Dalmia Bharat Refractories Unlisted Shares
Dalmia Bharat Refractories makes magnesia carbon refractories at its Salem plant and is reviving a tyre business bought through insolvency. It reported consolidated revenue from operations of ₹106.29 crore in FY25.
Read the full company profile
Key facts
Dalmia Bharat Refractories share details
- Lot size
- 250 shares
- Min. investment
- ₹53,750
- Face value
- ₹10
- Implied market cap
- ₹950 Cr
- Shares outstanding
- 44,200,107
- Headquarters
- Dalmiapuram, Tiruchirappalli, Tamil Nadu
- Website
- dalmiaocl.com
- ISIN
- INE0EB001012
- CIN
- L26100TN2006PLC061254
- Lock-in after IPO
- 6 months
Price history
Dalmia Bharat Refractories share price chart
1Y change
+0.00%
High
₹245
Low
₹215
Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.
About
About Dalmia Bharat Refractories
Dalmia Bharat Refractories Limited is a Tamil Nadu based company with its registered office at Dalmiapuram, Tiruchirappalli. Its annual report says it is engaged in refractories and tyres. Refractories are heat-resistant materials that line furnaces, mostly used by steel makers. The company's main product is magnesia carbon, made at the Salem plant, and sold in India and abroad through its overseas subsidiaries OCL Global Limited and OCL China Limited.
The second business is tyres. Along with its partner Himadri Speciality Chemical Limited, the company won the insolvency process of Birla Tyres Limited, and the tyre undertaking was transferred to it under an NCLT order. The annual report says the revival has been slowed by labour unrest at the plant. The company has also been declared preferred bidder for a graphite and lithium mineral block in Tamil Nadu.
On a consolidated basis, revenue from operations was ₹106.29 crore in FY25 against ₹115.96 crore in FY24. The company made a loss of ₹36.65 crore for FY25 against a profit of ₹47.09 crore in FY24, which included profit from a discontinued operation. Total assets were ₹3,316.37 crore, much of it investments including a stake in Dalmia Bharat Limited. These are consolidated figures from the FY25 annual report.
The promoter group held 74.99% at 31 March 2025. The largest holders are Sarvapriya Healthcare Solutions Private Limited and Akhyar Estate Holdings Private Limited. A scheme to move the Dalmia Magnesite Corporation refractory unit and the Govan Travels division from Dalmia Bharat Sugar and Industries into this company was awaiting NCLT approval when the report was signed.
The annual report says the shares are listed on the Metropolitan Stock Exchange of India and the Calcutta Stock Exchange. Unlisted share dealers still quote an off-market price for it, which is indicative only. IPO Guru shows ₹215 per share with a lot size of 250 shares. Trades in such shares happen privately between buyers and sellers, so the price can differ from dealer to dealer.
Strengths
- Promoter group holds 74.99% of the equity as of 31 March 2025, which keeps ownership stable.
- Net worth is large against borrowings: consolidated total equity was ₹2,427.06 crore against borrowings of ₹767.28 crore at 31 March 2025.
- The balance sheet carries sizeable investments, including shares of Dalmia Bharat Limited carried at ₹581.43 crore on the standalone books.
- The company has a foothold in magnesia carbon refractories through the Salem plant and has overseas subsidiaries, OCL Global Limited and OCL China Limited, which the report says serve global demand for Mag-Carbon products.
- It declared a dividend of ₹1 per share for FY25 even in a loss-making year.
Risks
- Consolidated net loss of ₹36.65 crore in FY25 against a profit of ₹47.09 crore in FY24; the earlier profit came largely from a discontinued operation.
- Revenue from operations fell to ₹106.29 crore in FY25 from ₹115.96 crore in FY24.
- Finance costs rose to ₹84.31 crore in FY25 from ₹13.85 crore on a consolidated basis as borrowings increased.
- Consolidated operating cash flow was negative at ₹5.18 crore in FY25 and negative ₹322.55 crore in FY24.
- The tyre revival has been hit by labour unrest, and the company says this has slowed the revival plan.
- The refractory unit of Dalmia Bharat Sugar and Industries is not yet transferred; the scheme was pending before NCLT Chennai, so the business could change.
- A large part of the assets is investments whose value moves with market prices, which showed up as a ₹150.75 crore loss through other comprehensive income in FY25.
- The annual report flags raw material supply risk for magnesite and tough competition from domestic and international players.
- Latest annual report on file is FY25, so FY26 results are not reflected here.
Financials
Dalmia Bharat Refractories financial performance
Revenue, profit and balance-sheet figures by fiscal year.
Revenue & PAT (₹ Cr)
Revenue
PAT
| Metric | FY25Latest | FY24 |
|---|---|---|
| Revenue (₹ Cr) | 106 | 116 |
| PAT (₹ Cr) | -36.65 | 47.09 |
| PAT Margin (%) | -34.48 | 40.61 |
| RoNW (%) | -1.51 | 1.80 |
| EPS (₹) | -8.17 | 10.66 |
| Debt / Equity | 0.32 | 0.22 |
| Total Assets (₹ Cr) | 3,316 | 3,279 |
| Net Worth (₹ Cr) | 2,427 | 2,612 |
Swipe the table sideways for earlier years →
Leadership
Management team
Mr. Deepak Thombre
Chairman and Independent Director
Chairs the board of the company.
Dr. Chandra Narain Maheshwari
Whole Time Director and CEO
Executive director and chief executive of the company.
Mr. Mukund Choudhary
Executive Director (Tyre Undertaking)
Executive director for the tyre business since 1 February 2025.
Mr. Rahul Sahni
Chief Financial Officer
Key managerial person for finance.
Ms. Soumya Sharma
Company Secretary
Company secretary and compliance officer since 24 September 2024.
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