AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Acquisition 17 Sep - AMPL incorporated AMPL Green City Solutions on September 17, 2026; 100% stake for waste management projects.
Source: Bse
Dalmia Bharat Limited (DALBHARAT)
Large CapMaterials stocks · Large cap · NSE
Dalmia Bharat Limited operates in Cement, within the Materials sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result24 Jul, 06:49 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Materials P/E 28.8 (n=19)
Technical timing lens
Trend score and candlestick chart
25Bearishfull bear SMA stack · SMA20 -6.5% / mo · MACD + · near 52W low · sector -3.8pp vs Nifty 500 (3M)
Stock trend: 26
Sector RS: 24
Sector 3M: -9.5% vs Nifty 500 -5.6%
Materials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
DALBHARATD candles · FIT view-17.7%Latest close ₹1624.20 on 2026-10-21
Bar
-0.4%
RSI
43
MACD hist
2.98
52W pos
7%
2026-10-21O ₹1630.00H ₹1662.00L ₹1605.10C ₹1624.20Vol 41,499 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
DALBHARATNifty CommoditiesNifty 500
- DALBHARAT
- -12.9%
- Nifty 500
- -6.5%
- Nifty Commodities
- -10.2%
- Vs Nifty 500
- -6.4 pp
Chart stats
21 Oct 2026- From 52W high
- -30.0%
- 52W range position
- 6%
- ATR (14)
- 3.4%
- Volume vs 20D
- 0.56x
- Avg traded value
- ₹11.6 Cr
- 20D price channel
- ₹1,580 - ₹1,785.4
₹2,319.9
₹1,580 - ₹2,319.9
₹55.2
Latest completed session
20-session average
32.4% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED24
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +7.0% · PAT -51.4% YoY
Technical
Bearish25
Price trend and sector-relative-strength timing.
Valuation
Legacy model-417.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence70
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -51% YoY · margin compression · Rev +7% YoY
Filed 24 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,890 Cr | +7.0% | -8.4% |
| EBITDA | ₹805 Cr | -8.8% | -10.8% |
| Operating margin | 21.0% | -300 bps | +0 bps |
| PAT | ₹192 Cr | -51.4% | -51.3% |
| PAT margin | 4.9% | -592 bps | -434 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 28.80
- P/B
- 1.76
- EV/EBITDA
- 8.88
- Market Cap
- 31594.00Cr
Profitability
- ROE
- 6.11%
- ROCE
- 7.59%
- ROA
- 2.87%
- Dividend Y
- 0.53%
Growth (CAGR)
- Revenue 5Y
- 8.00%
- EPS 5Y
- -2.00%
- Revenue 3Y
- 3.00%
- EPS 3Y
- -1.00%
Balance Sheet
- Debt/Equity
- 0.41
- Interest Coverage
- 5.79×
- Altman Z
- 2.94
- Book Value
- 959.00
Cash Flow
- FCF Yield
- 0.03%
- FCF Positive Y
- 8/5
- OCF
- 2278.00 Cr
- EPS TTM
- 49.73
Shareholding
- Promoter Hold
- 55.84%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 15%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 3,890-8.4% vs prev
Net Profit
₹ CrLatest: 192-51.3% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 43. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~6.9% over last month) — short-term momentum negative.
- RSI(14) at 43 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
25
RS percentile
Stage 4 Downtrend
1M return
-7.9%
3M return
-12.9%
6M return
-17.1%
1Y return
-23.8%
RS 1D
+2
RS 20D
+2
Sector rank
#18
Industry rank
#22
Stage evidence
- Price is 9.2% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.9%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 75.86+1.03%
RS vs Nifty 50076
Valuation & peers
U-Score 24 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 24 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation1/30
Growth6/25
Quality0/20
Balance Sheet7/15
Cash Flow4/10
Piotroski
7/9 (+5)
Penalties
1
Raw sum
24
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
24/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 7/9.
