{ "company_id": "DALBHARAT", "company_name": "Dalmia Bharat Limited", "cin": "L14200TN2013PLC112346", "nse_code": "DALBHARAT", "bse_code": "542216", "fy": "2024-25", "vintage_date": "2026-05-27", "registered_office_state": "Tamil Nadu", "primary_listing": "NSE/BSE", "brsr_source": { "primary_source_url": "https://www.dalmiacement.com/assets/pdf/annual-reports/Dalmia-Bharat-IR-FY-24-25.pdf", "primary_source_type": "annual_report_brsr_section", "evidence_cache_path": "scripts/primary-source/evidence/dalmiacement-com/assets-pdf-annual-reports-dalmia-bharat-ir-fy-24-25-pdf/2026-05-27T04-13-03-901Z", "brsr_pages": "212-243", "fetched_date": "2026-05-27", "fetched_via": "direct", "secondary_validation_source": null }, "identity": { "incorporated_year": 2013, "primary_business": "Cement & Cement Products", "nic_2_digit": "23", "nic_4_digit": "2523", "nse_industry": "Construction Materials", "promoter_group": "Dalmia Bharat Group", "market_cap_inr_cr_31_mar_2025": null, "market_cap_rank_31_mar_2025": null, "is_top_150_brsr_core_assurance_fy_2324": true, "is_top_250_brsr_core_assurance_fy_2425": true, "is_top_500_brsr_core_assurance_fy_2526_planned": true, "subsidiaries_count": 30, "joint_ventures_count": 2, "associates_count": 0, "reporting_boundary": "Consolidated" }, "operations": { "revenue_from_operations_inr_cr": 13980, "revenue_from_operations_source_page": "214 (BRSR Q24); confirmed in financial statements", "turnover_inr_cr": 13980, "net_worth_inr_cr": 17500, "total_assets_inr_cr": null, "ebitda_inr_cr": 2407, "profit_after_tax_inr_cr": 699, "plants_count": 15, "plants_list": [ { "location_state": "Tamil Nadu", "type": "Cement plants (multi-unit)", "capacity_mtpa": null } ], "plants_count_note": "15 manufacturing units across Southern, North Eastern, and Eastern India; cement capacity 49.5 MTPA, clinker capacity 23.5 MTPA", "branches_count": 34, "states_with_operations_count": 23, "states_with_operations": [], "international_operations": false, "international_operations_countries": [], "exports_share_of_turnover_pct": 0.1, "exports_share_note": "Less than 0.1%" }, "workforce": { "employees_permanent_male": 4168, "employees_permanent_female": 149, "employees_other_male": 164, "employees_other_female": 25, "workers_permanent_male": 1347, "workers_permanent_female": 99, "workers_other_male": 15970, "workers_other_female": 657, "differently_abled_employees": 6, "differently_abled_workers": 5, "median_remuneration_male_employees_inr_lakh": 10.65312, "median_remuneration_female_employees_inr_lakh": 9.05268, "median_remuneration_ratio_female_to_male": 0.85, "turnover_rate_employees_pct": 18.2, "turnover_rate_workers_pct": 4.9, "wages_above_minimum_wage_pct": null, "wages_above_minimum_wage_note": "Permanent employees: 100%. Permanent workers male 96% / female 63%. Other than permanent workers male 52% / female 56%.", "calculated_total_workforce": 22579, "calculated_total_workforce_note": "Employees 4,506 + Workers 18,073 = 22,579. IR cover headline cites 5,763 'Total employees' (permanent only).", "calculated_female_workforce_share_pct": 4.1 }, "wellbeing_social": { "wellbeing_spend_inr_cr": 60.11, "wellbeing_spend_as_pct_revenue": 0.43, "wellbeing_spend_source_page": "221 (BRSR P3 Q1c)", "insurance_group_medical_coverage_pct_employees": 100.0, "insurance_life_coverage_pct_employees": 100.0, "insurance_accident_coverage_pct_employees": 100.0, "maternity_benefits_coverage": "Yes (100% female employees)", "paternity_benefits_coverage": "Yes (male employees)", "day_care_facility_coverage": "Partial: 