DALMIA BHARATHello & welcome to this analysis
Technical Outlook:
In the monthly time frame its completing the formation of a Cup & Handle breakout suggesting upside levels for medium term 2800 - 3500, for long term 3800 - 5000
Accumulation can be done in the range of 1900 (on downside) 2300 (on the upside).
The view would be invalid if it goes below 1700
Fundamental Outlook
Cost and operational efficiency focus
Recognized as one of the lowest-cost cement producers in India, thanks to measures such as increased use of blended cement, alternative fuels, optimization of lead distances
As of FY25, DBL reported a net debt to EBITDA ratio of ~0.3×, indicating a relatively comfortable leverage position for now.
Growth ambition/scale expansion
The company has achieved an installed capacity milestone of ~49.5 Mtpa (million tones per annum) of cement in FY25. It has set a long-term target of 110-130 Mtpa by ~FY31.
Regional presence & market opportunity
DBL has a strong footprint in the East & South of India, which are seen as growth regions. For example, the FY25 press release emphasized expansion in the East.
Where could margin gains realistically come from?
Better pricing / improved net realizations (higher NSR/ton).
Cost reductions: fuel/coal optimization, higher renewables share, freight savings and logistics efficiency.
Product mix shift to premium / blended cement with higher realizations.
Scale / utilization improvements (spreading fixed cost)
All the best
