Company
Aarti Drugs Ltd Aarti Industries Aavas Financiers Ltd ABB India Ltd ACC Ltd Adani Ports & Special Economic Zone Ltd Adani Power Ltd Aditya Birla Fashion and Retail Ltd Aditya Birla Sunlife AMC Aether Industries Ltd Ajanta Pharma Ltd Alembic Pharmaceuticals Ltd Alkem Laboratories Ltd Amber Enterprises Ambuja Cements Ltd Ami Organics Ltd Anupam Rasayan India Ltd Apex Frozen Foods Ltd APL Apollo Tubes Apollo Hospitals and Enterprises Apollo Tyres Ltd Ashok Leyland Ashoka Buildcon Ltd Asian Paints Limited Astec Lifesciences Ltd Astral Ltd. Atul Ltd AU Small Finance Bank Aurobindo Pharma Avalon Technologies Avanti Feeds Ltd Axis Bank Bajaj Auto Bajaj Finance Ltd Balkrishna Industries Ltd Balrampur Chini Mills Ltd Bank of Baroda Bank of India BCL Industries Ltd Berger Paints India Limited Bharat Dynamics Ltd Bharat Electronics Ltd Bharat Forge Bharat Heavy Electricals Bharat Petroleum Birla Corporation Ltd Birlasoft Blue Dart Express Ltd Blue Jet Healthcare Bosch Ltd Britannia Industries Ltd Camlin Fine Sciences Canara Bank Century Plyboards Cera Sanitaryware Cholamandalam Investment and Finance Company Cipla Ltd Clean Science and Technology Coal India Coastal Corp Ltd Coforge Limited Colgate Palmolive India Container Corp of India Ltd Coromandel International Ltd CreditAccess Grameen Ltd Crompton Greaves Consumer Electricals Cummins India Ltd Cyient DLM Ltd Cyient Limited Dabur India Ltd Dalmia Bharat Ltd Data Patterns (India) Ltd Deepak Fertilisers & Petrochemicals Corp. Ltd. Deepak Nitrite Ltd Delhivery Dilip Buildcon Ltd Divi's Laboratories Dixon Technologies Dr Reddy's Laboratories Ltd Dr. Lal Pathlabs Ltd. E2E Network Eicher Motors Ltd Elin Electronics Emami Ltd Endurance Technologies Ltd Epigral Ltd Equitas Small Finance Bank Limited Escorts Kubota Ltd Eternal Ltd Ethos Limited Exide Industries Ltd Federal Bank Finolex Cables Finolex Industries FSN Ecommerce Fusion Finance Limited GAIL India Galaxy Surfactants Ltd Gland Pharma Ltd Globus Spirits Ltd Godrej Consumer Products Ltd Granules India Ltd Gujarat Fluorochemicals Ltd Gujarat Gas Gujarat Pipavav Port Ltd Gulshan Polyols Ltd Havells India HCL Technologies HDFC AMC HDFC Bank HEG Limited Heidelberg Cement India Ltd Hero MotoCorp Hindalco Industries Ltd Hindustan Aeronautics Ltd Hindustan Petroleum Corp. Hindustan Unilever Ltd Home First Finance company Housing Development Fin. Hyundai Motor India ICICI Bank IKIO Lighting India Glycols Ltd India Pesticides Ltd Indian Oil Corp. Indoco Remedies Ltd Indraprastha Gas IndusInd Bank Infosys