External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>New capacity announced: DBL has announced capacity expansion plan of 6 MTPA Grinding and 3.6 MTPA Clinker unit costing Rs 3,520 Cr to be met out of internal accrual and debt. </li><li>The company will establish a 3.6 MnTPA clinker unit and a 3 MTPA grinding unit at its existing Belgaum plant, Karnataka.</li><li>And a new greenfield split grinding unit with a capacity of 3 MTPA in Pune, Maharashtra</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.

New capacity announced: DBL has announced capacity expansion plan of 6 MTPA Grinding and 3.6 MTPA Clinker unit costing Rs 3,520 Cr to be met out of internal accrual and debt. The company will establish a 3.6 MnTPA clinker unit and a 3 MTPA grinding unit at its existing Belgaum plant, Karnataka.And a new greenfield split grinding unit with a capacity of 3 MTPA in Pune, MaharashtraContent 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 - New Capacity Announcement Augurs Well; Retain BUY

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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 (DALBHARA) reported weak performance in Q3FY25 led by volume decline (-1.5% YoY) due to absence of JP tolling volumes.</li><li>Demand was modest in the first half of the quarter but gradually improved post festivities across key regions.</li><li>Average NSR improved 3.4% QoQ as cement prices showed improvement across regions in the quarter and trade mix also improved to 66%.</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 (DALBHARA) reported weak performance in Q3FY25 led by volume decline (-1.5% YoY) due to absence of JP tolling volumes.Demand was modest in the first half of the quarter but gradually improved post festivities across key regions.Average NSR improved 3.4% QoQ as cement prices showed improvement across regions in the quarter and trade mix also improved to 66%.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 - Volume Decline Affects Performance

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>Dalmia Bharat (DALBHARA)’s 3QFY25 EBITDA declined 34% YoY to INR5.1b (11% miss due to lower-than-estimated volume and higher variable cost/t).</li><li>EBITDA/t was down 33% YoY to INR767 (est. INR800).</li><li>OPM contracted 5.6pp YoY to ~16%. PAT declined 78% YoY to INR590m (60% below our estimates).</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 (DALBHARA)’s 3QFY25 EBITDA declined 34% YoY to INR5.1b (11% miss due to lower-than-estimated volume and higher variable cost/t).EBITDA/t was down 33% YoY to INR767 (est. INR800).OPM contracted 5.6pp YoY to ~16%. PAT declined 78% YoY to INR590m (60% below our estimates).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 - Weak Performance Due to Subdued Volume Growth

<ul><li>The organic capacity expansion plan is progressing well: The company's total cement grinding capacity is projected to rise to 49.5 mtpa by FY25E from the current 46.6 mtpa, which will support its volume growth going forward.</li><li>With the current capacity utilisation at 58%, the company has substantial scope to increase its utilisation levels.</li><li>The company is expected to achieve a volume growth of 7.5% CAGR over FY24-26E, driven by this capacity expansion and improved utilisation.</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.

The organic capacity expansion plan is progressing well: The company's total cement grinding capacity is projected to rise to 49.5 mtpa by FY25E from the current 46.6 mtpa, which will support its volume growth going forward.With the current capacity utilisation at 58%, the company has substantial scope to increase its utilisation levels.The company is expected to achieve a volume growth of 7.5% CAGR over FY24-26E, driven by this capacity expansion and improved utilisation.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 - Volume Decline and Lower Realization Hits EBITDA Margins

Thematic (Sector/Industry)

<ul><li>Companies under our coverage delivered YoY growth of 16% in volume, 22% in revenue, 60% in EBITDA, and 195% in PAT, beating our expectations.</li><li>This compares to forecasted growth of 8% in volume, 13% in revenue, 47% in EBITDA, and 68% in PAT.</li><li>EBITDA/tonne during the quarter improved notably. EBITDA margins expanded by 400 bps YoY, supported by higher volumes and realisation, which grew by 16% and 4.5% respectively. </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.

Companies under our coverage delivered YoY growth of 16% in volume, 22% in revenue, 60% in EBITDA, and 195% in PAT, beating our expectations.This compares to forecasted growth of 8% in volume, 13% in revenue, 47% in EBITDA, and 68% in PAT.EBITDA/tonne during the quarter improved notably. EBITDA margins expanded by 400 bps YoY, supported by higher volumes and realisation, which grew by 16% and 4.5% respectively. 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.

Top Conviction Ideas - “Consolidated Q2FY26”

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 Limited - New Capacity Announcement Augurs Well; Retain BUY

New capacity announced: DBL has announced capacity expansion plan of 6 MTPA Grinding and 3.6 MTPA Clinker unit costing Rs 3,520 Cr to be met out of...

Axis Direct

Dalmia Bharat - Volume Decline Affects Performance

Dalmia Bharat (DALBHARA) reported weak performance in Q3FY25 led by volume decline (-1.5% YoY) due to absence of JP tolling volumes.

Prabhudas Lilladhar

Dalmia Bharat - Weak Performance Due to Subdued Volume Growth

Dalmia Bharat (DALBHARA)’s 3QFY25 EBITDA declined 34% YoY to INR5.1b (11% miss due to lower-than-estimated volume and higher variable cost/t).

Motilal Oswal

Dalmia Bharat Limited - Volume Decline and Lower Realization Hits EBITDA Margins

The company's total cement grinding capacity is projected to rise to 49.5 mtpa by FY25E from the current 46.6 mtpa, which will support its volume...

Axis Direct

Top Conviction Ideas - “Consolidated Q2FY26”

Companies under our coverage delivered YoY growth of 16% in volume, 22% in revenue, 60% in EBITDA, and 195% in PAT, beating our expectations.

Axis Direct

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