Dalmia Bharat Refractories Limited (DBRL) is a special situation within the Indian unlisted-equity market. While it is commonly referred to as an “unlisted share” because it is not listed on NSE or BSE, DBRL’s equity is actually admitted for trading on the Metropolitan Stock Exchange of India (MSEI) under the symbol DALMIARF. MSEI records its ISIN as INE0EB001012.
The company has undergone substantial restructuring following the sale of its Indian refractory business to RHI Magnesita. It now has exposure to a smaller refractory operation, the Birla Tyres business, investments and other assets. A major new development in September 2026 is the proposed demerger of the tyre business into Himadri Speciality Chemical Limited.
Company Snapshot
| Particular | Details |
|---|---|
| Company | Dalmia Bharat Refractories Limited |
| CIN | L26100TN2006PLC061254 |
| Incorporated | 4 December 2006 |
| Registered Office | Dalmiapuram, Tamil Nadu |
| Status | Not listed on NSE/BSE; MSEI-listed |
| MSEI Symbol | DALMIARF |
| ISIN | INE0EB001012 |
| Face Value | ₹10 |
| Paid-up Capital | ~₹45.88 Cr |
| Equity Shares | ~4.588 Cr |
| Market Lot | 1 share on MSEI |
| Group / Promoter Ecosystem | Dalmia/Birla group ecosystem |
| Core Areas | Refractories, tyres, investments |
MSEI records the company’s additional shares issued pursuant to a scheme of arrangement and confirms the current paid-up share capital structure.
What Does Dalmia Bharat Refractories Do?
DBRL today is substantially different from the company investors knew before 2023.
Its current reporting structure includes:
1. Refractories
The company continues to operate in the refractory business, particularly through its Dalmia Magnesite Corporation (DMC) operation and magnesia-carbon refractory products.
The company took over the DMC unit from Dalmia Bharat Sugar & Industries under a leave-and-license arrangement from October 2023. Its continuing refractory operations include the DMC unit and trading of magnesia-carbon refractories.
2. Birla Tyres
DBRL became involved in the revival of Birla Tyres Limited through the insolvency-resolution process along with Himadri Speciality Chemical.
The tyre business became a major component of DBRL’s consolidated revenue in FY26.
FY26 segment revenue:
Tyres: ₹149.31 Cr
versus:
Refractories: ₹113.69 Cr
The tyre segment therefore became larger than the refractory segment in FY26.
3. Investments
One of the most important parts of the DBRL story is its investment portfolio.
DBRL owns a substantial stake in RHI Magnesita India Limited, received as consideration when the Indian refractory business was transferred to RHI Magnesita.
As of March 2026, DBRL held 27.02 million shares, representing approximately 13.08% of RHI Magnesita India.
The company has also invested in Dalmia Bharat Limited. A February 2026 shareholder document records that DBRL had already invested approximately ₹500 Cr in Dalmia Bharat shares and had received approval to consider further investments.
This makes DBRL partly an asset/investment holding story, rather than simply a refractory manufacturer.
The Biggest Corporate Transaction: Sale of Indian Refractory Business
This is essential to understanding DBRL.
On 4 January 2023, DBRL transferred its Indian refractory business to RHI Magnesita India Limited.
The transaction involved a combination of:
- Cash consideration
- Working-capital consideration
- RHI Magnesita shares
DBRL subsequently became a significant shareholder in RHI Magnesita India.
The original Indian refractory business had revenue of more than ₹1,000 Cr before the transaction, so the sale dramatically changed the financial profile of DBRL.
The former Indian refractory operations are therefore treated as discontinued operations in DBRL’s financial statements.
FY26 Financial Performance
FY26 needs to be read carefully because DBRL has discontinued operations, restructuring and investment-related income.
Consolidated FY26
| ₹ Cr | FY25 | FY26 |
|---|---|---|
| Revenue from operations | ~114.9 | ~324.3 |
| Total profit/(loss) | -56.8 | -222.84 |
| EPS | Negative | Negative |
| Paid-up capital | ~44.20 | 45.88 |
The FY26 consolidated sales figure reported by Capital Market/Business Standard was approximately ₹324.33 Cr, up sharply from ₹114.89 Cr, while consolidated net loss widened to approximately ₹222.84 Cr.
