DALBHARAT · Construction Materials
Dalmia Bharat Ltd. reported revenue of ₹3,563 cr for July to September 2026, +4.3% on the year and −8.4% on the quarter. That is in line with how this quarter has grown in recent years (+4.3% on average). Over the last four quarters revenue comes to ₹15,204 cr, +6.1% on the four before.
Operating profit (EBITDA) was ₹493 cr, a margin of 13.8%, −653 bps on the year and −686 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 13.8% to 24.3%). Operating costs grew +12.8%, faster than revenue at +4.3%, so operating profit grew less than sales.
The company swung to a net loss of ₹205 cr from a profit of ₹239 cr a year earlier, with earnings per share of −₹11.04. Profit before other income, one-offs and tax grew faster, at −100.0%; other income, one-offs or tax held the headline back. Profit over the last four quarters totals ₹509 cr, −55.3% on the four before.
Of the 58 companies in Capital goods and EPC that have reported Q2 FY27 so far, Dalmia Bharat Ltd. ranks 49th on revenue growth; the sector median is +19.8%. Its margin moved −653 bps on the year against a sector median of +6 bps.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹26.11 over the last four quarters, the stock at ₹1,466.30 trades at 56.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Swung to a loss from a profit a year ago. One quarter, or a trend?
Source: Quarterly statements
Could not run on this quarter: Other income carrying profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹3,604 cr | ₹4,307 cr | ₹3,621 cr | ₹3,087 cr | ₹3,181 cr | ₹4,091 cr | ₹3,636 cr | ₹3,417 cr | ₹3,506 cr | ₹4,245 cr | ₹3,890 cr | ₹3,563 cr |
| YoY | — | — | −0% | −2% | −12% | −5% | +0% | +11% | +10% | +4% | +7% | +4% |
| EBITDA margin | 21.6% | 15.2% | 18.5% | 14.1% | 16.1% | 19.4% | 24.3% | 20.4% | 17.2% | 21.2% | 20.7% | 13.8% |
| Other income, % of PBT | 17% | 34% | −32% | 100% | 45% | 20% | 13% | 21% | 17% | 8% | −17% | — |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 9% | 25% | 33% | 20% | 6% | 24% | 25% | 26% | 10% | 24% | — |
| Net profit | ₹266 cr | ₹320 cr | ₹145 cr | ₹49.0 cr | ₹66.0 cr | ₹439 cr | ₹395 cr | ₹239 cr | ₹128 cr | ₹394 cr | ₹192 cr | −₹205 cr |
| YoY | — | — | +1% | −60% | −75% | +37% | +172% | +388% | +94% | −10% | −51% | −186% |
| Core profit YoY | — | — | +96% | −100% | −85% | +61% | +76% | — | +213% | +8% | −34% | −100% |
| EPS | ₹14.02 | ₹16.80 | ₹7.52 | ₹2.45 | ₹3.25 | ₹23.19 | ₹20.95 | ₹12.58 | ₹6.50 | ₹20.63 | ₹10.02 | −₹11.04 |
| Flags | · | 2 | ✓ | 2 | 2 | 1 | 1 | ✓ | ✓ | 1 | 1 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Dalmia Bharat Ltd. reported revenue of ₹3,563 cr (+4.3% on the year) and net profit of −₹205 cr (−185.8% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved −100.0% on the year, against −185.8% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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