Dalmia Bharat Refractories Ltd
Dalmia group holding company for refractories: a large RHI Magnesita India stake plus the Salem magnesite and travel units demerged in 2025.
Market cap
₹961.4 Cr
4.60 Cr shares
P/E ratio
19.66
Sector average 30
Book value
₹592.99
P/B 0.35
1-year return
-12.27%
52w ₹190 – ₹255
Currently 29% of the way through its 52-week range.
Indicative price history
1Y change
-12.85% ₹240 → ₹209
52-week band in this window: ₹205.35 – ₹246.28. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Holds a large stake in RHI Magnesita India after transferring its refractory business in 2023.
- Received the DMC magnesite and GT units from Dalmia Bharat Sugar via an NCLT-approved demerger effective 31 October 2025.
- Net worth around ₹2,600 Cr per dealer valuation data against a market value near ₹950 Cr.
About Dalmia Refractories
Dalmia Bharat Refractories Ltd (DBRL) is the Dalmia Bharat group's refractories vehicle. It consolidated the group's refractory plants and in 2023 transferred its Indian refractory business to RHI Magnesita India in exchange for a large block of RHI Magnesita India shares, turning DBRL into a holding company whose book value is dominated by that listed stake. It also held German refractory interests and exports.
In October 2025 the NCLT-approved demerger of the DMC (Dalmia Magnesite Corporation, Salem) and GT units from Dalmia Bharat Sugar and Industries took effect, with DBSIL shareholders receiving one DBRL share of ₹10 for every 48.18 DBSIL shares of ₹2 held (record date 31 October 2025). BSE noted that DBRL would not be listed, so the company remains an unlisted entity whose shares trade through dealers, usually in lots of 250.
Dealer valuation data imply about 4.4-4.6 Cr shares, a net worth around ₹2,600 Cr and profit after tax of roughly ₹45-50 Cr, mostly dividends and treasury income, with revenue that has shrunk sharply since the RHI transaction. Business Standard reported a standalone net loss of ₹63.85 Cr for the June 2026 quarter, reflecting fair-value and operating swings in the magnesite business. The shares trade at a steep discount to book value, typical of a holding company.
Revenue, profit and balance-sheet lines are estimates built from dealer ratios and the reported quarterly loss; the incorporation date is approximate. Line items are reconstructed around reported totals; treat them as approximate.
Where the revenue comes from
- Investment income (RHI Magnesita India stake)55%
Dividends and fair-value changes on the listed holding
- Magnesite & refractory raw materials (DMC unit)35%
Dead-burnt magnesite from Salem, Tamil Nadu
- Travel and other services (GT unit)10%
Govan Travels unit demerged from Dalmia Bharat Sugar
Products & services
Dead-burnt magnesite
Raw material for basic refractories from the Salem (DMC) unit.
Investment portfolio
RHI Magnesita India and Dalmia group shares.
Travel services
Govan Travels unit providing corporate travel management.
What works
- • Large holding in RHI Magnesita India, the market leader, gives exposure to steel-industry refractory demand with a listed, valuable asset.
- • Backing of the Dalmia Bharat group and access to its cement and sugar businesses as captive customers for magnesite.
- • Shares trade at less than half of book value, offering a holding-company discount that could narrow on any restructuring.
What to watch
- • Holding-company discount may persist indefinitely; there is no announced plan to list DBRL or distribute the RHI Magnesita India shares.
- • The magnesite unit is loss-making at present (Q1 FY27 standalone net loss ₹63.85 Cr).
- • Value depends on RHI Magnesita India's share price and dividend policy, which DBRL does not control.