Dalmia Bharat plans to raise up to Rs 40,000 million (mn) to fund an expansion that targets 110 to 130 million tonnes per annum (MTPA) by fiscal year 2031. The fundraise, authorised by the board on May 23, 2026, will use a mix of public and private instruments to support acquisitions, greenfield and brownfield projects. The company presented the strategy as part of a wider aim to scale manufacturing and strengthen its domestic position. The group currently has about 49.5 MTPA of capacity and intends to scale to 75 MTPA in the medium term while targeting 66.7 MTPA by FY28. Management linked the expansion to an industry demand outlook that projects cement consumption to expand at a compound annual growth rate of six to seven per cent, driven by infrastructure spending, private investment and urbanisation. Geographic expansion into regions with limited presence forms part of the plan alongside strategic capacity additions in existing markets. The proposed issuance may include equity shares, global depository receipts, American depository receipts, foreign currency convertible bonds, convertible debentures and preference shares, among other securities. Proceeds will be allocated to capital expenditure, the prepayment and repayment of debts, working capital, subsidiary investments and general corporate purposes. The board also reiterated the evaluation of both organic and inorganic avenues to capture growth opportunities. Earlier announcements outlined strategic investments of Rs 68,000 mn to add 12 MTPA through capacity projects at Belgaum, Pune and Kadapa and the development of a bulk terminal near Chennai to bolster north Tamil Nadu access. The company signed an agreement to acquire Jaiprakash Associates' assets for an enterprise value of Rs 28,500 million to accelerate entry into central markets. Financial results showed record annual EBITDA of Rs 30,830 mn, revenue of Rs 148,040 mn and profit after tax of Rs 11,570 mn in FY26, reflecting improving margins and a premium product strategy. The company plans to pursue premium and blended cement offerings and positioning that aligns with national infrastructure ambitions as it seeks pan-India reach.