---
title: "Dalmia Refractories Ltd (DALMIAREF) — Share Price, Financials & Analysis"
symbol: "DALMIAREF"
company: "Dalmia Refractories Ltd"
canonical: "https://tapetide.com/stocks/DALMIAREF"
generated_at: "2026-10-13T11:00:05.170Z"
---

# Dalmia Refractories Ltd (DALMIAREF)

Canonical page: https://tapetide.com/stocks/DALMIAREF

## Company

- **Stock Type:** EQUITY
- **Face Value:** ₹10
- **F&O Eligible:** No

## About

Dalmia Refractories is engaged in the manufacturing processes for steel, iron, cement, non-ferrous metals, glass and other industries.

## Latest Price

## Key Insights

### Strengths

- Stock is trading at 0.06 times its book value
- Company is expected to give good quarter

### Weaknesses

- Company has a low return on equity of 5.19% over last 3 years.

## Growth Rates

| Metric | 1Y | 3Y |
| --- | --- | --- |
| net income growth | 198% | 45% |
| revenue growth | 52% | 30% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2019 | Jun 2019 | Sep 2019 | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 90.53 | 124.16 | 126.66 | 112.53 | 86.75 | 61.13 | 96.76 | 108.17 | 128.62 | 119.68 | 146.72 | 141.67 |
| Expenses | 84.51 | 111.34 | 114.07 | 99.9 | 78.47 | 55.65 | 86.3 | 99.57 | 119.21 | 106.89 | 133.03 | 127.21 |
| Operating Profit | 6.02 | 12.82 | 12.59 | 12.63 | 8.28 | 5.48 | 10.46 | 8.6 | 9.41 | 12.79 | 13.69 | 14.46 |
| OPM % | 6.65 | 10.33 | 9.94 | 11.22 | 9.54 | 8.96 | 10.81 | 7.95 | 7.32 | 10.69 | 9.33 | 10.21 |
| Other Income | 2.33 | 0.57 | 0.61 | 0.55 | 1.65 | 0.39 | 0.56 | 0.68 | 1 | 0.63 | 0.34 | 0.72 |
| Interest | 2.09 | 2.06 | 2.19 | 2.06 | 2.1 | 2.4 | 2.38 | 2.2 | 2.31 | 2.26 | 2.23 | 2.18 |
| Depreciation | 4.58 | 5.14 | 4.23 | 4.13 | 4.28 | 3.8 | 4.03 | 4.27 | 3.83 | 3.65 | 3.59 | 3.69 |
| Profit before tax | 1.68 | 6.19 | 6.78 | 6.99 | 3.55 | -0.33 | 4.61 | 2.81 | 4.27 | 7.51 | 8.21 | 9.31 |
| Tax % | 72.62 | 44.1 | 20.35 | 24.61 | 43.1 | 127.27 | 38.39 | 40.21 | 32.79 | 30.49 | 35.69 | 26.42 |
| Net Profit | 0.47 | 3.46 | 5.4 | 5.27 | 2.01 | -0.74 | 2.84 | 1.68 | 2.87 | 5.23 | 5.28 | 6.86 |
| EPS in Rs | 2.89 | 12.63 | 18.27 | 18.02 | 7.55 | -0.76 | 8.03 | 5.74 | 8.76 | 16.47 | 16.15 | 19.92 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 73 | 94 | 83 | 117 | 160 | 178 | 241 | 450 | 395 | 537 |
| Expenses | 63 | 78 | 74 | 105 | 149 | 180 | 226 | 404 | 361 | 486 |
| Operating Profit | 9 | 16 | 9 | 12 | 11 | -2 | 15 | 46 | 34 | 50 |
| OPM % | 13 | 17 | 11 | 10 | 7 | -0.9 | 6 | 10 | 9 | 9 |
| Other Income | 3 | 2 | 0 | 0 | 1 | 2 | 5 | 3 | 3 | 3 |
| Interest | 1 | 1 | 2 | 3 | 2 | 1 | 3 | 8 | 9 | 9 |
| Depreciation | 1 | 2 | 2 | 3 | 10 | 9 | 11 | 18 | 16 | 15 |
| Profit before tax | 10 | 15 | 5 | 6 | 0 | -9 | 6 | 24 | 11 | 29 |
| Tax % | 35 | 33 | 30 | 36 | -24 | -30 | 33 | 31 | 42 | — |
| Net Profit | 6 | 10 | 4 | 4 | 0 | -6 | 4 | 16 | 7 | 20 |
| EPS in Rs | — | — | — | 13.17 | -0.73 | -19.03 | 17.92 | 56.47 | 21.76 | 61.3 |
| Dividend Payout % | 6 | 5 | 22 | 15 | -137 | -3 | 6 | 3 | 5 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 0.8 | 0.8 | 0.8 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Reserves | 25 | 31 | 40 | 49 | 52 | 183 | 208 | 186 | 163 | 243 |
| Borrowings | 7 | 17 | 18 | 12 | 22 | 22 | 25 | 138 | 150 | 139 |
| Other Liabilities | 12 | 17 | 34 | 32 | 33 | 59 | 66 | 155 | 122 | 168 |
| Total Liabilities | 45 | 66 | 93 | 96 | 111 | 267 | 302 | 483 | 437 | 554 |
| Fixed Assets | 10 | 18 | 19 | 28 | 27 | 121 | 113 | 208 | 216 | 206 |
| CWIP | 0 | 2 | 0 | 1 | 0 | 0 | 0 | 17 | 1 | 2 |
| Investments | 8 | 4 | 13 | 0 | 0 | 84 | 105 | 69 | 34 | 111 |
| Other Assets | 27 | 43 | 61 | 67 | 83 | 62 | 84 | 189 | 186 | 234 |
| Total Assets | 45 | 66 | 93 | 96 | 111 | 267 | 302 | 483 | 437 | 554 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | -5 | -2 | 12 | -5 | -3 | 21 | -18 | 16 | 2 | 53 |
| Cash from Investing Activity | 1 | -6 | -10 | 1 | -1 | -16 | 10 | -97 | -26 | -9 |
| Cash from Financing Activity | 4 | 9 | -1 | 4 | 6 | -8 | 7 | 110 | 2 | -19 |
| Net Cash Flow | 0 | 1 | 0 | 0 | 2 | -3 | -1 | 30 | -22 | 25 |
| Free Cash Flow | -9 | -13 | 10 | -17 | -5 | 20 | -19 | -31 | -7 | 48 |
| CFO/OP | -42 | 11 | 99 | -39 | -11 | 200 | 1076 | 124 | 24 | 165 |

