# Dalmia Bharat (DALBHARAT) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/dalbharat

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹1,469.1
- Change: +0.19%
- As of: 2026-11-06
- 1D return: +0.19%
- 5D return: +10.78%
- 1M return: -7.77%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

DALBHARAT exhibits a strong bearish technical structure across daily, weekly, and monthly timeframes as of November 6, 2026. The stock closed at ₹1469.10, trading below all key moving averages (EMA/SMA 20/50/200) and the Supertrend indicator, confirming established downward momentum with ADX readings above 23 on all horizons. Recent price action is characterized by extreme volume-weighted sell-offs in late October, with significant downside anomalies recorded on October 27 (-6.6%), October 29 (-4.5%), and October 30 (-5.8%).

The stock is positioned near the lower end of its long-term range (+16.0% from 252-day low) but has recovered slightly from recent lows, sitting +10.8% above the available low. Immediate resistance lies at ₹1502.93 (+2.3%) and ₹1539.57 (+4.8%), while support is anchored at the pivot level of ₹1464.17 (-0.34%) and further down at ₹1427.53 (-2.83%). With a current drawdown of -40.7% and annualized volatility of 28.0%, the setup remains fragile. A sustained move above ₹1502.93 would be required to challenge the immediate bearish bias, while a break below ₹1464.17 risks retesting lower supports.

- Trend: Bearish across daily, weekly, and monthly charts; price trades below all major MAs and Supertrend with established trend strength (ADX 23).
- Momentum: Extreme negative volume anomalies detected Oct 27–30, indicating heavy selling pressure; YTD return stands at -31.2%.
- Levels: Immediate resistance at ₹1502.93 (+2.3%); critical nearby support at ₹1464.17 (pivot) and ₹1427.53 (-2.83%).
- Risk: Current drawdown is -40.7% with high volatility (28.0% annualized); price is in the lower-middle of its 20-day and 50-day ranges.

- Inside Bar
- Doji
- Outside Bar

### News Context

Dalmia Bharat reported a consolidated loss from continuing operations of ₹208 crore for Q2 FY27 (ended September 30, 2026), driven by a ₹282 crore impairment loss and a ₹57 crore one-time employee separation charge. Despite the operational loss, the Board declared an interim dividend of ₹4 per equity share (200% payout) for FY26-27, with a record date of October 30, 2026. Management highlighted that the new Belgaum clinker line has been lit ahead of schedule, with trial runs underway, while the associated 3 MTPA cement mill is expected to enter trial shortly. The company also completed a ₹2,850 crore enterprise-value acquisition of its cement business from Jaiprakash Associates Limited on May 29, 2026. On the technical front, the stock closed at ₹1,469.10 on November 6, 2026, reflecting a year-to-date decline of 31.2% and a current drawdown of 40.7%, with daily trend indicators signaling bearish momentum.

- Q2 FY27 Consolidated Loss: Reported a loss of ₹208 crore from continuing operations, primarily due to a ₹282 crore impairment and ₹57 crore separation charges; auditors noted emphasis-of-matter regarding pending Bawri Group proceedings.
- Dividend Declaration: Board approved an interim dividend of ₹4 per share (face value ₹2) for FY26-27, with a record date set for October 30, 2026.
- Capacity Expansion: New Belgaum clinker line lit and in trial runs ahead of schedule; 3 MTPA cement mill expected to begin trials shortly.
- Market Performance: Stock traded at ₹1,469.10 on November 6, 2026, down 31.2% YTD and 28.3% over the past year, with technical indicators showing sustained bearish pressure.

- Intimation regarding change in the Corporate Office of the Registrar and Share Transfer Agent (RTA) of the Company |SUBJECT: General Updates
- Dalmia Bharat Limited has informed the Exchange about Transcript of Q2 FY27 - Earnings Conference Call |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates
- Dalmia Bharat Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL
- Communication to shareholders related to TDS on Interim Dividend as per Income Tax Act, 2025 |SUBJECT: General Updates
- Dalmia Bharat Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting

### What Changed

Dalmia Bharat Limited has updated its Registrar and Share Transfer Agent (RTA) service details. On November 5, 2026, the company intimated the NSE and BSE that KFin Technologies Limited will relocate its Corporate Office address from Hyderabad (PIN 500032) to a new location in Hyderabad (PIN 500075), effective December 1, 2026. The registered office of the RTA remains unchanged. This administrative update ensures shareholder records continue to be processed at the correct physical address without altering the legal entity or service provider.

- RTA Address Change: KFin Technologies Limited’s Corporate Office moves from Hyderabad (500032) to Hyderabad (500075) effective December 1, 2026.
- Filing Date: Intimation submitted to exchanges on November 5, 2026.
- Continuity: The RTA’s registered office remains unchanged; no change in service provider.

