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Nirmal Bang Report
We initiate coverage on Dalmia Bharat Ltd. with a strong 'Buy' recommendation. With a current cement capacity of 37 million tonnes per annum and a power capacity of 195 mega watt, the company is the fourth largest cement producer in India.
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In addition, Dalmia Bharat is in the midst of increasing its current capacity from 37 mtpa in FY23 to 49 mtpa by FY24E and 130 mtpa by FY31E (compound annual growth rate of 17.5% during FY22-FY31E).
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Dalmia Bharat has grown to become one of the most trusted brands in the building materials industry. It has 14 production plants and units, sprawling across all regions of the country, except North.
The company's above-the-line and below-the-line efforts have enabled it to maintain a strong brand equity and brand recall. Dalmia Bharat has expanded steadily at the cost of $75/tonne, which is far less than the cost of establishing new Greenfield capacity.
It has been producing decent cash flows, enabling it to reduce debt besides executing acquisitions and expansions. Given the company's strong growth visibility, improved balance sheet and attractive value, we anticipate a re-rating.
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