23% of employees; 48% of workers", "complaints_posh_received": 4, "complaints_posh_pending_at_year_end": 0, "complaints_child_labour_received": 0, "complaints_forced_labour_received": 0, "complaints_discrimination_received": 0, "complaints_wages_received": 0, "complaints_other_human_rights_received": 0, "complaints_general_grievance_received": 835, "complaints_general_grievance_note": "Working conditions 605 + Health and safety 230 from employees and workers (P3 Q13)", "complaints_working_conditions_received": 605, "complaints_health_safety_received": 230, "training_pct_human_rights_permanent_employees": 90.0, "training_pct_human_rights_permanent_workers": 100.0 }, "environment_principle_6": { "energy": { "total_energy_consumption_tj": 76394, "non_renewable_energy_tj": 72038, "renewable_energy_tj": 4355, "renewable_energy_components_tj": { "renewable_electricity_grid_whrs_solar": 2640, "biomass_fuel": 1716, "other": 0 }, "non_renewable_energy_components_tj": { "non_renewable_electricity": 2361, "kiln_fuels_cpp_drying_vehicle": 58274, "alternative_fuels_fossil_origin": 11404 }, "renewable_share_pct": 5.7, "renewable_share_pct_company_disclosed_electricity_basis": 36.0, "renewable_share_pct_note": "Company narrative highlights 36% renewable share on electricity-mix basis. BRSR Section C P6 Q1 total-energy basis = 4,355 / 76,394 = 5.7%.", "energy_intensity_per_inr_cr_revenue_tj": 5.5, "energy_intensity_per_million_inr_turnover_tj": 0.55, "energy_intensity_per_tonne_cementitious_tj_per_kmt": 2.47, "specific_thermal_energy_consumption_mj_per_kg_clinker": 3.189, "specific_thermal_energy_consumption_source_page": "411 (GCCA Table); 39 (Manufactured Capital)", "specific_electrical_energy_consumption_kwh_per_t_cement": 67.4, "specific_electrical_energy_consumption_source_page": "70 (Manufactured Capital)", "energy_assurance_status": "Reasonable", "energy_assurance_provider": "TUV India Private Limited" }, "ghg_emissions": { "scope_1_tco2e": 15330000, "scope_1_unit_disclosed": "Million Metric tonnes CO2e: 15.33", "scope_1_co2_tco2": null, "scope_1_ch4_tco2e": null, "scope_1_n2o_tco2e": null, "scope_1_other_tco2e": null, "scope_2_location_based_tco2e": 410000, "scope_2_location_based_unit_disclosed": "Million Metric tonnes CO2e: 0.41", "scope_2_market_based_tco2e": null, "scope_3_total_tco2e": 1470000, "scope_3_unit_disclosed": "Million Metric tonnes CO2e: 1.47", "scope_3_categories_disclosed": [], "scope_3_categories_disclosed_note": "BRSR P6 Leadership Q2 discloses Scope 3 total only; category-wise breakup not disclosed.", "ghg_methodology": "GHG Protocol; assured by TUV India Private Limited", "ghg_assurance_provider": "TUV India Private Limited", "ghg_assurance_level": "Reasonable", "ghg_emissions_per_inr_cr_revenue_tco2e": 11260, "ghg_emissions_per_million_inr_turnover_disclosed": 113, "ghg_emissions_intensity_per_t_cementitious_kg_co2_per_t": 538, "ghg_emissions_intensity_per_t_cementitious_source_page": "233 (BRSR P6 Q7)", "ghg_intensity_per_t_cementitious_note": "538 kg/t includes Scope 1 + Scope 2. Cover footnote indicates global cement industry average ~456 kg CO2/t; FY19 baseline targets disclosed." }, "water": { "water_withdrawal_kl": 4900000, "water_withdrawal_source_unit": "Million m3: 4.90 (= 4,900,000 kL)", "water_consumption_kl": 4900000, "water_discharge_kl": 0, "water_recycled_kl": null, "water_recycled_share_pct": null, "water_withdrawal_intensity_kl_per_t_cementitious": 0.167, "water_withdrawal_intensity_l_per_t_cementitious": 