Here are 3 stock recommendations by Geojit Financial Services

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26 Aug, 2025 12:21

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Dalmia Bharat 

Rating: BUY                             CMP: Rs2,970                                    TP: Rs3,217

Dalmia Bharat Ltd, the fourth largest cement company in India focusing in South, East & North-East is amongst the best cost efficient players with EBITDA/Ton of Rs1,243 as on FY17.

DBL has expanded its capacity by 20 times within a decade to 25MT and the current focus is on asset sweating and deleveraging. DBL has increased its market share from 8% in FY14 to 11% in FY17, its volume has grown at 23% CAGR Vs 4% of industry over last 5 years. We expect DBL's revenue to grow at 14% CAGR and margins to improve by 70bps over FY17-19E, leading to 55% CAGR in PAT.

Havells India

Rating: Accumulate                   CMP: Rs493                                       TP: Rs555

Havells India Ltd (HAVL) is a leading player in electrical consumer goods in India. Its key verticals include switchgears, cables & wires, lighting fixtures and consumer appliances.

Overall revenue grew by 22% YoY, however revenue growth (excluding Lloyd) was modest at 4% YoY due to extension of GST overhang. EBITDA margin (excluding Lloyd) improved by 180bps YoY to 15.8% due to inventory gain & cost rationalisation. PAT grew by 20% YoY, (excluding Lloyd) grew by 9% YoY. Given higher GST rates and sharp increase in commodity prices, we expect that the near term demand headwinds likely to be extended in coming quarters also. However, we expect growth to normalise as GST impact fades. Despite this we factor earnings to grow at robust 20% CAGR over FY17-19E.

Mahindra CIE 

Rating: Buy                               CMP: Rs249                        Target Price: Rs304

Mahindra CIE (MCIE) is among the top global forging players with a strong presence in both Europe and India. Currently 2/3 of the revenue comes from Europe (split btw CV’s & PV’s) while rest from India (PVs).

Q3CY17 registered a revenue growth of 21%YoY led by 64% growth from India business and 16% from Europe business. Consolidated EBITDA margin improved by 160bps led by superior geographical mix and cost control initiatives. EBITDA margin to improve by 360bps over CY16-18E led by cost control initiatives and capitalizing the OEM mix. We marginally upgrade our Revenue/PAT estimate for CY18 by 5.0% and 4.5% respectively, factoring improved order book.