Buy Dalmia Bharat; target of Rs 2985: KR Choksey

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KR Choksey's research report on Dalmia Bharat

Dalmia Bharat Ltd (DBEL) is currently positioned as the fourth largest cement company in India and possesses a manufacturing capacity of 25 MTPA and a captive power capacity of 186 MW. DBEL enjoys a healthy presence in South, East and North-East (NE) with manufacturing capacity of 12.1 MTPA (48%) located in South and 12.9 MTPA (52%) located in East (incl. NE).

Outlook

We value Dalmia Bharat Ltd at an EV/EBITDA of 12x FY19E arriving at a target price of INR 2985 translating into a 22.57% upside from CMP of INR 2435. We maintain our BUY rating on the stock.

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