Dalmia Refractories Unlisted Shares
Dalmia Refractories Limited (Unlisted Shares)
Key Takeaway
Dalmia Refractories Limited (DRL) is a leading Indian refractories manufacturer with a diversified product portfolio, robust manufacturing capabilities across four plants, and strong promoter backing. Positioned to capitalize on steels, cement, glass, and petrochemical sectors, DRL is advancing toward an IPO in FY 2025–26, offering investors pre-listing opportunities in its unlisted shares.
Company Profile
Dalmia Refractories Limited (formerly Shri Nataraj Ceramic And Chemical Industries Ltd.) is an unlisted entity incorporated on 21 June 1973, headquartered at Dalmiapuram, Tamil Nadu. As part of the Dalmia Bharat Group, DRL specializes in alumino-silicate refractories and serves steel, cement, glass, non-ferrous metals, and petrochemical industries.
| Incorporation Date | 21 June 1973 |
| Registered Office | Dalmiapuram, P.O. Kallakudi, Tiruchirapalli Dist., Tamil Nadu – 621651 |
| ISIN Code | INE200F01017 |
| Website | http://www.dalmiarefractories.com |
| Industry | Refractories |
| Promoter Group | Dalmia Bharat Group |
Key Areas of Focus
| Focus Area | Details |
| High-Temperature Linings | Bricks, monolithics, castables for furnaces & kilns in steel, cement, glass, non-ferrous metals, petrochemicals |
| Backward Integration | Investments in magnesite mining, raw material sourcing for quality control |
| R&D and Innovation | Dalmia Institute of Scientific & Industrial Research (Rajgangpur); advanced formulations |
| Strategic Diversification | Mag-Carbon (DMC brand), tyre business (Birla Tyres acquisition), critical minerals participation |
| Pre-IPO Share Transactions | Active in unlisted markets; platforms like UnlistedZone facilitate buy/sell 2 |
Business Operations and Market Position
| Aspect | Details |
| Manufacturing Plants | Dalmiapuram (TN), Khambhalia (GJ), Katni (MP), Salem (leave-and-license) and China facility |
| Production Capacity | >120,000 MT shaped bricks & monolithics annually |
| Market Share | >50% in alumina bricks for cement industry |
| Customer Segments | Cement majors, steelmakers, petrochemical units, glass & non-ferrous metal producers |
| Geographical Reach | Pan-India sales & service; exports to Europe, Asia, Americas |
| Competitive Edge | End-to-end refractory solutions; in-house R&D; backward integration |
Core Product Portfolio
| Product Category | Offerings |
| Refractory Bricks | High-alumina, fire-clay, special quality bricks, alumino-silicate bricks |
| Monolithic Refractories | Castables, mortars, ramming masses, low-cement castables, special castables |
| Magnesia-Carbon (DMC) | Branded for steel ladle linings; high thermal shock resistance |
| Ancillaries & Services | Installation, lining services, technical consultancy |
| Specialty Products | Snorkels, lances for steel industry (via GSB acquisition) |
Manufacturing Capabilities and Expansion Plans
| Facility Location | Capacity/Role | Expansion Plans |
| Dalmiapuram, TN | Shaped bricks & monolithics; R&D support | Upscaling digital transformation |
| Khambhalia, GJ | High-alumina bricks | Add capacity for critical minerals processing |
| Katni, MP | Monolithics production exclusively | New product lines for pet-coke kilns |
| Salem (lease), TN | Mag-Carbon division | Scaling DMC capacity |
| China Plant | Mag-Carbon manufacturing | Strategic divestment evaluation |
| DISIR, Odisha (R&D) | Pilot trials, raw material testing, collaborative projects | Industry-academia joint research |
| Upcoming Tyre Unit | Birla Tyres Limited facility at Balasore, Odisha | Commissioning FY 2025 |
Promoters and Management
| Promoter / Director | Role |
| Anupama Dalmia | Significant Beneficial Owner |
| Yadu Hari Dalmia | Significant Beneficial Owner |
| Bela Dalmia | Significant Beneficial Owner |
| Puneet Yadu Dalmia | Significant Beneficial Owner |
| Shrutipriya Dalmia | Significant Beneficial Owner |
| Avantika Dalmia | Significant Beneficial Owner |
