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Swing Capital

Dalmia Bharat Ltd

NSE: DALBHARAT BSE: 542216Cement

Dalmia Bharat is engaged in the business of Manufacturing and Selling of Cement. The company was started in 1939 and is the 4th largest cement manufacturer by installed capacity in India.[1]

₹1,707
52W: ₹1676 — ₹2496
PE 221 · Book ₹420 · +306% vs book
Market Cap₹32,012 Cr
Stock P/E221Price to Earnings
ROCE2.17%Return on Capital
ROE1.84%Return on Equity
Div. Yield0.53%Face Value ₹2

Strengths

  • +Company is almost debt free.
  • +Company is expected to give good quarter
  • +Company has been maintaining a healthy dividend payout of 103%

Weaknesses

  • −Stock is trading at 3.98 times its book value
  • −Tax rate seems low
  • −Company has a low return on equity of 1.87% over last 3 years.
  • −Earnings include an other income of Rs.119 Cr.
  • −Debtor days have increased from 42.5 to 58.6 days.

Shareholding Pattern

Promoters55.84%
FIIs7.15%
DIIs20.25%
Public16.61%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters55.84%55.84%55.84%55.84%55.84%55.84%55.84%55.84%
FIIs9.43%8.94%▼0.59.08%▲0.18.29%▼0.88.23%▼0.18.75%▲0.57.92%▼0.87.15%▼0.8
DIIs13.62%14.57%▲1.014.69%▲0.116.43%▲1.717.37%▲0.917.81%▲0.418.99%▲1.220.25%▲1.3
Public20.99%20.52%▼0.520.24%▼0.319.29%▼0.918.42%▼0.917.45%▼1.017.11%▼0.316.61%▼0.5

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales3032342961787580101105
Expenses28253024527365687281
Operating Profit27459510122924
OPM %7%22%12%17%15%6%13%15%29%23%
Net Profit911961077733142073
EPS ₹0.480.595.120.530.374.111.760.751.073.89

AI Insights

Revenue Trend

Mar 2026 revenue at ₹361Cr, up 78.7% YoY. OPM at 21%.

Debt Position

Borrowings at ₹219Cr. Debt-to-equity ratio: 0.03x. Healthy balance sheet.

Capex Cycle

CWIP at ₹10Cr (3% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 20.25% (+11.43pp change). FIIs: 7.15% (-6.76pp change). Promoters hold 55.84%.

Margin & Efficiency

ROCE improving from 0% (Mar 2015) to 2% (Mar 2026). Working capital days: 441.

Valuation

PE 221x with 2.17% ROCE. Price is 306% above book value of ₹420. Dividend yield: 0.53%.

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