Dalmia Bharat Ltd. share price target

Government initiatives, including GST rate reductions on key construction materials, serve as a major policy tailwind, improving cost dynamics and supporting demand recovery in the cement sector. Dalmia Bharat is focused on balancing margin and volume growth through a flexible market strategy. In line with its pan-India expansion vision, the company plans to scale its...

Strategic capacity expansion and focus on profitability to lead growth: Sales volume was largely inline with expectations at 3% YoY in Q2FY26, as the company remained focused on profitability. Management reiterated that the focus will remain on profitable growth going forward and quality of sales through product mix and balancing strategy across micro-markets based on utilization and demand-supply dynamics. On the capacity addition front, the ongoing expansion at Belgaum (3 mtpa) and Pune (3 mtpa) are on track and expected by FY27E end. Further, the planned 6 mtpa expansion at Kadapa (AP)...

We maintain our BUY recommendation on the stock

Author: Vincent K A - Sr. Research Analyst DBL aims to reach approximately 75 MT by FY28 while maintaining financial discipline with a net debt to EBITDA cap of 2x (currently at 0.33x). DBL is also prioritizing the enhancement of its renewable energy (RE) portfolio, with operational RE capacity (including group captive) reaching 267 MW in FY25, up from 185 MW in FY24. The stock currently trades at 1Yr Fwd EV/EBITDA...

We maintain our BUY recommendation on the stock.

Dalmia Bharat (DALBHARA) reported a strong operating performance in Q1FY26, driven by better pricing. Average NSR rose 8.7% QoQ, aided by price recovery in the Eastern and Southern regions post Mar'25. Volumes remained flat YoY (ex-tolling) with the company's focus on profitable volume growth. Higher prices and lower traded goods led to EBITDA/t rising to Rs1,261. Cement...

Dalmia Bharat’s (DALBHARA) 1QFY26 EBITDA grew ~32% YoY to INR8.8b (9% beat, led by lower-than-estimated opex/t). EBITDA/t increased 40% YoY to INR1,261 (~12% above our estimate), and OPM expanded 5.8pp/4.9pp YoY/ QoQ to ~24% (vs. est. ~22%).

Cement demand remains muted especially in the key Eastern region where demand is struggling over last 5 quarters. Despite regime change in Odisha and upcoming elections in West Bengal, demand remained muted in last few months. East region prices improved in Apr/May along with other regions by ~Rs20/bag and got cut by Rs5 in June due to early monsoon however current...

We reiterate our BUY recommendation with a Target Price of Rs 2360/share, offering an upside potential of 13% from the CMP.

For Q4FY2025, Dalmia Bharat Limited’s (Dalmia) consolidated revenue of Rs. 4,091 crore (down 5.0% y-o-y) missed our estimate, primarily due to a 2.8% y-o-y decline in cement volumes (excluding JPA tolling volumes of 0.6 mt).

We initiate coverage on Dalmia Bharat with a Buy Rating because of its reasonable valuation as compared to its peers, its leadership position in the high growth region like North-East, strong presence in South & East. Besides, its continuous expansion, improving financials and the company’s focus on being carbon negative will continue to drive growth.

Revenue declined by 5% YoY (+30% QoQ) to ~Rs 41bn, as volume growth stunted and realisations fell despite slower volume gains

We maintain our BUY recommendation on the stock.

annually for DALBHARA (has 9.9mtpa cement capacity in TN). Dalmia Bharat (DALBHARA) reported a decent operating performance in Q4FY25, led by a sharp sequential volume recovery (28%) driven by government spending and pent-up demand post the festive season. Average NSR improved by just 1.1% QoQ, as the decline in prices in the Southern region price, which should aid H1FY26 earnings. Lower operating costs aided by...

Dalmia Bharat (DALBHARA)’s 4QFY25 EBITDA increased ~21% YoY to INR7.9b (6% miss, due to lower-than-estimated volume). EBITDA/t was up ~24% YoY at INR922 (est. INR946).

We maintain our BUY rating on the stock

We maintain our BUY recommendation on the stock