15 June 2020 Dalmia Bharats (DBL) results highlight its market share gains with volume growth of 3% YoY in FY20, when industry volumes declined ~2% YoY. We expect this to continue, driven by ~30% capacity expansion in 18 months. We maintain our FY21/FY22E estimates and rating. The commissioning of new capacities and ongoing deleveraging should drive re-rating. Volumes declined 7.2% YoY to 5.17mt, in line with our estimate. Blended realization fell 5.9% YoY to INR4,803/t (+1.3% QoQ), 3% below our estimate of INR4,962/t. Total cost per ton (t) fell 3% YoY (in-line) to INR3,820/t (-0.6% QoQ), led by lower power and raw material costs. EBITDA per ton declined 16% YoY to INR983/t (+10% QoQ), 11% below our estimate of INR1,107/t due to miss on realization. EBITDA, thus, declined 22% YoY to INR5.1b (+11% QoQ), 10% below est.