- [Intimation regarding change in the Corporate Office of the Registrar and Share Transfer Agent (RTA) of the Company |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/DALBHARAT_05112026163649_DBLRTAAddress2026sign.pdf)

### Official Filings

Dalmia Bharat Limited reported a consolidated net loss of Rs. 205 crore for Q2 FY27 (ended September 30, 2026), driven by Rs. 339 crore in exceptional items including asset impairments and acquisition costs. Despite the loss, revenue from operations rose 4% year-over-year to Rs. 3,563 crore. The Board declared an interim dividend of Rs. 4 per equity share (200% of face value) with a record date of October 30, 2026. Operational updates include the commencement of trial runs at the new 3.6 MnTPA Belgaum clinker line and progress on the resolution plan for Bhilai Jaypee Cement Limited, which has received CoC approval but remains subject to NCLT clearance.

- Q2 FY27 Consolidated Loss: Reported a net loss of Rs. 205 crore due to Rs. 339 crore in exceptional items (impairments, acquisition costs, separation charges), offsetting a 4% YoY revenue increase to Rs. 3,563 crore.
- Interim Dividend Declared: Board approved Rs. 4 per equity share for FY 2026-27; record date is October 30, 2026.
- Belgaum Capacity Expansion: Trial runs commenced in October 2026 for the 3.6 MnTPA clinker line, ahead of schedule.
- Bhilai Jaypee Resolution Plan: Approved by Creditors' Committee (CoC); pending NCLT and regulatory approvals.

- [Intimation regarding change in the Corporate Office of the Registrar and Share Transfer Agent (RTA) of the Company |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/DALBHARAT_05112026163649_DBLRTAAddress2026sign.pdf)
- [Dalmia Bharat Limited has informed the Exchange about Transcript of Q2 FY27 - Earnings Conference Call |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/DALBHARAT_28102026151943_DBLTranscriptOct2026_signed.pdf)
- [Dalmia Bharat Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_17144_WebXMLFile_20261028_153008184.xml)
- [Communication to shareholders related to TDS on Interim Dividend as per Income Tax Act, 2025 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/DALBHARAT_27102026194251_DBLtdsOct2026.pdf)
- [Dalmia Bharat Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/DALBHARAT_26102026155208_DBLfinalBMoutcome26102026.pdf)
- [Dalmia Bharat Limited has informed the Exchange regarding a press release dated October 26, 2026, titled "Press Release on Unaudited Financial Results of the Company for the quarter and half year ended September 30, 2026". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/DALBHARAT_26102026155903_DBLPressReleaseSep26.pdf)
- [Dalmia Bharat Limited has informed the Exchange about General Updates. Earnings Release / Investor Presentation Q2 & H1 FY 27 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/DALBHARAT_26102026160451_DBLInvestorPresSep26.pdf)
- [Dalmia Bharat Limited has informed the Exchange that Board of Directors at its meeting held on October 26, 2026, declared Interim Dividend of Rs. 4 per equity share. |SUBJECT: Dividend](https://nsearchives.nseindia.com/corporate/DALBHARAT_26102026161009_DBLfinalBMoutcome26102026.pdf)
- [Dalmia Bharat Limited has informed the Exchange that Record date for the purpose of Dividend is 30-Oct-2026. |SUBJECT: Record Date](https://nsearchives.nseindia.com/corporate/DALBHARAT_26102026161659_DBLfinalBMoutcome26102026.pdf)
- [DALMIA BHARAT LIMITED has informed the Exchange regarding Outcome of Board Meeting held on 26-Oct-2026 for Dividend |SUBJECT: Outcome of Board Meeting-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/OUTCOME_17144_WebXMLFile_20261026_162042038.xml)

### Fundamentals

Dalmia Bharat’s Q2 FY2026-27 results reveal a sharp deterioration in profitability despite modest revenue growth. Revenue From Operations increased 4% year-on-year to ₹3,563 crore, yet Profit Before Tax swung from a ₹254 crore profit in Q1 to a ₹293 crore loss in Q2. This reversal was driven by a collapse in operating margins—Operating Profit fell from ₹436 crore to ₹46 crore—and a significant negative impact from Other Income, which turned into a ₹290 crore loss compared to ₹66 crore income in the prior year quarter. Consequently, Net Profit dropped from ₹192 crore to a loss of ₹205 crore, with Basic EPS turning negative at -₹11.18.

The balance sheet shows continued asset expansion, with Total Assets rising to ₹36,435 crore and Property, Plant & Equipment increasing to ₹17,635 crore as of September 2026. Borrowings have risen to ₹10,284 crore, while Cash from Operating Activity for the full year ended March 2026 stood at ₹2,278 crore. Earnings quality signals are mixed; CFO/EBITDA conversion declined to 77% in FY2026, though the Cash Conversion Cycle improved to 5 days. Shareholding patterns show stable promoter holding at 55.84%, with DIIs increasing their stake to 18.91% and FIIs reducing theirs to 7.41%.

The critical checkpoint is whether management can stabilize operating margins and explain the drivers behind the substantial swing in Other Income and the widening interest burden (TTM interest at ₹527 crore) against stagnant top-line growth.

- Q2 FY2026-27 Net Profit swung to a loss of ₹205 crore (-₹11.18 EPS) from a ₹192 crore profit in Q1, reversing a ₹547 crore sequential decline in pre-tax profit.
- Revenue grew 4% YoY to ₹3,563 crore, but Operating Profit collapsed to ₹46 crore from ₹436 crore in Q1, indicating severe margin compression.
- Other Income turned negative (-₹290 crore) in Q2 versus positive (₹66 crore) in Q1, significantly dragging down net earnings.
- Total Assets expanded to ₹36,435 crore and Borrowings rose to ₹10,284 crore as of Sep 2026, while TTM interest expense increased to ₹527 crore.

