Dalmia Bharat Q2 Results: Company Swings To ₹205 Crore Loss As EBITDA Falls 29%

Dalmia Bharat Q2 results showed the cement maker swinging to a consolidated net loss of ₹205 crore in the September quarter of FY27, compared with a net profit of ₹239 crore in the corresponding quarter last year. The company’s revenue from operations increased 4% year-on-year to ₹3,563 crore, but earnings before interest, tax, depreciation and amortisation (EBITDA) fell 29% to ₹493 crore.

The loss followed a ₹339 crore exceptional charge related to asset impairment and an employee separation scheme. Higher power and fuel costs, alongside demand challenges in some markets, also pressured operating profitability.

The company announced the results after its board meeting on October 26, 2026.

Dalmia Bharat EBITDA Falls 29% As Costs Rise

Dalmia Bharat’s EBITDA declined to ₹493 crore in Q2 FY27 from ₹696 crore in the year-ago quarter. Its EBITDA margin narrowed to 13.8% from 20.4%, reflecting pressure on operating profitability.

Cement sales volume rose 3% year-on-year to 7.1 million tonnes, while revenue from operations grew 4% to ₹3,563 crore. The increase in revenue was not enough to offset the impact of higher costs and weaker operating earnings.

Power and fuel costs increased 22% year-on-year to ₹874 crore, according to the company’s reported results. Dalmia Bharat also cited demand challenges in some of its key markets and broader cost pressures.

Chief financial officer Yatin Malhotra said volume growth and better realisation supported revenue growth, but market-level demand challenges and macroeconomic cost headwinds affected EBITDA. He said the company remained focused on cost optimisation and expected positive momentum in cement prices to help mitigate cost pressures.

₹339 Crore Exceptional Charge Drives Quarterly Loss

Dalmia Bharat recognised a total exceptional charge of ₹339 crore during the quarter. This included an impairment loss of ₹282 crore following an assessment of the recoverable economic value of certain assets, as well as a ₹57 crore charge associated with a separation scheme for eligible employees at selected units.

The impairment included three captive power plants, reflecting changes in the company’s energy mix as it increased its use of lower-cost renewable energy. It also included an impairment charge on a discontinued brand.

These exceptional items were a key factor behind the company’s swing from a year-ago profit to a quarterly loss.

Dalmia Bharat Declares ₹4 Interim Dividend

Dalmia Bharat’s board declared an interim dividend of ₹4 per equity share, equivalent to 200% of the share’s face value of ₹2. The record date for determining eligible shareholders is October 30, 2026.

The company also said the trial run had started at its 3.6 million-tonne-per-annum Belgaum clinker line in October, ahead of schedule. Its resolution plan for Bhilai Jaypee Cement has been approved by the committee of creditors, with approval from the National Company Law Tribunal and other regulatory authorities still pending.

Managing director and CEO Puneet Dalmia said the company’s capacity expansion plans remained on track and that it was making progress integrating its Central India assets. He reiterated the company’s focus on operational efficiency and financial discipline.

Investors will watch whether improved cement pricing, cost optimisation and capacity expansion can help restore operating margins in the coming quarters.

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