Investor Presentation Q2 & H1 FY 27

File No: 1010/02 October 26, 2026 BSE Limited National Stock Exchange of India Limited P J Tower, Dalal Street, “Exchange Plaza”, C-1, Block G Fort Mumbai - 400001 Bandra – Kurla Complex, Bandra (E), Scrip Code: 542216 Mumbai – 400 051 Symbol: DALBHARAT Subject: Earnings Release / Investor Presentation – Q2 & H1 FY 27 Reference: Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 ("Listing Regulations") Dear Sir/Madam, Please find enclosed herewith the Earnings Release for Q2 & H1 FY 27, which is proposed to be shared with Analysts / Investors. Kindly take the same on record. This is for your information and records. Thanking you, Yours sincerely, For Dalmia Bharat Limited Rajeev Kumar Company Secretary Enclosed: As above Name : New PambanBridge, TN Inaugurated on 6thApril 2025 Dalmia Cement is major contributor of this iconic structure Earnings Release – Q2 FY27 October 26, 2026 Disclaimer Certain statements in this presentation describing the Company's objectives, projections, estimates and expectations may be 'forward looking statements' within the meaning of applicable laws and regulations. Although our expectations are based on reasonable assumptions, these forward-looking statements may be influenced by numerous risks and uncertainties that could cause actual outcomes and results to be materially different from those expressed or implied. The Company takes no responsibility for any consequence of decisionsmadebasedonsuchstatementsandholdsnoobligationtoupdatetheseinthefuture. Trademarks/ logos used in this presentation are the property of their respective owner(s) and have been shown for identification purposes only.Thepastfinancialfigureshavebeenregroupedorrearrangedasperthecurrentgrouping,wherevernecessary. Section Page Economy & Industry 04 Company Overview 08 Expansion Update 15 Q2 & H1FY27 Financial performance 19 Sustainability 29 Governance 34 Name : Water Recycling Plant Location: Dalmia Cement Plant, Kadapa Commissioned in 2008 Economy & Name : Chennai Metro, TN Industry Dalmia Cement is major contributor of this iconic structure Indian Economy GDP Growth (%) GST Collection (Rs Lakh Cr) ✓ RBI raised FY27 GDP growth forecast to 7.1% after robust Q1, reflecting World Emerging India Markets 6.1 resilient economic environment 7.7% 5.8 5.7 5.8 7.1% 5.3 5.4 5.4 ✓ GST collections grew 15% YoY in Q2, indicating continued strength in 4.4% 3.8% 3.4% 3.0% consumption activity ✓ Manufacturing activity strengthened, with PMI reaching a 7-month high in FY26 FY27e Q2'25 Q4'25 Q2'26 Q4'26 Q2'27 Sep while IIP achieving record growth Manufacturing Indicators Foreign Reserves ($, bn) ✓ Key positives: Robust consumption & PMI Manufacturing (LHS) 70 12% 750 public spending, strong credit growth IIP Manufacturing Growth (YoY %) and healthy forex reserves 60 8% 700 ✓ Key monitorable: Elevated energy 50 4% 650 prices, inflationary pressure, higher bond yields and onset of a global rate- 40 0% 600 hike cycle Sep-25 Jan-26 May-26 Sep-26 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Source: IMF, RBI, GST revenue report, HSBC India PMI Index, MOSPI, India GDP growth as per RBI 5 Cement Demand Overview India Cement Demand (MnT) Per Capita Consumption (Kgs) Urbanization (%) ~e-8% 1209 35.7% 36.0% 500 1,036 984 Global Avg 35.4% 880 35.1% 34.8% 400 34.4% CY21 CY22 CY23 CY24 CY2E5V TrCucYk2s6e FY22 FY23 FY24 FY25 FY26 FY27e China TurkeyVietnamS.Korea Egypt India Central Government Capex (Rs Lac Cr) State Government Capex (Rs Lac Cr) Land Deals by Developers (In acres) 50% 16 Actual Spending 7.8 3,093 12.2 (YTD Aug'26) 14 45% 10.5 11.0 9.5 12 5.9 2,335 40% 7.3 42% 10 5.5 5.6 1,947 35% 5.9 37% 38% 8 3.9 4.3 1,603 30% 34% 6 31% 4 25% 27% 2 20% 0 FY22 FY23 FY24 FY25 FY26 FY27B FY22 FY23 FY24 FY25 FY26 FY27B CY22 CY23 CY24 CY25 Source: Research Reports, Budget documents, PIB, State Capex (excluding UTs), US Geological survey, JLL 6 Cost and Price Trends US Imported Petcoke ($/T, CFR) PP Granules (Rs/Kg) Fuel Prices 200 Diesel (Rs/Ltr,LHS) 