### Bear Case

As of 6 November 2026, Dalmia Bharat (NSE) exhibits a pronounced bearish technical setup with significant downside momentum. The stock closed at ₹1469.10, trading below key moving averages, with the daily Supertrend signaling a bearish trend. Momentum indicators reflect selling pressure: the Minus DI (27.1) exceeds the Plus DI (20.54) on the daily chart, and both the 20-day EMA and SMA show steep negative slopes of -58.33 and -58.39 respectively over the last five days. This weakness is consistent across timeframes; the weekly and monthly trends also display bearish Supertrend directions and higher Minus DI values relative to Plus DI.

Performance metrics highlight substantial recent losses. The stock has fallen 31.2% year-to-date and 28.3% over the past year. Shorter-term returns are equally weak, with declines of 19.4% over three months and 12.7% over one month. Volatility remains elevated, with an annualized volatility of 28.0% and an ATR percentage of 4.09%. The stock is currently in a deep drawdown of -40.7%, approaching its maximum historical drawdown of -46.4%. Immediate support sits near ₹1464.17, while resistance begins just 2.3% higher at ₹1502.93.

- Bearish Trend Confirmation: Daily, weekly, and monthly Supertrends are all bearish, with Minus DI consistently exceeding Plus DI across these timeframes, indicating sustained selling pressure.
- Steep Moving Average Decline: The 20-day EMA and SMA have shown sharp negative slopes (-58.33 and -58.39 respectively) over the last five days, confirming rapid downward price acceleration.
- Significant Underperformance: Year-to-date return is -31.2%, with a one-year return of -28.3%; the stock is down 12.7% in the last month and 19.4% over three months.
- High Volatility and Drawdown Risk: Current drawdown stands at -40.7% against a maximum drawdown of -46.4%, with annualized volatility at 28.0%, suggesting heightened risk and potential for further instability.

- [Intimation regarding change in the Corporate Office of the Registrar and Share Transfer Agent (RTA) of the Company |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/DALBHARAT_05112026163649_DBLRTAAddress2026sign.pdf)
- [Dalmia Bharat Limited has informed the Exchange about Transcript of Q2 FY27 - Earnings Conference Call |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/DALBHARAT_28102026151943_DBLTranscriptOct2026_signed.pdf)
- [Dalmia Bharat Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_17144_WebXMLFile_20261028_153008184.xml)
- [Communication to shareholders related to TDS on Interim Dividend as per Income Tax Act, 2025 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/DALBHARAT_27102026194251_DBLtdsOct2026.pdf)
- [Dalmia Bharat Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/DALBHARAT_26102026155208_DBLfinalBMoutcome26102026.pdf)
- [Dalmia Bharat Limited has informed the Exchange regarding a press release dated October 26, 2026, titled "Press Release on Unaudited Financial Results of the Company for the quarter and half year ended September 30, 2026". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/DALBHARAT_26102026155903_DBLPressReleaseSep26.pdf)
- [Dalmia Bharat Limited has informed the Exchange about General Updates. Earnings Release / Investor Presentation Q2 & H1 FY 27 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/DALBHARAT_26102026160451_DBLInvestorPresSep26.pdf)
- [Dalmia Bharat Limited has informed the Exchange that Board of Directors at its meeting held on October 26, 2026, declared Interim Dividend of Rs. 4 per equity share. |SUBJECT: Dividend](https://nsearchives.nseindia.com/corporate/DALBHARAT_26102026161009_DBLfinalBMoutcome26102026.pdf)
- [Dalmia Bharat Limited has informed the Exchange that Record date for the purpose of Dividend is 30-Oct-2026. |SUBJECT: Record Date](https://nsearchives.nseindia.com/corporate/DALBHARAT_26102026161659_DBLfinalBMoutcome26102026.pdf)
- [DALMIA BHARAT LIMITED has informed the Exchange regarding Outcome of Board Meeting held on 26-Oct-2026 for Dividend |SUBJECT: Outcome of Board Meeting-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/OUTCOME_17144_WebXMLFile_20261026_162042038.xml)

### FAQs

**What was the financial performance for Q2 FY27, and why did the company report a loss?**

For the quarter ended September 30, 2026, Dalmia Bharat reported a consolidated loss from continuing operations of ₹208 crore. This result included significant exceptional items: a ₹282 crore impairment loss and a ₹57 crore one-time employee separation charge.

**Has the company declared any dividends, and what are the key dates?**

Yes. The Board declared an interim dividend of ₹4 per equity share (face value ₹2) for FY 2026-27 on October 26, 2026. The record date is fixed as October 30, 2026. Shareholders were requested to submit documentation for TDS purposes by October 30, 2026.

**What operational developments were highlighted in the recent earnings call?**

Management reported that the new Belgaum clinker line had been lit and trial runs commenced ahead of schedule, with the associated 3 MTPA cement mill expected to enter trials shortly. Additionally, a leadership transition is scheduled to take effect on January 1, 2027.

