We retain BUY on Dalmia Bharat with a TP of Rs 1,470 (12x FY21 consolidated EBITDA). We continue to like Dalmia for its high op margin (of Rs 1,000/MT+ on strong cost controls), expanding regional presence (all India ex-north) and fast growth at prudent cost (capex < USD 70/MT). We value Dalmia at 12x its FY21E consolidated EBITDA (implied EV of USD 143/MT). The stock trades at attractive valuations of 8.3x FY21E EBIITDA and at EV of USD 99/MT.