Dalmia Bharat: Will cement margins recover in Q2?

Dalmia Bharat Limited (DALBHARAT) is scheduled to announce its Q2 FY27 results today, 26 October 2026. Investors will focus on cement demand, realisations and whether operating profitability can recover. Previous quarter snapshot Revenue from operations: ₹3,890 crore, up 7% year-on-year. EBITDA: ₹805 crore, down 8.8%. Cement sales volume: 7.6 million tonnes, up 9%. EBITDA per tonne: ₹1,055, compared with ₹1,261 a year earlier. The company also cited acquisition-related exceptional costs. Why Q2 matters Sales volume growth was healthy, but lower EBITDA per tonne showed that higher volumes were not translating into better operating profitability. The new Central-region assets also create an execution challenge as the company integrates capacity. What to monitor Cement sales volume and realisations. EBITDA per tonne and fuel costs. Capacity utilisation and integration of acquired assets. Debt levels and any interim dividend announcement. My analytical view The key signal will be whether operating margins improve alongside volume growth. A recovery in EBITDA per tonne would strengthen the operating picture, while continued margin pressure would warrant caution. Risk: Fuel inflation, weak cement pricing and acquisition-related costs could weigh on earnings. SEBI RA Disclaimer: Umang Rajesh Bhutada is a SEBI-registered Research Analyst (INH000023001). This content is for educational and informational purposes only and is not investment advice. Securities investments are subject to market risks. Please consult a qualified financial professional before making investment decisions.