External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>We maintain a BUY rating on Dalmia Bharat with a lower target price of INR 2,205/share (12x its Sep-26E consolidated EBITDA)</li><li>We hosted its management for non-deal roadshows in Mumbai</li><li>The company is battling multiple challenges in the near term as it delivered lower than guided volume offtake in FY24 and also suffered on margins as it tried to regain some of the lost volumes</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 a lower target price of INR 2,205/share (12x its Sep-26E consolidated EBITDA)We hosted its management for non-deal roadshows in MumbaiThe company is battling multiple challenges in the near term as it delivered lower than guided volume offtake in FY24 and also suffered on margins as it tried to regain some of the lost volumesContent 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: Near-term challenges to continue. Maintain BUY

Dalmia Bharat - Near-Term Challenges to Continue. Maintain 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>Dalmia Bharat Limited (DBL) is one of the established cement players in India.</li><li>The company expanded its cement capacity from 38.6 MTPA to 44.6 in FY24.</li><li>In Apr’24, the company also started operations in Ariyalur (Tamilnadu) with a capacity of 1 MTPA. </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 Limited (DBL) is one of the established cement players in India.The company expanded its cement capacity from 38.6 MTPA to 44.6 in FY24.In Apr’24, the company also started operations in Ariyalur (Tamilnadu) with a capacity of 1 MTPA. 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 - Capacity Expansion to Drive Growth; Pricing Remains A Concern

<ul><li>During the quarter, DBL reported a mixed set of numbers. Its Volume/Revenue grew by 19%/10%, which exceeded expectations, indicating robust demand.</li><li>However, EBITDA declined by 7%, falling below expectations. This decline can be attributed to better demand and lower costs, offset by lower realization.</li><li>The company reported a profit of Rs 315 Cr against our estimate of Rs 285 Cr in Q4FY24, driven by higher volume, lower costs, and higher other income. </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 a mixed set of numbers. Its Volume/Revenue grew by 19%/10%, which exceeded expectations, indicating robust demand.However, EBITDA declined by 7%, falling below expectations. This decline can be attributed to better demand and lower costs, offset by lower realization.The company reported a profit of Rs 315 Cr against our estimate of Rs 285 Cr in Q4FY24, driven by higher volume, lower costs, and higher other income. 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 - Robust Volume Growth; Lower Prices Impact Margin

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

Motilal Oswal

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.

<ul><li>Motilal Oswal's research report onDalmia Bharat Dalmia Bharat (DALBHARA)’s key markets (the South and East regions) witnessed a higher price correction (down 8-9% QoQ) vs. other regions (down 3-7% QoQ) in 4QFY24.</li><li>However, the company is likely to report double-digit volume growth in 4QFY24, supported by healthy demand and market share gains.</li><li>We cut our EBITDA estimates by 4%/8%/8% for FY24/FY25/FY26 due to weak pricing, which was partly offset by higher volume growth and cost reduction initiatives.</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.

Motilal Oswal's research report onDalmia Bharat Dalmia Bharat (DALBHARA)’s key markets (the South and East regions) witnessed a higher price correction (down 8-9% QoQ) vs. other regions (down 3-7% QoQ) in 4QFY24.However, the company is likely to report double-digit volume growth in 4QFY24, supported by healthy demand and market share gains.We cut our EBITDA estimates by 4%/8%/8% for FY24/FY25/FY26 due to weak pricing, which was partly offset by higher volume growth and cost reduction initiatives.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 - Prices Soft in Key Markets; but Volume Growth Should Be Better

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: Near-term challenges to continue. Maintain BUY

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

HDFC Securities

Dalmia Bharat - Near-Term Challenges to Continue. Maintain BUY

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

HDFC Securities

Dalmia Bharat Ltd - Capacity Expansion to Drive Growth; Pricing Remains A Concern

Dalmia Bharat Limited (DBL) is one of the established cement players in India. The company expanded its cement capacity from 38.6 MTPA to 44.6 in...

Axis Direct

Dalmia Bharat Limited - Robust Volume Growth; Lower Prices Impact Margin

During the quarter, DBL reported a mixed set of numbers. Its Volume/Revenue grew by 19%/10%, which exceeded expectations, indicating robust demand.

Axis Direct

Dalmia Bharat - Prices Soft in Key Markets; but Volume Growth Should Be Better

We cut our EBITDA estimates by 4%/8%/8% for FY24/FY25/FY26 due to weak pricing, which was partly offset by higher volume growth and cost reduction...

Motilal Oswal

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