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Last Updated: April 2, 2026, 2:48 am
Author: Getaka|Social: XLinkedIn

Dalmia Bharat Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹890.44Overvalued by 50.70%vs CMP ₹1,806.00

P/E (28.3) × ROE (4.2%) × BV (₹943.00) × DY (0.50%)

₹849.48Overvalued by 52.96%vs CMP ₹1,806.00
MoS: -112.6% (Negative)Confidence: 68/100 (Moderate)Models: All 9: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹959.3522%Over (-46.9%)
Graham NumberEarnings₹1,158.1816%Over (-35.9%)
Earnings PowerEarnings₹6.7413%Over (-99.6%)
DCFCash Flow₹593.5113%Over (-67.1%)
Net Asset ValueAssets₹942.567%Over (-47.8%)
EV/EBITDAEnterprise₹1,615.349%Over (-10.6%)
Earnings YieldEarnings₹632.207%Over (-65%)
ROCE CapitalReturns₹1,116.627%Over (-38.2%)
Revenue MultipleRevenue₹745.355%Over (-58.7%)
Consensus (9 models)₹849.48100%Overvalued
Key Drivers: ROE 4.2% is below cost of equity. | Wide model spread (₹7–₹1,615) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 7.7%

*Investments are subject to market risks

Investment Snapshot

60
Dalmia Bharat Ltd scores 60/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health58/100 · Moderate
ROCE 5.6% WeakROE 4.2% WeakD/E 0.23 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money65/100 · Strong
FII holding stable No changeDII holding up 2.56% MF buyingPromoter holding at 55.8% Stable
Earnings Quality60/100 · Moderate
OPM stable around 18% SteadyWorking capital: -39 days (improving) Efficient
Quarterly Momentum70/100 · Strong
Revenue (4Q): 3% YoY FlatProfit (4Q): +107% YoY Strong
Industry Rank50/100 · Moderate
P/E 28.3 vs industry 274.7 Cheaper than peersROCE 5.6% vs industry 8.9% AverageROE 4.2% vs industry 85.5% Below peers3Y sales CAGR: 7% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:48 am

Market Cap 33,874 Cr.
Current Price 1,806
Intrinsic Value₹849.48
High / Low 2,496/1,700
Stock P/E28.3
Book Value 943
Dividend Yield0.50 %
ROCE5.58 %
ROE4.15 %
Face Value 2.00
PEG Ratio3.66

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Dalmia Bharat Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Dalmia Bharat Ltd 33,874 Cr. 1,806 2,496/1,70028.3 9430.50 %5.58 %4.15 % 2.00
J K Cements Ltd 39,716 Cr. 5,140 7,566/4,51037.8 8390.29 %14.0 %13.9 % 10.0
ACC Ltd 24,936 Cr. 1,328 2,123/1,2509.91 1,0610.56 %17.4 %13.2 % 10.0
The Ramco Cements Ltd 22,294 Cr. 944 1,214/860118 3220.21 %4.83 %1.56 % 1.00
The India Cements Ltd 11,070 Cr. 357 490/253 3250.00 %5.49 %8.83 % 10.0
Industry Average34,326.20 Cr1,677.64274.74574.270.69%8.92%85.54%7.13

All Competitor Stocks of Dalmia Bharat Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 3,3553,9153,6273,1533,6044,3073,6213,0873,1814,0913,6363,4173,506
Expenses 2,7113,2053,0142,5602,8253,6532,9522,6532,6703,2982,7532,7212,904
Operating Profit 644710613593779654669434511793883696602
OPM % 19%18%17%19%22%15%18%14%16%19%24%20%17%
Other Income 42424548060120-63733793656630
Interest 696483101108949598101105108122118
Depreciation 325336399401370328317336364314322322340
Profit before tax 2927341851713613521947383467518318174
Tax % 25%17%22%28%26%9%25%33%20%6%24%25%26%
Net Profit 2186091441232663201454966439395239128
EPS in Rs 10.8831.426.936.2914.0216.807.522.453.2523.1920.9512.586.50

Last Updated: February 6, 2026, 5:46 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 23, 2026, 8:46 pm

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 7,4448,5799,4849,67410,11011,28613,55214,69113,98014,650
Expenses 5,5506,5437,5427,5917,3408,86011,22412,05211,57311,676
Operating Profit 1,8942,0361,9422,0832,7702,4262,3282,6392,4072,974
OPM % 25%24%20%22%27%22%17%18%17%20%
Other Income 296274235217145171532314140254
Interest 856708542415303202234386399453
Depreciation 1,2261,2131,2961,5281,2501,2351,3051,4981,3311,298
Profit before tax 1083893393571,3621,1601,3211,0698171,477
Tax % 69%25%-3%33%13%27%18%20%14%
Net Profit 442913492381,1838451,0798536991,201
EPS in Rs 8,800.0058,400.0015.9611.6162.5843.5555.2144.0436.4163.22
Dividend Payout % 0%1,937%13%17%2%20%16%21%25%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)561.36%19.93%-31.81%397.06%-28.57%27.69%-20.95%-18.05%
Change in YoY Net Profit Growth (%)0.00%-541.43%-51.74%428.86%-425.63%56.26%-48.64%2.89%