**How has the stock price performed recently, and what are the current technical levels?**

As of November 6, 2026, the stock closed at ₹1,469.10, reflecting a YTD return of -31.2% and a maximum drawdown of -46.4%. Technical indicators show a bearish trend. Immediate support is noted at ₹1,464.17, while resistance levels are identified at ₹1,502.93 and ₹1,539.57.

- [Intimation regarding change in the Corporate Office of the Registrar and Share Transfer Agent (RTA) of the Company |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/DALBHARAT_05112026163649_DBLRTAAddress2026sign.pdf)
- [Dalmia Bharat Limited has informed the Exchange about Transcript of Q2 FY27 - Earnings Conference Call |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/DALBHARAT_28102026151943_DBLTranscriptOct2026_signed.pdf)
- [Dalmia Bharat Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_17144_WebXMLFile_20261028_153008184.xml)
- [Communication to shareholders related to TDS on Interim Dividend as per Income Tax Act, 2025 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/DALBHARAT_27102026194251_DBLtdsOct2026.pdf)
- [Dalmia Bharat Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/DALBHARAT_26102026155208_DBLfinalBMoutcome26102026.pdf)
- [Dalmia Bharat Limited has informed the Exchange regarding a press release dated October 26, 2026, titled "Press Release on Unaudited Financial Results of the Company for the quarter and half year ended September 30, 2026". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/DALBHARAT_26102026155903_DBLPressReleaseSep26.pdf)
- [Dalmia Bharat Limited has informed the Exchange about General Updates. Earnings Release / Investor Presentation Q2 & H1 FY 27 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/DALBHARAT_26102026160451_DBLInvestorPresSep26.pdf)
- [Dalmia Bharat Limited has informed the Exchange that Board of Directors at its meeting held on October 26, 2026, declared Interim Dividend of Rs. 4 per equity share. |SUBJECT: Dividend](https://nsearchives.nseindia.com/corporate/DALBHARAT_26102026161009_DBLfinalBMoutcome26102026.pdf)
- [Dalmia Bharat Limited has informed the Exchange that Record date for the purpose of Dividend is 30-Oct-2026. |SUBJECT: Record Date](https://nsearchives.nseindia.com/corporate/DALBHARAT_26102026161659_DBLfinalBMoutcome26102026.pdf)
- [DALMIA BHARAT LIMITED has informed the Exchange regarding Outcome of Board Meeting held on 26-Oct-2026 for Dividend |SUBJECT: Outcome of Board Meeting-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/OUTCOME_17144_WebXMLFile_20261026_162042038.xml)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Strong Downtrend
- Weekly trend: Moderate Downtrend
- Pivot point: ₹1,464.17
- Risk regime: Higher Price Risk

### Support levels
- 1319
- 1427.5333333333335
- 1388.7666666666669

### Resistance levels
- 1849.75
- 1885.6875
- 1921.4169921875

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +0.19% |
| return_10 | -7.68% |
| return_1m | -12.69% |
| return_1y | -28.29% |
| return_20 | -7.77% |
| return_3m | -19.39% |
| return_5 | +10.78% |
| return_6m | -25.60% |
| return_since_start | -17.04% |
| return_ytd | -31.23% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | high_risk |
| label | Higher price risk |
| summary | Recent drawdown or price variability is materially high and may lead to larger short-term outcomes. |
| maximum_drawdown | -46.44% |
| annualized_volatility | +27.98% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Dalmia Bharat Limited FY2026-27 Q2: Pre-exceptional profit falls to ₹46 crore

Consolidated revenue from operations fell 8.4% sequentially to ₹3,563 crore in Q2 FY2026-27, while profit before exceptional items and tax dropped to ₹46 crore from ₹436 crore in Q1. A ₹339 crore exceptional charge contributed to a reported loss of ₹205 crore for the period. Revenue was 4.3% higher year on year, but pre-exceptional profit was 85.5% lower.

## Revenue eases as pre-exceptional profit contracts

Revenue from operations declined to ₹3,563 crore from ₹3,890 crore in Q1 FY2026-27, but was above ₹3,417 crore in Q2 FY2025-26. Total income was ₹3,609 crore, down from ₹4,029 crore in Q1. Expenses edged down 0.8% sequentially to ₹3,563 crore and were 12.6% higher year on year. Profit before exceptional items and tax fell to ₹46 crore from ₹436 crore in Q1 and ₹318 crore a year earlier.

Q2 expenses included materials consumed of ₹616 crore, a ₹88 crore credit from changes in inventories, employee benefit expense of ₹246 crore, and depreciation and amortisation of ₹363 crore. Finance costs were ₹130 crore, down from ₹147 crore in Q1 but above ₹122 crore in Q2 FY2025-26.

## Exceptional charge pushes results to a loss

The ₹339 crore exceptional charge in Q2 was larger than the ₹182 crore charge in Q1 FY2026-27. Profit before tax consequently moved to a loss of ₹293 crore, compared with a profit of ₹254 crore in Q1 and ₹318 crore in Q2 FY2025-26.

