The stock is currently trading at 12x FY25E EBITDA and the replacement cost is ~USD 100/MT. Dalmia remains one of our top picks in the cement sector. We hosted Dalmia Bharat management for non-deal roadshows in Mumbai. The management remained upbeat on the cement demand outlook. It expects to outpace industry growth, driven by its fast expansions (organic and inorganic). It also noted that while the energy cost is coming down, the industry leaders would partially pass on benefits to gain market share. Dalmia will focus on expanding its footprint in the central region as it ramps up production from the recently-acquired JP assets and later through capacity expansion in the region. It remains committed to producing 100% blended cement by 2026. Its upcoming WHRS/solar capacities will enhance green power consumption to ~30% in FY25E. We maintain our BUY rating on the company, with an unchanged target price of INR 2,350/sh (13x its FY25E consolidated EBITDA).