Dalmia BharatLtd Q2 FY27 Results (NSE: DALBHARAT)
Signal: Slipped to loss
The read
The operating trajectory improved modestly: revenue rose 4.3% YoY and derived EBITDA margin expanded to 13.8% from 10.9%, but the ₹339 Cr exceptional charge overwhelmed the recovery and produced a ₹207 Cr loss. This follows the prior quarter's ₹188 Cr profit and makes the next quarter's post-exceptional earnings the key inflection test.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,563 Cr | +4.3% | -8.4% |
| EBIT | ₹130 Cr | -65.2% | |
| Net profit | ₹-207 Cr | -186.6% | |
| EPS | ₹-11.03 | -187.6% | |
| EBIT margin | 13.8% |
P&L walk
Revenue increased to ₹3,563 Cr, +4.3% YoY but -8.4% QoQ; derived EBITDA rose to about ₹493 Cr and margin expanded to 13.8%, yet a ₹339 Cr exceptional charge converted ₹46 Cr of pre-exceptional profit into a ₹207 Cr attributable loss.
Segments
No consolidated segment table was disclosed; the standalone parent generated ₹15 Cr of PAT versus the consolidated ₹207 Cr loss, showing that the earnings deterioration sits in the cement operating subsidiaries and the consolidated exceptional charge.
Key positives
- Revenue increased to ₹3,563 Cr, +4.3% YoY, despite an 8.4% sequential decline.
- Derived EBITDA margin expanded to about 13.8% from 10.9% YoY, with derived EBITDA of about ₹493 Cr versus ₹374 Cr.
- PPE of ₹16,748 Cr and CWIP of ₹5,193 Cr indicate continued capacity and expansion investment.
- Depreciation rose 12.7% YoY in line with the larger asset base, producing a clean depreciation-to-capex cross-check.
Key concerns
- A ₹339 Cr exceptional charge converted ₹46 Cr of pre-exceptional profit into a ₹207 Cr attributable loss.
- Power and fuel cost increased 21.9% YoY to ₹874 Cr, while raw material cost rose 12.6% YoY to ₹616 Cr.
- Borrowings increased to ₹9,582 Cr from ₹6,752 Cr at March 2026 while CWIP rose by ₹2,600 Cr, increasing execution and balance-sheet risk.
- Consolidated EBIT declined 65.2% YoY to ₹130 Cr despite revenue growth, reflecting the heavy depreciation and cost base.
Research and educational content only. Not investment advice.