Dalmia Bharat Shares: HDFC Securities Trims Ebitda Estimates But Maintains 'Buy' — Check Revised Target Price

As Dalmia Bharat is out of the JPA’s acquisition race, its earlier capacity target of 75 million metric tonne by FY28E would get pushed by one-two years, which is not negative, in the brokerage's view. Dalmia’s current capacity and ongoing expansion is sufficient to help Dalmia deliver 7% volume CAGR.