Buy Dalmia Bharat, target price Rs 2,260: Axis Securities
Axis Securities
has maintained its
Buy call
on
Dalmia Bharat
with a target price of Rs 2,260. The current market price of
Dalmia Bharat
is Rs 1974.55. Dalmia Bharat, incorporated in 2013, is a Mid Cap company with a market cap of Rs 37002.85 crore, operating in the cement sector.
Dalmia Bharat's key products/revenue segments include Income From Management Services for the year ending 31-Mar-2023.
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Financials
For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 4184.00 crore, up 30.02% from last quarter Total Income of Rs 3,218 crore and down -5.49% from last year same quarter Total Income of Rs 4,427.00 crore. The company has reported net profit after tax of Rs 439.00 crore in the latest quarter.
The company's top management includes Mr.Yadu Hari Dalmia, Mr.Gautam Dalmia, Mr.Puneet Yadu Dalmia, Dr.Niddodi Subrao Rajan, Mr.Paul Heinz Hugentobler, Mr.Anuj Gulati, Mrs.Anuradha Mookerjee, Mr.Haigreve Khaitan. The company has Walker Chandiok & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 19 crore shares outstanding.
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Investment Rationale
In Q4FY25, lower costs drove improved margins both YoY and QoQ. Cement prices in the South rose by Rs 30-35 per bag in Apr'25, further supporting margins going forward. However, the region faces high competitive intensity, making price sustainability a key factor to watch. The cement sector is expected to grow at 1.2 times the pace of GDP, with India's GDP projected to rise 6.5%-7% over the next few years. Axis Securities remains positive on the company's growth prospects and expect it to deliver a Volume/Revenue/EBITDA/PAT CAGR of 8% /6% /11%/ 17% over FY24-FY27E. Capacity expansion, market share gains, and operational efficiencies will drive this growth. Additionally, with the growing pace of consolidation and capacity expansion by top players, their overall market share is set to increase further to 65%-70% by FY27-28.
This trend will positively influence cement pricing, economies of scale, and supply chain efficiency. The company, being among the top 5 players in the country, is well-positioned to benefit from this consolidation in the medium to long term.. Pricing remains a key factor to monitor closely. The stock is currently trading at 13x and 11x FY26E/FY27E EV/EBITDA and EV/tonne of $92 and $95. The valuation remains attractive. The brokerage maintains its BUY rating on the stock with a target price of Rs 2,260/share, implying an upside of 14% from the CMP.
Promoter/FII Holdings
Promoters held 55.84 per cent stake in the company as of 31-Mar-2025, while FIIs owned 8.29 per cent, DIIs 16.36 per cent.
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