Refractory Shapes Ltd
Incorporated in 1996, Refractory Shapes Ltd manufactures and trades special shapes, custom-made refractory shapes, and alumina balls[1]
- Market Cap ₹ 118 Cr.
- Current Price ₹ 54.0
- High / Low ₹ 116 / 39.0
- Stock P/E 15.2
- Book Value ₹ 23.1
- Dividend Yield 0.00 %
- ROCE 16.6 %
- ROE 18.2 %
- Face Value ₹ 10.0
Pros
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Company might be capitalizing the interest cost
- Working capital days have increased from 42.9 days to 114 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Industrial Products Electrodes & Refractories
Half Yearly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|
| 37.97 | 40.36 | 58.69 | 69.67 | |
| 34.10 | 33.99 | 48.39 | 56.94 | |
| Operating Profit | 3.87 | 6.37 | 10.30 | 12.73 |
| OPM % | 10.19% | 15.78% | 17.55% | 18.27% |
| 0.86 | 2.61 | 1.05 | 0.72 | |
| Interest | 1.08 | 1.56 | 0.82 | 1.12 |
| Depreciation | 1.06 | 1.94 | 2.46 | 2.50 |
| Profit before tax | 2.59 | 5.48 | 8.07 | 9.83 |
| Tax % | 25.87% | 24.09% | 25.03% | |
| 1.92 | 4.16 | 6.05 | 7.75 | |
| EPS in Rs | 2.63 | 2.78 | 3.56 | |
| Dividend Payout % | 0.00% | 0.00% | 0.00% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | 55% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | 56% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -54% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| Last Year: | 18% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|
| Equity Capital | 0.10 | 15.80 | 21.80 | 21.80 |
| Reserves | 16.59 | 5.04 | 23.90 | 28.54 |
| 20.32 | 23.52 | 17.06 | 20.66 | |
| 12.12 | 7.45 | 7.14 | 11.51 | |
| Total Liabilities | 49.13 | 51.81 | 69.90 | 82.51 |
| 18.92 | 19.05 | 26.73 | 26.72 | |
| CWIP | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 6.24 | 6.37 | 6.58 | 6.71 |
| 23.97 | 26.39 | 36.59 | 49.08 | |
| Total Assets | 49.13 | 51.81 | 69.90 | 82.51 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| 4.14 | -2.54 | 1.06 | |
| -6.83 | -1.82 | -10.49 | |
| 0.89 | 3.18 | 10.14 | |
| Net Cash Flow | -1.79 | -1.18 | 0.71 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| Debtor Days | 73.73 | 62.85 | 78.92 |
| Inventory Days | 193.22 | 309.16 | 246.47 |
| Days Payable | 246.49 | 126.66 | 79.26 |
| Cash Conversion Cycle | 20.46 | 245.35 | 246.13 |
| Working Capital Days | -15.86 | 30.39 | 114.12 |
| ROCE % | 17.30% | 16.60% |
Documents
Announcements
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Statement of deviation(s) or variation(s) under Reg. 32
13 November 2025 - No deviation in use of IPO proceeds of Rs.18,60,00,000; report for quarter ended 30 Sep 2025.
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Related Party Transactions
13 November 2025 - Regulation 23(9) (Related Party Transactions) not applicable; company listed on SME Exchange.
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Integrated Filing- Financial
13 November 2025 - Approved H1 results ended 30 Sep 2025; standalone PAT 450.24, consolidated PAT 463.59.
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Outcome of Board Meeting
13 November 2025 - Board approved unaudited H1 results (30 Sep 2025): total revenue 3,479.36; standalone net profit 450.24.
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Outcome of Board Meeting
13 November 2025 - Approved unaudited standalone and consolidated results for half year ended 30 Sep 2025; standalone net profit 450.24.
Business Overview:[1][2]
RSL is in the business of production of special shapes, custom-made refractory shapes, and ceramic balls of low and medium purity. It has an inhouse design team to manufacture our refectories as per Licensor /clients drawings & requirements.