Dalmia Bharat Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 8 years from 2017-2018 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:%
5 Years:8%
3 Years:7%
TTM:-5%
Compounded Profit Growth
10 Years:%
5 Years:30%
3 Years:-2%
TTM:0%
Stock Price CAGR
10 Years:%
5 Years:26%
3 Years:16%
1 Year:25%
Return on Equity
10 Years:%
5 Years:6%
3 Years:5%
Last Year:4%

Last Updated: September 5, 2025, 2:35 am

Balance Sheet

Last Updated: December 4, 2025, 1:08 am

MonthMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 6,6546,6543939373737383838
Reserves 2,9753,68110,60010,52212,77316,02415,59116,35917,33617,641
Borrowings 8,0387,2665,8836,0493,8393,1763,8554,8055,7027,082
Other Liabilities 3,5953,7634,0164,2685,2375,4316,0366,5107,0956,752
Total Liabilities 21,26221,36420,53820,87821,88624,66825,51927,71230,17131,513
Fixed Assets 15,51614,03713,57312,55513,62614,14714,78415,73217,30617,298
CWIP 1281685201,7401,0061,0341,8712,3952,6163,488
Investments 2,7403,5052,4242,8164,0335,7043,5244,4625,1195,597
Other Assets 2,8783,6544,0213,7673,2213,7835,3405,1235,1305,130
Total Assets 21,26221,36420,53820,87821,88624,66825,51927,71230,17131,513

Reserves and Borrowings Chart

Cash Flow

MonthMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 1,8751,6061,8432,3403,6041,9322,2522,6352,117
Cash from Investing Activity + -139135189-1,760-300-1,045-2,326-2,750-2,270
Cash from Financing Activity + -1,749-1,564-2,067-594-3,375-942168222-39
Net Cash Flow -13177-35-14-71-5594107-192
Free Cash Flow 1,4831,2139179952,577176-449-88-509
CFO/OP 100%83%96%116%129%79%97%102%91%

Free Cash Flow

MonthMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-7.00-5.00-4.00-4.00-1.00-1.00-1.00-2.00-3.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 262421251822192123
Inventory Days 189186211204180234242164217
Days Payable 258223179173213211209178241
Cash Conversion Cycle -43-135355-1445528-1
Working Capital Days -89-63-60-85-83-60-33-27-39
ROCE %6%4%4%10%7%8%7%6%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 55.86%55.86%55.85%55.84%55.84%55.84%55.84%55.84%55.84%55.84%55.84%55.84%
FIIs 12.87%13.91%14.13%12.96%11.37%9.43%8.94%9.08%8.29%8.23%8.75%7.92%
DIIs 8.53%8.82%9.42%11.03%12.62%13.62%14.57%14.69%16.43%17.37%17.81%18.99%
Government 0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%
Public 22.59%21.29%20.46%20.03%20.03%20.99%20.52%20.24%19.29%18.42%17.45%17.11%
No. of Shareholders 57,07251,46648,92752,42861,20488,45594,16190,38586,25076,77375,97173,797