167, "water_stressed_areas_operations": true, "water_stressed_areas_note": "Kadapa (AP) and Belgaum (KA) plants identified as water-stress areas", "zero_liquid_discharge_plants_count": 15, "zero_liquid_discharge_coverage_pct": 100, "water_assurance_status": "Reasonable", "water_assurance_provider": "TUV India Private Limited" }, "air_emissions": { "nox_tonnes": 16884, "sox_tonnes": 5178, "particulate_matter_tonnes": 1767, "nox_intensity_kg_per_t": null, "sox_intensity_kg_per_t": null, "particulate_matter_intensity_kg_per_t": null, "pop_status": "BDL", "voc_status": "BDL", "hap_status": "BDL", "air_assurance_status": "Reasonable", "air_assurance_provider": "TUV India Private Limited" }, "waste": { "waste_total_tonnes": 24260, "waste_plastic_tonnes": 191, "waste_e_waste_tonnes": 79, "waste_bio_medical_tonnes": 0.5, "waste_construction_demolition_tonnes": 0, "waste_battery_tonnes": 24, "waste_radioactive_tonnes": 0, "waste_other_hazardous_tonnes": 131, "waste_other_hazardous_note": "Used Grease 18 + Used Oil 106 + Waste Containing Oil 7 (FY25)", "waste_other_non_hazardous_tonnes": 23838, "waste_other_non_hazardous_note": "Metal Scrap 14,713 + Refractory 2,517 + Iron Dust Scrap 2,892 + STP Sludge 4 + Misc 3,716", "waste_recovered_tonnes": 4, "waste_recovered_share_pct": 0.02, "waste_disposed_tonnes": 24256, "waste_disposed_breakdown": { "incineration": 16, "landfilling": 0, "other_disposal_operations": 24240 }, "waste_intensity_per_million_inr_turnover_mt": 0.17, "waste_intensity_per_t_cementitious_kg": 0.83, "waste_assurance_status": "Reasonable", "waste_assurance_provider": "TUV India Private Limited" }, "biodiversity": { "operations_in_protected_areas": true, "operations_in_protected_areas_count": 4, "operations_in_protected_areas_note": "Rohtas Cement Plant (Bihar) + Murli Pahari Limestone Mine (Bihar) near Kaimur Wildlife Sanctuary; New Umrangshu Limestone Mine (Assam, 417.5 ha Forest Land); Lanjiberna Limestone & Dolomite Mine (Odisha, 62.56 ha Forest Land)", "biodiversity_management_plan_published": null, "tnfd_assessment_status": "Planned per company target 'No Net Loss by 2040 - TNFD Assessment'" }, "compliance": { "non_compliance_with_environmental_laws_events": 0, "environmental_penalty_inr_cr": 0 } }, "brsr_core_9_attributes": { "ghg_emission_intensity_per_revenue_kg_per_inr_cr": 1126610, "ghg_emission_intensity_per_revenue_assurance_status": "Reasonable", "ghg_emission_intensity_per_revenue_note": "(15.33 + 0.41) MtCO2e / 13,980 cr = 1,126,610 kgCO2e per cr revenue; alt disclosure: 113 tCO2e per million INR turnover", "energy_footprint_per_revenue_gj_per_inr_cr": 5466, "energy_footprint_assurance_status": "Reasonable", "energy_footprint_note": "76,394 TJ / 13,980 cr = 5,466 GJ per cr revenue", "water_footprint_per_revenue_kl_per_inr_cr": 350.5, "water_footprint_assurance_status": "Reasonable", "job_creation_in_smaller_towns_pct_workforce": null, "job_creation_smaller_towns_assurance_status": "Reasonable", "spend_on_wellbeing_pct_revenue": 0.43, "ltifr_per_million_person_hours": 0.16, "ltifr_note": "Contract workers LTIFR 0.16; employees + permanent workers LTIFR 0. IR cover cites group LTIFR 0.13.", "ltifr_assurance_status": "Reasonable", "gross_wages_paid_to_women_pct_total_wages": 2.72, "gross_wages_women_assurance_status": "Reasonable", "complaints_received_per_inr_cr_revenue": null, "complaints_assurance_status": "Reasonable", "input_material_from_msme_smaller_producers_pct": null }, "cement_sector_specific": { "cement_capacity_mtpa": 49.5, "clinker_capacity_mtpa": 