$Dalmia Bharat Refractories Ltd$

Dalmia Bharat Refractories Ltd

Platform	Last Traded Price	Min Quantity

Strengths & Weaknesses

Strengths

Strong Market Position DBL is the fourth-largest cement player in India with 45.6 MTPA capacity (as of May 31, 2024). Its diversified presence spans the east (47%), south (35%), northeast (12%), and west (6%) regions. Revenue growth has consistently outpaced market demand, with gains in market share. Acquisitions, including Jaiprakash Associates Ltd's assets, and ongoing capacity expansions further bolster its market position.

Operational Growth and Cost Efficiency DBL is adding 3.9 MTPA of grinding capacity and increasing clinker and renewable energy capacities, which will enhance cost efficiency. Despite temporary declines, EBITDA per tonne is expected to stabilize around ₹900 in FY25, aided by cost optimization and strong demand.

Eastern Market Strength DBL dominates the fast-growing east and northeast markets while expanding into central India, ensuring effective absorption of new capacity.

Strong Financial Risk Profile Healthy operating performance has improved financial leverage, with a net debt-to-EBITDA ratio of 0.88x in FY24. DBL’s ₹1,788 crore investment in IEX provides liquidity support, complemented by financial flexibility from its subsidiaries.

Weaknesses

Moderate Return on Capital High capital expenditure and depreciation expenses from capacity expansions have suppressed returns on capital. Improvements are expected post-completion of current projects.

Volatility Risks Profitability is exposed to cyclical industry trends, fluctuating input costs (e.g., coal, pet coke), and regional demand-supply dynamics, making margins vulnerable to price changes.

Balance Sheet	FY2024	FY2023	FY2022	FY2021	FY2020
Equity Capital	44.20	44.20	44.20	44.20	3.15
Reserves	2,567.53	2,719.05	907.05	881.36	163.85
Total Equity	2,611.73	2,763.25	951.25	925.56	167.00
Borrowings	576.83	58.85	80.88	94.93	97.79
Provision	9.56	9.28	20.18	15.41	3.74
Other Non-Current Liabilities	5.34	1.53	19.09	17.25	19.58
Total Non current Liabilities	591.73	69.66	120.15	127.59	121.12
Borrowings	0.00	30.54	77.77	55.23	48.10
Provisions	10.20	79.14	31.68	10.92	36.98
Other Current Liabilities	65.20	520.82	355.00	240.61	66.37
Total current Liabilities	75.40	630.50	464.45	306.76	151.44
Equity + Liabilities	3,278.86	3,463.41	1,535.85	1,359.91	439.56
Fixed Assets (incl. WIP)	375.81	412.49	277.83	269.58	148.84
Other Non Current Assets	2,343.54	2,040.69	413.46	429.83	106.09
Total Non current Assets	2,719.35	2,453.18	691.29	699.41	254.93
Trade Receivables	23.53	148.26	337.51	212.01	71.64
Cash & Cash Equivalents	231.79	128.21	50.11	94.68	9.23
Other Current Assets	304.19	733.76	456.94	353.81	103.76
Total current Assets (Includes assets held for disposal)	559.51	1,010.23	844.56	660.50	184.63
Total Assets	3,278.86	3,463.41	1,535.85	1,359.91	439.56

Profit & Loss	FY2024	FY2023	FY2022	FY2021	FY2020
Revenue from Operations	115.96	351.65	1,240.98	789.99	450.10
Growth %	-67.02%	-71.66%	57.09%	75.51%	0
Operating Expenses	143.37	332.65	1,153.68	733.66	403.78
Growth %	-56.90%	-71.17%	57.25%	81.70%	0
Operating Profit	-27.41	19.00	87.30	56.33	46.32
Op. Profit Margin %	-23.64%	5.40%	7.03%	7.13%	10.29%
Other Income	63.08	13.21	7.65	7.52	3.38
Finance Costs	13.85	4.07	11.55	10.58	8.42
Depreciation	24.25	57.00	48.01	56.49	17.78
Exceptional Item	-12.09	-1,759.87	0.00	0.00	0.00
Profit Before Tax	9.66	-1,788.73	35.39	-3.22	23.50
Tax	8.86	396.24	12.56	0.60	7.36
Tax %	91.72%	-22.15%	35.49%	-18.63%	31.33%
Profit After Tax	0.80	-2,184.97	22.83	-3.82	16.14
Growth %	-100.04%	-9670.61%	-697.64%	-123.67%	0
PAT %	0.69%	-621.35%	1.84%	-0.48%	3.58%
Diluted EPS	0	295.11	4.84	-0.75	56.48

