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Refractory Shapes Ltd (REFRACTORY)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 0 NSE: REFRACTORY Refractories | Small Cap | Refractory Shapes Share Price

BSE Share Price
Not Listed

Refractory Shapes Ltd (REFRACTORY)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 0 NSE: REFRACTORY Refractories | Small Cap | Refractory Shapes Share Price

BSE Share Price
Not Listed
Key Metrics
Valuation Multiples
Market Cap
₹70 Cr.
Current Price
₹0
52-Week Low / High
₹0 / 0
TTM EPS
₹2.1
TTM Sales
₹57 Cr.
Book Value per Share
₹20.6
P/E Ratio
15.41
Lower than its 5-year historical median
Industry PE
46.9
Price to Book (P/B)
1.55
Lower than its 5-year historical median
Price to Sales (P/S)
1.22
Lower than its 5-year historical median
EV/EBITDA
8.72
Lower than its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
18.54%
Outperforms industry median
Return on Capital Employed (ROCE)
16.80%
Outperforms industry median
Return on Assets (ROA)
10.06%
Operating Profit Margin
17.6%
Net Profit Margin
10.29%
Gross Profit Margin
17.9%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
44.93%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
61.7%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
50.5%
Asset Quality
Promoter Holding
72.48%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹23 Cr.
Equity
₹21.8 Cr.
Face Value
₹10
All Time Low / High
- / -

Refractory Shapes stock performance

Key Ratios
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Check Before You Invest

M-Cap below 100cr DeciZen not available

Q.1 Is Refractory Shapes Ltd a good quality company?
Refractory Shapes Ltd is a quality company, based on a multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Refractory Shapes Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Refractory Shapes Ltd vs industry peers?
Refractory Shapes Ltd revenue CAGR is 0.00%, compared to the industry median CAGR of 4.42%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of Refractory Shapes Ltd?
Promoters hold 72.48% of the Refractory Shapes Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Refractory Shapes Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of -45.4% based on the current price.

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Refractory Shapes Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 11.8%15.7%10.7%17.2%16.8%-
Value Creation
Index
-0.20.1-0.20.20.2-

Growth Parameters

Sales 20.925.53840.658.857
Sales YoY Gr.-22.1%48.9%6.8%44.9%-
Adj EPS 11.81.22.62.82.1
YoY Gr.-83.8%-36.8%121.7%9.4%-
BVPS (₹) 7.59.410.312.920.620.6
Adj Net
Profit
1.62.91.846.15
Cash Flow from Ops. 5.27.64.1-2.51.1-
Debt/CF from Ops. 2.42.14.9-9.316-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales NANA32.1%44.9%
Adj EPS NANA15.3%9.4%
BVPSNANA30.2%60.5%
Share Price - - - -45.7%

Key Financial Parameters

Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
13.121.511.72218.710.1
Op. Profit
Mgn %
11.214.210.215.717.6NAN
Net Profit
Mgn %
7.511.34.89.910.48
Debt to
Equity
11.11.31.20.4-
Working Cap
Days
01721491921730
Cash Conv.
Cycle
07839891130

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25
Sales20.8925.5037.9740.5558.77
Operating Expenses + 18.5421.8934.0934.1848.47
Manufacturing Costs0.741.2611.5610.7514.83
Material Costs13.3914.6216.9616.3424.82
Employee Cost 2.963.021.862.332.64
Other Costs 1.452.993.724.766.19
Operating Profit 2.343.613.886.3710.30
Operating Profit Margin (%) 11.2%14.2%10.2%15.7%17.5%
Other Income + 0.910.710.752.471.05
Exceptional Items 00000
Interest 0.750.601.081.560.82
Depreciation 0.390.351.061.942.46
Profit Before Tax 2.123.702.495.348.07
Tax 0.550.830.671.322.02
Profit After Tax 1.562.871.814.026.05
PAT Margin (%) 7.5%11.3%4.8%9.9%10.3%
Adjusted EPS (₹)1.01.81.22.62.8
Dividend Payout Ratio (%)0%0%0%0%0%

Valuation of Refractory Shapes - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

mw4me loader

Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 11.9014.7716.2720.3044.95
Share Capital 0.100.100.1015.8021.80
Reserves 11.8014.6716.174.5023.15
Debt +12.3415.6320.3223.5217.06
Long Term Debt8.8010.5411.5011.5110.46
Short Term Debt3.545.098.8112.016.59
Minority Interest00000
Trade Payables1.565.3710.925.675.39
Others Liabilities 1.431.061.211.781.66
Total Liabilities 27.2336.8448.7151.2669.05