Tax was a credit of ₹85 crore, comprising a deferred tax credit of ₹97 crore and current tax expense of ₹12 crore. The loss from continuing operations was ₹208 crore. Discontinued operations contributed ₹3 crore after tax, bringing the total loss for the period to ₹205 crore. The loss attributable to owners of the parent was ₹207 crore, while non-controlling interests accounted for ₹2 crore of profit. Basic earnings per share from continuing and discontinued operations were a loss of ₹11.03, against earnings of ₹10.02 in Q1 FY2026-27 and ₹12.59 in Q2 FY2025-26.

## Asset base and borrowings rise

At 30 September 2026, total assets were ₹36,435 crore, up from ₹33,312 crore at 31 March 2026. Property, plant and equipment increased to ₹17,635 crore from ₹16,872 crore, while capital work in progress rose to ₹5,193 crore from ₹2,593 crore.

Borrowings also increased. Noncurrent borrowings stood at ₹8,432 crore at 30 September, compared with ₹6,168 crore at 31 March; current borrowings were ₹1,150 crore, versus ₹584 crore. Cash and cash equivalents were ₹89 crore, down from ₹212 crore, and current investments declined to ₹3,694 crore from ₹5,105 crore. Equity attributable to owners of the parent was ₹18,011 crore, compared with ₹17,979 crore at 31 March.

Inventories rose to ₹1,602 crore from ₹1,192 crore over the same period. Trade receivables edged down to ₹858 crore from ₹864 crore, while trade payables increased to ₹1,443 crore from ₹1,294 crore.

## Key Takeaway

Q2 brought a sharp sequential decline in pre-exceptional profit, while the ₹339 crore exceptional charge turned the quarter into a reported loss. The balance sheet also recorded higher fixed assets and capital work in progress alongside a substantial increase in borrowings, making investment execution and its funding important to monitor against the weaker earnings.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +55.84%
- FII holding: +6.81%
- DII holding: +19.95%
- Mutual fund holding: +16.62%
- Retail holding: +6.50%
- Promoter pledged: +0.00%

### Major reported shareholders

- Keshav Power Limited — +36.04% (Bodies Corporate)
- Sita Investment Company Limited — +7.40% (Bodies Corporate)
- KOTAK MIDCAP FUND — +6.69%
- Rama Investment Company Private Limited — +5.73% (Bodies Corporate)
- MIRAE ASSET LARGE & MIDCAP FUND — +4.17%
- LIFE INSURANCE CORPORATION OF INDIA - P & GS FUND — +2.63%
- SBI MULTICAP FUND — +2.10%
- Dalmia Bharat Refractories Limited — +1.88% (Bodies Corporate)
- INVESTOR EDUCATION AND PROTECTION FUND AUTHORITY — +1.71%
- Dalmia Bharat Sugar and Industries Limited — +1.70% (Bodies Corporate)

## Official filings

- 2026-11-05 — Generic Announcement: Dalmia Bharat Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DALBHARAT_05112026163649_DBLRTAAddress2026sign.pdf)
- 2026-10-28 — Generic Announcement: Dalmia Bharat Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DALBHARAT_28102026151943_DBLTranscriptOct2026_signed.pdf)
- 2026-10-28 — Generic Announcement: Dalmia Bharat Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_17144_WebXMLFile_20261028_153008184.xml)
- 2026-10-27 — Generic Announcement: Dalmia Bharat Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DALBHARAT_27102026194251_DBLtdsOct2026.pdf)
- 2026-10-26 — Generic Announcement: Dalmia Bharat Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DALBHARAT_26102026155208_DBLfinalBMoutcome26102026.pdf)
- 2026-10-26 — Press Release: Dalmia Bharat Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DALBHARAT_26102026155903_DBLPressReleaseSep26.pdf)
- 2026-10-26 — Earnings Presentation: Dalmia Bharat Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DALBHARAT_26102026160451_DBLInvestorPresSep26.pdf)
- 2026-10-26 — Generic Announcement: Dalmia Bharat Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DALBHARAT_26102026161009_DBLfinalBMoutcome26102026.pdf)
- 2026-10-26 — Generic Announcement: Dalmia Bharat Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DALBHARAT_26102026161659_DBLfinalBMoutcome26102026.pdf)
- 2026-10-26 — Generic Announcement: Dalmia Bharat Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/OUTCOME_17144_WebXMLFile_20261026_162042038.xml)
- 2026-10-26 — Financial Results Filing: Dalmia Bharat Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1745861_26102026042521_WEB.xml)
- 2026-10-26 — Financial Results Filing: Dalmia Bharat Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1745864_26102026042648_WEB.xml)
- 2026-10-22 — Generic Announcement: Dalmia Bharat Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DALBHARAT_22102026210956_DBLPostalBallot22102026.pdf)
- 2026-10-22 — Regulatory Filing: Dalmia Bharat Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/RESULT_VOTING_1744279_22102026091802_WEB.xml)
- 2026-10-21 — Shareholding Disclosure: Dalmia Bharat Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1742601_21102026124726_WEB.xml)
- 2026-10-19 — Board Meeting Notice: Dalmia Bharat Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DALBHARAT_19102026170617_DBL_BM_Intimation_19102026.pdf)
- 2026-10-19 — Generic Announcement: Dalmia Bharat Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_17144_WebXMLFile_20261019_171013188.xml)
- 2026-10-19 — Board Meeting Notice: Dalmia Bharat Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_17144_WebXMLFile_20261019_171013188.xml)
- 2026-10-19 — Generic Announcement: Dalmia Bharat Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_17144_WebXMLFile_20261019_172616323.xml)
- 2026-10-19 — Generic Announcement: Dalmia Bharat Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DALBHARAT_19102026172330_DBL_Investor_Call_19102026.pdf)
- 2026-10-06 — Generic Announcement: Dalmia Bharat Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DALBHARAT_06102026223408_DBL_Certificat_74_5_30092026.pdf)
- 2026-09-28 — Generic Announcement: Dalmia Bharat Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_17144_WebXMLFile_20260928_141133801.xml)
- 2026-09-28 — Generic Announcement: Dalmia Bharat Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DALBHARAT_28092026144532_DBL_Window_Closure_intimation_28092026.pdf)
- 2026-09-20 — Generic Announcement: Dalmia Bharat Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DALBHARAT_20092026140010_SENewspaperPostalBallot200926.pdf)
- 2026-09-18 — Generic Announcement: Dalmia Bharat Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DALBHARAT_18092026211406_DBL_Intimation_Postal_Ballot_Notice_18092026.pdf)

