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Anand Rathi Report
Re-gaining market share aided volume growth, but lower realisations in a weak pricing context dented Dalmia Bharat Ltd.'s Q4 operating performance along with higher costs (freight, branding, raw materials, etc.).
The JPA delayed acquisition is now expected to be complete by Q2 FY25. While cement prices are expected to be under pressure in H1, volume growth is guided to outstrip industry growth.
We retain a Buy, with a lower target price of Rs 2,406 (earlier Rs 2,752), 12 times FY26e enterprise value/Ebitda.
Risks: Rise in raw material prices, demand slowdown.
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