with a global trade house.

"A few mills in Maharashtra may begin producing raw sugar for sale to refineries in Asia and Dubai," he said.

India is also planning to remove its 50% duty on the export of molasses, the government official said.

(Reporting by Mayank Bhardwaj and Rajendra Jadhav; Editing by Mrigank Dhaniwala and Kate Mayberry)

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Oct 14 (Reuters) - Dalmia Bharat Ltd DALB.NS:

• DENIES REPORT OF 5 BILLION RUPEES CEMENT FACTORY ACQUISITION

Source text: ID:nBSE2KTBbk

Further company coverage: DALB.NS

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Aug 5 (Reuters) - Dalmia Bharat Ltd DALB.NS:

• INDIA COMPETITION REGULATOR - APPROVES PROPOSED ACQUISITION OF JAIPRAKASH ASSOCIATES BY DALMIA CEMENT (BHARAT)

Source text: [ID:]

Further company coverage: DALB.NS

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MUMBAI, June 12 (Reuters) - India's Dalmia Cement (Bharat) has accepted bids worth 9.50 billion rupees ($111.2 million) for bonds maturing in seven years and in 10 years, three bankers said on Thursday.

The company had invited coupon and commitment bids for both the options on Wednesday, they said.

The firm did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on June 12:

*Size includes base plus greenshoe for some issues

($1 = 85.4350 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)

(([email protected]))

June 6 (Reuters) - Dalmia Bharat Ltd DALB.NS:

• COURT ORDER FOR 2.36 BILLION RUPEES INCENTIVES TO UNIT LIKELY TO BE AFFECTED

Source text: ID:nBSEbv42qx

Further company coverage: DALB.NS

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MUMBAI, June 5 (Reuters) - India's Dalmia Cement (Bharat) plans to raise 10.50 billion rupees ($122.41 million), which includes a greenshoe option of 3 billion rupees, through the sale of bonds maturing in seven years and in 10 years, three bankers said on Thursday.

The company has invited coupon and commitment bids for both options on June 11, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on June 6:

*Size includes base plus greenshoe for some issues

($1 = 85.7780 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)

(([email protected]))

** Shares of Dalmia Bharat DALB.NS rise as much as 4.8% to 1,980 rupees, highest level since October 4

** The cement maker on Wednesday reported 38.1% Y/Y rise in Q4 consol net profit

** Rev from ops fell 5% Y/Y, total expenses down nearly 9%

** Co adds, EBITDA grew by 21% YoY in Q4 due to co's various cost-cutting measures like increase in renewable energy (RE) capacity

** Jefferies ("buy", PT: 2,050 rupees) says co's share of RE increased to 39% in Q4 FY25 from 34% in Q4 FY24

** More than 1 mln shares change hands, 3.5x of 30-day avg

** Avg rating of 28 analysts equivalent of "hold", median PT is 1,925 rupees - data compiled by LSEG

** Stock last up 3.7%, taking YTD gains to 10.8%

(Reporting by Ashish Chandra in Bengaluru)

(([email protected] (+91 7982114624))

April 23 (Reuters) - Dalmia Bharat Ltd DALB.NS:

• RECOMMENDS FINAL DIVIDEND OF 5 RUPEES PER EQUITY SHARE

• MARCH-QUARTER CONSOL NET PROFIT 4.35 BILLION RUPEES

• MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 40.91 BILLION RUPEES

Source text: ID:nBSE34gYtr

Further company coverage: DALB.NS

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April 16 (Reuters) - Dalmia Bharat Ltd DALB.NS:

• DCBL RECEIVES PROVISIONAL ATTACHMENT ORDER FROM ENFORCEMENT DIRECTORATE

• ATTACHMENT ORDER FOR 7.93 BILLION RUPEES AGAINST DCBL LAND

Source text: ID:nBSE9tJ8cr

Further company coverage: DALB.NS

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April 3 (Reuters) - Dalmia Bharat Ltd DALB.NS:

• DALMIA BHARAT - UNIT GETS TAX ORDER OF 17.5 MILLION RUPEES, PENALTY 17.5 MILLION RUPEES

Source text: [ID:]

Further company coverage: DALB.NS

(([email protected];))

** The rough patch for India's cement sector due to demand slowdown in fiscal year 2025 and rising competition after Adani's entry is coming to an end, says UBS

** Upgrades UltraTech Cement ULTC.NS to "buy" from "neutral" and hikes price target to 13,000 rupees from 9,000 rupees

** UBS also upgrades Ambuja Cements ABUJ.NS and Dalmia Bharat DALB.NS to "buy" from "sell", while reiterating "buy" on ACC ACC.NS

** Forecasts demand to bounce back in fiscal year 2026 due to pick-up in government capex after an election-led slowdown in FY2025, housing upcycle, improving rural outlook and policy support