23.5, "cement_sales_volume_mt": 29.4, "cement_production_total_mt": 29.4, "cement_production_note": "29.4 MnT sales volume; production approximated. Capacity utilisation 63%.", "clinker_production_total_mt": null, "calculated_clinker_factor_pct": 59.7, "clinker_factor_source_page": "411 (GCCA table - Clinker/cement equivalent factor 59.7)", "cement_to_clinker_ratio": 1.67, "thermal_substitution_rate_pct": 23, "thermal_substitution_rate_source_page": "411 (GCCA Table - Sustainable fuels including Biomass 23%)", "alternative_fuel_types_used": [ "municipal solid waste (MSW)", "industrial waste", "biomass", "hazardous waste", "RDF" ], "alternative_raw_material_pct_cement_gcca": 40, "whrs_capacity_mw": null, "whrs_share_of_energy_pct": 2, "captive_renewable_energy_capacity_mw": 267, "captive_renewable_capacity_note": "267 MW total operational renewable; target 595 MW. FY25 additions: 59 MW commissioned + 23.2 MW group captive solar expansion.", "renewable_ppa_capacity_mw": null, "rec_purchases_mwh": null, "low_carbon_cement_product_share_pct": 84, "low_carbon_cement_product_share_note": "84% blended cement share (PPC + PSC + PCC). OPC = 16%.", "low_carbon_cement_product_examples": [ "Portland Pozzolana Cement (PPC) 43%", "Portland Composite Cement (PCC) 35%", "Portland Slag Cement (PSC) 8%" ], "carbon_capture_pilots_status": "Feasibility stage (CCU pilot study on flue gas)", "ccs_capacity_planned_tco2_per_year": null, "fly_ash_utilisation_pct_input": 22.1, "slag_utilisation_pct_input": 15.5, "red_mud_utilisation_pct_input": 1.9, "chemical_gypsum_utilisation_pct_input": 0.8, "cbam_transitional_declaration_filed": null, "cbam_in_scope_exports_to_eu_tonnes": null, "cbam_status_note": "Exports <0.1% of turnover; CBAM not disclosed in BRSR." }, "governance_disclosure": { "board_size": 8, "independent_directors_count": 4, "independent_directors_share_pct": 50, "women_directors_count": 1, "women_directors_share_pct": 12.5, "esg_committee_exists": true, "esg_committee_chair_independent": true, "esg_committee_note": "Risk Management Committee responsible for sustainability decisions; chaired by Mr. Paul Heinz Hugentobler (Independent Director). Board reviews ESG annually; Committee quarterly.", "average_director_tenure_years": 3.9, "average_board_attendance_pct": 87.5, "board_committees_count": 5, "board_committees_headed_by_independents_count": 3, "ceo_kmp_remuneration_to_median_employee_ratio": null, "anti_corruption_policy_published": true, "anti_corruption_policy_url": "https://www.dalmiacement.com/assets/pdf/ir/Anti-Bribery-Corruption-Policy.pdf", "human_rights_policy_published": true, "supplier_code_of_conduct_published": true, "whistleblower_policy_published": true, "whistleblower_policy_url": "https://www.dalmiacement.com/assets/pdf/ir/DBL-Whistleblower-Policy-Vigil-Mechanism.pdf", "ngrbc_principle_3_essential_indicator_count_disclosed": null, "ngrbc_principle_6_leadership_indicator_count_disclosed": null, "ngrbc_policy_coverage_principles": "9/9 (all 9 principles covered and Board-approved)" }, "assurance": { "brsr_core_assurance_required_fy_2425": true, "brsr_core_assurance_obtained_fy_2425": true, "brsr_core_assurance_provider": "TUV India Private Limited", "brsr_core_assurance_level": "Reasonable", "brsr_core_assurance_standard_followed": "ISAE 3000", "brsr_core_assurance_scope_note": "Assurance covers overall non-financial performance for 1 April 2024 - 31 March 2025 on a sample basis; Reasonable type per ISAE 3000.", "full_brsr_voluntary_assurance_obtained": true, "full_brsr_voluntary_assurance_provider": "TUV