However, the MSEI Ind-AS filing provides a more detailed picture: continuing revenue was ₹91.76 Cr, while segment revenue included ₹113.69 Cr from refractories and ₹149.31 Cr from tyres, with additional travel revenue. The accounting presentation also includes discontinued operations.
FY26 Segment Revenue
| Segment | FY26 Revenue |
|---|---|
| Refractories | ₹113.69 Cr |
| Tyres | ₹149.31 Cr |
| Tours & Travel | ₹5.19 Cr |
| Total segment revenue | ~₹268.19 Cr |
The remaining difference between segment revenue and headline consolidated sales figures arises from the way the financial statements classify continuing/discontinued operations and other income; investors should therefore rely on the audited annual report rather than simply comparing portal-level “revenue” numbers.
Segment Profitability
FY26 segment results show an interesting contrast:
| Segment | FY26 Segment Result |
|---|---|
| Refractories | ₹20.22 Cr |
| Tyres | ₹128.28 Cr |
| Tours & Travel | ₹0.90 Cr |
| Total segment result | ₹149.40 Cr |
The tyre segment contributed the majority of the reported segment result in FY26.
This is important because DBRL’s future business mix may change significantly following the proposed tyre-business demerger.
Balance Sheet – FY26
DBRL has a very asset-heavy balance sheet.
| Particular | FY26 |
|---|---|
| Total Assets | ₹3,139 Cr |
| Equity | ₹1,814.5 Cr |
| Non-current Investments | ₹2,198.8 Cr |
| Current Investments | ₹49.3 Cr |
| Cash & Cash Equivalents | ₹55.5 Cr |
| Property, Plant & Equipment | ₹459.4 Cr |
| Borrowings – Non-current | ₹846.2 Cr |
| Borrowings – Current | ₹106.1 Cr |
| Total Liabilities | ₹1,324.7 Cr |
The ₹2,198.8 Cr of non-current investments is particularly important. It shows why DBRL cannot be analysed solely on the basis of its operating revenue and current earnings.
RHI Magnesita Stake – Key Asset
DBRL’s holding in RHI Magnesita India remains one of its most important assets.
As of March 31, 2026:
Shares held: 2.702 Cr
Holding: 13.08%
The June 2026 shareholding data still showed DBRL as one of the largest shareholders of RHI Magnesita India, with approximately 12.54% disclosed in that quarter.
This creates an important distinction between:
Operating value
and
Investment/asset value
for DBRL.
Dalmia Bharat Investment
DBRL has also built a meaningful investment position in Dalmia Bharat Limited.
A 2026 shareholder document states that DBRL had invested approximately ₹500 Cr in Dalmia Bharat shares under an earlier approval and the board subsequently proposed considering additional investments.
A March 2026 transaction also increased DBRL’s direct holding in Dalmia Bharat to approximately 35.25 lakh shares / 1.87%, according to reported exchange disclosures.
This further supports the view that DBRL has evolved into a combination of operating businesses and strategic investments.
Major 2026 Development: Birla Tyres Demerger
This is currently one of the most important developments for DBRL shareholders.
On 21 September 2026, Himadri Speciality Chemical’s board approved a scheme to demerge the Tyre Business of Dalmia Bharat Refractories into Himadri.
The proposed transaction would transfer the tyre undertaking to Himadri as a going concern.
The appointed date is proposed as 1 October 2026, subject to the required regulatory, shareholder, creditor and NCLT approvals.
FY26 Tyre Business
The business being demerged generated:
₹149.31 Cr FY26 turnover
The transaction is structured as a share-based consideration rather than cash consideration, meaning DBRL shareholders are expected to receive an economic interest in the resulting structure through the scheme rather than DBRL simply receiving cash proceeds.
This could materially change DBRL’s post-demerger asset and earnings profile.
Why the Tyre Demerger Matters
Before the proposed transaction:
DBRL
→ Refractories
→ Birla Tyres
→ Investments
→ Other assets
After the proposed transaction:
DBRL
→ Refractories
→ Investments
→ Other remaining assets
Himadri Speciality Chemical
→ Birla Tyres
The transaction therefore represents another major step in DBRL’s restructuring journey.
Current Indicative Share Price
Because DBRL is not traded on NSE/BSE, investors commonly use OTC/unlisted-market references.
As of 21 September 2026, BuyUnlistedShares displayed an indicative price of approximately ₹215/share. UnlistedZone also displayed approximately ₹215/share as of 10 September 2026. Moneycontrol showed approximately ₹202.37/share, illustrating the price dispersion that can occur outside the major exchanges.
