In the last ten years, the group's sales have grown at a CAGR of 16% in FY24, with market cap growing to ₹39,250 Cr by end of FY24. Dalmia Bharat has shifted focus towards sustainability through a green business model, investing heavily in renewable energy with a goal to increase power generation from renewable sources to 60% by 2030.
Cyborg Score Rationale
Dalmia Bharat is one of the fastest growing and profitable groups in India, with strong market positioning in cement and sugar. However, the company has delivered poor sales growth of 7.64% over the past five years and has a low return on equity of 5.27% over the last 3 years, indicating operational challenges despite revenue scale.
Top Insights
Successfully divested refractory business in India to RHI Magnesita at an EV/EBITDA multiple of about 24x, one of the highest in the sector (2022-23)
Operates multiple production facilities with installed capacity of around 25 million tons per annum as of 2023
Sugar business is geographically well diversified and committed to 'Green Growth' to enhance value for customers
Company maintains healthy dividend payout of 20.6%
Named Competitors
UltraTech Cement — Leading cement manufacturer in India
Ramco Cement — Regional cement producer
JK Lakshmi Cement — Major cement producer
ACC Limited — Established cement manufacturer
Recent Developments
(July 2025) Dalmia Bharat hit 52-week highs alongside UltraTech and JK Lakshmi Cement
(June 2025) Analysis of company pricing strength and demand dynamics in cement sector
(February 2025) Continued growth trajectory with focus on sustainability and market positioning
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