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 ₹ 199 / 74.5
- Stock P/E 6.41
- Book Value ₹ 90.1
- Dividend Yield 0.79 %
- ROCE 28.6 %
- ROE 24.6 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company is almost debt free.
Cons
- The company has delivered a poor sales growth of 1.85% 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
Part of Nifty SME Emerge
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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| 18.53 | 20.97 | 25.69 | 31.51 | 27.24 | 28.81 | 30.25 | 28.15 | |
| 17.65 | 19.78 | 24.23 | 29.51 | 25.76 | 25.91 | 26.73 | 22.86 | |
| Operating Profit | 0.88 | 1.19 | 1.46 | 2.00 | 1.48 | 2.90 | 3.52 | 5.29 |
| OPM % | 4.75% | 5.67% | 5.68% | 6.35% | 5.43% | 10.07% | 11.64% | 18.79% |
| 0.03 | 0.03 | 0.03 | 0.01 | 0.01 | 0.03 | 0.01 | 0.02 | |
| Interest | 0.40 | 0.44 | 0.21 | 0.42 | 0.41 | 0.43 | 0.34 | 0.15 |
| Depreciation | 0.22 | 0.22 | 0.24 | 0.22 | 0.24 | 0.33 | 0.40 | 0.42 |
| Profit before tax | 0.29 | 0.56 | 1.04 | 1.37 | 0.84 | 2.17 | 2.79 | 4.74 |
| Tax % | 24.14% | 26.79% | 27.88% | 27.74% | 26.19% | 28.11% | 25.09% | 25.53% |
| 0.21 | 0.40 | 0.75 | 0.98 | 0.62 | 1.56 | 2.09 | 3.53 | |
| EPS in Rs | 4.22 | 8.04 | 5.03 | 5.48 | 3.46 | 8.72 | 11.68 | 19.73 |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 2% |
| 3 Years: | 1% |
| TTM: | -7% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 36% |
| 3 Years: | 79% |
| TTM: | 69% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 10% |
| 1 Year: | -3% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 17% |
| 3 Years: | 20% |
| Last Year: | 25% |
Balance Sheet
Figures in Rs. Crores
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| 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 | 14.33 |
| 3.75 | 4.13 | 3.79 | 5.07 | 5.42 | 4.68 | 4.44 | 1.06 | |
| 0.65 | 0.94 | 2.11 | 1.90 | 1.74 | 1.96 | 1.85 | 1.59 | |
| Total Liabilities | 7.92 | 8.99 | 10.57 | 15.29 | 16.10 | 17.14 | 18.88 | 18.77 |
| 2.07 | 2.01 | 1.90 | 4.04 | 3.89 | 7.12 | 7.11 | 7.55 | |
| 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 | 0.06 |
| 5.85 | 6.98 | 8.66 | 10.48 | 9.79 | 10.01 | 11.76 | 11.16 | |
| Total Assets | 7.92 | 8.99 | 10.57 | 15.29 | 16.10 | 17.14 | 18.88 | 18.77 |
Cash Flows
Figures in Rs. Crores
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| 0.84 | 0.79 | -0.66 | 0.80 | 0.41 | 1.59 | 1.50 | 1.31 | |
| -0.17 | -0.16 | -0.11 | -3.13 | -1.73 | -1.15 | -0.38 | -0.89 | |
| -0.65 | -0.64 | 0.76 | 3.15 | 0.51 | -0.44 | -1.12 | -0.41 | |
| Net Cash Flow | 0.01 | -0.01 | -0.01 | 0.82 | -0.81 | 0.00 | 0.00 | 0.00 |
| Free Cash Flow | 0.65 | 0.63 | -0.79 | -2.34 | -1.33 | 0.44 | 1.11 | 0.44 |
| CFO/OP | 105% | 80% | -24% | 60% | 44% | 73% | 61% | 47% |
Ratios
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 78.99 | 77.80 | 98.74 | 70.20 | 81.60 | 81.21 | 76.50 | 63.92 |
| Inventory Days | 33.01 | 31.72 | 27.69 | 37.05 | 54.34 | 58.31 | 100.02 | 144.51 |
| Days Payable | 3.85 | 9.85 | 20.12 | 24.48 | 24.49 | 23.41 | 19.54 | 19.39 |
| Cash Conversion Cycle | 108.14 | 99.67 | 106.32 | 82.76 | 111.45 | 116.12 | 156.98 | 189.04 |
| Working Capital Days | 28.36 | 20.71 | 42.91 | 44.02 | 62.17 | 68.67 | 82.05 | 124.61 |
| ROCE % | 13.05% | 15.14% | 16.38% | 9.01% | 17.60% | 19.43% | 28.59% |
Insights
In beta| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Castables Share of Product Sales % |
|
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| High Alumina Refractory Cement Share of Product Sales % |
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| Installed Production Capacity MT per annum |
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| Number of Permanent Employees employees |
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Extracted by Screener AI
Documents
Announcements
-
Trading Window
- Trading window closed from 1 October 2026 until 48 hours after Q2 results announcement.
-
Shareholders meeting
- SP Refractories 19th AGM voting results: Rs1 final dividend, accounts adopted, director reappointment, executive director appointed.
-
Shareholders meeting
- 19th AGM held on 17 Sep 2026; shareholders approved Rs.1 dividend and key director appointments.
-
Appointment
- SP Refractories submits revised disclosure for re-appointment of two independent directors from 11 November 2026 to 10 November 2031.
-
Copy of Newspaper Publication
- Published newspaper ads on 24 August 2026 for 19th AGM and e-voting.
Annual reports
-
Annual Report 2026
from nse
-
Annual Report 2025
from nse
-
Annual Report 2024
from nse
-
Annual Report 2023
from nse
-
Annual Report 2022
from nse
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.