External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Dalmia Bharat (DALBHARA)’s 2QFY25 performance was weak as expected as its EBITDA declined 26% YoY to INR4.3b (5% miss) and EBITDA/t was down 32% YoY to INR650 (est. INR700).</li><li>OPM contracted 4.7pp YoY to 14%. PAT declined 54% YoY to INR550m (est. INR571m).</li><li>Higher volume growth (+8% YoY; +3% v/s estimates) and better cost controls were key positives; though; realization decline of 6% QoQ was weaker than our estimate of ~2% decline.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dalmia Bharat (DALBHARA)’s 2QFY25 performance was weak as expected as its EBITDA declined 26% YoY to INR4.3b (5% miss) and EBITDA/t was down 32% YoY to INR650 (est. INR700).OPM contracted 4.7pp YoY to 14%. PAT declined 54% YoY to INR550m (est. INR571m).Higher volume growth (+8% YoY; +3% v/s estimates) and better cost controls were key positives; though; realization decline of 6% QoQ was weaker than our estimate of ~2% decline.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dalmia Bharat - Weak Performance; Demand Growth and Price Key Monitorable

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>In Q2FY2025, Dalmia reported broadly in-line consolidated revenue, led by higher-than-estimated volume growth.</li><li>Operational profitability miss was led by lower-than-estimated realisations.</li><li>Management has reduced its volume growth guidance for FY2025 to 9% y-o-y from 12% y-o-y, anticipating lower industry growth rate, while it continues to eye volume growth of 1.5x that of industry growth.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q2FY2025, Dalmia reported broadly in-line consolidated revenue, led by higher-than-estimated volume growth.Operational profitability miss was led by lower-than-estimated realisations.Management has reduced its volume growth guidance for FY2025 to 9% y-o-y from 12% y-o-y, anticipating lower industry growth rate, while it continues to eye volume growth of 1.5x that of industry growth.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dalmia Bharat Ltd - Weak Regional Prices Lead to Q2 Miss; Retain BUY

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>The organic capacity expansion plan is progressing well: The company's total cement grinding capacity is projected to rise to 49.5 mtpa by FY25E from the current 46.6 mtpa, which will support its volume growth going forward.</li><li>With the current capacity utilization at 58%, there is substantial scope for the company to increase its utilization levels.</li><li>The company is expected to achieve a volume growth of 9% CAGR over FY24-26E, driven by this capacity expansion and improved utilization.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The organic capacity expansion plan is progressing well: The company's total cement grinding capacity is projected to rise to 49.5 mtpa by FY25E from the current 46.6 mtpa, which will support its volume growth going forward.With the current capacity utilization at 58%, there is substantial scope for the company to increase its utilization levels.The company is expected to achieve a volume growth of 9% CAGR over FY24-26E, driven by this capacity expansion and improved utilization.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dalmia Bharat Limited - Lower Realization Hits EBITDA Margins; Retain BUY

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We maintain a BUY rating on Dalmia Bharat with an unchanged target price of INR 2,205/share (12x its Sep-26E consolidated EBITDA)</li><li>We interacted with Mr Puneet Dalmia (Managing Director and CEO) to understand market dynamics and Dalmia’s growth plans</li><li>The company remains committed to growing faster than the industry and scaling capacity to 75mn MT by 2027</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain a BUY rating on Dalmia Bharat with an unchanged target price of INR 2,205/share (12x its Sep-26E consolidated EBITDA)We interacted with Mr Puneet Dalmia (Managing Director and CEO) to understand market dynamics and Dalmia’s growth plansThe company remains committed to growing faster than the industry and scaling capacity to 75mn MT by 2027Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dalmia Bharat: Long-Term Growth Story Intact. Maintain BUY

<ul><li>During the quarter, DBL reported better operating performance driven by volume growth, lower operating costs YoY, and stable realization QoQ.</li><li>Its volume grew by 6%, which was in line with expectations. Revenue remained flattish, while EBITDA increased by 10%, supported by lower costs.</li><li>The company reported a profit of Rs 141 Cr against the estimate of Rs 154 Cr in Q1FY24, owing to an exceptional item related to the acquisition of JP Cement assets (Rs 110 Cr). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

During the quarter, DBL reported better operating performance driven by volume growth, lower operating costs YoY, and stable realization QoQ.Its volume grew by 6%, which was in line with expectations. Revenue remained flattish, while EBITDA increased by 10%, supported by lower costs.The company reported a profit of Rs 141 Cr against the estimate of Rs 154 Cr in Q1FY24, owing to an exceptional item related to the acquisition of JP Cement assets (Rs 110 Cr). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dalmia Bharat Limited - Lower Operating Costs Drive EBITDA Margins; Retain BUY

India

Dalmia Bharat Limited holds cement and power businesses. The Company's interests include cement, power and refractory businesses.

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Dalmia Bharat (DALBHARA IN)

Dalmia Bharat - Weak Performance; Demand Growth and Price Key Monitorable

Dalmia Bharat (DALBHARA)’s 2QFY25 performance was weak as expected as its EBITDA declined 26% YoY to INR4.3b (5% miss) and EBITDA/t was down 32%...

Motilal Oswal

Dalmia Bharat Ltd - Weak Regional Prices Lead to Q2 Miss; Retain BUY

In Q2FY2025, Dalmia reported broadly in-line consolidated revenue, led by higher-than-estimated volume growth. Operational profitability miss was...

Sharekhan

Dalmia Bharat Limited - Lower Realization Hits EBITDA Margins; Retain BUY

The company's total cement grinding capacity is projected to rise to 49.5 mtpa by FY25E from the current 46.6 mtpa, which will support its volume...

Axis Direct

Dalmia Bharat: Long-Term Growth Story Intact. Maintain BUY

We maintain a BUY rating on Dalmia Bharat with an unchanged target price of INR 2,205/share (12x its Sep-26E consolidated EBITDA)

HDFC Securities

Dalmia Bharat Limited - Lower Operating Costs Drive EBITDA Margins; Retain BUY

During the quarter, DBL reported better operating performance driven by volume growth, lower operating costs YoY, and stable realization QoQ.

Axis Direct

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