Dalmia Bharat Limited, one of India’s leading cement manufacturing companies, announced its consolidated financial results for the quarter and full year ended March 31, 2025. Despite a subdued demand environment and weak pricing pressures, the company emphasised its long-term growth strategy, highlighting significant milestones in capacity expansion, sustainability, and operational efficiency.
For FY25, Dalmia Bharat reported a 2% year-on-year increase in cement volumes to 29.4 million tonnes (MnT). However, EBITDA declined 8.8% YoY to ₹2,407 crore, while EBITDA per tonne stood at ₹820. Net profit for the year dropped 18.1% YoY to ₹699 crore. Income from operations for FY25 stood at ₹13,980 crore, down 4.8% from the previous year. On the positive side, the company maintained a strong balance sheet with a Net Debt to EBITDA ratio of 0.3x. Dalmia Bharat also reported achieving one of the lowest global carbon footprints in the cement industry at 465 kgCO₂ per tonne of cement.
In Q4 FY25, cement volumes stood at 8.6 MnT, a 2.8% decline over the same quarter last year, attributed largely to the discontinuation of Jaiprakash Associates’ tolling volumes. Revenue from operations for the quarter fell 5% YoY to ₹4,091 crore. However, EBITDA surged 21.3% to ₹793 crore, driven by the company’s focus on cost optimisation and increased use of renewable energy. EBITDA per tonne in Q4 improved by nearly 25% YoY to ₹926. The company also made a one-time provision of ₹84 crore (pre-tax ₹113 crore) in FY25 related to Jaiprakash Associates, which is undergoing insolvency proceedings.
Commenting on the performance, Puneet Dalmia, Managing Director & CEO of Dalmia Bharat Limited, stated, “The Indian economy continues to demonstrate resilience amidst global macroeconomic uncertainty. With strong GDP growth projections, increased capital expenditure, and rising disposable incomes, we are optimistic about cement demand in India.” He added, “With the achievement of 49.5 MnT in installed cement capacity, we have initiated the next phase of expansion with a 6 MnT capacity addition targeting new markets in Western India. Although FY25 faced profitability headwinds due to soft demand and pricing, we are confident of delivering profitable growth through higher volumes, better realisations, and a continued focus on cost leadership.”
Dharmender Tuteja, Chief Financial Officer, highlighted the company’s operational improvements, stating, “Q4 volumes declined 3% YoY due to JP tolling discontinuation, but quality of sales improved with a higher share of trade and premium product sales. Despite a drop in revenue, our EBITDA grew significantly, supported by enhanced cost efficiencies and increased renewable energy use.” He emphasised the company’s preparedness for future growth, backed by a robust financial position and a clear strategic vision.
Key developments during the year included the commissioning of 2.4 MnT cement capacity in Lanka, Assam, and 0.5 MnT in Rohtas, Bihar, bringing the company’s total installed capacity to 49.5 MnT. Dalmia Bharat also announced a ₹3,520 crore strategic investment for expanding its Belgaum plant in Karnataka and setting up a greenfield unit in Pune, Maharashtra. These projects aim to enhance the company’s market presence in Southern and Western Maharashtra.
On the sustainability front, the company commissioned a 2.2 MW captive solar plant in Lanka, Assam, and added 13 MW under group captive agreements, raising its total operational renewable energy (RE) capacity to 267 MW. This figure is expected to grow to 595 MW by FY26. Notably, 36.4% of the company’s power consumption now comes from renewable sources.
Dalmia Bharat’s Board has recommended a final dividend of ₹5 per share (250% of the face value of ₹2 per share) for FY25, subject to shareholder approval.
The company also received several accolades recognising its focus on sustainability, safety, and environmental stewardship. Dalmiapuram Mines won the first prize for Sustainable Mining Operations under the MEMC Awards. Lanka Cement Works earned a Certificate of Appreciation for Safety Excellence from the National Safety Council of India. Meenakshi Cement Works and Rohtas Cement Works were honoured at the FAME National Awards for excellence in safety culture, environmental management, and occupational health.