Dalmia Bharat's numbers were a mixed bag where revenue was below estimate, but Ebitda and PAT came in line with the brokerage's expectations as lower than expected volume growth was offset by higher realization.
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Systematix Report
Cement prices have improved in Dalmia Bharat Ltd.'s key operating markets, and the management expects these prices to hold. The southern region saw the sharpest recovery and in the eastern region, prices remained stable after the Q4 hikes. The company envisages reaching an installed capacity of 56 mtpa by FY27.
The company also commissioned 26 MW of Renewable Capacity under the Group Captive agreements, increasing their total operational RE capacity to 294 MW which will improve the company's operating efficiency.
We increase our target price to Rs 2,485 valuing the company at 12x FY27E EV/Ebitda but downgrade to Hold due to its expensive valuation.
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