Guidance ledger · Q4 FY26

Dalmia Bharat Ltd DALBHARAT

5 revisions on record · 3 lowered · 1 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

→ narrowed FY27 capex outlook Q3 FY26 → Q4 FY26

~~about close to Rs. 4,000 crores (Q3FY26)~~ → INR3,200 to INR3,400 crores range

“total capex outlook for FY27 being INR3,200”

↑ raised FY26 EBITDA delivery Q1 FY26 → Q4 FY26

~~highest ever EBITDA of INR883 crores (Q1 print)~~ → best-ever EBITDA of Rs 3,083 crores and a PAT of Rs 1,157 crores (FY26)

“our best-ever EBITDA of Rs 3,083 crores and a PAT of Rs 1,157 crores”

↓ lowered FY26 cement industry demand growth Q1 FY26 → Q3 FY26

~~6% to 7% (Q1FY26)~~ → about 6% YOY on a full year basis (Q3FY26 print)

“FY26 will witness a growth of about 6% YOY on a”

↓ lowered FY26 capex spend Q1 FY26 → Q3 FY26

~~INR4,000 crores (Q1FY26)~~ → INR2,700 crores (Q3FY26 revision)

“We expect the spending to be around Rs. 2,700 crores”

↓ lowered FY27 incentive accrual run-rate Q2 FY26 → Q3 FY26

~~INR300 crores (pre-GST)~~ → around Rs. 200 crores next year

“to be around Rs. 200 crores next year”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.