---
title: "Refnol Resins & Chemicals Ltd(Merged) (2710) — Share Price, Financials & Analysis"
symbol: "2710"
company: "Refnol Resins & Chemicals Ltd(Merged)"
canonical: "https://tapetide.com/stocks/2710"
sector: "Commodities"
industry: "Chemicals & Petrochemicals"
generated_at: "2026-10-29T06:18:59.606Z"
---

# Refnol Resins & Chemicals Ltd(Merged) (2710)

Canonical page: https://tapetide.com/stocks/2710

In the Jun 2023 quarter, revenue rose 12.3% year on year to ₹18.64 Cr and net profit was ₹0.25 Cr, against −₹0.30 Cr a year earlier (compared with Jun 2022). Promoters held 53.58% of Refnol Resins & Chemicals Ltd(Merged) in Sep 2023, unchanged from Jun 2023.

## Company

- **Sector:** Commodities
- **Industry:** Chemicals & Petrochemicals
- **Macro Sector:** Commodities
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** https://refnol.com/

## About

Incorporated in 1980, Refnol Resins & Chemicals Ltd manufactures and markets resins and chemicals[1]

## Latest Price

## Key Insights

### Strengths

- Debtor days have improved from 109 to 82.8 days.
- Company's working capital requirements have reduced from 39.5 days to 28.3 days

### Weaknesses

- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 8.13% over past five years.
- Company has a low return on equity of -2.88% over last 3 years.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | 116% | — | 9% |
| revenue growth | 17% | 14% | 8% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2020 | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 7.52 | 8.79 | 9.91 | 10.37 | 11.49 | 13.85 | 14.71 | 16.6 | 14.08 | 17.08 | 16.74 | 18.64 |
| Expenses | 7.17 | 8.6 | 9.82 | 10.16 | 11.51 | 13.54 | 14.18 | 16.53 | 14.27 | 16.41 | 16.27 | 18 |
| Operating Profit | 0.35 | 0.19 | 0.09 | 0.21 | -0.02 | 0.31 | 0.53 | 0.07 | -0.19 | 0.67 | 0.47 | 0.64 |
| OPM % | 4.65 | 2.16 | 0.91 | 2.03 | -0.17 | 2.24 | 3.6 | 0.42 | -1.35 | 3.92 | 2.81 | 3.43 |
| Other Income | 0.03 | 0.02 | 0.08 | 0 | 0.04 | 0.02 | 0.01 | 0 | 0 | 0 | 0.07 | 0.01 |
| Interest | 0.25 | 0.31 | 0.25 | 0.24 | 0.23 | 0.22 | 0.18 | 0.22 | 0.19 | 0.26 | 0.29 | 0.25 |
| Depreciation | 0.16 | 0.17 | 0.15 | 0.17 | 0.12 | 0.16 | 0.15 | 0.15 | 0.13 | 0.14 | 0.17 | 0.15 |
| Profit before tax | -0.03 | -0.27 | -0.23 | -0.2 | -0.33 | -0.05 | 0.21 | -0.3 | -0.51 | 0.27 | 0.08 | 0.25 |
| Tax % | 0 | 0 | 0 | 0 | 0 | 0 | 19.05 | 0 | 0 | 0 | 0 | 0 |
| Net Profit | -0.03 | -0.27 | -0.23 | -0.19 | -0.33 | -0.05 | 0.17 | -0.3 | -0.52 | 0.27 | 0.08 | 0.25 |
| EPS in Rs | -0.1 | -0.87 | -0.74 | -0.61 | -1.06 | -0.16 | 0.55 | -0.97 | -1.68 | 0.87 | 0.26 | 0.81 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 37.28 | 38.22 | 37.76 | 43.64 | 47.96 | 43.07 | 31.77 | 50.42 | 64.5 | 66.54 |
| Expenses | 35.38 | 35.12 | 35.28 | 42.94 | 45.52 | 40.73 | 31.08 | 49.38 | 63.49 | 64.95 |
| Operating Profit | 1.9 | 3.1 | 2.48 | 0.7 | 2.44 | 2.34 | 0.69 | 1.04 | 1.01 | 1.59 |
| OPM % | 5.1 | 8.11 | 6.57 | 1.6 | 5.09 | 5.43 | 2.17 | 2.06 | 1.57 | 2.39 |
| Other Income | 0.25 | 0.57 | 0.06 | 0.16 | 0.38 | 0.08 | 0.15 | 0.07 | 0.08 | 0.08 |
| Interest | 1.45 | 1.3 | 1.23 | 1.27 | 1.42 | 1.1 | 1 | 0.87 | 0.96 | 0.99 |
| Depreciation | 0.38 | 0.26 | 0.66 | 0.66 | 0.77 | 0.65 | 0.64 | 0.6 | 0.6 | 0.59 |
| Profit before tax | 0.32 | 2.11 | 0.65 | -1.07 | 0.63 | 0.67 | -0.8 | -0.36 | -0.47 | 0.09 |
| Tax % | 0 | 0 | 15.38 | 7.48 | 0 | 13.43 | 0 | 11.11 | 0 | — |
| Net Profit | 0.32 | 2.11 | 0.55 | -1.15 | 0.63 | 0.58 | -0.8 | -0.4 | -0.46 | 0.08 |
| EPS in Rs | 1.03 | 6.81 | 1.77 | -3.71 | 2.03 | 1.87 | -2.58 | -1.29 | -1.48 | 0.26 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 52.54 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 3.31 | 3.31 | 3.31 | 3.31 | 3.31 | 3.31 | 3.31 | 3.31 | 3.31 | 3.31 |
| Reserves | 4.03 | 5.24 | 6.18 | 15.85 | 15.89 | 17.05 | 17.9 | 16.94 | 16.82 | 16.74 |
| Borrowings | 6.73 | 6.13 | 6.01 | 6.71 | 7.11 | 6.58 | 6.36 | 5.87 | 5.74 | 6.23 |
| Other Liabilities | 7.86 | 8.15 | 8.25 | 8.71 | 11.39 | 11.69 | 10.89 | 9.91 | 15.47 | 14.71 |
| Total Liabilities | 21.93 | 22.83 | 23.75 | 34.58 | 37.7 | 38.63 | 38.46 | 36.03 | 41.34 | 40.99 |
| Fixed Assets | 5.85 | 5.48 | 5.32 | 15.57 | 15.49 | 15.44 | 15.59 | 15.03 | 15.47 | 15.81 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0.48 | 0 | 0 | 0 | 0.4 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 16.08 | 17.35 | 18.43 | 19.01 | 22.21 | 22.71 | 22.87 | 21 | 25.87 | 24.78 |
| Total Assets | 21.93 | 22.83 | 23.75 | 34.58 | 37.7 | 38.63 | 38.46 | 36.03 | 41.34 | 40.99 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 1.3 | 1.99 | 1.68 | 0.58 | 1.44 | 3.16 | 1.74 | 2.11 | 1.49 | 2.15 |
| Cash from Investing Activity | -0.1 | 0.04 | 0.22 | -0.31 | -0.48 | -1.15 | -0.24 | -0.03 | -0.98 | -1.23 |
| Cash from Financing Activity | -0.59 | -2.04 | -1.4 | -0.62 | -0.85 | -1.96 | -1.56 | -1.53 | -1 | -0.42 |
| Net Cash Flow | 0.61 | 0 | 0.5 | -0.36 | 0.11 | 0.05 | -0.06 | 0.54 | -0.49 | 0.5 |
| Free Cash Flow | 1.08 | 1.87 | 1.43 | 0.23 | 0.92 | 1.98 | 1.45 | 2.03 | 0.5 | 0.9 |
| CFO/OP | 143 | 105 | 54 | 27 | 213 | 132 | 77 | 300 | 145 | 214 |

