1. Company Overview
Dalmia Bharat Refractories Limited (DBRL) is part of the broader Dalmia group and operates across specialised refractories and tyres, with additional exposure through its group structure.
The company has gone through a significant transformation in recent years. Its earlier Indian refractory business was transferred to RHI Magnesita India Ltd. in January 2023, while DBRL retained/expanded its focus on specialised Magnesia-Carbon (Mag-Carbon) refractories and international refractory operations. (Dalmia OCL)
DBRL also acquired the Birla Tyres business along with Himadri Speciality Chemical Limited through an insolvency-resolution process in 2023. (Dalmia OCL)
Key Details
| Particular | Details |
|---|---|
| Company | Dalmia Bharat Refractories Limited |
| CIN | L26100TN2006PLC061254 |
| ISIN | INE0EB001012 |
| Face Value | ₹10 |
| MSE Symbol | DALMIARF |
| Registered Office | Dalmiapuram, Tamil Nadu |
| Business | Refractories, Tyres & other businesses |
| FY26 Shares | ~4.59 crore |
| NSE/BSE | Not listed |
| MSE | Listed |
| Indicative OTC reference price | ~₹213–₹215 |
| Indicative market value | ~₹980–₹990 Cr |
MSE confirms the security as listed and active on its platform, with ISIN INE0EB001012 and face value ₹10. (MSEI)
2. What Does the Company Do?
A. Specialised Refractories
The company’s refractory business focuses particularly on Magnesia-Carbon and allied refractory products.
These products are used in extremely high-temperature industrial processes, particularly:
- Steel manufacturing
- Cement
- Non-ferrous metals
- Furnaces
- Kilns
- Industrial heat-treatment applications
DBRL has increased its focus on Mag-Carbon products manufactured at its Salem facility, while its international subsidiaries support the global Mag-Carbon business. (MSEI)
B. Birla Tyres
A major strategic development was the acquisition of the Birla Tyres business along with Himadri Speciality Chemical.
Birla Tyres operates from its Balasore, Odisha facility and is being repositioned toward:
- Agricultural tyres
- Commercial vehicle tyres
- Off-the-road tyres
- Industrial tyres
- Export markets
- EV/SUV passenger-car radial tyres
Birla Tyres generated approximately ₹187 Cr revenue in FY26, according to recent industry reporting. Himadri has subsequently taken full ownership of Birla Tyres, making the tyre exposure within DBRL’s structure an important area to understand separately from the core refractory operations. (Business Standard)
3. FY26 Financial Performance
The FY26 numbers require some caution because DBRL has undergone major restructuring, business transfers and changes in its business mix.
Third-party compilations of the FY26 consolidated financials report:
| ₹ Cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 116 | 106 | 267 |
| EBITDA | -28 | -20 | -124.5 |
| PBT | 56 | -37 | -223 |
| PAT | 47 | -37 | -223 |
| EPS | ₹10.63 | -₹8.37 | -₹48.61 |
So, while revenue increased sharply in FY26, the company remained loss-making at the operating and net-profit level.
Why did revenue increase but losses remain high?
The business is currently in a transition and restructuring phase.
The FY26 segment disclosure shows:
- Refractories revenue: approximately ₹113.69 Cr
- Tyres revenue: approximately ₹149.31 Cr
- Tours & travel: approximately ₹5.19 Cr
The same filing reports segment-level results of approximately ₹20.22 Cr for refractories and ₹128.28 Cr for tyres before finance and certain unallocated costs. (XBRL MSEI)
This makes it important not to look at DBRL simply as a traditional refractory manufacturer anymore.
4. Balance Sheet & Investments
One of the interesting aspects of DBRL is its large investment base following the earlier transfer of its Indian refractory business.
Third-party FY25 figures show approximately:
- Investments: ₹2,647 Cr
- Fixed assets: ₹271 Cr
- Trade receivables: ₹19 Cr
- Share capital: ₹44.2 Cr
- FY26 share capital: approximately ₹45.88 Cr
However, the FY26 balance sheet also shows substantially higher borrowings and liabilities, so investors should not interpret the investment portfolio alone as equivalent to readily distributable cash.
5. Strategic Transformation
The history of DBRL is particularly important.
Earlier business
DBRL previously had a much larger Indian refractory operation.
That business was transferred to RHI Magnesita India Ltd. in January 2023. (FinancialFilings)
Current direction
After the transaction, DBRL has been focusing on:
Specialised Refractories + Tyres + Investments/Strategic Assets
The company’s FY25 annual report specifically highlighted greater focus on Mag-Carbon and allied products. (MSEI)
6. Birla Tyres Opportunity
The tyre business is potentially an important part of DBRL’s transformation.
Recent industry reports indicate that Birla Tyres:
- Restarted production
- Is increasing capacity utilisation
- Is expanding its distributor network
- Is targeting agriculture and OTR segments
- Is developing export opportunities
- Plans entry into passenger-car radial tyres
- Is targeting EV/SUV applications
Himadri has stated a long-term ambition to scale the Birla Tyres business toward approximately ₹3,000 Cr revenue, with a passenger-car radial facility targeted for FY28. This is a management target, not a guaranteed outcome. (ETManufacturing.in)
7. Shareholding
Current third-party data for FY26 shows the following major holders:
| Shareholder | Approx. Holding |
|---|---|
| Akhyar Estate Holding Pvt Ltd | 44.26% |
| Adhirath Management Solutions Pvt Ltd | 18.00% |
| Garvita Solution Services & Holding Pvt Ltd | 5.85% |
| Others | 31.89% |
The ownership structure has changed materially following the various schemes of arrangement and corporate transactions, so older reports showing a much higher promoter percentage should not be directly compared with the current structure.
