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Dalmia Bharat Ltd

| Audited Consolidated Results for the Quarter and Year Ended March 31, 2026

Report Source

⬤28th Apr 26

Summary : Dalmia Bharat reported FY26 results with a recommended dividend and unmodified audit opinion, amidst ongoing legal disputes.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Consolidated Total expenses: Rs. 13,550 Cr (FY26).
  2. Standalone Total expenses: Rs. 328 Cr (FY26).
  3. Consolidated Revenue from operations: Rs. 14,804 Cr (FY26).
  4. Standalone Revenue from operations: Rs. 361 Cr (FY26).
  5. Consolidated Net cash flow from operating activities: Rs. 2,278 Cr (FY26).
  6. Consolidated Net cash used in investing activities: Rs. (3,023) Cr (FY26).
  7. Consolidated Net cash generated from financing activities: Rs. 808 Cr (FY26).
  8. Standalone Net cash flow from operating activities: Rs. 46 Cr (FY26).
  9. Standalone Net cash flow from investing activities: Rs. 138 Cr (FY26).
  10. Standalone Net cash used in financing activities: Rs. (184) Cr (FY26).
  11. Consolidated Total Assets: Rs. 33,312 Cr (FY26).
  12. Consolidated Total Equity: Rs. 17,979 Cr (FY26).
  13. Standalone Total Assets: Rs. 8,241 Cr (FY26).
  14. Standalone Total Equity: Rs. 7,875 Cr (FY26).
  15. Both standalone and consolidated financial results are presented.

Corporate Overview

  1. Ongoing legal disputes with Bawri Group.
  2. Fraudulently transferred mutual fund units.
  3. Challenge to West Bengal Incentive Schemes Revocation Act.
  4. PMLA provisional attachment proceedings.
  5. Manufacture and sale of cement and cement related products.
  6. Factual and compliant reporting tone.
  7. Cement and cement related products.

Risk Factors

  1. Ongoing legal dispute with Bawri Group.
  2. Fraudulently transferred mutual fund units pending.
  3. Challenge to West Bengal Incentive Act.
  4. Unresolved PMLA proceedings and appeals.

Key Drivers

  1. Recommended final dividend of Rs. 5 per share.
  2. Unmodified audit opinion on financial results.
  3. Management confident in resolving legal disputes.
  4. PMLA attached properties released after BG.

Auditor’s Report

  1. Unmodified opinion on consolidated and standalone financial results.
  2. Pending proceedings with Bawri Group regarding shareholders agreement dispute.
  3. Bank and corporate guarantees related to fraudulently transferred mutual fund units.
  4. PMLA provisional attachment of land parcels and ongoing appeals.

Board Commentary

  1. Recommended final dividend of Rs. 5/- per equity share (250%) for FY2026.
  2. Pending legal proceedings with Bawri Group.
  3. Risk from fraudulently transferred mutual fund units.
  4. Challenge to West Bengal Incentive Schemes Revocation Act.
  5. PMLA provisional attachment proceedings.
  6. Pending proceedings with Bawri Group regarding shareholders agreement.
  7. Fraudulently transferred mutual fund units by Allied Financial Services.
  8. JAL asset acquisition stalled due to CIRP.
  9. PMLA provisional attachment of land parcels.
  10. Challenge to West Bengal Incentive Schemes Revocation Act.
  11. Impact assessment of new Labour Codes.
  12. Acquisition of cement assets from Jaiprakash Associates Limited (JAL) stalled.

Corporate Governance

  1. Auditors confirmed compliance with ICAI Code of Ethics.
  2. Audit Committee reviewed and recommended financial results.

Management Discussion & Analysis

Risk Control Measures

  1. Management confident of no loss in Bawri Group dispute.
  2. Management confident of no loss from mutual fund units.
  3. DCBL challenging PMLA order and Revocation Act.

Critical Risks

  1. Pending legal proceedings with Bawri Group.
  2. Risk from fraudulently transferred mutual fund units.
  3. Challenge to West Bengal Incentive Schemes Revocation Act.
  4. PMLA provisional attachment proceedings.