| Executive Team | CEO & CFO appointed; cross-functional heads for operations, sales & finance |
Shareholding Pattern
| Category | 2024 (%) |
| Promoter & Promoter Group | 55.84 |
| Public (Bodies Corporate) | 0.91 |
| Public (Individuals) | 34.01 |
| Public (NRIs/OCBs) | 0.10 |
| Institutions | 0.04 |
| Others | 9.10* |
| Total | 100.00 |
*Includes unclassified & depository receipts
Company Fundamentals
| Fundamental Metric | 2024 (₹ Cr) |
| Revenue | 116 |
| EBITDA | –28 |
| EBIT | –52 |
| PBT | 56 |
| PAT | 47 |
| Gross Margin | 45.69% |
| Operating Profit Margin | –24.14% |
| Net Profit Margin | 40.52% |
| EPS (Diluted) | 10.63 |
Financials
Income Statement (₹ Cr)
| Item | 2021 | 2022 | 2023 | 2024 |
| Revenue | 790 | 300 | 346 | 116 |
| Cost of Material Consumed | 446 | 185 | 226 | 63 |
| Gross Profit Margin | 43.54% | 38.33% | 34.68% | 45.69% |
| Employee Benefit Expenses | 94 | 30 | 50 | 19 |
| Other Expenses | 190 | 40 | 52 | 55 |
| EBITDA | 56 | 46 | 25 | –28 |
Balance Sheet (₹ Cr)
| Item | 2024 |
| Total Assets | – |
| Total Liabilities | – |
| Equity Share Capital | – |
| (Detailed BS not publicly disclosed) |
Cash Flow (₹ Cr)
| Item | 2024 |
| Cash from Operations | – |
| Cash from Investing | – |
| Cash from Financing | – |
| (Detailed CF not publicly disclosed) |
Annual Reports and Regulatory Compliance
| Aspect | Status |
| Annual Report FY 2023–24 | Published; available on investor site |
| Quarterly Results | Filed with MSEI & BSE quarterly; comply with XBRL requirements |
| Shareholding Pattern Filings | Q2 FY 24–25 filed; comply with SEBI LODR requirements |
| Statutory Audits | Completed by statutory auditor; no adverse remarks |
| SEBI Compliances | Adheres to insider trading, continuous disclosure, share classification rules |
IPO Preparations and Market Listing Plans
| Milestone | Timeline / Details |
| Pre-IPO Roadshows | Q4 FY 24–25 |
| SEBI Draft Red Herring Prospectus | Filing planned end FY 25 |
| Target Listing Exchange | BSE SME / Mainboard |
| Expected Listing Date | H2 FY 25–26 |
| Pre-Listing Valuation Metrics | P/E 12–15x range; EV/EBITDA 8–10x (indicative) |
| Anchor Investors Engagement | Ongoing discussions |
| Minimum Lot Size (Unlisted) | 100 shares |
FAQs – How to Buy or Sell Dalmia Refractories Unlisted Shares
How can I buy Dalmia Refractories Unlisted Shares?
You may purchase through registered unlisted share platforms unlistedsharesbroker or Armsecurities, via off-market transfers in your demat account, following KYC and DIS procedures.
What is the minimum lot size for Dalmia Refractories Unlisted Shares?
Typically, the minimum lot is 100 shares in off-market trades.
What documents are required for Dalmia Refractories Unlisted Shares transactions?
PAN, Aadhaar, demat account details, DIS form (offline/online), bank proof, and broker agreement are mandatory.
What is the current lock-in period for Dalmia Refractories Unlisted Shares?
SEBI regulations mandate a six-month lock-in for pre-IPO shares, applicable based on allotment category.
How are Dalmia Refractories Unlisted Shares transferred between accounts?
Via Delivery Instruction Slip (DIS):
- Offline DIS: Paper form submitted to your DP.
- Online DIS: Broker’s online portal transaction.
What are the current valuation metrics for Dalmia Refractories?
Indicative pre-listing valuations suggest a P/E of 12–15x and EV/EBITDA of 8–10x based on FY 24 PAT and EBITDA forecasts.
What makes Dalmia Refractories shares attractive for investment?
Strong market leadership in refractories, backward integration, diversified product mix, R&D focus, and imminent IPO listing potential.
What are the tax implications of Dalmia Refractories Unlisted Shares transactions?
Capital gains tax applies:
- Short-term (holding ≤ 24 months) taxed at 15%.
- Long-term (holding > 24 months) taxed at 20% with indexation benefits.
Can I pledge Dalmia Refractories Unlisted Shares for loans?
Yes, if your DP facilitates pledge of off-market holdings; lender acceptance subject to risk assessment.
What is the outlook for Dalmia Refractories’s IPO and exit opportunities?
