Dalmia Bharat: Prabhudas Lilladher Downgrades to 'HOLD', Sets Target at Rs 2302

• Prabhudas Lilladher downgraded Dalmia Bharat to 'HOLD' from 'Accumulate' due to a recent stock run-up.
• Q3FY26 operating performance was lower than expected, despite 9.5% YoY volume growth.
• Weak pricing and elevated costs, including a 4% QoQ decline in average Net Sales Realization (NSR), impacted results.
• EBITDA per ton was Rs 774, below the estimated Rs 898, due to increased RM, shutdown, marketing, and P&F costs.
• Revised target price is Rs 2,302, valuing the stock at 11x EV of Sep’27E EBITDA.

Why It Matters: Prabhudas Lilladher downgraded Dalmia Bharat to 'HOLD' due to weak Q3FY26 performance and recent stock surge.