InterGlobe Aviation Ltd Ipca Laboratories Ltd IRB Infrastructure Developers Ltd IRB InvIT Fund J K Cement Ltd JB Chemicals & Pharmaceuticals Ltd Jindal Steel and Power JK Lakshmi Cement JSW Infrastructure Ltd JSW Steel Jubilant Ingrevia Ltd Jyothy Labs Limited Kajaria Ceramics Kalpataru Projects International Limited Kansai Nerolac Paints Limited Kaveri Seed Co Ltd Kaynes Technology KEC International Ltd KEI Industries KNR Constructions Ltd Kotak Mahindra Bank L&T Infotech L&T Technology Services Ltd Larsen & Toubro Ltd Laurus Labs Laxmi Organic Industries Ltd Lloyds Metals & Energy Ltd LTIMindtree Ltd Lupin Ltd Mahanagar Gas Mahindra & Mahindra Mahindra & Mahindra Finance Marico Ltd Maruti Suzuki Metropolis Healthcare Ltd. Mindtree Ltd Mphasis MTAR Technologies Limited Muthoot Finance Ltd Natco Pharma Ltd National Aluminium Co Ltd Navin Fluorine International Ltd NCC Ltd Nestle India Ltd Nippon Life India Asset Management Ltd NMDC NTPC Ltd Oil & Natural Gas Oil India Orient Cement Orient Electric Persistent Systems Ltd Petronet LNG PG Electroplast PI Industries Ltd Pidilite Industries Limited PNC Infratech Ltd Polycab India Prism Johnson Ltd Punjab National Bank Radico Khaitan Ltd Rallis India Ltd Ramco Cements Ltd Raymond Ltd RBL Bank Samvardhana Motherson International Ltd SBI Cards SBI Life Insurance Schaeffler India Ltd Shree Cement Ltd Shriram Finance Limited Siemens Ltd SKF India Ltd Skipper Limited Som Distilleries & Breweries Ltd Sonata Software Spandana Sphoorty Financial SpiceJet Ltd SRF Limited State Bank of India Steel Authority of India Sun Pharmaceutical Industries Supreme Industries Swiggy Ltd Syrma SGS Technology Tata Consultancy Services Tata Elxsi Ltd Tata Motors Tata Steel Tata Technologies Ltd TCPL Packaging Ltd Tech Mahindra Thermax Ltd Thyrocare Technologies Ltd. Timken Ltd Titan Co Ltd Torrent Pharmaceuticals Ltd Triveni Engineering and Industries Ltd TVS Motor Co Ltd Ugro Capital UltraTech Cement Ltd UPL Limited UTI AMC V-Guard Industries Vinati Organics VIP Industries Limited Voltas Ltd VRL Logistics Ltd Wipro Zydus Lifesciences
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Analyst
Abhishek SHINDADKAR Anirvan DIVAKERA Chaitya DOSHI Himanshu Marfatia InCred Institutional Equities Research Meghna LUTHRA Niharika AGARWAL Nishant BAGRECHA Nitin AWASTHI Pradnya Ghag Pramod AMTHE Rajarshi MAITRA Ravi GUPTA Ritik GUPTA Rohan KALLE SALES-BLOOM Kamal Satish KUMAR Saurabh SINGH Tushar WAVHAL Yogesh SONI
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Dalmia Bharat Ltd

