What does Dalmia Laminators Ltd do?

Dalmia Laminators Limited is a Kolkata-based company incorporated in 1986, engaged in the manufacture of laminates and packaging materials. The company operates in the materials sector, producing laminated films, flexible packaging solutions, and related materials used in FMCG, food and beverage, pharmaceutical, and industrial packaging applications. The company's CIN is L51491WB1986PLC040284.

When was Dalmia Laminators incorporated?

Based on the CIN (L51491WB1986PLC040284), Dalmia Laminators Limited was incorporated in West Bengal in 1986. Note: Some data sources list the year as 1997, which may reflect a restructuring or re-registration date rather than the original incorporation year.

Where is Dalmia Laminators headquartered?

Dalmia Laminators Limited is headquartered in Kolkata, West Bengal — one of India's major industrial cities with significant presence in packaging, jute, paper, and materials processing industries.

What is the share price of Dalmia Laminators in the unlisted market?

Dalmia Laminators Limited trades in the unlisted market at approximately ₹190 per share. As with all unlisted shares, liquidity is limited and price discovery in the OTC unlisted market may not fully reflect fundamental value.

How do I buy Dalmia Laminators unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

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How do I pay, and is there a payment gateway?

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Investment Thesis

Dalmia Laminators Limited is a 38-year-old Kolkata-based laminates and packaging materials manufacturer operating in one of India's fastest-growing industrial segments. Associated with the Dalmia family brand and incorporated in 1986 in West Bengal, the company serves the packaging needs of FMCG, pharmaceutical, food & beverage, and industrial clients across India. India's packaging industry — growing at 14-15% annually — provides compelling structural tailwinds. At ₹190 per share in the unlisted market, Dalmia Laminators offers exposure to this growth story through a company with a long operating track record and established Kolkata market presence. Key risks include raw material cost volatility linked to petrochemicals, competition from listed large-caps like Uflex and Jindal Poly Films, and the need to adapt to sustainability and recyclable packaging trends over the medium term.

Pros

Revenue ₹501.72 Cr (FY24) — substantial scale for a packaging/laminates manufacturer; revenue of ₹368 Cr in FY22 shows consistent growth trajectory.
L-prefix CIN (L51491WB1986PLC040284) — listed company; 38+ years of packaging manufacturing heritage since 1986.
Cotton Street, Kolkata location — historic trading and logistics hub; proximity to Bengal industrial base.
Diversified materials: plastics, rubber, non-metallic mineral products, fabricated metals — broad packaging portfolio.

Cons

No ISIN publicly confirmed; limited secondary market trading information.
Revenue declined slightly from ₹523.48 Cr (FY23) to ₹501.72 Cr (FY24) — marginal contraction.
Packaging industry faces margin pressure from commodity cost volatility (plastic resins, rubber).
Very small paid-up capital ₹4.08 Cr vs ₹500 Cr revenue — highly leveraged operating structure.

Business Segments

Packaging / Laminates Manufacturing

Manufacturing of plastic, rubber, non-metallic mineral and metal packaging products; laminates and laminated packaging materials.

Revenue Model

Dalmia Laminators Limited generates revenue through the manufacture and sale of laminated films, flexible packaging materials, and related packaging solutions to FMCG companies, pharmaceutical manufacturers, food & beverage brands, and industrial clients. Revenue is volume-driven — reflecting the tonnage of laminates manufactured and sold — with margins depending on the product mix (commodity vs. specialty laminates), raw material cost management (BOPP/BOPET films, aluminium foil, adhesives), and manufacturing efficiency. The company likely serves both local Eastern India clients and pan-India customers through a distributor network. Export opportunities to South and Southeast Asian markets may provide incremental revenue. Given its age (incorporated in 1986), the company likely has a well-established customer base in its core East India region.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds14

Growth Plans

India's FMCG sector expansion into Tier 2 and Tier 3 cities driving demand for quality laminated packaging

Pharmaceutical sector growth and packaging upgrade requirements (Schedule M compliance) creating demand for specialty pharmaceutical laminates

E-commerce packaging growth requiring durable, lightweight laminated protective materials

Export opportunity to Bangladesh, Nepal, and Southeast Asia for laminated packaging products

Recent Developments

India's packaging sector growth acceleration

India's packaging industry is growing at 14-15% annually, driven by FMCG sector expansion, pharmaceutical packaging regulation upgrades, food safety standards, and e-commerce boom. This growth directly benefits laminates manufacturers like Dalmia Laminators that supply the sector.

Ongoing (2022–2024)

Sustainability and recyclable packaging trends

Growing regulatory and consumer pressure for sustainable packaging is driving investment in recyclable mono-material laminates and barrier coatings as alternatives to traditional multi-layer non-recyclable laminates. Companies that adapt their product lines to sustainable packaging will have a competitive advantage in the evolving market.