### Ratios

| Item | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 51 | 77 | 61 | 83 | 97 | 36 | 49 | 93 | 58 | 85 |
| Inventory Days | 266 | 247 | 319 | 434 | 294 | 156 | 173 | 204 | 116 | 125 |
| Days Payable | 143 | 159 | 253 | 195 | 135 | 91 | 92 | 172 | 97 | 164 |
| Cash Conversion Cycle | 173 | 166 | 127 | 321 | 255 | 102 | 129 | 124 | 77 | 45 |
| Working Capital Days | 122 | 130 | 107 | 145 | 108 | 14 | 44 | -18 | 18 | 10 |
| ROCE % | 28 | 25 | 30 | 12 | 13 | — | -4 | 3 | 10 | 6 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 2 / 7 / 10

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 56.27 | Buy |
| EMA (10) | 56.62 | Sell |
| SMA (20) | 57.45 | Sell |
| EMA (20) | 58.06 | Sell |
| SMA (50) | 63.01 | Sell |
| EMA (50) | 61.54 | Sell |
| SMA (100) | 65.15 | Sell |
| EMA (100) | 64.06 | Sell |
| SMA (200) | 65.8 | Sell |
| EMA (200) | 66.07 | Sell |

### Oscillators — summary: **Neutral**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 43.43 | Neutral |
| MACD (12,26,9) | -2.04 | Buy |
| Stochastic (14,3,3) | 27.38 | Neutral |
| ADX (14) | 21.05 | Neutral |
| Williams %R (14) | -64.71 | Neutral |
| ATR (14) | 4.19 | High Volatility |
| ROC (12) | -2.97 | Sell |
| Stoch RSI (14) | 69.99 | Neutral |
| UO (7,14,28) | 52.59 | Neutral |

## Filings & Documents

### Credit Rating Reports

| Date | Document |
| --- | --- |
| 2022-06-10 | Credit rating update — CARE Ratings |
| 2020-09-01 | Credit rating update — CARE Ratings |
| 2020-09-01 | Credit rating update — CARE Ratings |
| 2020-02-28 | Credit rating update — CARE Ratings |
| 2019-11-25 | Credit rating update — CARE Ratings |

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Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-10-13T11:00:05.170Z.