- Balance sheet contributes 7/15 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Fair-value margin of safety is negative at -417.6%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
28.8
PB
1.8
EV/EBITDA
8.9
ROE
6.1%
ROCE
7.6%
FCF Yield
0.0%
Debt/Equity
0.4
MoS
-417.6%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
24
Previous: 24
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-417.6%
Previous: -417.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
24
24
24
24
24
24
24
24
24
24
24
24
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹1,035.88
-56.8% MoS
Growth-justified P/E
6.3
Growth-justified Value
₹313.8
-417.6% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Materials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ACC
Large
ACC Limited
Cement
match 162
57
11.2
10.9%
+30%
FAIR VALUE
JKCEMENT
Large
JK Cement Limited
Cement
match 161
38
38.7
15.6%
-143%
WATCHLIST
INDIACEM
Large
The India Cements Limited
Cement
match 157
23
58.9
0.4%
-4362%
OVERVALUED
NUVOCO
Large
Nuvoco Vistas Corporation Limited
Cement
match 156
46
27.6
4.2%
+27%
FAIR VALUE
BIRLACORPN
Micro
Birla Corporation Limited
Cement
match 152
48
11.1
7.8%
-101%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Issuer evidence available
Dalmia Bharat Limited operates in Cement, within the Materials sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 30 Jun 2026. Management claims from the latest issuer document are tracked in the accountability section below.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Extracted source claims
capex timelinenot yet verifiablequantified
The company is on the path to expand its presence in new regions and reach a capacity of around 75 million tons by FY28.
Timeframe: By FY28Direction: IncreaseConfidence: High
"reach a capacity of around 75 million tons by FY28."
capex timelinenot yet verifiablequantified
The company expects CAPEX spending to be around Rs. 2,700 crores in FY26.
Timeframe: FY26Confidence: High
"We expect the spending to be around Rs. 2,700 crores in FY26."
demand outlooknot yet verifiablequantified
Cement demand in FY26 will witness a growth of about 6% YOY on a full year basis.
Timeframe: FY26Direction: IncreaseConfidence: High
"FY26 will witness a growth of about 6% YOY on a full year basis."
macro expectationnot yet verifiablequantified
India's GDP growth is projected at 7.3% in the current fiscal.
Timeframe: Current fiscalConfidence: High
"The Reserve Bank of India is projecting India's GDP growth at 7.3% in the current fiscal."
Trust Score
70Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 63rd percentile of the scored universe and 53rd percentile within Materials. Main check: financial discipline is weak at 40/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
110 docs text-extracted · 33 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
63rd percentile
overall median 67 · Materials: 53rd pctile, median 70 · Large: 40th pctile, median 73
Evidence depth
Financial-only
110 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
4 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
40
weak · capital discipline
Results
60
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 55.8%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0%.
- ▸8 years of positive FCF.
Trust risks
- ▸ROCE is low at 7.6%.
- ▸ROE is low at 6.1%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Dalmia Bharat Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 20 Sep - Newspaper Notice regarding Postal Ballot Notice and remote e-voting
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
Credit ratingJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 17 Jul - ICRA ESG reaffirmed Dalmia Bharat’s Combined Rating 80, Exceptional, on July 16, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Jul - Pursuant to the provisions of Regulation 30 read with Part A of Schedule III of the SEBI (LODR) Regulations, 2015, we wish to inform that …
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 24 Jul - Q1 FY27 results: acquired 5.2 MnTPA cement assets, started Chunar production, and reported Rs 3,890 Cr revenue.
Source: Bse
Annual reportJun 2026
Jun 2026 · Web-Link Of The Integrated Annual Report 2025-26 Of The Company 5 Jun - Dalmia Bharat shared FY2025-26 annual report link on June 5, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 18 Jun - Advertisement Published in Newspaper(s) for transfer of shares to IEPF in compliance with the IEPF Rules.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 6 Jun - Submission of Newspaper Advertisement relating to 13th AGM, Record Date, e-voting & other related information.
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 4 Jun
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.