Dalmia Bharat Limited is one of India’s leading cement manufacturers, known for its strong presence in the eastern and southern regions and its focus on sustainable, low-carbon cement production. The company has delivered robust sales and profit growth in recent years, driven by infrastructure demand and capacity expansion. However, its return ratios—ROE and ROCE—remain extremely low despite high top-line growth. This article provides a fact-based outlook on its share price target for each year from 2026 through 2030, based on verified financials and sector dynamics.
Dalmia Bharat: Company Overview
- Incorporated: 1939; listed since 1965
- Core Business: Manufacturing and selling cement and clinker under brands like Dalmia Cement, Dalmia DSP, and Conrex
- Key Strengths:
- Carbon-negative cement portfolio (first in the world)
- Strong presence in high-growth states (Odisha, Tamil Nadu, West Bengal)
- Backward integration with captive power and grinding units
- Capacity: Over 37 million tonnes per annum (MTPA) across 10+ plants
- Ownership: Promoter-controlled with 55.84% stake, held by the Dalmia Group
Dalmia Bharat: Key Financial Snapshot
| Metric | Value |
|---|---|
| Market Capitalization | ₹38,788.64 Cr |
| Current Share Price | ₹2,068 (as of Feb 2026) |
| P/E (TTM) | 269.37 |
| P/B (TTM) | 4.98 |
| Book Value (TTM) | ₹415.61 |
| EPS (TTM) | ₹7.68 |
| ROE | 2.43% |
| ROCE | 2.63% |
| Dividend Yield | 0.43% |
| Sales Growth (TTM) | 55.38% |
| Profit Growth (TTM) | 69.64% |
| Cash Reserves | ₹6 Cr |
| Debt | ₹0 Cr (completely debt-free) |
| Face Value | ₹2 |
Dalmia Bharat Share Price Target Forecast (2026–2030)
| Year | Target Price Range (₹) |
|---|---|
| 2026 | ₹2,150 – ₹2,400 |
| 2027 | ₹2,300 – ₹2,650 |
| 2028 | ₹2,450 – ₹2,900 |
| 2029 | ₹2,600 – ₹3,200 |
| 2030 | ₹2,750 – ₹3,500 |
Dalmia Bharat Share Price Target 2026
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2026 | ₹2,150 | ₹2,400 |
- High P/E (269x) leaves almost no margin for error
- Strong FY2025 volume growth supports near-term momentum
- Risk: Extremely low ROCE (2.6%) questions capital allocation
Dalmia Bharat Share Price Target 2027
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2027 | ₹2,300 | ₹2,650 |
- Expected benefit from the new grinding unit commissioning
- Infrastructure push under PM Gati Shakti may boost demand
- Dividend yield remains low (0.43%)—offers no income cushion
Dalmia Bharat Share Price Target 2028
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2028 | ₹2,450 | ₹2,900 |
- By 2028, the cumulative effect of capacity ramp-up should be reflected in margins
- However, ROCE must improve above 5% to justify a premium valuation
- Execution risk: Rising input costs (coal, petcoke) may pressure margins
Dalmia Bharat Share Price Target 2029
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2029 | ₹2,600 | ₹3,200 |
- Long-term tailwinds from housing and road construction
- Debt-free status provides strategic flexibility
- Institutional ownership (DII + FII = 27.03%) offers stability
Dalmia Bharat Share Price Target 2030
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2030 | ₹2,750 | ₹3,500 |
- If ROCE improves to 6–7% and volumes grow, ₹3,400+ is achievable
- However, targets beyond ₹3,600 require dramatic capital efficiency gains—not currently visible
- Success hinges on operational turnaround, not just top-line growth
Dalmia Bharat: Shareholding Pattern
| Category | Holding (%) |
|---|---|
| Promoters | 55.84% |
| Domestic Institutions (DII) | 19.11% |
| Public (Retail) | 17.12% |
| Foreign Institutions (FII) | 7.92% |
| Others | 0% |
Dalmia Bharat: Strengths vs Risks
Strengths
- Zero debt with clean balance sheet
- Strong brand in eastern and southern India
- Carbon-negative positioning aligns with ESG trends
- High sales and profit growth in FY2025
Risks
- Extremely low ROE (2.4%) and ROCE (2.6%)—worst in peer group
- P/E of 269x is unsustainable without return improvement
- Minimal cash reserves (₹6 Cr) despite large-scale
- Low dividend yield (0.43%) offers no downside protection
Investment Suitability
| Factor | Assessment |
|---|---|
| Risk Profile | High |
| Time Horizon | Long-term (5+ years) |
| Volatility | Moderate to High |
| Dividend/Income | Very low (0.43% yield) |
| Ideal Investor | Thematic investor betting on infrastructure revival—but only if ROCE improves |
FAQs
A: A realistic range is ₹2,150 to ₹2,400, assuming stable demand and no major cost shocks.
A: Credible estimates suggest ₹2,750 to ₹3,500 by 2030—but only if ROCE improves meaningfully.
A: Reliable forecasts beyond 2030 are not possible. Such long-term projections are speculative and not based on verifiable data.
A: The Dalmia Group holds 55.84% of shares.
A: Yes, but minimally. It has a dividend yield of 0.43% and a payout ratio of ~12%.
A: The stock corrected due to valuation concerns (P/E > 260) and investor disappointment over persistently low ROCE despite high profits.
A: Yes. It carries zero debt, making it one of the cleanest balance sheets in the cement sector.
Final Verdict
Dalmia Bharat shows strong top-line momentum but suffers from severely inefficient capital use. Its ROCE of just 2.6% is alarming for a capital-intensive business and makes its P/E of 269x unjustifiable. While infrastructure tailwinds support volume growth, the stock will remain overvalued until returns improve. Our 2026–2030 price targets (₹2,150–₹3,500) reflect cautious optimism—but investors should monitor quarterly ROCE trends closely before committing.
Disclaimer: This article is for educational purposes only. It is not investment advice. Please consult a SEBI-registered advisor before making any investment decision.
Sources
- Screener.in – Dalmia Bharat Ltd (Consolidated Financials)
- Finology.in – Company Essentials
- BSE India – Shareholding Pattern (Q3 FY2026)
- Dalmia Bharat Investor Presentation – Q2 FY2026 Results
- Annual Report FY2025 – Dalmia Bharat Limited
Hi, I’m Raj Mittal, a stock market content writer focused on company analysis, share price trends, and fundamental research. I create simple, research-based insights to help investors make smarter market decisions.
