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Informist, Wednesday, Jul. 22, 2026

By Krupa Biju

MUMBAI – Cement maker Dalmia Bharat is expected to report lower profit for the June quarter due to an increase in input costs, according to brokerages tracking the company. While the quarter is seasonally weaker due to the onset of the monsoon, healthy demand from the individual housing and infrastructure segments is expected to support revenue growth. 

The company is expected to post a net profit of around INR 2.16 billion for the June quarter, down 43% on year and down 46% on quarter, according to the average of estimates from 12 brokerages. The company's net sales for the June quarter are estimated at INR 37.26 billion, up more than 2% on year but down 12% on quarter, according to the estimates.

The highest estimate for Dalmia Bharat's June quarter net profit is INR 2.57 billion from Axis Securities Ltd. and the lowest is around INR 1.71 billion from Bank of America Global Research. The highest estimate for net sales is INR 38.31 billion from Kotak Securities Ltd. and the lowest is

INR 36.16 billion from Bank of America Global Research.

While demand for cement was robust in April, intense heatwaves, unavailability of labour due to elections to state assemblies and water scarcity affected demand in May and June. Price hikes during April and May largely sustained through the quarter, but elevated fuel, packaging, and logistics costs are expected to outweigh the benefits of healthy demand growth and price hikes, Anand Rathi Share and Stock Brokers Ltd. said.

Looking ahead, peak fuel cost inflation is expected to affect profitability in the September quarter, according to brokerages. As cement demand enters its seasonal lull, the industry's ability to sustain further price hikes is likely to be limited.

Dalmia's earnings before interest, tax, depreciation, and amortisation are expected to be nearly INR 7.41 billion, down 16% on year. The highest estimate for the company's EBITDA is nearly INR 8 billion from Axis Securities while the lowest is INR 6.75 billion from Nomura Equity Research. Headquartered in New Delhi, Dalmia Bharat Ltd., is India's fourth largest cement manufacturer by installed capacity.

Of the 13 brokerage reports on the company available with Informist, nine have a "buy" recommendation on the stock with an average target price of INR 2,229 which is almost 16% higher than the closing price Tuesday. One has a "hold" on the stock with an average target price of INR 2,158, and three have a "sell" with an average target price of INR 2,045.

Wednesday, shares of Dalmia Bharat closed unchanged at INR 1,864.2 on the National Stock Exchange. The price is down 3% since the company announced

its March quarter earnings on Apr. 28

Following are the June quarter earnings estimates for Dalmia Bharat from 12 brokerages in descending order of net profit in INR billion.

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