According to reports from ET Now, Dalmia Bharat reported a 10.25% decline in consolidated net profit to ₹394 crore for the March quarter of FY26 on a year-on-year basis, compared to ₹439 crore in the corresponding period last year. Despite the profit decline, the company's total income, including other income, rose 2.53% to ₹4,290 crore in Q4 FY26. The company's revenue from operations increased 3.76% to ₹4,245 crore from ₹4,091 crore in the previous fiscal year's corresponding quarter. The board recommended a final dividend of 250% (₹5 per share) for FY2025-26, subject to shareholder approval at the upcoming AGM.
As reported by ET Now, the company achieved 3% YoY volume growth through focus on value maximization, resulting in market share loss for the quarter. The improvement in EBITDA per tonne increased to ₹1,025 compared to ₹925 YoY and ₹760 QoQ, supported by disciplined cost management. Total unit operating costs declined approximately 1.5% YoY and 4.5% QoQ, with unit variable costs declining 3% YoY and 1% QoQ. The company's revenue growth was driven by 2.3% YoY increase in volumes to 8.8 million tonnes along with marginal improvement in realizations of +1% YoY, supported by better trade mix and premiumisation initiatives.
According to ET Now, Goldman Sachs maintained a Neutral rating with a target price of ₹2,090 (vs ₹2,120 earlier). Morgan Stanley maintained an Underweight call with a target of ₹2,015, noting the stock is trading at 11.9x FY27E below its 5-year average EV/EBITDA of 15.2x. Emkay maintained an Add rating with target price revised up by 5.3% to ₹2,000 (from ₹1,900), valued at 11x FY28E EV/EBITDA. MOSL maintained a BUY call with a target of ₹2,230, representing the highest target among major brokerages. The stock was trading at ₹1,938.30 as of 9:35 AM on Wednesday, up 0.75% from the previous closing price on BSE.
As reported by ET Now, the company's capacity expansion guidance remains reiterated at 72-75 mtpa by FY28-end, with capex details beyond 62 mtpa to be shared shortly. The company's focus on operational efficiencies and increasing renewable energy capacity (449MW operational) is structurally aiding cost control and reducing volatility in power & fuel costs. Ongoing expansions in Belgaum, Pune, and Kadapa are expected to enhance regional presence and drive medium-term volume growth, positioning the company for market share gains across key regions. Management expects ₹120-150/t cost inflation in Q1FY27 due to US-Iran conflict, though this was fully offset by price improvements in April.
