Dalmia Bharat shares ended 2.2% higher at ₹1,745 on Thursday following the announcement of the major acquisition deal. The stock has declined 12% in the last month and over 18% so far this year, reflecting investor optimism about the company's strategic expansion through the cement assets acquisition.
According to the latest reports, Dalmia Bharat has executed a Business Transfer Agreement on May 21, 2026, to acquire cement assets previously held by Jaiprakash Associates Limited (JAL), which was recently acquired by the Adani Group under the Insolvency & Bankruptcy Code (IBC) framework. The deal involves cement plants located in Rewa (Madhya Pradesh), and Churk, Chunar, and Sadwa (Uttar Pradesh) at an Enterprise Value of ₹2,850 crore. The acquisition will give Dalmia Bharat control of 5.2 million tonnes per annum (MTPA) cement capacity and 99 MW of thermal power capacity, along with dedicated railway sidings at Rewa, Chunar, and a common railway siding at Churk.
According to Puneet Dalmia, Managing Director & CEO of Dalmia Bharat Limited, the acquisition serves as a "great strategic fit," providing a faster head start into the high-potential Central Indian markets compared to a greenfield project. The company expects to close the transaction within two weeks. Due to Dalmia's proven cost leadership and the close proximity of these new assets to captive mines, this acquisition will augment EBITDA delivery and enhance overall returns for the company's stakeholders, as stated in the exchange filing. The successful consummation of this transaction will increase Dalmia Bharat's total cement capacity to 54.7 MTPA.
The proposed transaction represents a significant resolution of legal disputes that had previously derailed the deal. Dalmia had previously entered into an agreement with JAL for the cement assets before the company entered insolvency proceedings, but the transaction had run into legal disputes and shareholder challenges. The company's earlier attempt to acquire the cement assets for ₹5,666 crore had faced legal hurdles linked to a shareholder dispute. However, Dalmia has now signed an agreement with JAL and the Adani Group to settle all disputes, pending legal proceedings, arbitral awards and prior framework arrangements related to the cement business, with a formal announcement expected soon.
Dalmia Bharat reported a 10.25% decline in consolidated net profit of ₹394 crore for the March quarter of FY26 (Q4 FY26) on a year-on-year basis, despite improvement in sales realisation and higher sales volumes. The company had posted a net profit of ₹439 crore in the January-March quarter a year ago, according to a regulatory filing. Revenue from operations rose 3.76% to ₹4,245 crore in the March quarter from ₹4,091 crore in the corresponding period of the previous fiscal. Sales volume in the March quarter was up 3% to 8.3 million tonnes, while total expenses stood at ₹3,840 crore, up 3.3%.
