External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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>We maintain our BUY rating on Dalmia Bharat with a revised target price of INR 2,420/share (12x its Sep-27E consolidated EBITDA)</li><li>We estimate Dalmia’s volume growth will firm up H2FY26 onwards, riding on demand uptick and expansion ramp-up, leading to a 7% volume CAGR during FY25-28E</li><li>Dalmia is also working on various cost levers which can more than offset the impact of reduction in GST incentive accrual and higher royalty (on limestone mining in Tamil Nadu)</li></ul><p><em>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.</em></p>

We maintain our BUY rating on Dalmia Bharat with a revised target price of INR 2,420/share (12x its Sep-27E consolidated EBITDA)We estimate Dalmia’s volume growth will firm up H2FY26 onwards, riding on demand uptick and expansion ramp-up, leading to a 7% volume CAGR during FY25-28EDalmia is also working on various cost levers which can more than offset the impact of reduction in GST incentive accrual and higher royalty (on limestone mining in Tamil Nadu)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 Growth to Gain Pace. Maintain BUY