During the quarter, the company executed renewable power agreements under a group captive model for an additional 21 MW, adding to the 278 MW already executed in H1 FY25.

Profit before tax stood at Rs 83 crore in Q3 FY25, down 77.01% as against Rs 361 crore recorded in Q3 FY24.

EBITDA dropped 34.5% to Rs 511 crore in Q3 FY25 as against 779 crore reported in Q3 FY24. EBITDA margin declined to 16.1% in Q3 FY25 as against 21.6% in Q3 FY24. Dalmia Bharat’s net debt-to-EBITDA ratio stood at 0.55x during the quarter.

Puneet Dalmia, managing director & CEO, Dalmia Bharat, said, “After multiple years of high growth, India witnessed a slightly slow start to the year, but the government's continuous focus on investment-led growth coupled with the strong structural growth drivers underpin my confidence in a rebound of the Indian economy. In this backdrop, I believe cement demand growth will regain momentum. Our capacity expansion plans are on track, as we will reach 49.5 million tonne by the end of this year.”

Dharmender Tuteja, chief financial officer of Dalmia Bharat, said “Cement demand growth in Q3 fell short of our earlier expectations. Our volumes de-grew by 2% YoY while EBITDA fell 34.5% YoY to Rs 511 Cr with persistent softness in cement prices. With demand now gaining traction and prices showing signs of optimism, we are confident about a stronger performance in the upcoming quarters. Our strong balance sheet with a healthy leverage ratio ensures that we are well-positioned to pursue the next phase of expansion.”

Dalmia Bharat is the fourth-largest cement manufacturing company in India, with the current capacity pegged at 46.6 million tonne.

Shares of Dalmia Bharat were up 1.32% to Rs 1,794.30 on the BSE.