DALMIA BHARAT Results Analysis-Q3FY26

Operating Revenue for Q3FY26 is Rs. 3,506 Crs., 10.22% growth YoY, Total Income is Rs. 3,568 Crs., 10.88% growth YoY, EBITDA is Rs. 602 Crs., 17.81% growth YoY, EBITDA Margin is 17.17% Improved by 111 Basis points YoY, PBT Rs. 174 Crs, 109.64% growth YoY, PAT Rs. 128 Crs, 93.94% growth YoY (Which Includes Provision of ₹32 cr due to newly notified labour codes) On QoQ basis Op. Revenue is flat to positive by 2.6%, Total Income is flat to positive by 2.44%, However, EBITDA is down by 13.51% (drop in prices led to margin suppression), PBT is down by 45.28% YoY, PAT is also down by 46.44% YoY (Which Includes Provision of ₹32 cr due to newly notified labour codes) Sales Volume were 7.3 MnT improved by 8.96% on YoY and 5.8% on QoQ basis. Q3 capex: ₹513 cr; 9M capex: ₹1,703 cr. FY26 capex guidance: ~₹2,700 cr. Gross debt: ₹6,844 cr; Net debt: ₹1,793 cr; Net debt/EBITDA: 0.6x (management reiterated commitment to keep leverage within policy; later referenced intent to stay within net debt/EBITDA of 2). Management emphasized that not relying solely on price for returns: “price is a bonus… not… dependent,” reiterating focus on market prioritization, cost efficiency, disciplined capital allocation, and maintaining a strong balance sheet.