Dalmia Bharat shares rise 2% as Emkay expects cement prices to improve, sees 22% upside

Dalmia Bharat share price

• Dalmia Bharat shares rose 2.22 percent after a positive Emkay Global note
• Emkay Global maintained 'Add' rating with a target price of Rs 2,450 per share
• Cement demand rose in December; Q3 FY26 growth forecasted at mid-to-high single digit.

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The shares of Dalmia Bharat rose more than 2 percent on December 23 after Emkay Global Financial Services issued a positive brokerage note for the cement company.

The stock rose 2.22 percent to close at Rs 2,059 per share, snapping a three-session losing streak.

Emkay Global on Dalmia Bharat:

Emkay Global maintained its 'Add' rating on the shares of Dalmia Bharat with a target price of Rs 2,450 apiece. This implies an upside potential of nearly 22 percent from the stock’s previous closing price.

The cement management told the domestic brokerage's analysts that demand has improved in December, leading to a mid-to-high single-digit percentage growth for the ongoing third quarter of FY26 (Q3 FY26).

While cement bag prices are expected to be down sequentially in Q3 (October-December), they will likely improve from Q4 (January-March), the brokerage said. Any price hikes in coming months would lead to "better stock returns”, it added.

Dalmia Bharat also said that it is currently delivering operating cost savings of Rs 50 per tonne, and is on track to expand to Rs 150-200 per tonne by FY27.

Dalmia Bharat share price:

Dalmia Bharat shares have marginally fallen in the past five days, but have gained around 2 percent in the past one month. The stock is overall up more than 16 percent in 2025 so far.

After hitting a 52-week low of Rs 1,601 per share in March this year, the stock rapidly jumped around 56 percent to hit a 52-week high of Rs 2,496.30 per share in September. The stock's P/E ratio currently stands at around 40.

Also read: What Ambuja Cements-ACC-Orient Cement merger means for shareholders?