Dalmia Bharat Refractories
- Unlisted share
- Chemicals & Materials
- ISIN INE0EB001012
At a glance
Sales
FY26
₹267 Cr
+132%on FY25What the company earned from its customers in the year.
Loss for the year
FY26
₹-267 Cr
The company spent more than it earned in the year.
Market valuecalculated
₹977 Cr
What the whole company would be worth at GrowFast's indicative price.
Net worth
FY26
₹1,815 Cr
What the owners would have left on paper if every debt was repaid.
From the company's published figures; sources are beside each figure further down the page.
Key details
- Company
- Dalmia Bharat Refractories
- ISIN
- INE0EB001012
- Sector
- Chemicals & Materials
- Type of share
- Unlisted equity share
- Indicative price per share
- ₹212.85
- Price last updated
- 12 Oct 2026
- Minimum quantity
- Confirmed by the desk
- How you hold it
- In your own demat account
- Enquiries
- GrowFast desk, on WhatsApp
Indicative prices, illiquid shares. Prices are indicative and can change without notice. Unlisted shares are illiquid: you may not be able to sell when you want to, or at the price shown.
Company
About Dalmia Bharat Refractories
Dalmia Bharat Refractories is a Dalmia Bharat group company that, after selling its main Indian refractory business, now holds a large investment portfolio, is rebuilding a refractory business around its Salem plant and runs a tyre undertaking at Balasore. Promoter-group companies of the Dalmia family hold just under 75% of the shares. Its shares are listed on the Metropolitan Stock Exchange of India and the Calcutta Stock Exchange, and in September 2026 the board approved demerging the tyre business into Himadri Speciality Chemical.
Written from: dalmiaocl.com, dalmiaocl.com, dalmiaocl.com
Listing status. ALREADY LISTED: equity shares are listed on the Metropolitan Stock Exchange of India (scrip code DALMIARF) and the Calcutta Stock Exchange. Not listed on NSE or BSE. Dalmia Bharat Refractories Annual Report 2025-26 (company website)
Financials
Ask for the full annual report.
The figures on this page are the headline numbers. The desk can share the latest annual report and anything published since.
Ask for the financials- Sector
- Chemicals & Materials
- ISIN
- INE0EB001012
- Registered office
- Dalmiapuram, Tiruchirappalli district, Tamil Nadu
- Promoter group
- Dalmia family promoter group (Shri Y.H. Dalmia as promoter; largest holders are group companies Akhyar Estate Holdings Private Limited and Adhirath Management Solutions Private Limited), 74.99% in total
- Shareholding pattern for quarter ended 30 June 2026 (company website)
- Key people
- Chairman: Deepak Thombre; Whole Time Director & CEO: Dr. C N Maheshwari; Chief Financial Officer: Rahul Sahni
- Permanent employees
- 114 people
- Face value per equity share
- ₹10
- Equity shares
- 4,58,80,044 shares
- Shareholding pattern for quarter ended 30 June 2026 (company website)
- CIN
- L26100TN2006PLC061254
- Official website
- dalmiaocl.com
Read from: Dalmia Bharat Refractories Annual Report 2025-26 (company website), unless another source is shown on a card.
Key data
What the numbers mean
The ratios buyers look at, each said in plain words.
Price to book (P/B)calculated
0.54×
At this price you pay ₹0.54 for every ₹1 of net worth on the company's books.
Profit margincalculated
-99.9%
For every ₹100 of sales, the company lost ₹99.9.
Return on equitycalculated
-14.7%
For every ₹100 of the owners' money, the company lost ₹14.7 in the year.
Debt to equitycalculated
0.52×
The company has borrowed ₹0.52 for every ₹1 of its owners' money.
- Indicative price
- ₹212.85
- Market valuecalculated
- ₹977 Cr
- price × shares
- No. of shares
- 4,58,80,044
- EPS
- ₹-58.01
- Book value per share
- ₹395.49
- Face value
- ₹10
Figures marked “calculated” are worked out by GrowFast from its indicative price and the company's published figures for FY2025-26. They move with the price, and they are arithmetic, not a valuation.
Figures in ₹ crore
Financials
Dalmia Bharat Refractories Limited. As published in the company's audited reports. GrowFast has not audited them.
