Dalmia Bharat Q2 FY27 Results: Consolidated Net Loss ₹205 Crore on Total Income of ₹3,609 Crore

Summary

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

The consolidated statement shows a net loss of ₹205 crore for the quarter, against a profit of ₹239 crore a year earlier and ₹192 crore in the prior quarter. Total income rose 3.6% YoY to ₹3,609 crore but fell 10.4% QoQ, and revenue from operations rose 4.3% YoY while other income fell 30.3%.

Profit before exceptional items was ₹46 crore. After exceptional items of ₹339 crore, the loss before tax was ₹293 crore. The filing says the ₹282 crore impairment loss covers three captive power plants and one brand, and that the brand was discontinued. The ₹57 crore charge is a one-time separation scheme for eligible employees at a few units.

The statement shows a tax credit of ₹85 crore for the quarter, made up of current tax of ₹12 crore and a deferred tax credit of ₹97 crore, against a tax charge of ₹79 crore a year earlier. The net loss also includes discontinued operations, which the statement shows at profit before tax of ₹5 crore and tax of ₹2 crore.

A contingent liability for mineral bearing land tax of about ₹279 crore, with a present value of ₹198 crore as on 31 Mar 2026, was extinguished in the quarter after amendments to the Mines and Minerals Act effective 22 Aug 2026.

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Standalone total income rose 32.2% YoY to ₹115 crore. Net profit rose 7.1% to ₹15 crore, slower than total income, and fell 34.8% QoQ while total income fell 5.7%. Basic EPS was ₹0.82, against ₹0.75 a year earlier.

Other income was ₹4 crore, down 42.9% YoY and 71.4% QoQ, and 3.5% of total income. Revenue from operations rose 38.8% YoY to ₹111 crore.

Finance costs were ₹6 crore against ₹1 crore a year earlier, and depreciation was ₹10 crore against ₹3 crore. Tax expense was ₹1 crore, 6.3% of profit before tax of ₹16 crore.

The Board declared an interim dividend of ₹4 per share, 200% of the ₹2 face value, for FY 2026-27. The record date is 30 Oct 2026.

Inference

The consolidated statement shows the acquisition of the JAL cement business at an enterprise value of ₹2,850 crore, with control obtained on 29 May 2026 and accounting as a business combination. The purchase price allocation is provisional, and the half-year cash flow statement shows ₹2,850 crore paid for the acquisition.

Non-current borrowings were ₹8,432 crore and current borrowings were ₹1,150 crore at 30 Sep 2026. The auditors' review of the consolidated results carries emphasis of matter paragraphs on the Bawri Group dispute and on guarantees of ₹100 crore and ₹300 crore, with no adjustment and an unmodified conclusion.

The filing does not give sales volumes or realisation per tonne for the quarter.

Reference: Original filing (PDF)