India Private Limited", "full_brsr_voluntary_assurance_level": "Reasonable", "ghg_specific_assurance_separate": false, "ghg_specific_assurance_provider": "TUV India Private Limited", "ghg_specific_assurance_standard": "ISAE 3000" }, "voluntary_frameworks": { "gri_report_published_fy_2425": true, "gri_standards_version_used": "GRI Standards 2021", "ifrs_s1_voluntary_disclosure": null, "ifrs_s2_voluntary_disclosure": null, "tcfd_disclosure_published": true, "tcfd_disclosure_location": "Integrated Report Natural Capital section", "cdp_climate_response_filed": null, "cdp_water_response_filed": null, "cdp_climate_score_disclosed": null, "sbti_validated_target": true, "sbti_validation_date": null, "sbti_near_term_target_year": 2030, "sbti_long_term_target_year": 2040, "sbti_target_note": "14% reduction in Scope 1 vs FY19 baseline; 48% reduction in Scope 2; achieved 2030 target of 0.476 t CO2/t cementitious.", "net_zero_target_year": 2040, "net_zero_target_note": "Carbon Negative by 2040 (more ambitious than net-zero). RE100 target; energy productivity doubling by 2030.", "transition_plan_published": true, "transition_plan_disclosure_framework": "TCFD + SASB Construction Materials + GCCA + GRI 2021 + UNGC + SBTi + RE100", "voluntary_standards": [ "GRIHA", "IGBC Green Pro", "ISO 9001", "ISO 14001", "ISO 45001", "ISO 50001 EnMS", "UNGC", "GCCA", "WBCSD", "SBTi", "SASB", "PAT", "BIS", "ISO 26000" ] }, "qc_metadata": { "scraped_by": "automated + manual review", "scraped_date": "2026-05-27", "fields_extracted": 165, "fields_disclosed_by_company": 132, "fields_calculated": 8, "fields_not_disclosed": 25, "disclosure_completeness_pct": 80, "calculated_disclosure_quality_score_aggregate": 4.2, "cross_validation_status": "pass", "cross_validation_log_ref": "qc-log.md#DALBHARAT-2425", "restatement_detected": true, "restatement_log_ref": "restatement-log.md#DALBHARAT-2425-ISF", "restatement_note": "FY24 numbers revised per Industry Standards on BRSR Core (ISF) guidance: accounts payable days (40), openness-of-business RPT figures.", "manual_review_completed": true, "manual_review_date": "2026-05-27", "manual_reviewer": "Ravi (PDF audit) + Claude", "identity_corrections": [ { "field": "cin", "task_provided": "L40109TN2013PLC093499", "actual_disclosed": "L14200TN2013PLC112346", "evidence_page": "212 (BRSR Section A Q1); corroborated on p. 423 (Corporate Information)" } ], "notes": "Identity correction: CIN provided in task brief (L40109TN2013PLC093499) does NOT match BRSR-disclosed CIN (L14200TN2013PLC112346). The L40109... CIN likely belongs to operating subsidiary Dalmia Cement (Bharat) Limited (unlisted); listed holding entity Dalmia Bharat Limited CIN is L14200TN2013PLC112346. Verify via MCA Master Data. Year of incorporation = 2013 (holding entity). Reporting boundary = Consolidated. Workforce total per BRSR = 22,579 (4,506 employees + 18,073 workers incl. 16,627 contract); IR cover cites 5,763 'Total employees' (permanent only - reconciles to 5,763 = 4,317 employees + 1,446 workers permanent). Energy renewable share has two reported bases: BRSR table 5.7% (TJ basis on total energy including thermal fuel) vs narrative headline 36% (electricity-mix basis). Scope 3 disclosed at aggregate 1.47 MtCO2e only; no category-wise breakup in BRSR. CBAM not disclosed - exports <0.1% of turnover. 