### Ratios

| Item | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 104.56 | 95.07 | 99.8 | 113.58 | 116.17 | 98.1 | 115.17 | 135.45 | 107.65 | 82.85 |
| Inventory Days | 75.18 | 64.55 | 76.66 | 65.81 | 58.66 | 56.73 | 73.46 | 87.95 | 81.52 | 55.46 |
| Days Payable | 98.36 | 89.36 | 97.31 | 88.51 | 111.32 | 99.86 | 101.75 | 131.24 | 115.81 | 90.95 |
| Cash Conversion Cycle | 81.38 | 70.25 | 79.15 | 90.87 | 63.51 | 54.97 | 86.88 | 92.16 | 73.36 | 47.36 |
| Working Capital Days | 24.89 | 34.27 | 41.16 | 35.67 | 34.54 | 29.38 | 51.27 | 53.77 | 36.34 | 28.29 |
| ROCE % | 3.97 | 12.1 | 22.6 | 9.09 | 0.77 | 7.66 | 6.49 | 0.71 | 1.81 | 1.69 |

## Shareholding Pattern

### Annual

| Category | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Sep 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 53.58% | 53.58% | 53.58% | 53.58% | 53.58% | 53.58% | 53.58% | 53.58% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| DIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 46.42% | 46.42% | 46.42% | 46.42% | 46.42% | 46.42% | 46.41% | 46.42% |
| Others | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| No. of Shareholders | 1322 | 1427 | 1392 | 1357 | 1308 | 1562 | 1636 | 1638 |

### Quarterly

| Category | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 53.58% | 53.58% | 53.58% | 53.58% | 53.58% | 53.58% | 53.58% | 53.58% | 53.58% | 53.58% | 53.58% | 53.58% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| DIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 46.42% | 46.42% | 46.42% | 46.42% | 46.42% | 46.42% | 46.42% | 46.42% | 46.42% | 46.41% | 46.43% | 46.42% |
| Others | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| No. of Shareholders | 1307 | 1308 | 1413 | 1489 | 1536 | 1562 | 1581 | 1710 | 1658 | 1636 | 1605 | 1638 |

## Filings & Documents

### Annual Reports

| Date | Document |
| --- | --- |
| 2023 | [Annual Report 2023](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=cabd9257-290d-4e68-b7e6-eb0f19ab1c13.pdf) |
| 2022 | [Annual Report 2022](https://www.bseindia.com/bseplus/AnnualReport/530815/76569530815.pdf) |
| 2021 | [Annual Report 2021](https://www.bseindia.com/bseplus/AnnualReport/530815/72221530815.pdf) |
| 2020 | [Annual Report 2020](https://www.bseindia.com/bseplus/AnnualReport/530815/66653530815.pdf) |
| Mar 2019 | [Annual Report 2019](https://www.bseindia.com/bseplus/AnnualReport/530815/5308150319.pdf) |
| Mar 2018 | [Annual Report 2018](https://www.bseindia.com/bseplus/AnnualReport/530815/5308150318.pdf) |
| Mar 2017 | [Annual Report 2017](https://www.bseindia.com/bseplus/AnnualReport/530815/5308150317.pdf) |
| Mar 2016 | [Annual Report 2016](https://www.bseindia.com/bseplus/AnnualReport/530815/5308150316.pdf) |
| Mar 2015 | [Annual Report 2015](https://www.bseindia.com/bseplus/AnnualReport/530815/5308150315.pdf) |
| Mar 2014 | [Annual Report 2014](https://www.bseindia.com/bseplus/AnnualReport/530815/5308150314.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-10-29T06:18:59.606Z.