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Dalmia Bharat Refractories Limited Unlisted Shares
DRHP Status : Not Filed
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Fundamentals About Dalmia Bharat Refractories Limited
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Dalmia Bharat Refractories Limited
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 790 | 300 | 346 | 116 |
| Cost of Material Consumed | 446 | 185 | 226 | 63 |
| Gross Margins | 43.54 | 38.33 | 34.68 | 45.69 |
| Change in Inventory | 4 | -1 | -7 | 7 |
| Employee Benefit Expenses | 94 | 30 | 50 | 19 |
| Other Expenses | 190 | 40 | 52 | 55 |
| EBITDA | 56 | 46 | 25 | -28 |
| OPM | 7.09 | 15.33 | 7.23 | -24.14 |
| Other Income | 7 | 1 | 13 | 121 |
| Finance Cost | 11 | 4 | 13 | 14 |
| D&A | 56 | 9 | 36 | 24 |
| EBIT | 0 | 37 | -11 | -52 |
| EBIT Margins | 0 | 12.33 | -3.18 | -44.83 |
| PBT | -3 | 35 | 1749 | 56 |
| PBT Margins | -0.38 | 11.67 | 505.49 | 48.28 |
| Tax | 1 | 12 | 414 | 9 |
| PAT | -4 | 23 | 1335 | 47 |
| NPM | -0.51 | 7.67 | 385.84 | 40.52 |
| EPS | -571.43 | 5.2 | 302.04 | 10.63 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 7.09 | 15.33 | 7.23 | -24.14 |
| Net Profit Margin | -0.51 | 7.67 | 385.84 | 40.52 |
| Earning Per Share (Diluted) | -571.43 | 5.2 | 302.04 | 10.63 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 262 | 256 | 97 | 286 |
| CWIP | 7 | 22 | 0 | 90 |
| Investments | 111 | 105 | 2264 | 2512 |
| Trade Receivables | 212 | 337 | 148 | 24 |
| Inventory | 249 | 392 | 67 | 29 |
| Other Assets | 519.07 | 424 | 521 | 338 |
| Total Assets | 1360.07 | 1536 | 3097 | 3279 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 0.07 | 44.2 | 44.2 | 44.2 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 925 | 907 | 2232 | 2567 |
| Borrowings | 150 | 159 | 89 | 577 |
| Trade Payables | 177 | 283 | 184 | 31 |
| Other Liabilities | 108 | 142.8 | 547.8 | 59.8 |
| Total Liabilities | 1360.07 | 1536 | 3097 | 3279 |
About Company
Dalmia Refractory, GSB Refractory, and SDMM Refractory have been amalgamated into Dalmia Bharat Refractories Limited (DBRL).
The consolidation was executed to create a strong, unified refractory powerhouse within the Dalmia Group, enabling the combined entity to support high-temperature industries such as steel, cement, non-ferrous metals, petrochemicals, and glass.
The following table shows a 10-point analysis of Dalmia Bharat Refractories Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue (Continuing Ops) ₹199 cr · PAT -₹37 cr · PAT margin negative | Manufacturer of refractories (bricks, monolithics, castables) for steel, cement, glass industries; part of Dalmia Bharat Group; focused on high-performance refractory solutions; revenue modest with integration/consolidation phase underway. |
| Industry & Market Position | Niche Indian refractories player · Supplies to steel/cement · Benefits from Dalmia group synergies | Operates in cyclical sector linked to steel output; high entry barriers via technology & client approvals; competes with RHI Magnesita/Vesuvius; exposed to raw material volatility. |
| Revenue Growth Trend | FY23–FY25 volatile (FY24 ~₹116 cr, recovery to ₹199 cr in FY25) | Inconsistent due to restructuring/discontinued ops impacts; recent recovery in continuing operations; growth tied to steel and cement demand revival. |
| Profitability & Margins | EBITDA (Continuing Ops) ₹73 cr (~37% margin) · ROE negative · PAT negative | Strong core EBITDA from efficiency gains; overall losses due to restructuring/legacy issues; healthy operating margins but pressured net profitability. |
| Cash Flow Quality | OCF ~ -₹5 cr (FY25) · No dividends | Cash outflow from operations/investments; supported by strong cash (~₹91 cr) and investments (~₹2,647 cr); moderate quality amid losses. |
| Balance Sheet Strength | Net worth ~₹2,422–2,757 cr · Book value ₹548–624/share · Low debt | Very strong liquidity and conservative structure; high cash/investments buffer; minimal leverage risk despite losses. |
| Valuation Comfort | Unlisted price ₹235–283 (Feb 2026) · P/B ~0.4–0.5x · Market cap ~₹970–1,250 cr | Deep discount to book value reflecting losses/uncertainty; attractive for turnaround/value investors; asset-rich balance sheet. |
