Prabhudas Lilladher Recommends 'Accumulate' Dalmia Bharat, Sets Rs 2263 Target

• Prabhudas Lilladher recommends 'Accumulate' for Dalmia Bharat with a revised target price of Rs 2,263 (earlier Rs 2,372).
• Management noted demand weakness in key eastern states but positive trends elsewhere, expecting industry-aligned volume growth in H2FY26.
• Pricing actions in the eastern region faced challenges due to muted demand and GST rationalization in Dec’25.
• Dalmia Bharat aims for ~70mtpa capacity by FY28E and targets Rs150-200/t cost reduction by FY28E through various initiatives.
• Prabhudas Lilladher cut EBITDA estimates for FY26/27/28E but expects ~21% CAGR over FY25-28E.

Why It Matters: Prabhudas Lilladher recommends 'Accumulate' Dalmia Bharat with a Rs 2263 target, citing growth plans despite demand issues.