India's Dalmia Bharat plans to raise up to INR40bn (US$466m) to support its expansion strategy, which targets cement production capacity of 110-130Mta by FY2031.
The company, which currently operates around 49.5Mta of cement capacity, aims to increase this to 75Mta in the medium term and 66.7Mta by FY2027-28. The proposed fundraising, approved by the board in May 2026, may include a range of equity and debt-linked instruments.
Dalmia Bharat said its growth strategy will combine acquisitions, greenfield developments and brownfield expansions, supported by anticipated cement demand growth of 6-7 per cent annually. The producer recently agreed to acquire cement assets from Jaiprakash Associates and has announced investments of more than INR68bn to add 12Mta of capacity at Belgaum, Pune and Kadapa.
The company reported record annual EBITDA of INR30.8bn in FY26, with revenue rising six per cent to INR148bn and profit after tax increasing 65 per cent to INR11.6bn.
