Whalesbook
Ab is target cut ke peeche ka main reason hai rising input costs. Packing, logistics, aur fuel ka kharcha kaafi badh raha hai. Analysts bol rahe hain ki Q1FY27 mein yeh cost ₹125 se ₹150 per tonne tak badh sakti hai. Poore saal ke liye net cost increase ₹80 per tonne rehne ka andaaza hai.
Lekin, company ne march 2026 ko khatam hone wale quarter mein dhamakedaar performance dikhaya hai! Unhone record net sales aur operating profit report kiya hai. Plus, EBITDA margin bhi saal-dar-saal badhkar 21.25% ho gaya hai. Toh matlab operations mast chal rahe hain, cost pressure hone ke bawajood.
Ab valuation ki baat karein toh Dalmia Bharat ka stock abhi 31x ke P/E par trade kar raha hai. Yeh apne bade competitors jaise UltraTech Cement jo 43-47x par hai, aur Shree Cement jo 50-52x par hai, unse kaafi kam hai. ACC ka P/E 9-11x aur Ambuja Cements ka 21.93x ke aas-paas hai. Industry ke liye achhi khabar yeh hai ki FY26 mein operating profit 12-18% badh sakta hai, infrastructure aur housing demand ki wajah se.
Wahi, industry mein jo consolidation ho raha hai usse pricing power mili hai, par input cost inflation, especially fuel prices increase hone se, margins par pressure bana hua hai. Price increase shayad cost badhne ke baad thoda late ho raha hai. Company apni capacity bhi badha rahi hai, FY28 tak 75 million tonnes ka target hai. Par zyada supply ka risk bhi hai agar demand change hui toh.
Agar details mein jaayen toh, Dalmia Bharat ka EBITDA margin pichhle teen saalon se neeche ja raha hai, abhi 18.22% hai jo ki 5-year average 22.06% se kam hai. Iska matlab hai ki profitability wapas lane mein mehnat lagegi, especially projected cost increases ke saath. Company ke earnings bhi market recovery se peeche hain. Kuch investors ko company ke tax acts ke under orders milne ka history bhi dekhna chahiye, jo regulatory scrutiny dikha sakta hai.
Analysts warn kar rahe hain ki 26x ka forward P/E shayad aage chal kar margin par hone wale pressure ko fully capture nahi kar raha hai. Yeh demand ko profitable growth mein badal paana Dalmia Bharat aur baaki companies ke liye difficult hoga agar woh volatile input costs ko manage nahi kar paaye aur prices ko maintain nahi kar paye. Analysts aage ke results mein cost pass-through aur margin improvement ke signs dekhenge.