Fixed Assets

Net Fixed Assets +6.977.6018.9219.0520.36
Gross Block13.1714.1526.4628.5332.21
Accumulated Depreciation6.206.557.549.4811.85
CWIP 05.34006.36
Investments 0.016.145.835.835.83
Inventories2.343.338.5613.8416.76
Trade Receivables7.536.177.676.9512.69
Cash Equivalents 7.736.234.443.263.97
Others Assets 2.652.033.292.333.08
Total Assets 27.2336.8448.7151.2669.05

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 5.187.574.14-2.541.06
PBT 2.123.382.495.348.07
Adjustment 0.630.631.892.965.15
Changes in Working Capital 2.944.221.62-9.03-9.02
Tax Paid -0.50-0.65-0.79-0.25-2.32
Cash Flow From Investing Activity + 0.35-11.81-6.83-1.82-10.49
Capex -0.17-6.32-7.05-2.36-10.12
Net Investments 0.01-5.81000
Others 0.510.320.230.54-0.37
Cash Flow From Financing Activity + -5.362.740.893.1810.14
Net Proceeds from Shares 000018.60
Net Proceeds from Borrowing 01.740-0.01-1.05
Interest Paid -0.75-0.60000
Dividend Paid 00000
Others -4.611.600.893.19-7.41
Net Cash Flow 0.17-1.50-1.79-1.180.71

Financial Ratio

PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)13.1421.5311.6822.0118.54
ROCE (%)11.8215.7110.6517.1816.8
Asset Turnover Ratio0.770.80.890.810.98
PAT to CFO Conversion(x)3.322.642.29-0.630.18
Working Capital Days
Receivable Days131.609866.5065.8061
Inventory Days40.9040.6057.20100.8095
Payable Days42.6086.60175.30185.2081.30

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Refractory Shapes Ltd FAQs

The current trading price of Refractory Shapes on 01-Jan-1970 05:30 is ₹0.00.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 31-Dec-1969 the market cap of Refractory Shapes stood at ₹69.76 Cr

The latest P/E ratio of Refractory Shapes as of 31-Dec-1969 is 15.41.

The latest P/B ratio of Refractory Shapes as of 31-Dec-1969 is 1.55.

The 52-week high of Refractory Shapes is ₹0.00 and the 52-week low is ₹0.00.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Refractory Shapes is ₹57.04 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Refractory Shapes Ltd is a below average quality company.

The key valuation ratios of Refractory Shapes Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Refractory Shapes Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About Refractory Shapes Ltd

Refractory Shapes Limited was originally formed as a Proprietorship Firm under the name of ‘M/s. Refractory Shapes’ in the year 1973. ‘M/s. Refractory Shapes’ was thereafter converted into Private Limited Company under the name ‘Refractory Shapes Private Limited’ under the provisions of the Companies Act, 1956 and a fresh Certificate of Incorporation was issued by the Registrar of Companies, Bombay on January 08, 1996. Subsequently, the status of the Company was changed to Public Limited and the name of company was changed to ‘Refractory Shapes Limited’ vide Special Resolution passed by the Shareholders at the Extra Ordinary General Meeting of the Company held on January 18, 2024. The fresh certificate of incorporation consequent to conversion was issued on February 02, 2024 by the Registrar of Companies, Mumbai.

Refractory Shapes is primarily engaged in the manufacturing of different types of Bricks, Castables, High Alumina Catalyst and Ceramic Balls which includes Pre Cast & Pre Fired Blocks (PCPF), Burner Blocks, Special shaped Refractory bricks, Dense & Insulating Castables & Mortars. The company started developing and supplying products to Refineries and Steel Industries since its inception in 1973. In the year 2007 and 2011, The company had for the first time become an approved vendor with Engineer India (EIL) and also got enlisted with EIL for ‘High Alumina Refractory Bricks’, the company is the Original Equipment Manufacturer in many projects executed by EIL, which increased the opportunities of the Company in many green field projects, this EIL enlistment is re-validated every 3 years.

The tailored made products shaped by the Company finds its application in a diverse range of Industries, including Steel, Refineries, Fertilizers, Petrochemicals, Glass, Cement etc. The company's refractories are engineered to endure the harsh conditions of these industries, contributing to enhanced operational efficiency and extended equipment life. The tailored made finished goods provide diversity in the products being manufactured by the Company wherein modern manufacturing equipment are installed for scaling the manufacturing. 