4 plants in/near ecologically sensitive areas (Rohtas BR x2, Umrangshu AS, Lanjiberna OD) - all compliance status Yes. Net-zero target stated as 'Carbon Negative by 2040' (more ambitious than net-zero). LTIFR for combined permanent workforce is 0; contract worker LTIFR 0.16; fatalities = 3 (all contractors). Cement-to-clinker ratio 1.67 implies clinker factor ~60%, matching GCCA-disclosed 59.7%. Reasonable assurance by TUV India Pvt Ltd covers BRSR + entire Integrated Report on sample basis per ISAE 3000.", "notes_audit_2026_05_27": [ "PRIMARY-SOURCE PDF AUDIT 2026-05-27 (Ravi manual + Claude) on Dalmia Bharat Limited Integrated Annual Report 2024-25 (215-page PDF, double-page spread layout; printed pages 218-243 BRSR + 408-413 GRI/GCCA/SASB content indexes + 414-422 dual-track Assurance Statements). PDF source: dalmiacement.com.", "(1) Reporting boundary: CONSOLIDATED — distinguished from Shree/Ambuja STANDALONE. Assurance statement explicitly covers 15 manufacturing units (Dalmiapuram, Ariyalur, Kadappa, Belgaum, Rajgangpur, Kapilas, Mednipur, Bokaro, Meghalaya, Umrangshu, Lanka, Morigaon, Jagiroad, Chandrapur, Sattur, Banjari) + 4 limestone plants + Corporate Office; serving 23 states/UTs.", "(2) Assurance: TUV India Private Limited — Reasonable Assurance under ISAE 3000 (Revised). DUAL-TRACK assurance posture is distinctive: (a) BRSR Core Reasonable Assurance per Annexure I + Industry Standards on Reporting BRSR Core (SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122 dated 12/07/2023 + SEBI/HO/CFD/CFD-PoD-1/P/CIR/2024/177 dated 20/12/2024 + notification SEBI/LAD-NRO/GN/2023/131 dated 14/06/2023); (b) Separate Reasonable Assurance over GRI Standards (GRI 1 Foundation 2021 + GRI 2 General Disclosures 2021 + GRI 3 Material Topics 2021) + IIRC Integrated Reporting framework. Signed Manojkumar Borekar (Product Head – Sustainability Assurance Service); Mumbai 26/05/2025; Project Reference 8123547286; Revision 00. Onsite verification 03/03/2025–08/05/2025 (Meghalaya 3-4 Mar, Lanka 5 Mar, Umrangshu 6 Mar, Jagiroad 7 Mar, Corporate Office Hansalaya Building Delhi 8 May).", "(3) Workforce 22,579 = 4,506 employees (3,888 permanent + 618 OTP) + 18,073 workers (1,446 permanent + 16,627 OTP/contract). Distinctive Female BoD median compensation ₹29.10 Lakhs > Male BoD ₹27.40 Lakhs — UNIQUE inversion in 14-company sample (every other entity has higher Male BoD compensation).", "(4) SAFETY: 3 contract-worker fatalities + 0 employee/permanent worker fatalities (vs 0/0 prior FY). LTIFR Employees + Permanent Workers 0; LTIFR Contract Workers 0.16 (5x worsening). Total recordable injuries (workers): 7 contract. Total person-hours not separately disclosed in BRSR P3 Q11. GCCA disclosure shows 7 LTIs contract + 0 LTI direct + 0 LTI severity rate direct.", "(5) POSH FY 2024-25: 4 complaints filed, 4 upheld (100% upheld rate, ADANI-PATTERN consistent with UltraTech 6/6 and ACC 2/2; Dalmia is NOT Adani-controlled but shares same 100% upheld outcome pattern). Materially different from Shree's NIL/NIL.", "(6) ENERGY: Total 76,394 TJ; renewable share 5.70% (sub-Shree); energy intensity 2.47 GJ/t cementitious — IMPROVED from 2.50 prior. Sustainable fuels (TSR) including Biomass per GCCA Sustainability KPIs: 23% — HIGHEST TSR disclosed in 14-company sample so far (vs UltraTech, ACC, Shree all lower).", "(7) GHG: Scope 1 = 15.33 MMT CO2e (vs 14.25 prior; +7.6% YoY); Scope 2 = 0.41 MMT CO2e (vs 0.43; -4.7%); Scope 3 = 1.47 MMT CO2e (vs 1.43; +2.8%) — Dalmia DOES disclose Scope 3 (correcting earlier note that suggested NIL; only ACC remains Scope 3 NIL among Adani-adjacent). GHG intensity: Specific CO2 GROSS = 486 kg CO2/t cementitious vs NET = 456 kg/t (delta 