SP Refractories Ltd
Incorporated in 2007, SP Refractories
Ltd manufactures and supplies refractory
material[1]
- Market Cap ₹ 30.8 Cr.
- Current Price ₹ 172
- High / Low ₹ 199 / 105
- Stock P/E 14.8
- 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: | 29% |
| 1 Year: | -2% |
| 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
-
Outcome of Board Meeting
14 November 2025 - Board approved standalone unaudited results for half year ended Sep 30, 2025; auditor's report unmodified.
-
Outcome of Board Meeting
14 November 2025 - Board approved standalone unaudited H1 results for period ended Sep 30, 2025; auditor's report unmodified.
-
Quarterly Compliance Report on Corporate governance - within 21 days from the end of the quarter
14 October 2025 - Declares corporate governance non-applicability for quarter/half-year ended 30 Sep 2025; paid-up capital Rs178.95L.
-
Certificate under SEBI (Depositories and Participants) Regulations, 2018
12 October 2025 - Regulation 74(5) certificate for quarter ended 30 Sep 2025; no dematerialisation requests.
-
Price movement
30 September 2025 - Investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written …
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.