Sharekhan has given Buy recommendation for Dalmia Bharat with a target price of Rs. 2100 in its research report issued on Sep 15, 2022

Sharekhan’s research report on Dalmia Bharat

The average cement prices in East and South increase during September 2022 reversing the decline witnessed in August 2022. It remains on track to achieve a 49 MT cement capacity and 173 MT of renewable energy capacity by FY2024. The company’s long-term cement capacity addition plans to aid in capturing high growth especially in Eastern region. The domestic and international pet coke prices during Q2FY2023 declined by 18% q-o-q and over 20% q-o-q respectively. The positive impact on operational profitability is likely to be seen from Q3FY2022.


We maintain a Buy on the stock with a revised PT of Rs. 2,100, rolling forward our valuation multiple to September 2024 TTM earnings.

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