Financials Dalmia Bharat Limited

Equities

DALBHARAT

INE00R701025

Construction Materials

Delayed NSE India S.E. Other stock markets 07:43:48 2024-05-07 am EDT			5-day change	1st Jan Change
1,766 ^INR	-1.57%		-3.91%	-22.37%

May. 01	India's Ambuja Cements misses Q4 profit estimate on lower prices	RE
Apr. 29	Nomura Adjusts Dalmia Bharat’s Price Target to INR2,600 From INR2,900, Keeps at Buy	MT

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	190,932	94,518	297,330	280,229	369,008	331,247	-	-
Enterprise Value (EV) ¹	226,392	131,538	318,330	303,629	375,628	370,166	364,748	373,888
P/E ratio	62.2 x	42.4 x	24.2 x	24.5 x	35.7 x	44.1 x	31.2 x	24.3 x
Yield	0.2%	0.41%	0.08%	0.6%	0.46%	0.45%	0.48%	0.57%
Capitalization / Revenue	2.01 x	0.98 x	2.83 x	2.48 x	2.73 x	2.48 x	2.06 x	1.8 x
EV / Revenue	2.39 x	1.36 x	3.03 x	2.69 x	2.77 x	2.52 x	2.27 x	2.04 x
EV / EBITDA	11.7 x	6.25 x	11.4 x	12.5 x	16.2 x	14 x	11.8 x	9.95 x
EV / FCF	29.9 x	13.2 x	12.5 x	181 x	-82.2 x	-193 x	-29.6 x	-862 x
FCF Yield	3.34%	7.55%	8.01%	0.55%	-1.22%	-0.52%	-3.37%	-0.12%
Price to Book	1.8 x	0.9 x	2.33 x	1.79 x	2.36 x	2.22 x	1.91 x	1.79 x
Nbr of stocks (in thousands)	192,959	192,659	187,118	187,369	187,480	187,548	-	-
Reference price ²	989.5	490.6	1,589	1,496	1,968	1,766	1,766	1,766
Announcement Date	5/9/19	6/13/20	4/29/21	5/9/22	4/25/23	4/24/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	94,840	96,740	105,220	112,860	135,400	146,910	160,546	183,599
EBITDA ¹	19,420	21,060	27,830	24,260	23,160	26,390	30,991	37,590
EBIT ¹	6,460	5,780	15,210	11,900	10,110	11,410	15,625	20,769
Operating Margin	6.81%	5.97%	14.46%	10.54%	7.47%	7.77%	9.73%	11.31%
Earnings before Tax (EBT) ¹	3,390	3,570	14,080	11,460	13,250	10,700	14,668	18,480
Net income ¹	3,080	2,240	12,310	11,440	10,350	8,260	10,679	13,582
Net margin	3.25%	2.32%	11.7%	10.14%	7.64%	5.62%	6.65%	7.4%
EPS ²	15.91	11.58	65.55	61.11	55.19	44.03	56.57	72.62
Free Cash Flow ¹	7,560	9,930	25,500	1,680	-4,570	-17,844	-12,308	-433.5
FCF margin	7.97%	10.26%	24.23%	1.49%	-3.38%	-12.23%	-7.67%	-0.24%
FCF Conversion (EBITDA)	38.93%	47.15%	91.63%	6.92%	-	-	-	-
FCF Conversion (Net income)	245.45%	443.3%	207.15%	14.69%	-	-	-	-
Dividend per Share ²	2.000	2.000	1.330	9.000	9.000	7.964	8.564	10.08
Announcement Date	5/9/19	6/13/20	4/29/21	5/9/22	4/25/23	4/24/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	28,570	32,810	25,890	25,770	27,310	33,800	33,020	29,710	33,550	39,120	36,240	33,246	35,018	41,805	37,065
EBITDA ¹	6,910	7,760	7,000	6,210	4,090	6,830	5,860	3,790	6,440	7,070	6,100	5,744	7,629	7,854	6,197
EBIT ¹	3,620	4,460	4,020	3,180	1,070	3,490	2,740	450	3,200	3,710	2,110	1,738	3,722	4,358	2,887
Operating Margin	12.67%	13.59%	15.53%	12.34%	3.92%	10.33%	8.3%	1.51%	9.54%	9.48%	5.82%	5.23%	10.63%	10.43%	7.79%
Earnings before Tax (EBT) ¹	3,170	4,280	3,720	3,070	930	3,600	2,520	290	2,860	7,330	1,850	1,708	3,463	4,010	2,151
Net income ¹	1,820	6,270	2,270	2,040	950	5,950	2,050	460	2,040	5,890	1,300	1,076	2,553	2,799	1,723
Net margin	6.37%	19.11%	8.77%	7.92%	3.48%	17.6%	6.21%	1.55%	6.08%	15.06%	3.59%	3.24%	7.29%	6.7%	4.65%
EPS ²	9.680	33.39	12.11	10.87	5.060	31.76	10.44	2.470	-	31.41	6.930	5.676	14.03	15.92	9.400
Dividend per Share ²	-	1.330	-	4.000	-	5.000	-	-	-	5.000	-	-	-	10.65	-
Announcement Date	2/4/21	4/29/21	7/27/21	10/27/21	1/27/22	5/9/22	8/4/22	11/2/22	2/4/23	4/25/23	7/20/23	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	35,460	37,020	21,000	23,400	6,620	5,920	33,502	42,642
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.826 x	1.758 x	0.7546 x	0.9646 x	0.2858 x	0.2243 x	1.081 x	1.134 x
Free Cash Flow ¹	7,560	9,930	25,500	1,680	-4,570	-1,920	-12,308	-434
ROE (net income / shareholders' equity)	2.94%	2.11%	10.6%	8.03%	6.53%	5.16%	6.05%	7.54%
ROA (Net income/ Total Assets)	1.47%	1.09%	5.77%	4.88%	4.12%	3.1%	4.44%	5.19%
Assets ¹	209,360	205,693	213,456	234,570	251,171	266,460	240,543	261,801
Book Value Per Share ²	551.0	547.0	682.0	837.0	834.0	874.0	924.0	985.0
Cash Flow per Share ²	39.20	121.0	191.0	103.0	122.0	140.0	147.0	170.0
Capex ¹	13,340	13,500	10,460	17,690	27,090	28,270	47,011	31,760
Capex / Sales	14.07%	13.95%	9.94%	15.67%	20.01%	19.24%	29.28%	17.3%
Announcement Date	5/9/19	6/13/20	4/29/21	5/9/22	4/25/23	4/24/24	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Dalmia Bharat Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,766 INR

Average target price

2,179 INR

Spread / Average Target

+23.38%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Cement & Concrete Manufacturing

	1st Jan change	Capi.
DALMIA BHARAT LIMITED	-22.37%	4.03B
HOLCIM LTD	+20.08%	49.14B
ANHUI CONCH CEMENT COMPANY LIMITED	+3.55%	15.93B
JAMES HARDIE INDUSTRIES PLC	-1.13%	15.66B
SHREE CEMENT LIMITED	-11.37%	11.04B
EAGLE MATERIALS INC.	+32.29%	9.19B
DANGOTE CEMENT PLC	+105.28%	7.97B
TIANSHAN MATERIAL CO., LTD.	-3.74%	7.72B
TAIWAN CEMENT CORP.	-4.73%	7.69B
BUZZI S.P.A.	+27.16%	6.97B

Cement & Concrete Manufacturing