Dalmia Bharat is screened out under 1 exclusion reason spanning 1 issue category.
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. It is a statement of values.
Dalmia Cement (Bharat) Limited operates cement plants and associated limestone mines. A September 2024 complaint to the Karnataka Lokayukta documented that the company's cement factory was causing air and dust pollution, posing health hazards and damaging agricultural crops and houses in its vicinity. In a separate 2023 regulatory proceeding, Dalmia Ltd. submitted a manifest establishing it had sent hazardous waste for disposal.
The company was also named in a 2026 Competition Commission of India (CCI) report as a participant in a cement cartel that operated for twelve years between 2007 and 2018. While this is an antitrust violation, it indicates a prolonged pattern of operating outside regulatory norms. A December 2025 judgment from the Madras High Court in *Dalmia Cement (Bharat) v. The Union of India* further points to ongoing legal disputes concerning the company's operations, though the full details of that environmental case are not provided in the available evidence.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
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