Ongoing (2022–2024)

Comparable Companies

CompanyTypeTickerMkt Cap

Uflex LimitedListedUFLEXNSE: UFLEX; ~₹5,000 Cr (FY2024)

Jindal Poly Films LimitedListedJINDALPOLYFBSE: JINDALPOLYF; ~₹3,500 Cr (FY2024)

Cosmo Films LimitedListedCOSMOFILMSNSE: COSMOFILMS; ~₹2,000 Cr (FY2024)

Huhtamaki India LimitedListedHUHTAMAKINSE: HUHTAMAKI; ~₹1,500 Cr (FY2024)

Group Structure (3 entities)

EntityExtentReason

Dalmia Laminators Limited100%Common promoters, cashflow fungibility and significant financial and operational linkages

Dalmia Tea Plantation and Industries Limited100%Common promoters, cashflow fungibility and significant financial and operational linkages

Bateli Tea Co. Limited100%Common promoters, cashflow fungibility and significant financial and operational linkages

Dalmia Laminators Limited100%

Common promoters, cashflow fungibility and significant financial and operational linkages

Dalmia Tea Plantation and Industries Limited100%

Common promoters, cashflow fungibility and significant financial and operational linkages

Frequently Asked Questions

Dalmia Laminators Limited shares the 'Dalmia' brand name with the Dalmia Bharat Group (known for cement and refractories), but may be a separate or affiliated entity within the broader Dalmia family's industrial holdings. The Dalmia industrial family has multiple branches with separate business interests. The specific group affiliation of Dalmia Laminators requires verification through MCA records and company disclosures.

Laminates are multi-layer composite materials combining two or more materials (films, foils, papers, or coatings) bonded together to achieve desired properties. In packaging, laminates provide barrier protection against moisture, oxygen, light, and contamination. Common applications include food packaging pouches, pharmaceutical blister packs and sachets, cosmetics packaging, industrial bags, and flexible packaging for FMCG products.

About Dalmia Laminators

Dalmia Laminators Ltd is a Kolkata-based company incorporated in 1986, involved in wholesale trade of intermediate products, waste, and scrap. The company's registered address is at 130 Cotton Street, Kolkata, West Bengal — in the historic commercial district of Kolkata. The Dalmia name links this company to the broader Dalmia family business network, which has been one of India's prominent industrial families for over a century. Directors include Vijay Dalmia, Girdhar Gopal Dalmia, Manish Dalmia, Rajinder Prasad Jain, Sonam Jalan, Susma Shaw, and Parekh Mani Baro — the Dalmia family directors suggest direct family ownership and management. The company last held its AGM on 29 December 2023 and filed its balance sheet for FY2023, indicating active operations. Laminators are materials used in packaging, construction, and industrial applications. The wholesale trade classification (NIC) suggests the company may distribute laminated materials rather than manufacturing them. Kolkata's Cotton Street address is historically associated with the textile and commodity trading industry in the city. Given the Dalmia family connection, this company is likely a trading arm related to the broader Dalmia industrial group's packaging or materials interests. The company represents a modest-scale trading business within a prominent Indian industrial family's portfolio.

Key Milestones

Incorporated March 3, 1986 in Kolkata, West Bengal (CIN: L51491WB1986PLC040284)

Common questions about unlisted shares

How do I buy Dalmia Laminators unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

Rating drivers & sensitivityFrom CRISIL's rating rationale — rates debt servicing, not share value8

Key Strengths

Healthy growth in scale stemming from extensive experience of promoters: Experience of over five decades in the packaging and tea business has given the promoters an understanding of the market dynamics and helped establish relationships with suppliers and customers. MLD group's business risk profile is marked by heatlhy

Healthy operating efficiency: Consolidated earnings before interest, tax, depreciation and amortization (EBITDA) margins are expected to remain around 13% over the medium term driven by healthy profitability in the tea segment as compared to other players with group being insulat

Comfortable financial risk profile: Financial risk profile should remain supported by healthy accretion to reserves. Networth continues to remain healthy at Rs 437.89 crore as on March 31st, 2025 as against Rs 383 crore a year earlier backed by steady accretion to reserves and quasi eq

Key Weaknesses

PWS segment: The MLD group operates in two segments: manufacturing of PWS, and tea plantation and processing industry. Both the industries are fragmented because of low entry barriers, and low capital and technology requirement amid intensifying competition. Furt

Moderately intensive working capital operations: Gross current assets (GCAs) were moderately sizeable estimated at around 181 days as on March 31, 2025, because of moderate inventory of 121 days and moderate receivables of around 50-55 days. GCAs are expected to remain at similar levels over the me

Upward Factors

Substantial growth in scale of operations aided by volumetric growth in both tea and packaging segment and sustenance of healthy profitability leading to healthy cash accruals on a sustained basis.

Improvement in financial risk profile with adjusted interest coverage (adjusted of interest on unsecured loans from promoters) over 3 times and working capital management thereby improving the liquidity risk profile

Downward Factors

than-expected debt-funded capital expenditure (capex), acquisition, stretch in the working capital cycle or any unanticipated change in the overall group structure resulting in material increase in leverage thereby significantly weakening the financial and liquidity risk profiles

Risk factors & red flagsInvestment risks and items flagged from public filings14

Financial PerformanceLow

Net profit margin is thin at 3.0% (FY2023-24) — limited buffer against revenue or cost shocks

Source: Financial data

Leverage & DebtMedium

Interest coverage ratio of 1.95x (FY2023-24) — earnings provide limited headroom to service debt obligations

Source: Financial data

Fraud / GovernanceLow

Key raw materials for laminates — BOPP (biaxially oriented polypropylene) film, BOPET (polyester) film, aluminium foil, and adhesives — are petrochemical-linked. Crude oil price spikes and polymer supply disruptions can significantly impact production costs and compress margins if customers resist price increases.

Source: Company Financial Filings

Fraud / GovernanceLow

The Indian laminates and flexible packaging sector is highly competitive, with large listed players including Uflex Limited, Jindal Poly Films, Cosmo Films, and Huhtamaki India operating at much larger scales with greater technology and capital resources.