Buy Dalmia Bharat: target of Rs 2601: Sharekhan

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Sharekhan’s research report on Dalmia Bharat

Cement prices in East and South weakened on a q-o-q basis, led by seasonality and unavailability of sand in couple of states in East. We expect prices to strengthen as the monsoon recedes from September end. Post strong cement demand growth in July and August 2021, September is expected to see some softening. We expect demand to pick up post Q2FY2022. Q2FY2022 may feel pressure on OPM as pet coke/coal prices continue to tread higher. Dalmia highlights its vision of becoming a pan-India player in its annual report. Capacity to expand at a 15% CAGR over the decade capturing healthy cement industry demand growth.

Outlook

We maintain Buy on stock with a revised PT of Rs. 2,601, as we see further upside considering its strong earnings growth outlook over FY2021-FY2024E.

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