SP Refractories Ltd
Incorporated in 2007, SP Refractories
Ltd manufactures and supplies refractory
material[1]
- Market Cap ₹ 22.6 Cr.
- Current Price ₹ 126
- High / Low ₹ 209 / 105
- Stock P/E 10.8
- Book Value ₹ 70.4
- Dividend Yield 0.00 %
- ROCE 19.4 %
- ROE 18.1 %
- Face Value ₹ 10.0
Pros
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- The company has delivered a poor sales growth of 7.60% over past five years.
- Company might be capitalizing the interest cost
* 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
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| 18.53 | 20.97 | 25.69 | 31.51 | 27.24 | 28.81 | 30.25 | |
| 17.65 | 19.78 | 24.23 | 29.51 | 25.76 | 25.91 | 26.73 | |
| Operating Profit | 0.88 | 1.19 | 1.46 | 2.00 | 1.48 | 2.90 | 3.52 |
| OPM % | 4.75% | 5.67% | 5.68% | 6.35% | 5.43% | 10.07% | 11.64% |
| 0.03 | 0.03 | 0.03 | 0.01 | 0.01 | 0.03 | 0.01 | |
| Interest | 0.40 | 0.44 | 0.21 | 0.42 | 0.41 | 0.43 | 0.34 |
| Depreciation | 0.22 | 0.22 | 0.24 | 0.22 | 0.24 | 0.33 | 0.40 |
| Profit before tax | 0.29 | 0.56 | 1.04 | 1.37 | 0.84 | 2.17 | 2.79 |
| Tax % | 24.14% | 26.79% | 27.88% | 27.74% | 26.19% | 28.11% | 25.09% |
| 0.21 | 0.40 | 0.75 | 0.98 | 0.62 | 1.56 | 2.09 | |
| EPS in Rs | 4.22 | 8.04 | 5.03 | 5.48 | 3.46 | 8.72 | 11.68 |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 8% |
| 3 Years: | -1% |
| TTM: | 5% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 39% |
| 3 Years: | 29% |
| TTM: | 34% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 16% |
| 1 Year: | -23% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 15% |
| 3 Years: | 14% |
| Last Year: | 18% |
Balance Sheet
Figures in Rs. Crores
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 0.50 | 0.50 | 1.49 | 1.79 | 1.79 | 1.79 | 1.79 |
| Reserves | 3.02 | 3.42 | 3.18 | 6.53 | 7.15 | 8.71 | 10.80 |
| 3.75 | 4.13 | 3.79 | 5.07 | 5.42 | 4.68 | 4.44 | |
| 0.65 | 0.94 | 2.11 | 1.90 | 1.74 | 1.96 | 1.85 | |
| Total Liabilities | 7.92 | 8.99 | 10.57 | 15.29 | 16.10 | 17.14 | 18.88 |
| 2.07 | 2.01 | 1.90 | 4.04 | 3.89 | 7.12 | 7.11 | |
| CWIP | 0.00 | 0.00 | 0.00 | 0.76 | 2.41 | 0.00 | 0.00 |
| Investments | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| 5.85 | 6.98 | 8.66 | 10.48 | 9.79 | 10.01 | 11.76 | |
| Total Assets | 7.92 | 8.99 | 10.57 | 15.29 | 16.10 | 17.14 | 18.88 |
Cash Flows
Figures in Rs. Crores
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| 0.84 | 0.79 | -0.66 | 0.80 | 0.41 | 1.59 | 1.50 | |
| -0.17 | -0.16 | -0.11 | -3.13 | -1.73 | -1.15 | -0.38 | |
| -0.65 | -0.64 | 0.76 | 3.15 | 0.51 | -0.44 | -1.12 | |
| Net Cash Flow | 0.01 | -0.01 | -0.01 | 0.82 | -0.81 | 0.00 | 0.00 |
Ratios
Figures in Rs. Crores
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 78.99 | 77.80 | 98.74 | 70.20 | 81.60 | 81.21 | 76.50 |
| Inventory Days | 33.01 | 31.72 | 27.69 | 37.05 | 54.34 | 58.31 | 100.02 |
| Days Payable | 3.85 | 9.85 | 20.12 | 24.48 | 24.49 | 23.41 | 19.54 |
| Cash Conversion Cycle | 108.14 | 99.67 | 106.32 | 82.76 | 111.45 | 116.12 | 156.98 |
| Working Capital Days | 28.36 | 20.71 | 42.91 | 44.02 | 62.17 | 68.67 | 82.05 |
| ROCE % | 13.05% | 15.14% | 16.38% | 9.01% | 17.60% | 19.43% |
Documents
Announcements
-
Change in Management
28 August 2025 - Shweta Kale appointed Managing Director for five years; Namita Kale redesignated; effective 28 Aug 2025.
-
Shareholders meeting
28 August 2025 - AGM on 28 Aug 2025 approved MD designation for Shweta, director remuneration increases, audited FY2024-25 financials.
-
General Updates
5 August 2025 - Book closure from 22-28 Aug 2025 for 18th AGM on 28 Aug 2025.
-
Shareholders meeting
26 July 2025 - AGM on 28 Aug 2025: appoint Ms. Shweta Kale as MD, increase director remunerations up to Rs.36L.
-
Copy of Newspaper Publication
26 July 2025 - Notice published for 18th AGM and e-voting of SP Refractories Limited on 26 July 2025.
Business Overview:[1][2]
SPRL manufactures high quality refractory material made using premium grade cement, aggregates, hydrated lime, Calcined Alumina, and other raw material. The final product is used by iron, steel, and construction industries because of its thermal conductivity, maximum strength and heat resistance. Company also offers customized solutions and large product lines for its clients.