In addition to the manufacturing activity being carried out by the company, Refractory Shapes is often involved in receiving orders for those items from clients which are not a part of company’s operations in manufacturing activities. These items include Metallic Anchors which are used as support for installing refractory castables for which Raw Materials such as tabular alumina, low alumina bricks and insulation bricks, etc are required, For such orders, the company procures these items from their approved vendors and sells to the clients, hence, the Company is also involved in trading of the aforesaid products. Also, Company offloads the finished products from the manufacturing quantity with its vendors to meet the delivery period of the client.

Business area of the company

The company is engaged in the manufacturing of different types of Bricks, Castables, High Alumina Catalyst and Ceramic Balls which includes Pre Cast & Pre Fired Blocks (PCPF), Burner Blocks, Special shaped Refractory bricks, Dense & Insulating Castables & Mortars. 

Products of the company

  • Bricks 
  • Castables 
  • High alumina catalyst 
  • Ceramic balls

History and milestones

  • 1973: Formation of Proprietorship concern under the name ‘M/s Refractory Shapes’.
  • 1996: Takeover of business by Dayashankar Krishna Shetty and Pratibha Dayashankar Shetty.
  • 2005: Received ISO 9001: 2008 issued by Bureau Veritas Certification for manufacturing high Alumina Refractories, Pre Cast Shapes, Castables & Mortars in Manufacturing Facility situated at Pune.
  • 2005: Registered as a Vendor with Projects & Development India Limited (Government of India Undertaking) involved in engineering projects.
  • 2007: Enlisted with Engineers India Limited (Government of India Undertaking) for Dense Refractory Castable & Precast Shapes.
  • 2007: Certification from Reliance Industries Limited for supply of Shape bricks, Precast blocks, Dense Castable, Insulating Castable, Mortar, Insulating bricks, Refracoat Z Coating Material. 
  • 2007: Certification from Mangalore Refinery & Petrochemicals Limited for supply of High Alumina Bricks (Dense & Insulation Bricks), High Alumina Castables, Insulating Castables, Tabular Alumina Castable, Burner Blocks and Precast Shapes.
  • 2007: Certification from Mangalore Refinery & Petrochemical Limited (Subsidiary of Oil and Natural Gas Corporation Limited) for providing satisfactory quality of bricks consistently for 10 years since 1997 such as High Alumina Bricks (Dense & Insulation Bricks), High Alumina Castable, Insulating Castable, Tabular Alumina Castable, Burner Blocks, Precast Shapes. 
  • 2007: Certification from Rashtriya Chemicals and Fertilizers Limited (Government of India Undertaking) for supply of Alumina Lumps of varied sizes and Alumina hexagonal Allumina Tiles used at the top of the  catalyst bed in the Secondary Reformer in Line II of Ammonia Plant in the year 2004 
  • 2013: Registered as Vendor with Projects & Development India Limited (Government of India Undertaking) for bricks.
  • 2014: Revalidation for enlistment with Engineers India Limited (Government of India Undertaking) for Refractory High Alumina Bricks and Dense Refractory Castable & Precast Shapes.
  • 2019: Revalidation for enlistment with Engineers India Limited (Government of India Undertaking) for Refractory High Alumina Bricks, High Purity High Alumina Refractory Bricks, Dense Refractory Castable, Insulating Refractory Castables.
  • 2020: Certified ISO 14001:2015 & 45001: 2018 issued by Bureau Veritas Certification for Manufacturing and dispatch of High Alumina Refractories, Pre cast shapes, Insulation Refractories, Castables & mortars in Manufacturing Facility situated at Pune 
  • 2022: Certified ISO 9001:2015 & 45001:2018 issued for Manufacturing and Dispatch of High Alumina Refractories, Alumina Balls, Precast Shapes, Insulation Refractories, Castables & Mortars in manufacturing facility situated at Morbi District, Gujarat
  • 2022: Certified ISO/IEC 17025:2017 issued by National Accreditation Board for Testing and Calibration Laboratories (NABL) for General requirement for the Competence of Testing & Calibration Laboratories in Manufacturing Facility situated at Pune. 
  • 2022: Revalidation for enlistment with Engineers India Limited (Government of India Undertaking) for Refractory High Alumina Bricks, High Purity High Alumina Refractory Bricks, Dense Refractory Castable, Insulating Refractory Castables.
  • 2023: Revalidation for Enlistment with Engineers India Limited (Government of India Undertaking) for Refractory High Alumina Bricks, High Purity High Alumina Refractory Bricks, Dense Refractory Castable, Insulating Refractory Castables for Manufacturing Unit II.
  • 2024: Converted to Public Limited Company and Name changed to ‘Refractory Shapes Limited’.

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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