8. Corporate Actions & Share Structure
DBRL underwent significant restructuring.
A particularly important recent development was the issue of 16,79,937 additional equity shares pursuant to a scheme of arrangement, which were listed on MSE effective 14 January 2026. (MSEI)
MSE currently shows approximately 4.59 crore equity shares and ISIN INE0EB001012. (MSEI)
9. Current Indicative Price
As of September 2026, different private-market platforms show approximately:
- BuyUnlistedShares: ₹215
- UnlistedZone: ₹215
- Planify: ₹214.30
- Moneycontrol partner-derived indicative value: around ₹202
- Other intermediaries: around ₹199–₹208
These are indicative/private-market reference prices, not NSE/BSE market prices. (BuyUnlistedShares)
At approximately ₹215 and ~4.59 crore shares, the implied equity value is around ₹986 Cr.
10. Valuation Perspective
At ~₹215:
Market value ≈ ₹986 Cr
But FY26 EPS was negative, so a conventional P/E valuation is currently not meaningful.
Instead, investors would need to consider:
- Value of investments
- Refractory business potential
- Tyre business turnaround
- Debt/liabilities
- Future cash generation
- Corporate restructuring
- Potential monetisation of investments
- Future profitability
This is therefore more of a special-situation / restructuring story than a straightforward earnings-growth stock.
11. Key Growth Drivers
🔥 1. Specialised Mag-Carbon Refractories
Higher-value refractory products for steel and other high-temperature industries can provide a differentiated business niche. (MSEI)
🚛 2. Birla Tyres Turnaround
Increasing production, new SKUs, OTR/agriculture tyres and exports could materially change the economics of the tyre business if execution succeeds. (Web India News)
⚡ 3. EV & SUV Tyres
The proposed passenger-car radial facility creates potential exposure to EV and SUV tyre demand.
🌍 4. Export Expansion
The tyre business is targeting export markets, while the refractory operations already have international exposure.
🏭 5. Asset & Investment Base
DBRL’s substantial investments provide another important component of the company’s overall value, although their realisable value and future use need to be assessed carefully.
12. Key Risks
⚠️ 1. Current Losses
FY26 consolidated PAT was reported at approximately -₹223 Cr, with EBITDA around -₹124.5 Cr. (Altius Investech)
⚠️ 2. High Finance Cost / Leverage
The FY26 numbers show a substantial increase in finance costs and borrowings compared with earlier years. (Unlisted Shares India)
⚠️ 3. Business Complexity
DBRL has undergone multiple acquisitions, demergers, business transfers and restructuring transactions. This makes historical financial comparisons difficult.
⚠️ 4. Tyre Turnaround Risk
Birla Tyres is still in a scale-up phase. Higher utilisation and revenue do not automatically translate into sustainable profitability.
⚠️ 5. Liquidity Risk
The company is not traded on NSE/BSE. Private-market platforms quote indicative prices, but liquidity and price discovery can be limited.
⚠️ 6. Valuation Depends on Assets as Well as Earnings
Because current earnings are negative, the investment thesis cannot rely solely on conventional P/E valuation.
13. IPO / Listing Status
There is no confirmed NSE/BSE IPO/DRHP identified in the sources reviewed.
However, there is an important distinction:
DBRL is listed on MSE, where the exchange currently shows it as an active listed security. It is not listed on NSE or BSE. (MSEI)
Therefore, calling it simply an “unlisted company” can be technically misleading.
For an UnlistedCart-style report, I would describe it as:
“MSE-listed / NSE-BSE unlisted security with limited mainstream exchange liquidity.”
14. Unlisted Share Snapshot
| Particular | Details |
|---|---|
| Indicative price | ~₹213–₹215 |
| Face value | ₹10 |
| ISIN | INE0EB001012 |
| Total shares | ~4.59 Cr |
| Implied market value | ~₹986 Cr |
| NSE/BSE listing | No |
| MSE listing | Yes |
| FY26 Revenue | ~₹267 Cr |
| FY26 EBITDA | ~-₹124.5 Cr |
| FY26 PAT | ~-₹223 Cr |
| FY26 EPS | ~-₹48.61 |
| 52-week indicative range | ~₹214–₹256 |
| IPO/DRHP | No confirmed NSE/BSE IPO |
Price information is indicative and varies across private-market sources. (BuyUnlistedShares)
15. UnlistedCart Takeaway
Dalmia Bharat Refractories is no longer simply a conventional refractory company.
The investment story has evolved around specialised refractories, the Birla Tyres turnaround, a substantial investment base and corporate restructuring.
The key factor to track going forward is whether the company can convert the significant increase in revenue into sustainable operating cash flow and profitability.
For investors studying the opportunity, the major checkpoints are:
✔ Mag-Carbon business growth
✔ Birla Tyres capacity utilisation
✔ Tyre business profitability
✔ Debt reduction
✔ Investment monetisation/value
✔ Cash-flow improvement
✔ Corporate restructuring developments
Official & Research Links
- Dalmia Bharat Refractories – Official Website
- MSE – Dalmia Bharat Refractories (DALMIARF)
- FY25 Annual Report
- MSE Annual Reports & Filings
- Dalmia Bharat Refractories – Indicative Unlisted Price Data
- Dalmia Bharat Refractories – Planify Research
Disclaimer: This report is for information and research purposes only and should not be considered investment advice or a recommendation to buy or sell securities. Unlisted/OTC reference prices may differ significantly between platforms and actual transaction prices. Investors should independently verify the latest financial statements, corporate actions, shareholding, valuation and transfer conditions before making any investment decision.
For more such unlisted stocks visit UnlistedCart – Unlisted Shares
