28 Sep 2026, 08:58 IST
Dalmia Bharat Limited
HDFC Securities · BUY · target INR 2,110
The report maintains BUY with a revised target price of INR 2,110/share (12x Sep'28E consolidated EBITDA), while lowering FY27/28E EBITDA estimates by 4.5/4.8%, estimating Q2FY27E volume growth of ~6% YoY and unit EBITDA of ~INR 750/MT, cumulative FY27-29E capex of INR 135bn, net debt/EBITDA peaking at 2.5x in FY27E, and volume/EBITDA CAGR of 12/11% over FY26-29E, with central assets, Belgaum, Pune SGU, Kadapa IU and the Chennai bulk terminal taking consolidated capacity to 67mn MT by FY28-end plus the BJCL acquisition pending NCLT approval.
From Dalmia Bharat Update Sep26 HSIE, written by HDFC Securities. Orivam summarised it; the view is HDFC Securities's, not Orivam's.
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