Name: Latest research reports of Dalmia Bharat Ltd. authored by ICICI Securities Limited and published by - Trendlyne research reports.
Item: Dalmia Bharat Ltd.
Rating: 5
Author: ICICI Securities Limited

Summary	Date	Stock	Author	LTP	Target	Price at reco (Change since reco%)	Upside(%)	Type	Report	Discuss
	18 Sep 2025	Dalmia Bharat	Consensus Share Price Target	2476.20	2345.06	-	-5.30	buy	pdf Detailed Estimates
	06 Feb 2023	Dalmia Bharat	ICICI Securities Limited	2476.20	2200.00	1867.85 (32.57%)	Target met	Buy	pdf post cache	Broker Report Strong performance! ICICI Securities Limited Dalmia Bharat’s (DALBHARA) Q3FY23 EBITDA at Rs6.4bn (up 57% YoY) was above our / consensus estimates. Realisations rose 10% YoY / 4% QoQ against 5% YoY inflation in total cost/te (albeit down 4% QoQ). pdf Copy Link Share on Share on Share on Share on Alert
	06 Feb 2023	Dalmia Bharat	Motilal Oswal Target	2476.20	2120.00	1885.40 (31.34%)	Target met	Buy	pdf post cache	Broker Report 3Q result aided by exposure to East region/cost controls Motilal Oswal pdf Copy Link Share on Share on Share on Share on Alert
	14 Dec 2022	Dalmia Bharat	ICICI Securities Limited Target	2476.20	2200.00	1856.05 (33.41%)	Target met	Buy	pdf post cache	Broker Report On path to be a national player! ICICI Securities Limited Dalmia Cement (Bharat) Limited (DCBL), a wholly-owned subsidiary of Dalmia Bharat Limited (DALBHARA), has entered into a binding ‘framework agreement’ for the acquisition of clinker, cement and power plants from Jaiprakash Associates (JAL) and its associate. pdf Copy Link Share on Share on Share on Share on Alert
	28 Nov 2022	Dalmia Bharat	Geojit BNP Paribas Target	2476.20	2010.00	1936.70 (27.86%)	Target met	Accumulate	pdf post cache	Broker Report DALMIA BHARAT LIMITED Geojit BNP Paribas pdf Copy Link Share on Share on Share on Share on Alert
	04 Nov 2022	Dalmia Bharat	Axis Direct Target	2476.20	1900.00	1742.50 (42.11%)	Target met	Buy	pdf post cache	Broker Report Result Update:Dalmia BharatLtd Axis Direct We value the company at 11x FY24E EV/EBITDA to arrive at a target price of Rs 1,900/share. This implies an upside of 15% from the CMP. We maintain our BUY rating on the stock. pdf Copy Link Share on Share on Share on Share on Alert
	03 Nov 2022	Dalmia Bharat	ICICI Securities Limited Reco Target	2476.20	2000.00	1595.10 (55.24%)	Target met	Buy	pdf post cache	Broker Report Healthy volumes coupled with cost discipline ICICI Securities Limited Dalmia Bharat’s (DALBHARA) Q2FY23 EBITDA at Rs3.8bn (down 33% YoY) was in line with our / consensus estimates. pdf Copy Link Share on Share on Share on Share on Alert
	03 Nov 2022	Dalmia Bharat	Motilal Oswal Target	2476.20	2000.00	1742.50 (42.11%)	Target met	Buy	pdf post cache	Broker Report Operating performance in line; guides for higher capex Motilal Oswal pdf Copy Link Share on Share on Share on Share on Alert
	13 Sep 2022	Dalmia Bharat	Geojit BNP Paribas Target	2476.20	1950.00	1687.15 (46.77%)	Target met	Accumulate	pdf post cache	Broker Report DALMIA BHARAT LIMITED Geojit BNP Paribas pdf Copy Link Share on Share on Share on Share on Alert
	08 Aug 2022	Dalmia Bharat	Prabhudas Lilladhar Target	2476.20	1827.00	1557.70 (58.97%)	Target met	Accumulate	pdf post cache	Broker Report DALMIA BHARAT LTD. Prabhudas Lilladhar pdf Copy Link Share on Share on Share on Share on Alert
	05 Aug 2022	Dalmia Bharat	ICICI Securities Limited	2476.20	1750.00	1561.85 (58.54%)	Target met	Accumulate	pdf post cache	Broker Report Gaining market share; improving efficiencies ICICI Securities Limited Dalmia Bharat’s (DALBHARA) Q1FY23 EBITDA at Rs5.9bn (down 16% YoY) was marginally ahead of our / consensus expectations. EBITDA/te declined 34%/10% YoY/QoQ to Rs941 as realisation was flat YoY and up 3% QoQ against 13%/6% YoY/QoQ increase in unit total costs. pdf Copy Link Share on Share on Share on Share on Alert
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Dalmia Bharat Ltd. share price target

Dalmia Bharat Ltd. has an average share price target of 2363.43. The consensus estimate represents a downside of -4.55% from the last price of 2476.20. View 24 reports from 7 analysts offering long-term price targets for Dalmia Bharat Ltd..

Strong performance!

3Q result aided by exposure to East region/cost controls

On path to be a national player!

DALMIA BHARAT LIMITED

Result Update:Dalmia BharatLtd

Healthy volumes coupled with cost discipline

Operating performance in line; guides for higher capex

DALMIA BHARAT LIMITED

DALMIA BHARAT LTD.

Gaining market share; improving efficiencies

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