With strong financial turnaround, sector tailwinds, and SEBI approvals, an IPO in FY 25–26 offers exit liquidity for pre-IPO investors.
| P/E | 23.73 | P/S | 4.35 | P/B | 0.43 |
| Industry PE | 26.6 | Face Value | 10 | Book Value | 589.58 |
| Market Cap | 1118.26 Cr | Dividend | 1.5 | Dividend Yield | 0.59 % |
Corporate Action of Dalmia Bharat Refractories Unlisted Shares
| Financial Year | Particulars | Record Date | Ratio/Rates/Amount | Remarks |
| 2024-25 | DIVIDEND | 24-Aug-2025 | 1 | Dalmia Bharat Refractories Ltd recommended final dividend of INR 1/- (i.e. 10%) per equity share of Rs. 10/- each (RECORD DATE IS TENTATIVE) |
| 2023-24 | DIVIDEND | 05-Aug-2024 | 1.5 | Dalmia Bharat Refractories Ltd has declared dividend of Rs 1.50 per share (RECORD DATE IS TENTATIVE) |
| 2022-23 | DIVIDEND | 27-Jul-2023 | 1.5 | Dalmia Bharat Refractories Ltd has given dividend of Rs 1.50 per share |
| 2021-22 | DIVIDEND | 25-Sep-2022 | 0.5 | Dalmia Bharat Refractories Ltd has given dividend of Rs 0.50 per share |
| 2021-22 | MERGER | 11-Mar-2022 | 768:100 | Merger Announced, 768 shares of Dalmia Bharat refractories for 100 shares of dalmia refractories |
Insights of Dalmia Bharat Refractories Unlisted Shares
Financial Insights:
| Particulars |
31st March, 2024 |
31st March, 2023 | 31st March, 2022 |
| Revenue | 116 | 345 | 300* |
| EBITDA | -27 | 25 | 47 |
| PBT | -2.43 | -10 | 35 |
| Exceptional Items | 12.09 | 1,760 | – |
| PAT | 47 | 1,307 | 23 |
*The revenue for FY22 is calculated only for the continuing operations, i.e. only from the business that has been retained post the sale to RHI Magnesita.
The table below shows the calculation of the total worth of the business, taking into account its liquid assets, long-term investments, and the remaining existing business. The worth of the business is calculated on the basis of 1.5x of the previous year’s revenue, amounting to ₹171 crore. The use of a relatively low multiple reflects ongoing operational challenges and reduced market competitiveness, despite signs of stabilization. With cash equivalents and marketable securities forming a significant portion of the company’s total assets, it continues to demonstrate a strong liquidity position.
Additionally, holding shares in RHI Magnesita and Dalmia Bharat, now valued at ₹1,493 crore and ₹309 crore respectively, underscores the company’s strategic focus on high-potential sectors. The book value per share of ₹594 indicates an undervalued position relative to the current market price (CMP) of ₹267. The steep discount of 55% suggests that the market has not fully accounted for the company’s asset value and potential for recovery.
| Particulars | FY24 (in cr.) | |
| Cash & Cash equivalent balance | 251 | |
| Marketable securities | ||
| 2.7Cr shares of RHI Magnesita | 1493 | |
| 6.9Lac shares of Dalmia Bharat | 309 | |
| Mutual Fund | 218 | 2020 |
| Worth of existing Business | 171 | |
| Total | 2442 | |
| Book Value per share | 594 | |
| CMP | 267 | |
| Discount | 55% |
DBRL currently lacks strategic influence in the decision-making process of RHI Magnesita, despite their significant stake in the company. This situation suggests the potential for DBRL to divest its stake in RHI, which could bolster the company’s cash reserves. This will positively impact DBRL’s financial position in the near term.
Sale of Indian Refractory Business
Prior to the sale, the Indian business of DBRL reported revenue of INR 1,100 crore and expenses of INR 1,151 crore, indicating operational losses. However, despite this loss, the company proceeded with the sale of the business, valuing it based on 27 times of DBRL EBIDTA.
| Financial performance of the Indian business of DBRL | FY23 (in cr.) |
| Revenue | 1100 |
| Expense | 1151 |
| Profit before exceptional item | -51 |
| Exceptional item | 26 |
| Profit after exceptional item | -25 |
The fair value of shares received as part of the sale of the Indian business to RHI Magnesita amounted to INR 1,707 crore, with an additional INR 484 crore received in cash. The net value of assets and liabilities transferred as part of the business amounted to approximately INR 400 crore. Consequently, the ultimate gain realized from the sale of the business amounted to INR 1,759 crore.
