We like Dalmia for its strong cost control (boosting margin despite weak pricing) and distribution (steady mkt share gain across south and east). Further, its balance sheet remains stable, even as it scales up capacity to become third largest in India. Thus, we value the co at a 20% premium to its 5-yr mean EV/EBITDA multiple of 10x. Maintain BUY with a TP of Rs 1,245 (12x Sep'21E EBITDA). We retain BUY on Dalmia Bharat with a TP of Rs 1,245 (12x Sep21 consol EBITDA, implying EV of USD 124/MT).