Dilip Buildcon Gets 'Sell' Rating From Dolat Capital With 17% Potential Downside — Here's Why

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Dolat Capital Report

We visited Dilip Buildcon Ltd.’s Siarmal opencast Mine Developer and Operator project site at Ib Valley, Odisha. The company received MDO project from Mahanadi Coalfields Ltd. in FY22. Siarmal opencast mining project is one of India’s largest coal mining initiatives and Mahanadi Coalfields’ first MDO project to become operational.

The coal block has mineable reserves of 1091 mt with peak rated capacity of 50mtpa for contract period of 25 years. In YTD-FY25/FY24, Dilip Buildcon exceeded its contractual requirement of 7.5mt/5mt and reached 12.7mt/7.2mt; the company expects to over achieve its target over FY25E-FY28E post which will reach peak rated capacity of 50 mtpa in FY29E.

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