Dalmia Bharat’s capacity drive promising, but risks remain

Dalmia Bharat Ltd's focus on capacity expansion could help it regain lost ground.

- Harsha Jethmalani [e-mail]

The firm's volumes had declined year-on-year (yo-y) from Q3FY25 to Q1FY26 amid muted cement demand and rising competition in its core southern and eastern markets.

However, in the September quarter (Q2FY26), volumes rose about 3% yo-y to 6.9 million tonnes (mt), broadly in line with industry growth. The ramp-up of recently added capacities and the completion of ongoing projects provide visibility for medium-term volume growth.