30 kg/t from net-of-offsets/sequestration accounting per Dalmia internal methodology; this resolves the apparent 538 vs 456 article gap — 538 was the BRSR P6 Scope 1+2 per physical output, 456 is GCCA Net Specific). Improvement Rate vs 1990: 45%. SBTi targets validated; net-zero ambition by 2040.", "(8) AIR EMISSIONS BRSR vs GCCA reconciliation: BRSR P6 NOx 16,884 t / SO2 5,178 t / PM 1,767 t; GCCA Sustainability KPIs NOx 15,561 t / SOx 3,061 t / PM 1,151 t. Material variances explained by GCCA boundary excluding grinding-unit + CPP non-kiln stacks. POP, VOC, HAP, Others = BDL/NIL across both disclosures. NOx +57% YoY in BRSR (10,727 → 16,884) is the largest absolute emission deterioration in 14-company sample so far.", "(9) WATER: Total withdrawal 4.9 ML m³ = 4,900,000 KL; water consumption 4.9 ML m³ (entire withdrawal consumed); intensity 167 L/t cementitious — substantially BETTER than ACC 172 L/t but worse than Shree 68.6 L/t (sample-best). Water Positivity ratio 23x claimed — ASSURED BY TUV INDIA UNDER DALMIA'S OWN INTERNAL ASSURANCE CRITERIA (not a recognised external water-stewardship standard like AWS or CDP Water Security — notable methodological reliance on internal framework). ZLD 100% across cement manufacturing units. Water-stress facility disaggregation: 2 facilities only (Kadapa AP + Belgaum Karnataka) at 694,850 KL = 14% of total withdrawal — narrower than Shree's 7 stress facilities at 57%.", "(10) WASTE: Total 24,260 MT (vs 17,467; +39% YoY). Dominated by Other Non-Hazardous (Metal Scrap 14,713 + Refractory 2,517 + Iron Dust Scrap 2,892 + Misc 3,716). Hazardous limited to Used Grease 18 MT + Used Oil 106 MT. Plastic Waste dropped sharply 191 MT (vs 1,358 prior; -86%). Waste intensity 0.83 kg/t (vs 0.64; +30%). Recovery: only 4 MT recycled/re-used vs 24,240 MT to 'other disposal operations' (presumably co-processing in kilns). Voluntary product recalls: 113 MT cement (CCW Week 49 quality issue) — RARE disclosure; Dalmia is the ONLY entity in sample disclosing an actual product recall.", "(11) CIRCULARITY LEADERSHIP: Total Alternative Raw Materials for cement: 11.13 MT = 40% ARM rate per GCCA — combined with 23% TSR makes Dalmia the SAMPLE LEADER on circular cement. Clinker/cement (equivalent) factor: 59.7 — LOWEST disclosed in sample (industry typical 65-75; Dalmia clearly leads on low-clinker portfolio with PPC/PSC blending). Specific heat consumption 3,189 MJ/tonne.", "(12) EIA pipeline (page 236): 6 active environmental clearances — (a) Gothra Limestone Mine Jhunjhunu Rajasthan; (b) RCW Cement plant expansion at Rohtas Bihar (Kaimur Wildlife Sanctuary nearby); (c) Belagavi Karnataka Integrated Cement Plant; (d) Kadapa AP Integrated Cement Plant; (e) Nawabpeta Limestone Mine Kadapa AP; (f) Ahilyanagar Maharashtra Grinding Unit. Geographic spread Rajasthan + Bihar + Karnataka + AP + Maharashtra — South + East focus distinct from Shree's Karnataka/Gujarat/Chhattisgarh push and UltraTech's pan-India footprint.", "(13) BIODIVERSITY: 4 operations in/near ecologically sensitive areas — Rohtas Cement Plant + Murli Pahari Limestone Mine (both near Kaimur Wildlife Sanctuary Bihar) + Umrangshu Limestone Mine N.C. Hills/Dima Hasao Assam (417.5 ha forest land) + Lanjiberna Limestone & Dolomite Mine Rajgangpur Odisha (62.56 ha forest land of 873.057 ha ML area). All compliance status YES. Biodiversity Management Programme ISO 14001 PDCA-aligned.", "(14) MSME procurement: 12% (up from 10% prior FY) — LOW vs Adani-group restated 23-24% (Ambuja + ACC) but HIGHER than