27-Oct-2026 07:52:28

Morgan Stanley on Dalmia Bharat ; UW, TP Rs 1640

Reported results were very weak – volumes struggled, partly on seasonality, while cost metrics stayed stretched. Though operating leverage benefits should accrue in 2H, variable costs are expected to stay elevated, partly offset by recent price hikes. Maintain relative UW on weak profitability

DALMIA BHARAT LIMITED

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