UltraTech and Adani dominate - can Dalmia Bharat keep up?

When the whole market is busy observing the various acquisitions and the rising capacity of UltraTech Cement and Adani Cement, a different story is unfolding just below the surface. Dalmia Bharat is expanding aggressively, with a fresh capex plan of Rs 3,520 crore, pushing its total cement production capacity to 55.5 MTPA (million tonnes per annum). This move comes despite a critical issue - the company already has the lowest capacity utilisation among major cement players.

This article was originally published on March 16, 2025.