** Estimates core profit CAGR of 18%-43% over FY2025-27 for the four cement companies

** Expects market leaders ULTC and Adani group-owned ACC and ABUJ to have an upper hand as sectoral consolidation continues

** ULTC, ACC, Ambuja Cements shares are down 3.28%, 5.8% and 3.1%, respectively in 2025 so far; benchmark Nifty 50 .NSEI is little changed over the same period

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

** Shares of Dalmia Bharat DALB.NS rise 3.5% to 1,662.9 rupees

** The cement maker commenced commercial production of its new grinding unit of 2.4 million tonnes per annum (MTPA) in Assam

** Co's cement manufacturing capacity now totals 8 MnT in the North-East and 49 MTPA pan-India

** More than 241,000 shares change hands, 1x its 30-day avg

** 28 analysts covering the stock on avg have a "hold" rating; median PT is 1,965 rupees - LSEG data

** Stock down 9% so far this year

(Reporting by Ashna Teresa Britto in Bengaluru)

(([email protected] ; ( +91 8078332441))

March 13 (Reuters) - Dalmia Bharat Ltd DALB.NS:

• DALMIA BHARAT - NCLT APPROVED ARRANGEMENT BETWEEN DALMIA CEMENT (NORTH EAST), VINAY CEMENT

• DALMIA BHARAT - SCHEME INVOLVES DEMERGER, TRANSFER OF CEMENT, MINING BUSINESS OF VINAY CEMENT

Source text: [ID:]

Further company coverage: DALB.NS

(([email protected];))

Feb 28 (Reuters) - Dalmia Bharat Ltd DALB.NS:

• DALMIA BHARAT LTD - APPROVES CAPACITY INCREASE PROPOSALS IN 3 LOCATIONS

Source text: ID:nBSEcfBn0L

Further company coverage: DALB.NS

(([email protected];))

Feb 26 (Reuters) - Dalmia Bharat Ltd DALB.NS:

• DALMIA BHARAT - UNIT'S APPEAL ALLOWED BY TAX AUTHORITY; DEMAND OF TAX, INTEREST DROPPED

Source text: ID:nBSE71NcXJ

Further company coverage: DALB.NS

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Feb 11 (Reuters) - Dalmia Bharat Ltd DALB.NS:

• UNIT RECEIVES TAX PENALTY ORDER OF 92 MILLION RUPEES

Source text: ID:nBSE6mr9gB

Further company coverage: DALB.NS

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Adds analyst comment in paragraph 5, ratings agency's forecast in paragraph 12

By Hritam Mukherjee

Feb 1 (Reuters) - Indian infrastructure and cement stocks declined in a special trading session on Saturday, as investors were disappointed by the 'modest' hike in capital spending announced in the annual budget.

The infrastructure index .NIFTYINFR reversed gains following the budget presentation, and closed 1% lower. Sector bellwether Larsen & Toubro (L&T) LART.NS ended 3.4% lower, its sharpest one-day fall in more than 3 months.

The Indian government said it will spend a record 11.21 trillion rupees ($129.54 billion) on infrastructure in the upcoming financial year that begins on April 1.

"The capex outlay for fiscal year 2026.. looks modest compared to raises made in FY25 and FY24 budget, and misses market expectations slightly," said Amit Anwani, research analyst at Prabhudas Lilladher.

"The budget proposals seem to focus a lot on consumption this time around... but the negative surprise has come from the shift of focus on government capex in infrastructure development," said Mirae Asset Sharekhan's Gaurav Dua.

IRB Infrastructure Developers IRBI.NS, which constructs highways, declined 3%.

"With corporate balance sheets fairly strong, (the) government wants private sector to step up on capex," the company's Chairman Virendra D. Mhaiskar said.

Shares of cement makers, which are key beneficiaries of government spending, fell on worries that of a slow demand recovery.

UltraTech ULTC.NS, the country's largest cement maker by capacity, fell as much as 6% before ending 2% lower.

Ambuja Cements ABUJ.NS and Dalmia Bharat DALB.NS fell 2% each, while Shree Cement SHCM.NS dropped 3%.

Top cement executives have flagged that government spending hasn't picked up substantially since the national elections in 2024, with volumes growing sluggishly in the third quarter nearly across the board.

Cement demand is likely to log single-digit percentage growth in fiscal year 2026, India Ratings and Research said.

India is the world's second-largest cement producer, and the domestic industry is expected to grow 4%-5% in fiscal year 2025, significantly slower than the 8% and 12% growth seen in 2022 and 2023, data from ratings agency Crisil showed.

(Reporting by Hritam Mukherjee in Bengaluru; Additional reporting by Yagnoseni Das; Editing by Varun H K)

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