## News and market events

- 2026-10-27 — MONEYCONTROL: **Dalmia Bharat shares plunge 7% to over 4-year low after weak Q2 results; six brokerages cut target prices** — Dalmia Bharat shares plunge 7% to over 4-year low after weak Q2 results; six brokerages cut target prices Follow Us On: Stocks: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Others Trending Topics more Sensex Today Jio IPO Allotment Jio IPO Listing Date Israel Elections 2026 live Microsoft Buyout news Gyanesh Kumar Benjamin Netanyahu Noel Tata Ather Share Price Anthropic IPO News more Business Markets Stocks India News City News Economy Mutual Funds Personal Finance IPO News Startups Markets more Home Currencies Commodities Pre-Market IPO Global Market US Markets Bonds Silver MCX Price G — [Source](https://www.moneycontrol.com/news/business/stocks/dalmia-bharat-shares-plunge-7-to-over-4-year-low-after-weak-q2-results-six-brokerages-cut-target-prices-14061220.html)
- 2026-10-27 — Mint: **Dalmia Bharat bears the brunt of weak demand, cost inflation in Q2** — Dalmia Bharat’s weak volumes and rising costs dragged down Q2 profitability, triggering earnings cuts. Higher fuel costs and the ramp-up of acquired assets could further pressure margins, while capacity utilization remains low. — [Source](https://www.livemint.com/market/mark-to-market/dalmia-bharat-share-price-q2-results-earnings-downgrade-cement-demand-margins-11793084708455.html)
- 2026-10-27 — MONEYCONTROL: **Buy Dalmia Bharat; target of Rs 1970: Prabhudas Lilladher** — Buy Dalmia Bharat; target of Rs 1970: Prabhudas Lilladher Follow Us On: Stocks: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Others Trending Topics more Sensex Today Jio IPO Allotment Jio IPO Listing Date Israel Elections 2026 live Microsoft Buyout news Gyanesh Kumar Benjamin Netanyahu Noel Tata Ather Share Price Anthropic IPO News more Business Markets Stocks India News City News Economy Mutual Funds Personal Finance IPO News Startups Markets more Home Currencies Commodities Pre-Market IPO Global Market US Markets Bonds Silver MCX Price Gold MCX Price Personal Finance more Home Loans u — [Source](https://www.moneycontrol.com/news/business/earnings/buy-dalmia-bharat-target-of-rs-1970-prabhudas-lilladher-14061103.html)
- 2026-10-27 — Mint: **Dalmia Bharat shares hit 52-week low after Q2 results - Should investors buy, sell, or hold the stock? Experts take** — Dalmia Bharat shares fell 7.4% to a 52-week low after the cement maker reported September-quarter revenue growth of 4% but a ₹205 crore loss. EBITDA fell 29% year on year, while brokerages lowered price targets, citing cost pressures, demand concerns and risks to volume growth. — [Source](https://www.livemint.com/market/stock-market-news/dalmia-bharat-shares-hit-52-week-low-after-q2-results-should-investors-buy-sell-or-hold-the-stock-experts-take-11793078448637.html)
- 2026-10-27 — MONEYCONTROL: **Buy Dalmia Bharat; target of Rs 2180: Choice Institutional Equities** — Buy Dalmia Bharat; target of Rs 2180: Choice Institutional Equities Follow Us On: Stocks: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Others Trending Topics more Sensex Today Jio IPO Allotment Jio IPO Listing Date Israel Elections 2026 live Microsoft Buyout news Gyanesh Kumar Benjamin Netanyahu Noel Tata Ather Share Price Anthropic IPO News more Business Markets Stocks India News City News Economy Mutual Funds Personal Finance IPO News Startups Markets more Home Currencies Commodities Pre-Market IPO Global Market US Markets Bonds Silver MCX Price Gold MCX Price Personal Finance more Ho — [Source](https://www.moneycontrol.com/news/business/stocks/buy-dalmia-bharat-target-of-rs-2180-choice-institutional-equities-14060991.html)
- 2026-10-27 — CNBC-TV18: **Dalmia Bharat shares downgraded, price targets cut after Q2 results; Details here** — While Citi sees limited visibility on cost improvement in the near term, it believes -term progress on premiumisation and cost efficiencies could support returns for Dalmia Bharat. — [Source](https://www.cnbctv18.com/market/dalmia-bharat-share-price-downgraded-target-cut-q2-results-details-here-20019924.htm)
- 2026-10-27 — MONEYCONTROL: **Dalmia Bharat: Higher costs cloud near-term outlook** — [Source](https://www.moneycontrol.com/news/business/moneycontrol-research/dalmia-bharat-higher-costs-cloud-near-term-outlook-14060743.html)
- 2026-10-27 — Mint: **Top stocks to watch today:  L&T, Maruti Suzuki, Paytm, REC shares in focus on Tuesday, 27 Oct | Full list** — Top stocks to watch today: Larsen & Toubro, Maruti Suzuki, Paytm, DCM Shriram, Tata Consumer among shares in focus on Tuesday. — [Source](https://www.livemint.com/market/stock-market-news/top-stocks-to-watch-today-l-t-maruti-suzuki-paytm-rec-shares-in-focus-on-tuesday-27-oct-full-list-11793064919143.html)
- 2026-10-26 — Economic Times: **Dalmia Bharat posts Rs 205 crore Q2 loss on exceptional hit** — Dalmia Bharat experienced a consolidated loss of Rs 205 crore in the September quarter of this year. This loss was due to an exceptional hit of Rs 339 crore related to asset impairment and employee separation. Sales volume rose by 3% year-on-year, while consolidated revenue increased by 4% to Rs 3,563 crore. However, EBITDA fell by 29% due to rising power and fuel costs, which increased by 22%. — [Source](https://economictimes.indiatimes.com/markets/stocks/earnings/dalmia-bharat-posts-rs-205-crore-q2-loss-on-exceptional-hit/articleshow/135217688.cms)
- 2026-10-26 — CNBC-TV18: **Top Stories | Bulls return to Dalal Street, Anthropic IPO spotlight, Israel's big vote** — Top 10@10 — CNBC-TV18’s daily newsletter featuring the top 10 stories on markets, corporate updates, economic insights, and financial highlights — delivered at 10 pm. — [Source](https://www.cnbctv18.com/business/top-stories-bulls-return-to-dalal-street-anthropic-ipo-spotlight-israels-big-vote-20019703.htm)
