SP Refractories Ltd
Incorporated in 2007, SP Refractories
Ltd manufactures and supplies refractory
material[1]
- Market Cap ₹ 28.1 Cr.
- Current Price ₹ 157
- High / Low ₹ 199 / 105
- Stock P/E 8.48
- Book Value ₹ 82.6
- Dividend Yield 0.00 %
- ROCE 19.4 %
- ROE 18.1 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
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.
* 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 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 18.53 | 20.97 | 25.69 | 31.51 | 27.24 | 28.81 | 30.25 | 32.15 | |
| 17.65 | 19.78 | 24.23 | 29.51 | 25.76 | 25.91 | 26.73 | 27.08 | |
| Operating Profit | 0.88 | 1.19 | 1.46 | 2.00 | 1.48 | 2.90 | 3.52 | 5.07 |
| OPM % | 4.75% | 5.67% | 5.68% | 6.35% | 5.43% | 10.07% | 11.64% | 15.77% |
| 0.03 | 0.03 | 0.03 | 0.01 | 0.01 | 0.03 | 0.01 | 0.01 | |
| Interest | 0.40 | 0.44 | 0.21 | 0.42 | 0.41 | 0.43 | 0.34 | 0.26 |
| Depreciation | 0.22 | 0.22 | 0.24 | 0.22 | 0.24 | 0.33 | 0.40 | 0.41 |
| Profit before tax | 0.29 | 0.56 | 1.04 | 1.37 | 0.84 | 2.17 | 2.79 | 4.41 |
| 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 | 3.32 | |
| EPS in Rs | 4.22 | 8.04 | 5.03 | 5.48 | 3.46 | 8.72 | 11.68 | 18.55 |
| 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: | 10% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 39% |
| 3 Years: | 29% |
| TTM: | 87% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 21% |
| 1 Year: | -10% |
| 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 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.50 | 0.50 | 1.49 | 1.79 | 1.79 | 1.79 | 1.79 | 1.79 |
| Reserves | 3.02 | 3.42 | 3.18 | 6.53 | 7.15 | 8.71 | 10.80 | 13.00 |
| 3.75 | 4.13 | 3.79 | 5.07 | 5.42 | 4.68 | 4.44 | 1.48 | |
| 0.65 | 0.94 | 2.11 | 1.90 | 1.74 | 1.96 | 1.85 | 2.79 | |
| Total Liabilities | 7.92 | 8.99 | 10.57 | 15.29 | 16.10 | 17.14 | 18.88 | 19.06 |
| 2.07 | 2.01 | 1.90 | 4.04 | 3.89 | 7.12 | 7.11 | 6.97 | |
| CWIP | 0.00 | 0.00 | 0.00 | 0.76 | 2.41 | 0.00 | 0.00 | 0.00 |
| Investments | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.03 |
| 5.85 | 6.98 | 8.66 | 10.48 | 9.79 | 10.01 | 11.76 | 12.06 | |
| Total Assets | 7.92 | 8.99 | 10.57 | 15.29 | 16.10 | 17.14 | 18.88 | 19.06 |
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
-
Quarterly Compliance Report on Corporate governance - within 21 days from the end of the quarter
12 January 2026 - Declared corporate governance non-applicability for quarter/year ended 31 December 2025; paid-up capital Rs.178.95 lakh.
-
Certificate under SEBI (Depositories and Participants) Regulations, 2018
12 January 2026 - Certificate under Reg 74(5) from Bigshare for quarter ended 31 Dec 2025.
-
Cessation
22 December 2025 - Executive Director Namita Prabodh Kale (DIN 01586375) died; ceased effective 24 Nov 2025.
-
General Updates
22 December 2025 - Audit Committee reconstituted effective 22-Dec-2025; Kushal Sabadra chair; two members including Executive Director Shweta Kale.
-
Change in Director(s)
22 December 2025 - Appointed Mrs. Meenakshi S. Mulmule (DIN 11432591) as Additional Executive Director effective 23-Dec-2025 until ensuing AGM.
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.