180 160 8% 130 Brent ($/Bbl,RHS) 150 20% 130 100 100 37% 100 70 50 70 40 - Sep-24 Mar-25 Sep-25 Mar-26 Sep-26 Sep-24 Mar-25 Sep-25 Mar-26 Sep-26 Sep-24 Mar-25 Sep-25 Mar-26 Sep-26 South Region Prices (Rs/Bag) East Region Prices (Rs/Bag) Pan India Prices (Rs/Bag) 322 318 315 338 326 329 338 336 309 325 324 315 323 339 335 315 320 326 338 334 328 333 343 341 EV Trucks Q2'25 Q4'25 Q2'26 Q4'26 Q2'27 Q2'25 Q4'25 Q2'26 Q4'26 Q2'27 Q2'25 Q4'25 Q2'26 Q4'26 Q2'27 Source: Internal estimates, Jefferies (Cement prices for periods prior to Q3FY26 have been adjusted to 18% GST for LFL comparison), World Bank 7 Company Name : Birsa Munda International Hocky Stadium, Odisha Overview Inaugurated on 5thJanuary 2023 Dalmia Cement is major contributor of this iconic structure Company Overview Serving Every Need with a Diverse Product Range #4th Largest 54.7 MnT Cement Player Installed Cement Capacity1 ₹14,804 Cr ₹3,083 Cr Net Sales EBITDA ₹1,157 Cr ₹31,594 Cr Profit After Tax Market Cap2 449 MW ~7,500 RE Power Capacity1 Employees All data for FY26 unless otherwise mentioned; 1. as on 30thSeptember 2026; 2. as on 16thOctober 2026 9 A Legacy of Cementing India’s Growth 1939-2009 2009-2019 2019-2026 2026-2028 ▪ Commences operations with 250 ▪ Commissioned integrated units at ▪ Focused organic expansion in ▪ Calibrated expansion while TPD Cement capacity at Kadapa and Belgaum South, East& Northeast while maintaining a strong balance Dalmiapuram, Tamil Nadu in strengthening the balance sheet sheet 1939 ▪ Entered highly attractive North health East region with the acquisition of ▪ Entered the Central region Calcom and Adhunik Cements ▪ Entered West region with the through the acquisition of acquisition of Murli Industries Jaiprakash Associates cement Umrangso, Assam assets ▪ Commissioned greenfield Rewa, MP Grinding capacity at Sattur, Tamil Nadu ▪ Set up Cement capacity at Sattur, TN Rajgangpur, Odisha in 1950 under a separate entity OCL India Ltd ▪ Entered East region with the ▪ Commissioned greenfield acquisition of OCL India, Jaypee ▪ Strengthening foothold in South Integrated Unit at Ariyalur Bokaro Cement and Kalyanpur & West with expansion at Cement Belgaum, Pune and Kadapa +6.5 MnTPA +20 MnTPA +23 MnTPA +17.2 MnTPA Geographical Footprint Limestone Reserves Region Cement Clinker (No. of Years) South 17.0 10.4 48+ East 21.6 8.3 26+ HQ at New Delhi North East 8.0 6.3 100+ Central 5.2 3.3 100+ West 2.9 2.1 74+ Total 54.7 30.4 3.3+ Bn Tonnes of 19 Plants Limestone Reserves1 Integrated Unit Grinding Unit 49,700+ Channel Clinker Unit 23 States served Partners Blending Unit Note: Limestone reserves are for our current operating mines, considering upcoming expansion at Kadapa & Belgaum; 1. reservesfor operating plant locations only 11 Strategic Priorities Maximizing ROCE Become a Maintain a Healthy High Standards of Build Strong from Existing Plants Pan India player Balance Sheet Corporate Governance Organizational Culture Levers for Return Maximization Higher Capacity Utilization Consolidate Brand Position Product Premiumization Strengthen Bond with Partners Deepen Cost Leadership Reliable Delivery Strengthening Brand Visibility Dealer Engagement: Annual Dealer Mass Visibility : Large scale Sponsorship : Major Sporting event Conference execution in mass media & shops 2026 BWF World Championships Expansion Update Name : Line III, Dalmia Cement, Rajgangpur, Odisha Commissioned in 2019 Expansion Update in MnTPA Plants Unit Clinker Cement Update 1 Chunar GU - 2.5 Commenced commercial production 2 Rewa IU 3.3 1.1 Under Trial-run 3 Churk GU - 1.0 Pre Operating Stage 4 Sadwa BU - 0.6 Pre Operating Stage 5 Belgaum IU 3.6 3.0 Clinker under trial-run ahead of schedule 6 Pune GU - 3.0 Civil and fabrication work at full swing 7 Kadapa IU 3.6 6.0 Major equipment ordered; civil work underway 8 Chennai BT - - Major equipment ordered for 3 MnT BT Total 10.5 17.2 Project Capex: ~2.2k Cr in FY27e IU: Integrated Unit; GU: Grinding Un [Showing first 8,000 characters — download PDF for full document]