Sales, year by year
₹ crore. The darkest bar is the latest year.
FY23 to FY26: ₹352 Cr to ₹267 Cr.
Profit, year by year
₹ crore, after tax. A bar below the line is a loss.
FY23 to FY26: ₹1,306 Cr to ₹-267 Cr.
| Particulars | FY23 | FY24 | FY25 | FY26Latest |
|---|---|---|---|---|
| Revenue from operations (continuing operations) | 351.65 | 115.96 | 115.16 | 267.35▲132% |
| Other income | 13.21 | 63.08 | 96.18 | 56.98▼41% |
| Total income | 364.86 | 179.04 | 211.34 | 324.33▲53% |
| Depreciation, amortisation and impairment expense | 57 | 24.25 | 35.91 | 36.4▲1% |
| Finance costs | 4.07 | 13.85 | 95.97 | 100.76▲5% |
| Profit/(loss) before tax from continuing operations (after exceptional items) | 1,731.01 | 9.66 | -57.46 | -222.84▼288% |
| Profit/(loss) for the year (continuing and discontinued operations) | 1,306.37 | 47.09 | -55.44 | -266.99▼382% |
| Basic and diluted EPS, continuing and discontinued operations (₹) | 295.11 | 10.66 | -11.96 | -58.01▼385% |
Rupees crore unless marked, consolidated. The change shown is the latest year against the year before. Read from: Dalmia Bharat Refractories Annual Report 2023-24 (company website), Dalmia Bharat Refractories Annual Report 2025-26 (company website).
Credit rating. CARE A; Stable / CARE A1 on long-term / short-term bank facilities, CARE Ratings (last rating as stated in the FY2025-26 annual report) (FY2025-26) Dalmia Bharat Refractories Annual Report 2025-26 (company website)
Ownership
Shareholding pattern
Who owns the company
As of 30 June 2026
75.0%Promoter & Promoter Group
- Largest holder
- 75.0%
- Top 2 together
- 100.0%
- Holders named
- 2
- Promoter & Promoter Group74.99%
- Public25.01%
- Total100.00%
Read from: Shareholding pattern for quarter ended 30 June 2026 (company website)
Capital history
Fund raise history
| Date and detail | Type | Instrument | Price per share | Amount raised |
|---|---|---|---|---|
| 14 Nov 20251,679,937 equity shares of ₹10 each allotted to shareholders of Dalmia Bharat Sugar and Industries Limited for the refractory and travel businesses merged into the company (scheme effective 9 October 2025). | Allotment under scheme of arrangement | Equity shares | Not stated | Not stated |
Read from: Dalmia Bharat Refractories Annual Report 2025-26 (company website)
Leadership
Management
Deepak Thombre
Chairman and Independent Director
Dr. Chandra Narain Maheshwari
Whole Time Director & CEO
Rahul Sahni
Chief Financial Officer
Mukund Choudhary
Executive Director (Tyre Undertaking)
Rajkamal Saraogi
Independent Director
Pritha Dutt
Independent Director
Hemant Kumar
Non-Executive Non-Independent Director
Soumya Sharma
Company Secretary
Read from: Dalmia Bharat Refractories Annual Report 2025-26 (company website)
Corporate calendar
Events
- 25 Sept 2026AcquisitionBought 11,84,000 shares (0.63%) of group company Dalmia Bharat Limited through promoter-group transfers and market purchasesOpen
- 21 Sept 2026DemergerBoard approved demerging the tyre business into Himadri Speciality Chemical: 1 Himadri share (₹1 face value) for every 260 DBRL shares, subject to approvalsOpen
- 28 Jul 2026AGM20th Annual General MeetingOpen
- 19 May 2026ResultsBoard approved audited FY2025-26 results and recommended a dividend of ₹1 per shareOpen
- 19 Mar 2026EGMSecond Extra Ordinary General Meeting of FY2025-26Open
- 20 Jan 2026EGMFirst Extra Ordinary General Meeting of FY2025-26Open
- 14 Nov 2025Share allotmentAllotment of 1,679,937 shares to Dalmia Bharat Sugar shareholders under the merger schemeOpen
- 12 Aug 2025Board decisionBoard approved issuing ₹200 crore of unrated secured non-convertible debentures to Himadri Speciality Chemical Limited for the tyre undertakingOpen
Reports and filings
Annual reports and results
Each link opens the document where its publisher keeps it.