| Management & Governance | Part of Dalmia Bharat Group · Professional oversight · CARE-rated | Strong governance via reputed parent group; transparent disclosures; benefits from sector expertise. |
| Growth Triggers & Catalysts | Steel/cement revival · Strategic acquisitions · Margin stability | Upside from industrial demand recovery and strategic moves; value unlock possible if turnaround succeeds; no confirmed IPO plans. |
| Liquidity & Exit Visibility | OTC liquidity · Listed on MSE/CSE (inactive) · No NSE/BSE listing | Very low effective liquidity; capital largely locked; exit dependent on OTC trades or future strategic actions. |
Purpose of the Consolidation
The merger strengthens DBRL across multiple dimensions:
- Enhanced financial strength for long-term growth
- Higher investment capability for new plants and expansions
- A larger talent pool from all merged entities
- Better customer service capabilities for large industrial clients
- Stronger R&D platform for developing advanced refractory solutions
- Accelerated digital transformation, enabling better process automation and quality management
Post merger, DBRL is positioned as a long-term technology partner for core industries that rely on refractory materials.
Share Swap Ratio
Under the approved merger scheme:
For every 100 shares of Dalmia Refractory, shareholders received 768 shares of Dalmia Bharat Refractory. This swap ratio indicates a significant value unlocking for shareholders of the erstwhile Dalmia Refractory.
Valuation Report of the Deal
The valuation for the merger was based on:
- Relative financial performance
- Net asset value
- Future earning potential
- Market positioning within the refractory industry
The Scheme of Amalgamation ensured fair value distribution among shareholders of all merging entities.
Scheme of Amalgamation – Key Points
- Transfer of all assets, liabilities, employees, and operations from Dalmia Refractory, GSB Refractory and SDMM Refractory into DBRL.
- Streamlining of capital structure.
- Improved operational efficiency and lower overhead costs.
- Integration of manufacturing facilities, sales teams, and supply chain operations.
- Alignment of product lines into one unified business vertical under DBRL.
Highlights for FY 2023–24
Divestment & Consolidation
- DBRL exited its German refractory business to focus on core product categories such as mag-carbon and allied refractory solutions.
- Licensed the manufacturing plant of Dalmia Bharat Sugar & Industries Limited in Salem, strengthening the “Make in India” manufacturing base.
Expansion Through Acquisition
- In partnership with Himadri Speciality Chemical Limited, DBRL acquired Birla Tyre Limited through CIRP.
- This move allows diversification into new business verticals and strengthens its industrial footprint.
Proposed Acquisition
- DBRL has proposed the acquisition of Dalmia Magnesite Corporation and its associated travel business.
- Approval from the National Company Law Tribunal (NCLT) is pending.
- This acquisition will provide access to additional mineral reserves and processing capability.
Strategic Investments
- The company invested in various long-term securities, supporting future value creation and improved capital management.
Critical Mineral Mining Initiatives
- DBRL participated in bids for government-announced deposits of Graphite and Lithium, two essential minerals for emerging sectors like EVs, electronics, and advanced manufacturing.
- This entry into critical minerals strengthens long-term sustainability and raw-material security.
Shareholding Pattern of Dalmia Bharat Refractories Limited
| Name | Holding |
|---|---|
| Sarvapriya Healthcare Solutions Private Limited | 42.36% |
| Akhyar Estate Holding Private Limited | 22.26% |
| Garvita Solution Services And Holding Private Limited | 6.07% |
| Other | 29.31% |
Promoters of Dalmia Bharat Refractories Limited
| Name | Designation | Linkedin Profile |
|---|---|---|
| Deepak Thombre | Chairman of the Board (Ex-MD & CEO, Dalmia Refractories Ltd) |  |
| Binayak Shah | CFO, Dalmia Bharat Refractories Limited | |
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