Dalmia Bharat stock climbs 3% as JAL deal may add 5.2 MTPA cement capacity; other key details

According to media reports, Dalmia Bharat is set to acquire the cement assets of Jaiprakash Associates for over ₹2,500 crore, as the Adani Group looks to streamline and integrate key businesses of the infrastructure conglomerate following its acquisition through the insolvency process.

The proposed transaction would give Dalmia Bharat control of JAL's 5.2 million tonnes per annum (MTPA) cement capacity and 3.3 MTPA clinker capacity, PTI reported, citing sources.

Adani Group’s JAL acquisition

Adani Group has acquired JAL under the Insolvency and Bankruptcy Code (IBC), marking it one of India's largest multi-asset infrastructure resolutions across power, EPC, logistics-linked land, real estate, hospitality, and ancillary businesses.

Dalmia had previously entered into an agreement with JAL for the cement assets before the company entered insolvency proceedings, but the transaction had run into legal disputes and shareholder challenges.

Dalmia has now signed an agreement with JAL and the Adani Group to settle all disputes, pending legal proceedings, arbitral awards, and prior framework arrangements related to the cement business, the PTI report said, adding that a formal announcement is expected soon.

Dalmia Bharat's earlier attempt to acquire the cement assets for ₹5,666 crore had faced legal hurdles linked to a shareholder dispute.

JAL insolvency

JAL was admitted into the corporate insolvency resolution process (CIRP) by the National Company Law Tribunal's Allahabad bench on June 3, 2024, following a petition by ICICI Bank.

The Adani Group recently completed the acquisition of Jaiprakash Associates under the Insolvency and Bankruptcy Code (IBC), marking one of India’s largest multi-asset infrastructure resolutions spanning power, EPC, logistics-linked land, real estate, hospitality, and ancillary businesses.

Dalmia Bharat Q4 FY26 earnings

Cement maker Dalmia Bharat Ltd reported a 10.25% decline in its consolidated net profit of ₹394 crore for the March quarter of FY26 (Q4 FY26) on a year-on-year basis, despite improvement in sales realisation and higher sales volumes.

The company had posted a net profit of ₹439 crore in the January-March quarter a year ago, according to a regulatory filing from Dalmia Bharat.

Its revenue from operations rose 3.76% to ₹4,245 crore in the March quarter from ₹4,091 crore in the corresponding period of the previous fiscal.

Dalmia Cements "EBITDA saw a strong uptick to ₹902 crore in Q4, supported by a combination of improved realisations, continued cost optimisation initiatives and higher volumes," said its earnings statement, quoting Chief Financial Officer Dharmender Tuteja.

The recent improvement in cement prices is expected to help offset cost pressures arising from geopolitical uncertainties, Tuteja added.

Dalmia Bharat's sales volume in the March quarter was up 3% to 8.3 million tonnes. Total expenses of Dalmia Bharat in the March quarter stood at ₹3,840 crore, up 3.3%.

Dalmia Bharat's total income, including other income, rose 2.53% to ₹4,290 crore in Q4 FY 2025-26.