Shareholding Pattern

No shareholding data available.

Fundamentals

Quick Insights

Strong Market Position DBL is the fourth-largest cement player in India with 45.6 MTPA capacity (as of May 31, 2024). Its diversified presence spans the east (47%), south (35%), northeast (12%), and west (6%) regions. Revenue growth has consistently outpaced market demand, with gains in market share. Acquisitions, including Jaiprakash Associates Ltd's assets, and ongoing capacity expansions further bolster its market position. Operational Growth and Cost Efficiency DBL is adding 3.9 MTPA of grinding capacity and increasing clinker and renewable energy capacities, which will enhance cost efficiency. Despite temporary declines, EBITDA per tonne is expected to stabilize around ₹900 in FY25, aided by cost optimization and strong demand. Eastern Market Strength DBL dominates the fast-growing east and northeast markets while expanding into central India, ensuring effective absorption of new capacity. Strong Financial Risk Profile Healthy operating performance has improved financial leverage, with a net debt-to-EBITDA ratio of 0.88x in FY24. DBL’s ₹1,788 crore investment in IEX provides liquidity support, complemented by financial flexibility from its subsidiaries.

Market Cap-

PE Ratio-

EPS₹10.66

Dividend Yield-

Book Value₹590.89 Cr

Debt/Equity0.221

Price/Book-

Price/Sales-

Industry PE-

Sales₹115.96 Cr

Profit After Tax₹0.8 Cr

Share Capital₹44.2 Cr

Shares Outstanding-

ISININE0EB001012

Sectorrefractory, mining, and manufacturing sector

Symbol-

About Company

Dalmia Bharat Limited (DBL) is a leading cement manufacturer in India, with a presence across multiple regions. As of May 2024, DBL's operational capacity stands at 45.6 MTPA, making it the fourth-largest player in the Indian cement industry.

Quick Insights

Strong Market Position DBL is the fourth-largest cement player in India with 45.6 MTPA capacity (as of May 31, 2024). Its diversified presence spans the east (47%), south (35%), northeast (12%), and west (6%) regions. Revenue growth has consistently outpaced market demand, with gains in market share. Acquisitions, including Jaiprakash Associates Ltd's assets, and ongoing capacity expansions further bolster its market position. Operational Growth and Cost Efficiency DBL is adding 3.9 MTPA of grinding capacity and increasing clinker and renewable energy capacities, which will enhance cost efficiency. Despite temporary declines, EBITDA per tonne is expected to stabilize around ₹900 in FY25, aided by cost optimization and strong demand. Eastern Market Strength DBL dominates the fast-growing east and northeast markets while expanding into central India, ensuring effective absorption of new capacity. Strong Financial Risk Profile Healthy operating performance has improved financial leverage, with a net debt-to-EBITDA ratio of 0.88x in FY24. DBL’s ₹1,788 crore investment in IEX provides liquidity support, complemented by financial flexibility from its subsidiaries.

Market Cap-

PE Ratio-

EPS₹10.66

Dividend Yield-

Book Value₹590.89 Cr

Debt/Equity0.221

Price/Book-

Price/Sales-

Industry PE-

Sales₹115.96 Cr

Profit After Tax₹0.8 Cr

Share Capital₹44.2 Cr

Shares Outstanding-

ISININE0EB001012

Sectorrefractory, mining, and manufacturing sector

Symbol-

About Company

Strengths

Eastern Market Strength DBL dominates the fast-growing east and northeast markets while expanding into central India, ensuring effective absorption of new capacity.