Indicative Valuation at ₹215
Using approximately 4.588 Cr shares:
₹215 × 4.588 Cr shares ≈ ₹986 Cr
So the implied equity value at ₹215 is approximately:
₹986 Crore
UnlistedZone independently displays a market capitalization of approximately ₹986 Cr at the same indicative price.
Book Value Perspective
FY26 consolidated equity attributable to owners was approximately ₹1,809 Cr, with total equity including non-controlling interest of approximately ₹1,814.5 Cr.
On the current share count, this implies a rough book value of around:
₹394–396 per share
At an indicative ₹215 price, the shares therefore trade at roughly:
~0.54x FY26 reported book value
However, this is only a balance-sheet comparison. The reported equity includes investments and other assets whose market values, tax implications, liquidity and realizability need to be separately assessed.
Asset-Value Angle
The investment case around DBRL is therefore less about conventional P/E valuation and more about:
RHI Magnesita stake
Dalmia Bharat investment
remaining operating assets
cash/investments
−
debt
−
holding-company discount
−
tax and transaction costs
This is essentially an asset-value / special-situation valuation framework.
Key Positives
1. Significant investment assets
DBRL owns substantial financial investments, including the RHI Magnesita stake.
2. Large asset base
FY26 total assets were approximately ₹3,139 Cr versus equity of approximately ₹1,815 Cr.
3. Strategic exposure to Dalmia Bharat
The company has accumulated a meaningful investment in Dalmia Bharat Limited.
4. Corporate restructuring can unlock value
The proposed Birla Tyres demerger represents another major restructuring event that could simplify the company’s structure and separate the tyre business into a strategic home under Himadri.
5. RHI Magnesita holding provides substantial asset backing
The 13%+ RHI Magnesita stake remains one of the most visible assets associated with DBRL.
Key Risks
1. Very weak reported FY26 earnings
Consolidated net loss was approximately ₹222.84 Cr for FY26.
2. Complex corporate structure
DBRL has gone through multiple mergers, business transfers, discontinued operations and restructuring transactions, making simple financial comparisons difficult.
3. Tyre demerger execution risk
The proposed Himadri transaction remains subject to the applicable regulatory and stakeholder approvals.
4. Investment concentration
A significant portion of the company’s value is connected to financial investments. Changes in market prices of these holdings can materially affect reported net worth and valuation.
5. Debt
FY26 consolidated borrowings were approximately ₹952 Cr, including ₹846 Cr of non-current borrowings and ₹106 Cr of current borrowings.
6. Limited liquidity
Although the security is admitted on MSEI, trading liquidity is far lower than NSE/BSE-listed securities. OTC prices can also differ from MSEI/secondary-market indications.
What Investors Should Track
For DBRL, the most important factors are:
- Completion of the Birla Tyres demerger
- Value and monetisation of the RHI Magnesita stake
- Value of Dalmia Bharat investments
- Post-demerger profitability of the remaining refractory business
- Debt reduction
- Post-restructuring book value
- Any future restructuring / listing / monetisation plans
UnlistedCart Takeaway
Dalmia Bharat Refractories is no longer a straightforward refractory-company investment.
The company has transformed into a special-situation, asset-backed restructuring story with exposure to refractories, strategic investments and historically the Birla Tyres business.
At an indicative price around ₹202–₹215, the implied equity value is roughly ₹927–986 Cr, while FY26 reported equity attributable to owners was approximately ₹1,809 Cr.
The key issue is that FY26 earnings are deeply negative, so a traditional P/E-based valuation is not meaningful. The more relevant framework is sum-of-the-parts / asset value, particularly the RHI Magnesita stake, Dalmia Bharat investment, remaining operating assets and liabilities.
The September 2026 Birla Tyres demerger proposal is the next major event to watch, because it could materially alter DBRL’s future business mix and asset structure.
Disclaimer: Dalmia Bharat Refractories is not listed on NSE/BSE; market references for its shares can vary materially depending on venue and liquidity. The price figures above are indicative and are not NSE/BSE quotes or guaranteed transaction prices. Unlisted/MSEI securities may have limited liquidity, wide spreads and valuation uncertainty. Corporate-action outcomes are subject to applicable approvals. This report is for informational purposes only and is not investment advice.
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