Shareholding Pattern Chart

No. of Shareholders

Dalmia Bharat Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Kotak Midcap Fund 4,282,147 1.5 884.484,239,3902026-02-23 01:06:481.01%
SBI Multicap Fund 3,146,675 2.83 649.95N/AN/AN/A
Mirae Asset Large & Midcap Fund 3,059,154 1.49 631.872,993,1022026-01-26 04:22:222.21%
Kotak Flexicap Fund 2,700,000 0.99 557.692,600,0002025-12-15 01:04:203.85%
Kotak Large & Midcap Fund 2,225,000 1.53 459.57N/AN/AN/A
SBI Midcap Fund 2,050,000 1.89 423.43N/AN/AN/A
Mirae Asset Midcap Fund 2,005,166 2.35 414.171,772,5122025-12-15 01:04:2013.13%
Nippon India Growth Mid Cap Fund 1,800,000 0.89 371.79N/AN/AN/A
Kotak Multicap Fund 1,486,546 1.35 307.051,053,1412026-02-23 01:06:4841.15%
UTI Mid Cap Fund 600,000 1.08 123.93704,3432026-01-26 04:22:23-14.81%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.002.00
Basic EPS (Rs.) 36.4244.0555.2261.8465.65
Diluted EPS (Rs.) 36.4244.0355.1961.8465.55
Cash EPS (Rs.) 106.84123.7498.92129.95135.41
Book Value[Excl.RevalReserv]/Share (Rs.) 914.42868.79851.03851.84684.49
Book Value[Incl.RevalReserv]/Share (Rs.) 914.42868.79851.03851.84684.49
Revenue From Operations / Share (Rs.) 735.79773.21731.89610.05568.76
PBDIT / Share (Rs.) 140.00155.47132.65139.78160.70
PBIT / Share (Rs.) 69.9576.6362.1172.9792.49
PBT / Share (Rs.) 43.0056.3241.6861.9576.11
Net Profit / Share (Rs.) 36.7944.8928.3863.1367.19
NP After MI And SOA / Share (Rs.) 35.9543.4755.9561.8466.54
PBDIT Margin (%) 19.0220.1018.1222.9128.25
PBIT Margin (%) 9.509.918.4811.9616.26
PBT Margin (%) 5.847.285.6910.1513.38
Net Profit Margin (%) 5.005.803.8710.3411.81
NP After MI And SOA Margin (%) 4.885.627.6410.1311.69
Return on Networth / Equity (%) 3.935.036.627.299.74
Return on Capital Employeed (%) 5.316.255.446.7110.15
Return On Assets (%) 2.252.974.054.595.64
Long Term Debt / Equity (X) 0.260.270.200.120.16
Total Debt / Equity (X) 0.300.280.230.190.23
Asset Turnover Ratio (%) 0.480.550.530.010.01
Current Ratio (X) 1.591.761.651.571.31
Quick Ratio (X) 1.331.481.351.381.12
Inventory Turnover Ratio (X) 10.744.134.940.000.00
Dividend Payout Ratio (NP) (%) 24.7420.4616.320.000.00
Dividend Payout Ratio (CP) (%) 8.397.277.220.000.00
Earning Retention Ratio (%) 75.2679.5483.680.000.00
Cash Earning Retention Ratio (%) 91.6192.7392.780.000.00
Interest Coverage Ratio (X) 6.677.6510.4912.809.81
Interest Coverage Ratio (Post Tax) (X) 3.043.213.886.755.10
Enterprise Value (Cr.) 39795.5541059.8039904.2330682.9532013.43
EV / Net Operating Revenue (X) 2.852.792.952.723.04
EV / EBITDA (X) 14.9613.9016.2611.8710.77
MarketCap / Net Operating Revenue (X) 2.472.512.682.452.79
Retention Ratios (%) 75.2579.5383.670.000.00
Price / BV (X) 1.992.252.321.762.33
Price / Net Operating Revenue (X) 2.472.512.682.452.79
EarningsYield 0.010.020.020.040.04

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Dalmia Bharat Ltd. is a Public Limited Listed company incorporated on 12/07/2013 and has its registered office in the State of Tamil Nadu, India. Company's Corporate Identification Number(CIN) is L14200TN2013PLC112346 and registration number is 112346. Currently Company is involved in the business activities of Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement. Company's Total Operating Revenue is Rs. 202.00 Cr. and Equity Capital is Rs. 38.00 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
CementDalmiapuram, Lalgudi, Tiruchirapalli Dist. Tamil Nadu 621651Contact not found
Management
NamePosition Held
Mr. Yadu Hari DalmiaChairman & Non-Exe.Director
Mr. Gautam DalmiaManaging Director
Mr. Puneet Yadu DalmiaManaging Director & CEO
Dr. Niddodi Subrao RajanNon Executive Director
Mrs. Anuradha MookerjeeInd. Non-Executive Director
Mr. Paul Heinz HugentoblerInd. Non-Executive Director
Mr. Haigreve KhaitanInd. Non-Executive Director
Mr. Anuj GulatiInd. Non-Executive Director

FAQ

What is the intrinsic value of Dalmia Bharat Ltd and is it undervalued?

As of 18 April 2026, Dalmia Bharat Ltd's intrinsic value is ₹849.48, which is 52.96% lower than the current market price of ₹1,806.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (4.15 %), book value (₹943), dividend yield (0.50 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Dalmia Bharat Ltd?

Dalmia Bharat Ltd is trading at ₹1,806.00 as of 18 April 2026, with a FY2026-2027 high of ₹2,496 and low of ₹1,700. The stock is currently near its 52-week low. Market cap stands at ₹33,874 Cr..

How does Dalmia Bharat Ltd's P/E ratio compare to its industry?

Dalmia Bharat Ltd has a P/E ratio of 28.3, which is below the industry average of 274.74. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Dalmia Bharat Ltd financially healthy?

Key indicators for Dalmia Bharat Ltd: ROCE of 5.58 % is on the lower side compared to the industry average of 8.92%; ROE of 4.15 % is below ideal levels (industry average: 85.54%). Dividend yield is 0.50 %.

Is Dalmia Bharat Ltd profitable and how is the profit trend?

Dalmia Bharat Ltd reported a net profit of ₹699 Cr in Mar 2025 on revenue of ₹13,980 Cr. Compared to ₹845 Cr in Mar 2022, the net profit shows a declining trend.

Does Dalmia Bharat Ltd pay dividends?

Dalmia Bharat Ltd has a dividend yield of 0.50 % at the current price of ₹1,806.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Dalmia Bharat Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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