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Dalmia Bharat Q4 Results Review — Cost Wins Offset Volume Drags; Systematix Upgrades The Stock To 'Buy'
Systematix upgrades Dalmia Bharat to Buy from 'Hold with a target price to Rs 2,257 based on 11.5x FY27E EV/Ebitda as the growth prospects look optimistic
24 Apr 2025, 07:19 PM IST 
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Dalmia Bharat is executing an aggressive capacity expansion strategy aligned with its ambition to become a 75 mtpa player by FY28 and 110–130 mtpa by FY31. (Photo Source: freepik)
While government-led infrastructure spending is expected to support demand in FY26, near-term volume growth remains tepid, with Q4 FY25 volumes down 3% YoY due to discontinuation of tolling volumes. Dalmia Bharat has achieved 49.5 million tonnes per annum capacity as of FY25, but timeline risks linger in its 75 mtpa target by FY28 due to staggered commissioning schedules. The growing share of renewable energy continues to aid fuel an...
