| P&L Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 300 | 346 | 116 | 106 |
| Cost of Material Consumed | 185 | 226 | 63 | 63 |
| Change in Inventory | -1 | -7 | 7 | 1 |
| Gross Margins | 38.67 | 36.71 | 39.66 | 39.62 |
| Employee Benefit Expenses | 30 | 50 | 19 | 18 |
| Other Expenses | 40 | 52 | 55 | 44 |
| EBITDA | 46 | 25 | -28 | -20 |
| OPM | 15.33 | 7.23 | -24.14 | -18.87 |
| Other Income | 1 | 13 | 121 | 93 |
| Finance Cost | 4 | 13 | 14 | 84 |
| D&A | 9 | 36 | 24 | 26 |
| EBIT | 37 | -11 | -52 | 46 |
| EBIT Margins | 12.33 | -3.18 | -44.83 | -43.4 |
| PBT | 35 | 1749 | 56 | -37 |
| PBT Margins | 11.67 | 505.49 | 48.28 | -34.91 |
| Tax | 12 | 414 | 9 | 0 |
| PAT | 23 | 1335 | 47 | -37 |
| NPM | 7.67 | 385.84 | 40.52 | -34.91 |
| EPS | 5.2 | 385.84 | 10.63 | -8.37 |
| Financial Ratios | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating Profit Margin | 15.33 | 7.23 | -24.14 | -18.87 |
| Net Profit Margin | 7.67 | 385.84 | 40.52 | -34.91 |
| Earning Per Share (Diluted) | 5.2 | 302.04 | 10.63 | -8.37 |
| Assets | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Fixed Assets | 256 | 97 | 286 | 271 |
| CWIP | 22 | 0 | 90 | 152 |
| Investments | 105 | 2264 | 2512 | 2647 |
| Trade Receivables | 337 | 148 | 24 | 19 |
| Inventory | 392 | 67 | 29 | 39 |
| Other Assets | 424 | 521 | 338 | 188 |
| Total Assets | 1536 | 3097 | 3279 | 3316 |
| Liabilities | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Share Capital | 44.2 | 44.2 | 44.2 | 44.2 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 907 | 2232 | 2567 | 2383 |
| Borrowings | 159 | 89 | 577 | 767 |
| Trade Payables | 283 | 184 | 31 | 37 |
| Other Liabilities | 142.8 | 547.8 | 59.8 | 84.8 |
| Total Liabilities | 1536 | 3097 | 3279 | 3316 |
| Cash-Flow Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| PBT | 35 | 1723 | 71 | -37 |
| OPBWC | 95 | 131 | -26 | -18 |
| Change in Receivables | -128 | -127 | 94 | 9 |
| Change in Inventories | -143 | -54 | 13 | -10 |
| Change in Payables | 108 | 282 | -112 | 6 |
| Other Changes | 119 | -78 | -260 | 1 |
| Working Capital Change | -44 | 23 | -265 | 6 |
| Cash Generated From Operations | 51 | 154 | -291 | -12 |
| Tax | -31 | -14 | -31 | 7 |
| Cash Flow From Operations | 20 | 140 | -322 | -5 |
| Purchase of PPE | -47 | -19 | -6 | -76 |
| Sale of PPE | 0 | 3 | 0 | 4 |
| Cash Flow From Investment | -45 | -129 | -176 | -266 |
| Borrowing | 8 | 110 | 612 | 190 |
| Dividend | -0.3 | -2 | -6.5 | -7 |
| Equity | -2 | 0 | 0 | 0 |
| Others From Financing | -25 | -41 | -3.5 | -52 |
| Cash Flow from Financing | -19.3 | 67 | 602 | 131 |
| Net Cash Generated | -44.3 | 78 | 104 | -140 |
| Cash at the Start | 95 | 50 | 128 | 232 |
| Cash at the End | 50.7 | 128 | 232 | 92 |
Dalmia Bharat Refractories Limited (DBRL) is a leading refractories manufacturer in India, offering high-performance solutions to core industrial sectors such as steel, cement, glass, and non-ferrous metals. As part of the reputed Dalmia Bharat Group, the company benefits from a strong legacy, advanced manufacturing capabilities, and a deep understanding of high-temperature materials. DBRL operates multiple state-of-the-art plants and R&D facilities, enabling it to deliver customised refractory products, installation services, and technical support. With a focus on innovation, quality, and process efficiency, the company continues to play a critical role in supporting the operational reliability of heavy industries.
In the unlisted equities market, Dalmia Bharat Refractories Limited's unlisted shares attract considerable attention due to the company’s strong market position and its strategic importance within India’s industrial value chain. The demand for refractory products is closely tied to growth in steel manufacturing, cement production, and infrastructure expansion—areas where India is witnessing significant activity. DBRL’s long-standing relationships with major industrial clients, combined with its expertise in end-to-end refractory solutions, contribute to stable revenue performance and long-term growth potential. Investors also value the company’s association with the Dalmia Group, which enhances credibility, governance, and operational discipline.
Looking forward, DBRL aims to strengthen its market leadership by investing in technology upgrades, expanding product lines, and enhancing energy efficiency across its operations. The company is also exploring opportunities to cater to the rising demand for advanced and environmentally sustainable refractory solutions, driven by global trends in green manufacturing. For investors considering unlisted shares, DBRL presents a compelling opportunity backed by sectoral growth, diversified industrial demand, and strong business fundamentals. However, as with any unlisted security, investors should carefully evaluate liquidity constraints, valuation transparency, and broader market risks. Conducting proper due diligence and reviewing financial metrics is essential before making an informed investment decision.
1. What is Dalmia Bharat Refractories Limited?
Dalmia Bharat Refractories Limited is a leading Indian manufacturer of refractories used in steel, cement, and core industrial sectors. It is a subsidiary of the Dalmia Bharat Group and operates as an unlisted company.
2. What is the current price of Dalmia Bharat Refractories unlisted shares?
The price of Dalmia Bharat Refractories unlisted shares varies based on market demand, liquidity, and company performance. Since it is an unlisted company, prices are determined in the private unlisted market and may change frequently.
3. How can I buy or sell Dalmia Bharat Refractories unlisted shares?
You can buy or sell Dalmia Bharat Refractories unlisted shares through trusted unlisted share brokers or platforms. The transaction is executed via off-market transfer, and shares are credited to your Demat account.
4. Is Dalmia Bharat Refractories a good pre-IPO investment?
Dalmia Bharat Refractories is considered a strong pre-IPO candidate due to its established market position, backing of the Dalmia Bharat Group, and exposure to infrastructure and steel sector growth. However, investors should assess valuation and risks before investing.
5. What are the risks of investing in Dalmia Bharat Refractories unlisted shares?
Key risks include low liquidity, price volatility, lack of public disclosures compared to listed companies, and uncertainty around IPO timelines. Unlisted shares are suitable for investors with a long-term investment horizon.