Dalmia Bharat Ltd
23 Jul 2025 Company Note
CMP ₹ 2,270
Target Price ₹ 2,530
Focus on sustaining profitable growth ...

1QFY26 EBITDA stood at Rs8.8bn, ~6% above our estimate. Volume growth was -5% yoy (ex-JPA flat yoy). Realization...

A ADD
Dalmia Bharat Ltd
24 Apr 2025 Company Note
CMP ₹ 1,974
Target Price ₹ 2,180
Growth lags; cost savings aid profitab...

4QFY25 EBITDA stood at Rs7.9bn, ~4% below our estimate (down ~1% yoy), Volume growth was -3% yoy (ex-JPA assets ...

A ADD
Dalmia Bharat Ltd
22 Jan 2025 Company Note
CMP ₹ 1,771
Target Price ₹ 2,000
Earnings take a hit due to steep volum...

3QFY25 EBITDA stood at Rs5.1bn, ~11% below our estimate (down ~34% yoy), due to lower volume (-2% yoy while ex-J...

A ADD
Dalmia Bharat Ltd
21 Oct 2024 Company Note
CMP ₹ 1,831
Target Price ₹ 2,060
Miss & hit quarter; all hopes on 2H re...

2QFY25 consolidated EBITDA stood at Rs4.3bn, ~8% below our estimate (down ~27% yoy and 35% qoq), due to a subdue...

A ADD
Dalmia Bharat Ltd
19 Jul 2024 Company Note
CMP ₹ 1,819
Target Price ₹ 2,100
Lower costs drive profitability beat i...

1QFY25 consol. EBITDA stood at Rs6.7bn, ~25% above our estimate (up ~10% yoy and 2% qoq), mainly driven by bette...

A ADD
Dalmia Bharat Ltd
26 Apr 2024 Company Note
CMP ₹ 1,806
Target Price ₹ 2,250
Focus on market share gain hits profit...

4Q consol. EBITDA stood at Rs6.5bn, ~14% below our estimate (down 8% yoy and 16% qoq), mainly driven by lower re...

A ADD
Cement
01 Apr 2024 Sector Flash Note Construction a...
Rating Overweight
Key monitorable - price hikes from Apr...

In Mar 2024, cement prices continued to remain in a downtrend, down by an avg. Rs8-9/bag (~2%) m-o-m across regi...

Cement
29 Feb 2024 Sector Flash Note Construction a...
Rating Overweight
Channel check feedback across regions

In Feb 2024, cement prices continued to remain in a downtrend, down by an average Rs6-7/bag across regions, beca...

Dalmia Bharat Ltd
26 Jan 2024 Company Note
CMP ₹ 2,205
Target Price ₹ 2,700
Strong volume results in EBITDA/t beat...

3QFY24 consolidated EBITDA stood at Rs7.7bn, ~11% above our estimate (up 20% yoy and 32% qoq), mainly driven by ...

A ADD
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The Incred Research Team covers 17 sectors and 193 companies, with coverage to increase to 220 companies by the year’s end. Its senior analysts are rated by local and international fund managers.

