Dalmia Bharat cements position, but can’t shake off doubters

A string of acquisitions and plans to triple capacity may have got investors interested. But its governance record and the quality of assets purchased remain concerns.

It’s ironic. On 28 July 2021, when it first emerged that Dalmia Bharat Ltd intended to expand its annual cement capacity of 30 million tonnes by an astonishing four times to 130 million tonnes, its stock fell by 4%. Perhaps investors didn’t care much about the company, which despite being the second oldest cement maker in the country had lost much of its sheen by then to bigger players like UltraTech Cement and newer entrants like Shree Cement. Or, it might have had to do with an old economy sector like cement not being exciting enough for investors. 

Enter the …