Cement production: 85%
Power generation: 10%
Other activities: 5%

TOP 3 markets:

1. India: 70%
2. Nepal: 15%
3. Bangladesh: 10%

Dalmia Bharat Limited generates the majority of its revenue from cement production, which is typical for a company in this industry. Power generation and other activities also contribute to the revenue, but to a significantly lesser extent.

The Indian market is the dominant sales market for the company, which is not surprising given the strong construction activities and infrastructure development in India. Nepal and Bangladesh are also important markets gaining significance due to their geographical proximity and increasing construction projects in these countries.

Production sites of Dalmia Bharat Limited:

1. India: Dalmia Bharat Limited operates multiple cement plants in India, located in various states including Tamil Nadu, Andhra Pradesh, Karnataka, Odisha, West Bengal, and Bihar.

Dalmia Bharat Limited is one of the leading cement manufacturers in India and strategically distributes its production capacities across different regions of the country. This allows the company to efficiently cater to demand in various geographical markets and optimize transportation costs. The locations are chosen to consider both the availability of raw materials and proximity to the sales markets.

Capacity Expansion: Planned increase in production capacity to 75 million tons by 2027.

Sustainability Initiatives: Goal to become CO2-neutral by 2030.

Diversification: Investments in renewable energies and infrastructure projects.

Dalmia Bharat Limited is pursuing a growth strategy that heavily focuses on capacity expansion and sustainability. The company plans to significantly increase its production capacity to meet the growing demand and strengthen its market position.

In addition, Dalmia Bharat places great emphasis on sustainability and has set ambitious goals to reduce its CO2 emissions. This includes investments in emission reduction technologies and the expansion of renewable energies.

Furthermore, the company is diversifying its business segments to tap into new revenue streams and hedge against market risks. This involves investments in infrastructure projects and renewable energies to benefit from global trends towards sustainable development.

Main Imported Raw Materials: Coal, Clinker, Gypsum

Countries of Origin:

• Coal: Indonesia, South Africa, Australia
• Clinker: Vietnam, Thailand
• Gypsum: Oman, Iran

Dalmia Bharat Limited, a leading cement company in India, imports various raw materials essential for cement production. Coal is mainly sourced from Indonesia, South Africa, and Australia, as these countries have extensive coal reserves and offer competitive prices.

Clinker, a key component in cement manufacturing, is imported from Vietnam and Thailand. These countries are known for their efficient clinker production and provide a cost-effective source.

Gypsum, used to regulate the setting time of cement, is imported from Oman and Iran. These countries have significant gypsum deposits and are strategically positioned to serve the Indian market.

Market share: 6% (2024, estimated)
EBITDA margin: 22% (2024, estimated)
Capacity expansion: 10 million tons per year by 2025

Dalmia Bharat Limited has established itself as one of the leading cement manufacturers in India. The company's competitive advantage is based on several factors. Firstly, Dalmia Bharat holds a significant market share of around 6% in the Indian cement market, making it one of the larger players in a highly fragmented industry.

Secondly, the company maintains a solid EBITDA margin of approximately 22%, indicating efficient operations and cost control. This margin is competitive compared to many competitors, enabling the company to remain profitable even in times of price pressure.

Additionally, Dalmia Bharat plans to expand its production capacity by 10 million tons per year by 2025. This capacity expansion will help the company further strengthen its market position and benefit from the increasing demand for cement in India.

Overall, Dalmia Bharat has a strong competitive advantage supported by its market position, operational efficiency, and strategic expansion.

Institutional Investor Share: approximately 30% (estimated, 2025)
Insider Purchases/Sales: No significant transactions known (2025)

The institutional investor share in Dalmia Bharat Limited is estimated to be around 30%. This figure reflects the confidence of institutional investors in the company's long-term growth strategy.

In 2025, no significant insider purchases or sales are known. This could indicate that the management and other insiders are currently not making significant changes to their stake in the company, which is often seen as a sign of stability and confidence in the current corporate strategy.

Market share of Dalmia Bharat Limited: 8% (2025, estimated)

Top competitors and their market shares:

1. UltraTech Cement: 22%
2. Shree Cement: 10%
3. Ambuja Cements: 9%
4. Dalmia Bharat Limited: 8%
5. ACC Limited: 7%
6. Ramco Cements: 5%
7. JK Cement: 4%
8. Birla Corporation: 3%
9. India Cements: 3%
10. Orient Cement: 2%

Moat of Dalmia Bharat Limited:

Dalmia Bharat Limited has a moderate moat, mainly characterized by its geographic diversification and strong brand presence in certain regions of India. The company has invested in modernizing its production facilities in recent years to increase efficiency and reduce costs.

In comparison to leading companies like UltraTech Cement, which has a significant moat due to its sheer size and extensive distribution networks, Dalmia Bharat's moat is less pronounced. UltraTech also benefits from a wider product range and a stronger international presence.

Shree Cement and Ambuja Cements also have strong moats supported by efficient production processes and strong brand building. These companies have established themselves as market leaders in certain segments and regions.

Overall, Dalmia Bharat Limited has some competitive advantages, but they are less pronounced compared to the leading companies. To expand its moat, Dalmia Bharat could invest in further innovation and expansion strategies.

Revenue Growth: 10% (2024) EBITDA Margin: 23% (2024) Net Debt: 2.5 billion INR (2024)

Dalmia Bharat Limited recorded a revenue growth of 10% in 2024, attributed to strong demand in the construction sector and strategic expansions. The EBITDA margin of 23% indicates that the company operates efficiently and is able to control its costs well, reflecting solid operational performance.

The net debt of 2.5 billion INR has remained stable compared to previous years, indicating a conservative financial policy. This allows the company to invest in future growth projects without jeopardizing financial stability.

Overall, Dalmia Bharat Limited's financial performance suggests that the company is well positioned to benefit from the ongoing demand in the construction sector. The solid operational performance and stable debt position make the stock a potentially attractive investment for investors interested in long-term growth.

Dividend: 10 INR per share (estimated for 2025)

Dalmia Bharat Limited has pursued a consistent dividend policy in recent years. The company regularly pays dividends, with the payout amount depending on annual business results and financial position.

The reliability of Dalmia Bharat's dividend payment is relatively high, as the company has maintained its dividend policy even in economically challenging times in the past. Analysts expect the company to continue paying a stable dividend in the future, supported by a solid financial foundation and a strong position in the cement market.