Dalmia Bharat Ltd.EBITDA/ton ₹698, volumes +3%, Q3 rebound hoped

Dalmia Bharat's Q2 FY27 call, held on 26 October 2026, showed a cement maker squeezed by costs and weak regional demand while it ramps up its newly acquired Central India plants.

Volumes rose 3% to 7.1 million tons, or 4% excluding Central, as floods and heavy rain hurt East and Northeast demand. EBITDA per ton fell to ₹746 excluding Central and ₹698 as reported, because costs rose about ₹259 per ton, led by fuel and a poor regional mix, while realisations fell ₹49. Exceptional items of ₹339 crore covered the Konark brand phase-out, a thermal power impairment and a separation scheme. Management said prices have risen about ₹15 a bag since September and hopes EBITDA per ton can touch ₹1,000 or more in Q3, even with another ₹75 to ₹80 of fuel cost and a ₹100 to ₹125 Central drag.

It targets 35% to 40% utilisation of the Central assets by year end, kept capex guidance at ₹3,200 crore to ₹3,400 crore, and said the chief marketing officer becomes an adviser while the CFO takes on sales and marketing. No earlier promises were on file for comparison.