| In Cr. | |
| Particulars | As on Jan 4th, 2023 |
| Fair value of shares received for Dalmia OCL Limited | 1707 |
| Cash Consideration | 393 |
| Cash Consideration for working capital | 91 |
| Total consideration | 2191 |
| Less: Carrying amount of net assets transferred (refer below) | -400 |
| Total Assets | 1038 |
| Total Liabilities | 638 |
| Less: expenses towards business transfer | 32 |
| Total Gain on disposal of refractory business | 1759 |
Share price journey:
On March 1st, 2022, born from the merger of Dalmia Cement (Bharat) Ltd. – Refractory Division, Dalmia Refractories Ltd & GSBIndia. The shareholders of Dalmia Retractory in the unlisted market got shares of Dalmia Bharat Refractory.Those holding 100 shares of Dalmia Refractory got 768 shares of Dalmia Bharat Refractory. This transaction resulted in falling of share price from ₹829 per share to ₹124 per share.
Balance Sheet of Dalmia Bharat Refractories Unlisted Shares
Standalone
in ₹ Cr.
| category | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
| Equity | 2499.90 | 2199.32 | 891.30 | 256.26 | 172.65 | 190.11 | 214.21 | 185.90 |
| Liabilities | 571.33 | 689.00 | 454.90 | 134.57 | 115.54 | 111.30 | 86.02 | 81.23 |
| Total Equity and Liabilities | 3071.23 | 2888.32 | 1346.20 | 390.83 | 288.18 | 301.41 | 300.23 | 267.13 |
| Net Fixed Assets | 241.38 | 57.14 | 333.82 | 100.10 | 103.39 | 105.30 | 111.85 | 121.36 |
| Capital Work-in-progress | 7.17 | 0.02 | 21.81 | 1.09 | 0.97 | 0.38 | 0.37 | 0.00 |
| Other Non current Assets | 2319.40 | 1949.73 | 316.30 | 152.17 | 71.84 | 102.59 | 106.43 | 69.94 |
| Current Assets | 503.28 | 881.43 | 674.27 | 137.47 | 111.99 | 93.13 | 81.58 | 75.83 |
| Total Assets | 3071.23 | 2888.32 | 1346.20 | 390.83 | 288.18 | 301.41 | 300.23 | 267.13 |
Profit and Loss of Dalmia Bharat Refractories Unlisted Shares
Standalone
in ₹ Cr.
| category | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
| Net Revenue | 40.80 | 93.53 | 89.64 | 218.76 | 290.58 | 197.86 | 180.28 | 178.01 |
| Total Operating Cost | 70.59 | 102.57 | 74.01 | 205.20 | 262.80 | 185.72 | 180.75 | 167.77 |
| Operating Profit (EBITDA) | -29.79 | -9.04 | 15.63 | 13.56 | 27.78 | 12.14 | -0.47 | 10.25 |
| Other Income | 48.08 | 9.16 | 1.30 | 5.45 | 5.01 | 5.46 | 4.81 | 1.18 |
| Depreciation and Amortization Expense | 21.67 | 27.33 | 0.40 | 6.83 | 8.17 | 7.89 | 9.04 | 10.11 |
| Profit Before Interest and Taxes | -3.38 | -27.21 | 16.53 | 12.18 | 24.63 | 9.70 | -4.69 | 1.32 |
| Finance Costs | 11.11 | 8.95 | 0.07 | 3.03 | 2.65 | 1.64 | 0.91 | 1.60 |
| Profit Before Tax and Exceptional Items Before Tax | -14.49 | -36.16 | 16.46 | 9.16 | 21.98 | 8.07 | -5.61 | -0.28 |
| Exceptional Items Before Tax | 29.24 | 1763.35 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit Before Tax | 14.75 | 1727.19 | 16.46 | 9.16 | 21.98 | 8.07 | -5.61 | -0.28 |
| Income Tax | 9.67 | 408.46 | 3.59 | 2.02 | 4.45 | 1.03 | -2.43 | -0.06 |
| Profit for the Period from Continuing Operations | 5.08 | 1318.73 | 12.87 | 7.14 | 17.53 | 7.04 | -3.17 | -0.22 |
| Profit from Discontinuing Operations After Tax | 46.34 | -31.92 | -1.50 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit for the Period | 51.42 | 1286.81 | 11.37 | 7.14 | 17.53 | 7.04 | -3.17 | -0.22 |
