Dalmia Bharat's Q1 shows steady volumes, Jaypee integration on track
Volume up 9% YoY, EBITDA/ton at ₹1,055; Jaypee acquisition expected to hit EBITDA breakeven in a couple of quarters.
— 3 earlier stories on Dalmia Bharat Ltd. →What's new
- Volume grew 9% YoY in Q1 FY27 to ₹3,890 cr revenue.
- Jaypee Cement integration progressing; assets expected to contribute from Q3.
- Capacity at 54.7 mt, aiming for 67 mt by Q3 FY28.
Why this matters
The ₹2,850 cr Jaypee acquisition looks on track, with management expecting breakeven in a couple of quarters. At 1.47x net debt/EBITDA, the balance sheet is comfortable for the expansion. The call provided reassurance on execution after the May 2026 deal announcement.
What we're watching
- Jaypee asset EBITDA margin trajectory in the next two quarters.
- Demand recovery post state elections in key markets.
- Progress toward 67 mt capacity milestone by Q3 FY28.
The full read
Dalmia Bharat's Q1 FY27 call was about confirmation, not surprise. Volume grew 9% year-on-year, EBITDA per ton came in at ₹1,055, and revenue hit ₹3,890 crore. That's all in line. What mattered was the Jaypee update. The ₹2,850 crore acquisition, closed in May, is on schedule to contribute from the third quarter and break even within a couple of quarters. Management sounded confident. Capacity now stands at 54.7 million tons, with a clear path to 67 mt by Q3 FY28. Net debt of ₹4,431 crore works out to a comfortable 1.47x EBITDA. The transcript doesn't change the story — it adds detail to a deal that already set the direction. The next test: whether the integration delivers the promised EBITDA lift.
Questions answered
- What was the volume growth in Q1 FY27?
- Cement volume grew 9% year-on-year.
- How is the Jaypee acquisition integration progressing?
- Management expects the assets to contribute meaningfully from Q3 and reach EBITDA breakeven within a couple of quarters.
- What is Dalmia Bharat's current cement capacity?
- Capacity stood at 54.7 million tons after the acquisition, with a pipeline to reach 67 million tons by Q3 FY28.
- What was the quarter's revenue and net debt?
- Revenue was ₹3,890 crore and net debt was ₹4,431 crore, with a net debt to EBITDA ratio of 1.47 times.
- Why is the transcript score capped at 6?
- Because the call's primary information was already disclosed during the live results announcement; the transcript adds no new material numbers.
Dalmia Bharat Ltd.
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All notes on DALBHARAT →- 28 Jul 2026 · 5:29 PM IST Dalmia Bharat's Q1 shows steady volumes, Jaypee integration on track
- today Dalmia wins Bhilai Jaypee cement assets under IBC, adds 3.3 MTPA
- 11d ago Dalmia Bharat sets July 24 for Q1 board meeting
- 68d ago Dalmia buys ₹2,850 cr cement plants from Adani's Jaiprakash, enters central India