We maintain BUY with a revised TP of INR 1,770 (12x its consolidated Mar'23E EBITDA). Dalmia Bharat (DBEL) reported that Supreme Court has restored its siphoned mutual fund units (INR 3.8bn currently) to the company. While the amount is relatively small (2% of its consolidated net worth), the ruling broadly casts off any doubt on DBELs corporate governance (post this event came to light in Feb19). Given that the company continues to deliver robust earnings and has managed its balance sheet well despite major expansion, this ruling should drive valuation rerating