- 2026-10-26 — CNBC-TV18: **Stocks to Watch for October 27: Tata Consumer, REC, DCM Shriram, Dalmia Bharat, defence stocks and more** — Stocks to Watch: Tata Consumer Products, REC, Dalmia Bharat, DCM Shriram, Sona BLW, Aavas Financiers, Aequs, Five-Star Business Finance and Genus Power are among the stocks in focus ahead of Tuesday’s trading session after Q2 results and key corporate announcements. — [Source](https://www.cnbctv18.com/photos/market/stocks-to-watch-for-october-27-tata-consumer-rec-dcm-shriram-dalmia-bharat-defence-share-price-20019656.htm)
- 2026-10-26 — IANSLIVE.IN: **Dalmia Bharat slips into Rs 205 crore loss in Q2 on one-time exceptional charge** — Mumbai, Oct 26 (IANS) Dalmia Bharat Limited on Monday reported a consolidated net loss of Rs 205 crore for the quarter ended September 2026 (Q2 FY27), compared with a net profit of Rs 239 crore in the corresponding quarter last financial year (Q2 FY26), primarily due to a one-time exceptional charge arising from asset impairments and an employee separation scheme. — [Source](https://ianslive.in/dalmia-bharat-slips-into-rs-205-crore-loss-in-q2-on-one-time-exceptional-charge--20261026190833)
- 2026-10-26 — CNBC-TV18: **Dalmia Bharat swings to ₹205 crore Q2 loss as cement maker’s operating profit falls 29%** — A ₹339 crore one-time charge dragged the company into the red in the September quarter. Revenue rose 4.3%, but both revenue and operating profit missed CNBC-TV18 poll estimates. — [Source](https://www.cnbctv18.com/market/dalmia-bharat-share-price-q2-results-rs205-crore-loss-exceptional-charge-20019506.htm)
- 2026-10-26 — The Hindu: **Q2 Results 26th Oct Highlights: Tata Consumer Q2 profit declines, Aequs, Dalmia Bharat PAT declines q-o-q, Ather Energy & ITC Hotels jump after Q2 results, BoM, TMB, IOB, Mankind Pharma, APL Apollo Q2 PAT rise, Paytm, KFin Tech, Nazara Q2 results Today** — Q2 Results Today, 26th October 2026 Highlights: Find all the latest Q2 results 2026 updates of 7NR Retail, AAVAS Financiers, Aditya Birla Real Estate, Acceleratebs India, Acevector, Achyut Healthcare, Admach Systems, Ad-Manum Finance, Aegis Logistics, Aegis Vopak Terminals, Aequs, Alphalogic Industries, Antelopus Selan Energy, APL Apollo Tubes, Arex Industries, ASI Industries, Astec Lifesciences, Ather Energy, Automobile Products of India, Avantel, Baba Arts, Bajaj Global, Bizotic Commercial, B... — [Source](https://www.thehindubusinessline.com/markets/q2-results-today-highlights-paytm-tata-consumer-mankind-pharma-rec-itc-hotels-iob-ather-aegis-logistics-supreme-ind-aequs-nazara-sona-blw-tmb-bom-infosys-kotak-idfc-results-26-october-2026/article71625561.ece)
- 2026-10-25 — Mint: **Dividend buzz: Dalmia Bharat, Mazagon Dock, Coal India, NTPC, others to consider payouts this week - Check full list** — Several companies, including REC, Coal India, NTPC and Godrej Consumer, are set to announce September-quarter results and dividends. Meanwhile, Indian equities ended lower on Friday, with the Nifty 50 down 0.39% and its technical outlook remaining weak. — [Source](https://www.livemint.com/market/stock-market-news/dividend-buzz-dalmia-bharat-mazagon-dock-coal-india-ntpc-2-others-to-consider-payouts-this-week-11792943992658.html)
- 2026-10-25 — Mint: **Stock market prediction for Monday Oct 26: Sensex, Nifty levels, top stocks to watch - Will bulls dance again?** — The Nifty 50 fell nearly 2% last week as geopolitical tensions and crude oil volatility weighed on markets, taking year-to-date losses to 13.56%. Analysts see support near 22,300 and resistance at 22,850–22,900. Infosys, Kotak Mahindra Bank and Reliance Industries will be among stocks in focus. — [Source](https://www.livemint.com/market/stock-market-news/stock-market-prediction-for-monday-oct-26-sensex-nifty-levels-top-stocks-to-watch-will-bulls-dance-again-11792934825551.html)
- 2026-09-28 — The Hindu: **Broker’s Call: Dalmia Bharat (Buy)** — Dalmia Bharat: BUY with a target price of ₹2,110 as margins face headwinds, expansion on track, and strong capex plans shaping 2026-29 growth. — [Source](https://www.thehindubusinessline.com/markets/brokers-call-dalmia-bharat-buy/article71519231.ece)
- 2026-09-02 — Mint: **Up to 40% returns? Looking for top stock picks for Sept 2026? Axis Securities shares list of 15 | Upside, target price** — Axis Securities presents a curated list of 15 stocks with potential returns of up to 40%. Discover which sectors and stocks are poised for growth amidst geopolitical tensions and economic shifts. — [Source](https://www.livemint.com/market/stock-market-news/up-to-40-returns-looking-for-top-stock-picks-for-sept-2026-axis-securities-shares-list-of-15-upside-target-price-11788324428926.html)
- 2026-08-26 — BUSINESS: **Cement shares in focus: Ramco, Dalmia Bharat, Shree, JK, ACC gain up to 5%** — At 12:07 PM on Wednesday, the Nifty Cement index was up 1.3 per cent at 15,057.10, compared to a 0.24 per cent decline in the NSE benchmark Nifty 50. — [Source](https://www.business-standard.com/markets/news/cement-shares-in-focus-ramco-dalmia-bharat-shree-jk-acc-gain-up-to-5-126082600414_1.html)
- 2026-08-17 — Mint: **Cement makers face a forgettable H1FY27 as prices weaken and costs rise** — Cement companies enjoyed higher realizations in Q1FY27, but rising fuel and raw material costs squeezed margins, while new capacity could keep pricing under pressure. — [Source](https://www.livemint.com/market/mark-to-market/cement-weak-prices-cost-inflation-means-a-forgettable-first-half-of-fy27-ultratech-shree-ambuja-11786847193200.html)

