27-Oct-2026 07:54:25

Jefferies on Dalmia Bharat ; Buy, TP cut to Rs 2125

Delivered a weak SepQ, with EBITDA down 29% YoY on East region underperformance (weak vols/px) & higher costs. While industry-wide px hikes should support 2H recovery, JPA-related losses will increase in 3Q before easing Co also announced an unexpected mgmt transition, with CMO becoming advisor to Mr Dalmia & CFO taking new charge of sales/marketing Cut EBITDA by 7-11% to reflect NT weakness

DALMIA BHARAT LIMITED

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