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Search result
Aarti Drugs Ltd Aarti Industries Aavas Financiers Ltd ABB India Ltd ACC Ltd Adani Ports & Special Economic Zone Ltd Adani Power Ltd Aditya Birla Fashion and Retail Ltd Aditya Birla Sunlife AMC Aether Industries Ltd Ajanta Pharma Ltd Alembic Pharmaceuticals Ltd Alkem Laboratories Ltd Amber Enterprises Ambuja Cements Ltd Ami Organics Ltd Anupam Rasayan India Ltd Apex Frozen Foods Ltd APL Apollo Tubes Apollo Hospitals and Enterprises Apollo Tyres Ltd Ashok Leyland Ashoka Buildcon Ltd Asian Paints Limited Astec Lifesciences Ltd Astral Ltd. Atul Ltd AU Small Finance Bank Aurobindo Pharma Avalon Technologies Avanti Feeds Ltd Axis Bank Bajaj Auto Bajaj Finance Ltd Balkrishna Industries Ltd Balrampur Chini Mills Ltd Bank of Baroda Bank of India BCL Industries Ltd Berger Paints India Limited Bharat Dynamics Ltd Bharat Electronics Ltd Bharat Forge Bharat Heavy Electricals Bharat Petroleum Birla Corporation Ltd Birlasoft Blue Dart Express Ltd Blue Jet Healthcare Bosch Ltd Britannia Industries Ltd Camlin Fine Sciences Canara Bank Century Plyboards Cera Sanitaryware Cholamandalam Investment and Finance Company Cipla Ltd Clean Science and Technology Coal India Coastal Corp Ltd Coforge Limited Colgate Palmolive India Container Corp of India Ltd Coromandel International Ltd CreditAccess Grameen Ltd Crompton Greaves Consumer Electricals Cummins India Ltd Cyient DLM Ltd Cyient Limited Dabur India Ltd Dalmia Bharat Ltd Data Patterns (India) Ltd Deepak Fertilisers & Petrochemicals Corp. Ltd. Deepak Nitrite Ltd Delhivery Dilip Buildcon Ltd Divi's Laboratories Dixon Technologies Dr Reddy's Laboratories Ltd Dr. Lal Pathlabs Ltd. E2E Network Eicher Motors Ltd Elin Electronics Emami Ltd Endurance Technologies Ltd Epigral Ltd Equitas Small Finance Bank Limited Escorts Kubota Ltd Eternal Ltd Ethos Limited Exide Industries Ltd Federal Bank Finolex Cables Finolex Industries FSN Ecommerce Fusion Finance Limited GAIL India Galaxy Surfactants Ltd Gland Pharma Ltd Globus Spirits Ltd Godrej Consumer Products Ltd Granules India Ltd Gujarat Fluorochemicals Ltd Gujarat Gas Gujarat Pipavav Port Ltd Gulshan Polyols Ltd Havells India HCL Technologies HDFC AMC HDFC Bank HEG Limited Heidelberg Cement India Ltd Hero MotoCorp Hindalco Industries Ltd Hindustan Aeronautics Ltd Hindustan Petroleum Corp. Hindustan Unilever Ltd Home First Finance company Housing Development Fin. Hyundai Motor India ICICI Bank IKIO Lighting India Glycols Ltd India Pesticides Ltd Indian Oil Corp. Indoco Remedies Ltd Indraprastha Gas IndusInd Bank Infosys InterGlobe Aviation Ltd Ipca Laboratories Ltd IRB Infrastructure Developers Ltd IRB InvIT Fund J K Cement Ltd JB Chemicals & Pharmaceuticals Ltd Jindal Steel and Power JK Lakshmi Cement JSW Infrastructure Ltd JSW Steel Jubilant Ingrevia Ltd Jyothy Labs Limited Kajaria Ceramics Kalpataru Projects International Limited Kansai Nerolac Paints Limited Kaveri Seed Co Ltd Kaynes Technology KEC International Ltd KEI Industries KNR Constructions Ltd Kotak Mahindra Bank L&T Infotech L&T Technology Services Ltd Larsen & Toubro Ltd Laurus Labs Laxmi Organic Industries Ltd Lloyds Metals & Energy Ltd LTIMindtree Ltd Lupin Ltd Mahanagar Gas Mahindra & Mahindra Mahindra & Mahindra Finance Marico Ltd Maruti Suzuki Metropolis Healthcare Ltd. Mindtree Ltd Mphasis MTAR Technologies Limited Muthoot Finance Ltd Natco Pharma Ltd National Aluminium Co Ltd Navin Fluorine International Ltd NCC Ltd Nestle India Ltd Nippon Life India Asset Management Ltd NMDC NTPC Ltd Oil & Natural Gas Oil India Orient Cement Orient Electric Persistent Systems Ltd Petronet LNG PG Electroplast PI Industries Ltd Pidilite Industries Limited PNC Infratech Ltd Polycab India Prism Johnson Ltd Punjab National Bank Radico Khaitan Ltd Rallis India Ltd Ramco Cements Ltd Raymond Ltd RBL Bank Samvardhana Motherson International Ltd SBI Cards SBI Life Insurance Schaeffler India Ltd Shree Cement Ltd Shriram Finance Limited Siemens Ltd SKF India Ltd Skipper Limited Som Distilleries & Breweries Ltd Sonata Software Spandana Sphoorty Financial SpiceJet Ltd SRF Limited State Bank of India Steel Authority of India Sun Pharmaceutical Industries Supreme Industries Swiggy Ltd Syrma SGS Technology Tata Consultancy Services Tata Elxsi Ltd Tata Motors Tata Steel Tata Technologies Ltd TCPL Packaging Ltd Tech Mahindra Thermax Ltd Thyrocare Technologies Ltd. Timken Ltd Titan Co Ltd Torrent Pharmaceuticals Ltd Triveni Engineering and Industries Ltd TVS Motor Co Ltd Ugro Capital UltraTech Cement Ltd UPL Limited UTI AMC V-Guard Industries Vinati Organics VIP Industries Limited Voltas Ltd VRL Logistics Ltd Wipro Zydus Lifesciences