## Business profile

**Strategic vision:** Indian conglomerate in cement, sugar, and refractories.

### Business segments
- **Cement:** Dalmia Bharat is a prominent cement manufacturing company in India, offering a diverse range of cement products for various construction needs.
- **Sugar:** Dalmia Bharat is engaged in the sugar industry through Dalmia Bharat Sugar and Industries Limited, venturing into the business in the mid-1990s.
- **Refractories:** The refractories business operates under Dalmia Bharat Refractories Ltd. (DBRL), specializing in providing refractory materials, solutions, and services globally to iron and steel manufacturers.

### Competitive strengths
- Diverse product portfolio catering to various construction needs.
- Global reach in refractories business serving iron and steel manufacturers.
- Established presence in multiple industrial sectors.

## Related stocks

- [ACC Limited (Building Materials)](https://faxioms.com/stocks/acc) — +1.00%
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- [Carborundum Universal Limited (Building Materials)](https://faxioms.com/stocks/carboruniv) — -4.11%
- [JK Cement Limited (Building Materials)](https://faxioms.com/stocks/jkcement) — +0.34%
- [JSW Cement Limited (Building Materials)](https://faxioms.com/stocks/jswcement) — +0.72%

## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/dalbharat
Markdown representation: https://faxioms.com/stocks/dalbharat?render=md