Dalmia Bharat Share Price Analyzed

Dalmia Bharat’s stock price dipped on October 23, 2025, falling nearly 2% to ₹2,148 on the NSE. Over the last three trading days, including Diwali, the stock dropped by more than 4%. This suggests investors are becoming more cautious about the company’s performance.

Key Points

• Dalmia Bharat’s stock price dropped by 1.5% to ₹2,151.9.
• Q2 results showed a significant jump in net profit (₹239 crore).
• Revenue increased by 11.4% year-over-year, but declined sequentially.
• Ebitda increased by 60%, leading to a higher margin.
• YES Securities downgraded the stock due to low capacity utilization.
• Analysts project slower growth with revenue/Ebitda CAGR of 8%/18% over FY25-FY28E.

Dalmia Bharat reported strong financial results for the September 2025 quarter (Q2FY26), with net profit rising nearly fivefold to ₹239 crore. This was a substantial increase compared to ₹49 crore in the previous year. This highlights improved operational efficiency and profitability.

The company’s revenue climbed by 11.4% year-on-year to ₹3,417 crore. However, there was a 6% decrease in revenue compared to the previous quarter’s ₹3,636 crore. YES Securities explained this was mainly due to the usual slow sales during the monsoon season and the busy festival period.

Importantly, the company’s Earnings Before Interest, Tax, Depreciation, and Amortisation (Ebitda) jumped by 60% to ₹696 crore, resulting in a higher margin of 20.4% – up from 14% in the prior year. Even so, the Ebitda margin fell 392 basis points sequentially due to weak demand during this period.

Dalmia Bharat also announced an interim dividend of ₹4 per share. Investors will receive this payment, adding to the stock’s attractiveness.

YES Securities, a leading brokerage firm, downgraded Dalmia Bharat’s stock from ‘Reduce’ to ‘Sell’. They believe the company’s performance is unlikely to improve significantly in the near term due to low capacity utilization and increased competition.

Analysts at YES Securities predict slower growth, projecting a revenue/Ebitda CAGR of 8%/18% over the next three years. They are using a lower valuation multiple to reflect this cautious outlook.

Despite these challenges, key upside risks include higher-than-expected capacity utilization, improved realisations, and enhanced cost efficiency, which could positively impact the company’s future performance.

Ultimately, a successful company thrives on adaptability and innovation.