Dalmia Bharat reported weak Q2FY25 performance due to a sharp fall in average realization and higher other costs, but expects improvement in H2FY25 driven by better pricing and volumes. FY24-27E revenue/EBITDA/PAT CAGR is expected at 11%/14%/21%. The stock is valued at 11x EV of Sep'26E EBITDA, maintaining an 'ACCUMULATE' rating with a TP of Rs2,073.