Dalmia Bharat's (DBEL) 2QFY22 results surpassed our estimates as the company benefitted from lower freight costs (-7% QoQ). EBITDA came in at INR6.2b v/s estimated INR5.4b and EBITDA/t at INR1,218 v/s estimated INR1,118. Profit stood at INR2.2b v/s estimated INR1.6b. DBEL has commenced commercial production at its 2.25mt grinding unit (Line 2) in Cuttack, Odisha and has also begun trial-runs at the acquired plants of Murli Industries (3mt grinding capacity in Maharashtra). We estimate DBEL to achieve a sales volume CAGR of 10.8% over FY21-24E,...