Weaknesses

Volatility Risks Profitability is exposed to cyclical industry trends, fluctuating input costs (e.g., coal, pet coke), and regional demand-supply dynamics, making margins vulnerable to price changes.

Annual Reports

FY 2021 FY 2022 FY 2023 FY 2024

Balance Sheet	FY2024	FY2023	FY2022	FY2021	FY2020
Equity Capital	44.20	44.20	44.20	44.20	3.15
Reserves	2,567.53	2,719.05	907.05	881.36	163.85
Total Equity	2,611.73	2,763.25	951.25	925.56	167.00
Borrowings	576.83	58.85	80.88	94.93	97.79
Provision	9.56	9.28	20.18	15.41	3.74
Other Non-Current Liabilities	5.34	1.53	19.09	17.25	19.58
Total Non current Liabilities	591.73	69.66	120.15	127.59	121.12
Borrowings	0.00	30.54	77.77	55.23	48.10
Provisions	10.20	79.14	31.68	10.92	36.98
Other Current Liabilities	65.20	520.82	355.00	240.61	66.37
Total current Liabilities	75.40	630.50	464.45	306.76	151.44
Equity + Liabilities	3,278.86	3,463.41	1,535.85	1,359.91	439.56
Fixed Assets (incl. WIP)	375.81	412.49	277.83	269.58	148.84
Other Non Current Assets	2,343.54	2,040.69	413.46	429.83	106.09
Total Non current Assets	2,719.35	2,453.18	691.29	699.41	254.93
Trade Receivables	23.53	148.26	337.51	212.01	71.64
Cash & Cash Equivalents	231.79	128.21	50.11	94.68	9.23
Other Current Assets	304.19	733.76	456.94	353.81	103.76
Total current Assets (Includes assets held for disposal)	559.51	1,010.23	844.56	660.50	184.63
Total Assets	3,278.86	3,463.41	1,535.85	1,359.91	439.56

Profit & Loss	FY2024	FY2023	FY2022	FY2021	FY2020
Revenue from Operations	115.96	351.65	1,240.98	789.99	450.10
Growth %	-67.02%	-71.66%	57.09%	75.51%	0
Operating Expenses	143.37	332.65	1,153.68	733.66	403.78
Growth %	-56.90%	-71.17%	57.25%	81.70%	0
Operating Profit	-27.41	19.00	87.30	56.33	46.32
Op. Profit Margin %	-23.64%	5.40%	7.03%	7.13%	10.29%
Other Income	63.08	13.21	7.65	7.52	3.38
Finance Costs	13.85	4.07	11.55	10.58	8.42
Depreciation	24.25	57.00	48.01	56.49	17.78
Exceptional Item	-12.09	-1,759.87	0.00	0.00	0.00
Profit Before Tax	9.66	-1,788.73	35.39	-3.22	23.50
Tax	8.86	396.24	12.56	0.60	7.36
Tax %	91.72%	-22.15%	35.49%	-18.63%	31.33%
Profit After Tax	0.80	-2,184.97	22.83	-3.82	16.14
Growth %	-100.04%	-9670.61%	-697.64%	-123.67%	0
PAT %	0.69%	-621.35%	1.84%	-0.48%	3.58%
Diluted EPS	0	295.11	4.84	-0.75	56.48

Shareholding Pattern

No shareholding data available.

Board of Directors

Mr. Deepak Ambadas ThombreIndependent Director

Mr. Rajkamal SaraogiIndependent Director

Mr. Sameer NagpalNon-Executive Director

Ms. Rachna GoriaNon-Executive Woman Director

Dr. Chandra Narain MaheshwariWhole Time Director and CEO

Senior Management

Mr. Rahul SahniChief Financial Officer

Ms. Meghna SainiCompany Secretary

Dr. Chandra Narain MaheshwariCEO