- January 2026MSEI circular listing 16,79,937 additional shares (symbol DALMIARF, ISIN INE0EB001012)
- FY2026-27Shareholding pattern, quarter ended 30 June 2026
- FY2026-27Unaudited results for the quarter ended 30 June 2026 (outcome of board meeting, 28 July 2026)
- FY2025-26Annual Report 2025-26
- FY2025-26Annual return (Form MGT-7) for FY2025-26
- FY2025-26Outcome of board meeting and audited results, 19 May 2026
- FY2024-25Annual Report 2024-25
- FY2023-24Annual Report 2023-24
- FY2022-23Annual Report 2022-23
Before you buy
Six things to check on any unlisted share.
The same list applies to every stock. None of it is advice on this one.
The company's latest financials
Revenue, profit and debt for the last three years, from its audited annual report. Ask the desk for the most recent set.
What the price implies
Compare the price per share with earnings and book value per share, and with listed companies in the same business.
Whether a listing is planned
A company may file for an IPO, delay it or never list. A listing, its timing and its price are never certain.
How you would sell
There is no exchange for these shares. You sell by finding a buyer, which can take time and may be at a lower price.
Lock-in after a listing
Shares bought before an IPO are usually locked in for a period after the company lists. Confirm the current rule before you buy.
Tax on your gains
Unlisted shares are taxed differently from listed ones. Check your position with a tax adviser.
Questions
What buyers ask about this stock.
Not answered here? Ask the desk.
Inquire about Dalmia Bharat Refractories on WhatsAppIs the price shown for Dalmia Bharat Refractories final?
No. It is an indicative price per share. The desk confirms the price and the quantity available when you inquire, and the confirmed price is the one you deal at.
How do I buy these shares?
Press Inquire. It opens a WhatsApp chat with the desk, with this stock already named. After the price and quantity are agreed, a 10% advance locks the deal. Once your KYC is complete you pay the balance, and the shares are transferred to your demat account.
Do I pay anything on this website?
No. No payment is taken and no order is placed on this site. Payment details are shared by the desk only after the deal is agreed.
What do I need before I can buy?
A demat account in your name and the documents for KYC: your identity and demat account details are verified before any deal, as the regulations require.
Can I sell my Dalmia Bharat Refractories shares to GrowFast?
GrowFast buys as well as sells. Press Inquire and tell the desk how many shares you hold; it will come back with what it can offer.
How do I sell Dalmia Bharat Refractories shares I already hold?
Tell the desk how many you hold. If a price is agreed, you transfer the shares from your demat account with a delivery instruction to your depository participant (a DIS, or its online equivalent), and payment follows as agreed with the desk.
Is there a lock-in if the company lists?
Shares held before an IPO are generally locked in for a period after the listing under SEBI's rules, which have changed over time. Ask the desk for the rule that applies today before you buy.
Is buying unlisted shares legal in India?
Yes. Shares of an unlisted company can be bought and sold privately and are transferred between demat accounts. They are not traded on a stock exchange, so the protections of an exchange do not apply.
What is the minimum I can buy?
It differs by stock and by what the desk holds at the time. The desk confirms the minimum quantity when you inquire.
What is an ISIN?
The 12-character code that identifies a security. It is how your depository knows exactly which share is being transferred to your demat account.
Why are unlisted shares riskier than listed ones?
Prices are indicative and can change without notice. Unlisted shares are illiquid: you may not be able to sell when you want to, or at the price shown.
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Risk disclosure
Prices on this site are indicative, quoted per share, and are not an offer to buy or sell. The price and quantity for any deal are confirmed by GrowFast's desk at the time you deal.
Unlisted, pre-IPO and delisted shares are not traded on a stock exchange. They are illiquid, their prices can move sharply, and you may be unable to sell them when you wish or at all. A company that is expected to list may not do so.
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GrowFast is not affiliated with, sponsored by or endorsed by Dalmia Bharat Refractories. Its name and logo belong to their owner and are shown only to identify the company. Figures about it come from published sources and have not been audited by GrowFast. See the Terms and Conditions.