Synopsis: Dalmia Bharat and JK Cement posted strong Q3 FY26 results, with Dalmia achieving 7.3 million tons in sales and JK Cement 22.5–23 million tons, highlighting growth and efficiency.
This article compares the Q3 FY26 performance of two leading Indian cement companies, Dalmia Bharat and JK Cement, analyzing their sales volumes, revenue growth, profitability, and capacity expansions to assess which player delivered stronger operational and financial results.
Dalmia Bharat Limited
Dalmia Bharat Limited is a major Indian cement manufacturer that produces a wide range of cement and construction materials for infrastructure, housing, and industrial projects. It operates multiple integrated cement plants and grinding units across India, including in Odisha, Tamil Nadu, Chhattisgarh, and Jharkhand, combining modern technology with sustainable practices
With the market capitalization of Rs 35,041 crore, the shares of this company closed at Rs 1841.65 per share, up by 0.10 percent from its previous day’s close. The company’s shares are trading at a fairly valued P/E of 30.2x compared to the industry average, and its stock gave a return of 11 percent over year and 26.25 percent over the last five year
JK Cement Limited
JK Cement is engaged in the manufacturing and selling of Cement and cement-related products with over 4 decades of experience in cement manufacturing. It is an affiliate of the multi-disciplinary industrial conglomerate JK Organisation.
With the market capitalization of Rs 39,164 crore, the shares of this company closed at Rs 5090.60 per share, up by 0.6 percent from its previous day’s close. The company’s shares are trading at a fairly valued P/E of 40.5x compared to the industry average, and its stock gave a return of 15 percent over the year and 73 percent over the last five year
Business Performance Q3
Dalmia Bharat Limited delivered a strong performance in Q3 FY26, with sales volumes rising 9.5 percent year-on-year to 7.3 million tons. The company maintained a robust trade share of 62 percent, while premium products accounted for 23 percent of sales. Revenue increased 10 percent YoY to Rs 3,506 crore, driven by steady demand, although sequential price corrections in core markets led to a 4 percent decline in net sales realization (NSR) quarter-on-quarter.
Profitability improved significantly, with EBITDA reaching Rs 602 crore, up 18 percent YoY, translating to Rs 823 per ton. Net profit surged to Rs 128 crore, nearly doubling from Rs 66 crore in Q3 FY25, reflecting better operational efficiency and cost management. Overall, the quarter highlighted Dalmia Bharat’s resilience, strong market presence, and ability to balance volume growth with margin sustainability.
J K Cement Limited delivered a solid performance this quarter, with net sales rising to Rs 3,383 crore, up 15 percent from the previous quarter and 20 percent from last year. Strong demand across both grey and white cement drove growth, with grey cement volumes up 20 percent sequentially and 23 percent year-on-year, while white cement rose 15 percent and 13 percent respectively. Over the nine months, total sales reached Rs 9,565 crore, reflecting steady expansion.
The company’s profitability also strengthened, with consolidated EBITDA climbing to Rs 558 crore this quarter, up from Rs 447 crore in the previous quarter and Rs 492 crore a year ago. Nine-month EBITDA jumped 34 percent to Rs 1,692 crore. Profit before tax was Rs 268 crore, and after accounting for a Rs 47.8 crore Labour Code liability, net profit showed strong resilience, highlighting JK Cement’s ability to balance growth with operational efficiency.
Capex
Dalmia Bharat Limited has made significant strides in expanding its production capacity, with commercial operations commencing at the new clinker line in Umrangso, Assam, adding 3.6 million tons per annum. Combined with the 2.4 million-ton grinding capacity in Lanka commissioned last year, the company now has full clinker support for an 8-million-ton cement capacity in the Northeast—a region showing strong demand growth and attractive profitability. The focus is on quickly ramping up this capacity to capitalize on market opportunities.
Meanwhile, expansions at Belgaum-Pune and Kadapa are progressing on schedule, with major orders placed and civil work underway in Belgaum. These projects will raise total capacity to 61.5 million tons. Looking ahead, Dalmia Bharat is targeting around 75 million tons by FY28, with the Jaisalmer project under review, and aiming for a long-term goal of 110–130 million tons by 2031, reflecting a strategic and phased approach to growth.
JK Cement Limited is steadily expanding its production footprint, with the 6 million-tonne brownfield expansion in Central India already commissioning key units, including 3.3 million tonnes of clinker and 3 million tonnes of grinding across Panna, Hamirpur, and Prayagraj. The Buxar greenfield grinding unit is in the final stages and expected to be operational within the next 30 days.
The company is also advancing its greenfield projects, including the integrated Jaisalmer plant, with civil work and equipment orders underway, targeting commissioning by September 2027. Additional grinding units in Punjab and Rajasthan, along with a 0.4 million-tonne wall putty plant in Rajasthan, are expected to be operational by September 2026–2027, supporting JK Cement’s long-term growth ambitions.
JK Cement Limited expects continued double-digit growth, targeting around 22.5–23 million tonnes in 2026, with a projected 12–15 percent volume increase. Despite higher Greenfield CAPEX, the company remains confident in maintaining a healthy balance sheet and staying on track toward its long-term goal of reaching 50 million tonnes, with FY27 also showing strong incremental volumes.
In Q3 FY26, both Dalmia Bharat and JK Cement demonstrated strong performances, albeit with different strengths. Dalmia Bharat showed steady volume growth and improved margins, highlighting operational efficiency, while JK Cement delivered robust top-line growth and impressive year-on-year volume gains. Both companies continue to expand capacity, positioning themselves well for long-term growth.
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