Refractory Shapes Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹85 Cr
- P/E
- 17.68
- ROE
- 9.96%
- PEG
- 0.49
- Price to sales
- 1.49
- Debt to equity
- 0.39
- 52W high / low
- ₹60.0 / ₹23.9
- EBITDA margin
- 13.99%
- Net profit margin
- 8.40%
- Promoter holding
- 72.48%
- Sales (last year)
- ₹57 Cr
Incorporated in 1996, Refractory Shapes Ltd manufactures and trades special shapes, custom-made refractory shapes, and alumina balls[1]
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Peers
Industrial Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹403 Cr | 12.8 | |
| 2 | 40%+ | Up 0–2% | ₹1,158 Cr | 12.7 | |
| 3 | 40%+ | Flat | ₹6,675 Cr | 74.6 | |
| 4 | 40%+ | Flat | ₹6,247 Cr | 15.4 | |
| 5 | 40%+ | Flat | ₹4,948 Cr | 25.0 | |
| 6 | 40%+ | Flat | ₹4,816 Cr | 53.3 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products rankingFinancials of Refractory Shapes
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Refractory Shapes
Shareholding breakup across reporting periods.
| Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|
| Promoters + | 72.48% | 72.48% | 72.48% | 72.48% | 72.48% |
| FIIs + | 0.28% | 0.65% | 0.65% | 0.42% | 0.40% |
| DIIs + | 2.48% | 2.33% | 2.33% | 1.37% | 0.00% |
| Public + | 24.77% | 24.55% | 24.55% | 25.73% | 27.12% |
| No. of Shareholders | 560 | 722 | 784 | 776 | 757 |
Pros & Cons
Refractory Shapes
Key positives and risks surfaced from the company insights section.
- Though the company is reporting repeated profits, it is not paying out dividend
- Though the company is reporting repeated profits, it is not paying out dividend
Financials of Refractory Shapes
Quarterly Results
Quarter-by-quarter operating performance
Financials of Refractory Shapes
Profit & Loss
Annual income statement trend
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Sales + | 37.97 | 40.36 | 58.77 | 57.04 |
| Sales growth | +6.29% | +45.61% | -2.94% | |
| Expenses + | 34.10 | 33.99 | 48.47 | 49.06 |
| Operating Profit | 3.87 | 6.37 | 10.30 | 7.98 |
| OPM % | 10.19% | 15.78% | 17.53% | 13.99% |
| Other Income + | 0.86 | 2.61 | 1.05 | 1.53 |
| Interest | 1.08 | 1.56 | 0.82 | 1.08 |
| Depreciation | 1.06 | 1.94 | 2.46 | 2.39 |
| Profit before tax | 2.59 | 5.48 | 8.07 | 6.04 |
| Tax % | 25.87% | 24.09% | 25.03% | 25.00% |
| Net Profit + | 1.92 | 4.16 | 6.26 | 4.79 |
| EPS in Rs | 2.63 | 2.87 | 2.20 | |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% |
Financials of Refractory Shapes
Balance Sheet
Capital structure and asset base
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Equity Capital | 0.10 | 15.80 | 21.80 | 21.80 |
| Reserves | 16.59 | 5.04 | 23.90 | 28.69 |
| Borrowings + | 20.32 | 23.52 | 17.06 | 19.84 |
| Other Liabilities + | 12.12 | 7.45 | 7.14 | 6.78 |
| Total Liabilities | 49.13 | 51.81 | 69.90 | 77.11 |
| Fixed Assets + | 18.92 | 19.05 | 26.73 | 25.98 |
| CWIP | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 6.24 | 6.37 | 6.58 | 6.85 |
| Other Assets + | 23.97 | 26.39 | 36.59 | 44.28 |
| Total Assets | 49.13 | 51.81 | 69.90 | 77.11 |
Financials of Refractory Shapes
Cash Flows
Operating, investing and financing cash movement
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Cash from Operating Activity + | 4.14 | -2.54 | 1.06 | 1.44 |
| Cash from Investing Activity + | -6.83 | -1.82 | -10.49 | -1.33 |
| Cash from Financing Activity + | 0.89 | 3.18 | 10.14 | 2.79 |
| Net Cash Flow | -1.79 | -1.18 | 0.71 | 2.90 |
| Free Cash Flow | -2.91 | -4.90 | -9.06 | -0.21 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 127% | -36% | 33% | 40% |
Financials of Refractory Shapes
Ratios
Working capital efficiency and return ratios
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Debtor Days | 73.73 | 62.85 | 78.81 | 73.40 |
| Inventory Days | 193.22 | 309.16 | 246.47 | 337.76 |
| Days Payable | 246.49 | 126.66 | 79.26 | 78.17 |
| Cash Conversion Cycle | 20.46 | 245.35 | 246.02 | 332.99 |
| Working Capital Days | -15.86 | 30.39 | 113.97 | 125.87 |
| ROCE % | 17.30% | 16.60% | 10.70% |
Continue your research
What Refractory Shapes's management said in earlier quarters
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