Dalmia Bharat Q2 Results Review - Race Against Time For Expansion: Dolat Capital

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Dolat Capital Report.Dalmia Bharat Ltd.’s Q2 FY25 volume/revenue came in-line, but realisation, Ebitda, Ebitda/tonne were below estimates and adjusted profit after tax was above estimates.We expect revenue/Ebitda/adjusted profit after tax compound annula growth rate of 5.9%/10.3%/15.6% over FY24-27E led by 4.6%/9.2%/8.5% volume growth and -6.2%/2.0%/0% realization growth in FY25E/FY26E/FY27E. We factor an increase in net debt from Rs 1.8 billion in FY24 to Rs 30.5 billion/Rs 43.8 billion in FY26E/FY27E considering Rs 35 billion/Rs 40 billion/Rs 35 billion capex in FY25E/FY26E/FY27E. We change our FY25E/FY26E Ebitda estimates by -8.0%/+1.3% post factoring lower volume coupled with lower realization/tonne and introduce FY27E. Accordingly, we maintain ‘Accumulate’ rating with revised target price of Rs 2,030 based on 11 times FY27E enterprise value/Ebitda + 50% of FY27E capital work in progress..Click on the attachment to read the full report:.Dalmia Bharat Q2 Results: Profit Falls 60%; Declares Rs 4 Per Share Dividend.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Dalmia Bharat Q2 Results Review - Race Against Time For Expansion: Dolat Capital

The company maintains its target to reach capacity of 110-130 mtpa by FY31E and become a pan India player, says the brokerage.

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Dalmia Bharat Q2 Results Review - Race Against Time For Expansion: Dolat Capital

The company maintains its target to reach capacity of 110-130 mtpa by FY31E and become a pan India player, says the brokerage.

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