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Anand Rathi Report
Weak realisations and higher costs negating volume growth and savings in fuel costs largely resulted in Dalmia Bharat Ltd. disappointing Q2. Its H2, though, is expected to improve on a demand uptick, fuel-cost savings and better prices subject to competition.
The phase II expansion of 25 million tonnes is expected to be announced in the next nine months. We retain a Buy, with a lower target price of Rs 2,384 (earlier Rs 2,450), 11 times FY27e enterprise value/ Ebitda.
Risks: Rise in raw material prices, demand slowing.
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