UltraTech and ACC pre-restatement. Domestic sourcing within India: 93% (down from 95%) — HIGH, between UltraTech 75% and Star Cement ~99%; Dalmia importing some specialised inputs (likely refractories + grinding media).", "(15) JOB CREATION wage-cost geography: Rural 7% (sharply down from 12% prior FY), Semi-Urban 23%, Urban 27% (up from 12%), Metropolitan 44% (down from 53%). Highest urban + metropolitan combined share (71%) reflects Dalmia's Tamil Nadu + AP plant footprint in semi-urban classified-urban zones. Sharp Rural drop YoY suggests reclassification of plant locations or workforce restructuring at rural sites.", "(16) CSR ASPIRATIONAL DISTRICTS (P8 Leadership Q2): 3 districts — Andhra Pradesh KADAPA ₹95.27 Lakhs + Jharkhand BOKARO ₹54.33 Lakhs + Tamil Nadu VIRUDHNAGAR (Sattur) ₹24.62 Lakhs = ₹1.74 cr total. BROADER than Shree's 2 aspirational districts (Aurangabad Bihar + Haridwar Uttarakhand). Dalmia Bharat Foundation runs 18 named CSR programmes including DIKSHa Trainees (5,098), Farmer Producers Org Members (2,898), Gram Parivartan Project covering 35,714 households.", "(17) P7 TRADE & INDUSTRY AFFILIATIONS: 9 affiliations — FICCI, CII, ASSOCHAM, PHD Chamber, CMA, PAFI (Public Affairs Forum of India), ICC (Indian Chamber of Commerce), FIMI (Federation of Indian Mineral Industries) — all NATIONAL — plus FINER (Federation of Industry & Commerce of North Eastern Region) STATE. BROADEST list in 14-company sample (vs Shree 7 + ACC 7 + UltraTech 7). FINER inclusion reflects NE Region operations (Meghalaya, Assam, Manipur).", "(18) P7 Q2 ANTI-COMPETITIVE: NIL corrective action — Dalmia uniquely clean vs UltraTech ₹1,685.13 cr CCI exposure (Supreme Court stay) and ACC Emphasis of Matter on Note 43(A) CCI cartel matter. No CCI cartel exposure for Dalmia.", "(19) P7 LEADERSHIP — PUBLIC POLICY ADVOCATED: 8 named representations including IS 456:2000 amendment (BIS), CGST Act §15(3)(b)(ii) burden-of-proof on discounts, BIS IS16415:2015 extension, surface compensation for coal blocks, customs duty on petcoke (kiln fuel cost protection), Tamil Nadu Mineral Bearing Land Tax Act 2024 (representation to State GoTN for tax reconsideration). GRANULAR policy disclosure rare in sample — most peers disclose only the existence of a public policy framework.", "(20) P9 CONSUMER: Cybersecurity per NIST framework + DPDPA-ready compliance program. Data breaches: 0 in FY 2024-25. Consumer complaints Data Privacy / Cyber-security / Restrictive Trade Practices / Advertising: 0 received. 'Others' bucket: 1,347 received + 73 pending at year-end (vs 1,127 + 159 prior). Voluntary product recalls: 113 MT cement (Quality issue from CCW Week No. 49) — Dalmia ONLY entity in sample disclosing actual product recall.", "(21) SASB FIRST-TIME REPORTING FY 2024-25 under Construction Materials Industry Standard (CM Code series). Heavy metal concentrations across 9 plants (DPM, ARY, KDP, BGM, RGP, RCW, MGH, USO, MIL) all BDL or trace (Hg <0.001 mg/Nm3; HCl up to 4.30 at BGM; Cd+Ti+ up to 0.18 at MIL; Dioxins all <0.02 ng TEQ/Nm3 at 10% O2). Frequency: annual measurement by accredited 3rd party laboratory. Grinding units excluded.", "(22) FINANCIAL: Revenue ₹13,980 cr / EBITDA ₹2,407 cr (17.2% margin) / PAT ₹699 cr / Cement sales 29.4 MT / Capacity utilisation 63% (sub-optimal). Targets: 75 MTPA by FY28 (current 49.5 MTPA capacity) + 110-130 MTPA by 2031. Acquisitions: Jaiprakash Associates assets pending NCLT approval (~9.6 MTPA capacity potential)." ], "cross_validation_completed_date": "2026-05-28" } }