---
title: "Refractory Shapes Ltd (REFRACTORY) — Share Price, Financials & Analysis"
symbol: "REFRACTORY"
company: "Refractory Shapes Ltd"
canonical: "https://tapetide.com/stocks/REFRACTORY"
isin: "INE0TNX01015"
nse_symbol: "REFRACTORY"
sector: "Industrial Products"
industry: "Electrodes & Refractories"
market_cap_cr: 54.39
generated_at: "2026-09-13T19:36:45.624Z"
---

# Refractory Shapes Ltd (REFRACTORY)

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

## Company

- **NSE Symbol:** REFRACTORY
- **ISIN:** INE0TNX01015
- **Sector:** Industrial Products
- **Industry:** Electrodes & Refractories
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Listed Since:** 2024-05-14
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** refshape.com

## About

Incorporated in 1996, Refractory Shapes Ltd manufactures and trades special shapes, custom-made refractory shapes, and alumina balls[1]

## Latest Price

- **Price:** ₹26.15
- **Change:** +1.2 (+4.81%)
- **Open:** ₹25.95
- **Day High:** ₹26.15
- **Day Low:** ₹25.95
- **Previous Close:** ₹24.95
- **Volume:** 14000
- **As Of:** 2026-09-11T09:04:14+00:00

## Key Fundamentals

Observed at 2026-09-11T04:42:42.573588Z.

- **Market Cap:** ₹54.39 Cr
- **Classification:** SME
- **P/E (reported):** 11.3
- **Book Value:** ₹23.16
- **Price to Book:** 1.08
- **Dividend Yield:** 0%
- **ROE:** 13.24%
- **ROCE:** 15.82%
- **Debt to Equity:** 0.39
- **Revenue (yearly):** ₹57.04 Cr
- **Net Income:** ₹4.42 Cr
- **EBITDA:** ₹7.97 Cr
- **52-Week High:** ₹61.2
- **52-Week Low:** ₹23.15
- **RSI (14):** 43.72

## Tapetide Score

- **Score:** 46 / 100
- **Score date:** 2026-09-04
- **Archetype:** Expensive and Under Pressure
- **What it means:** The multiple is demanding and the trend has turned against it, without the financial strength that would justify paying up. What matters is whether the de-rating stops at the multiple or starts showing up in the numbers.
- **Pillar profile:** Quality: Average · Valuation: Expensive · Momentum: Falling
- **Percentile:** 31.9 (of 4473 scored stocks)
- **Confidence:** 100%
- **Data coverage:** 100%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 52.39 | 9% |
| growth | 30.8 | 9% |
| momentum | 9.72 | 12% |
| ownership | 66.51 | 24% |
| quality | 54.92 | 22% |
| valuation | 39.28 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Stock is trading at 1.13 times its book value

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend

## Growth Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | 141.73% | -74.4% | 0.95% |
| ebitda margin growth | 120% | -28.26% | -34.5% | — |
| net income growth | 12.5% | -26.33% | 36% | — |
| revenue growth | 25% | -4.62% | 15% | — |
| roce | 28.15% | -27.03% | 22.73% | — |
| roe | 26.67% | -33.67% | 14.9% | — |

## Financial Statements

### Quarterly Results

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

| Item | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Sales | 19.18 | 21.38 | 23.54 | 35.24 | 34.43 | 22.61 |
| Expenses | 13.85 | 20.34 | 18.56 | 29.92 | 27.02 | 22.04 |
| Operating Profit | 5.33 | 1.04 | 4.98 | 5.32 | 7.41 | 0.57 |
| OPM % | 27.79 | 4.86 | 21.16 | 15.1 | 21.52 | 2.52 |
| Other Income | 0.37 | 2.1 | 0.69 | 0.36 | 0.36 | 1.17 |
| Interest | 0.71 | 0.85 | 0.28 | 0.54 | 0.58 | 0.5 |
| Depreciation | 1.88 | 0.06 | 1.13 | 1.33 | 1.17 | 1.21 |
| Profit before tax | 3.11 | 2.23 | 4.26 | 3.81 | 6.02 | 0.03 |
| Tax % | 25.08 | 24.22 | 26.06 | 24.15 | 25.08 | 0 |
| Net Profit | 2.33 | 1.83 | 3.15 | 3.11 | 4.64 | 0.15 |
| EPS in Rs | — | 1.16 | 1.44 | 1.43 | 2.13 | 0.07 |

### Profit & Loss

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

| Item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- |
| Sales | 37.97 | 40.36 | 58.69 | 57.04 |
| Expenses | 34.1 | 33.99 | 48.39 | 49.07 |
| Operating Profit | 3.87 | 6.37 | 10.3 | 7.97 |
| OPM % | 10.19 | 15.78 | 17.55 | 13.97 |
| Other Income | 0.86 | 2.61 | 1.05 | 1.53 |
| Interest | 1.08 | 1.56 | 0.82 | 1.07 |
| Depreciation | 1.06 | 1.94 | 2.46 | 2.39 |
| Profit before tax | 2.59 | 5.48 | 8.07 | 6.04 |
| Tax % | 25.87 | 24.09 | 25.03 | 25 |
| Net Profit | 1.92 | 4.16 | 6.05 | 4.79 |
| EPS in Rs | — | 2.63 | 2.78 | 2.2 |
| Dividend Payout % | 0 | 0 | 0 | 0 |

### Balance Sheet

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

| Item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- |
| Equity Capital | 0.1 | 15.8 | 21.8 | 21.8 |
| Reserves | 16.59 | 5.04 | 23.9 | 28.69 |
| Borrowings | 20.32 | 23.52 | 17.06 | 19.84 |
| Other Liabilities | 12.12 | 7.45 | 7.14 | 6.78 |
| Total Liabilities | 49.13 | 51.81 | 69.9 | 77.11 |
| Fixed Assets | 18.92 | 19.05 | 26.73 | 25.98 |
| CWIP | 0 | 0 | 0 | 0 |
| Investments | 6.24 | 6.37 | 6.58 | 6.85 |
| Other Assets | 23.97 | 26.39 | 36.59 | 44.28 |
| Total Assets | 49.13 | 51.81 | 69.9 | 77.11 |

### Cash Flow

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

| Item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- |
| Cash from Operating Activity | 4.14 | -2.54 | 1.06 | 1.44 |
| Cash from Investing Activity | -6.83 | -1.82 | -10.49 | -1.33 |
| Cash from Financing Activity | 0.89 | 3.18 | 10.14 | 2.79 |
| Net Cash Flow | -1.79 | -1.18 | 0.71 | 2.9 |
| Free Cash Flow | -2.91 | -4.9 | -9.06 | -0.21 |
| CFO/OP | 127 | -36 | 33 | 40 |

### Ratios

| Item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- |
| Debtor Days | 73.73 | 62.85 | 78.92 | 73.4 |
| Inventory Days | 193.22 | 309.16 | 246.47 | 258.69 |
| Days Payable | 246.49 | 126.66 | 79.26 | 59.87 |
| Cash Conversion Cycle | 20.46 | 245.35 | 246.13 | 272.22 |
| Working Capital Days | -15.86 | 30.39 | 114.12 | 125.87 |
| ROCE % | — | 17.3 | 16.6 | 10.68 |

## Shareholding Pattern

### Quarterly

| Category | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- |
| Promoters | 100% | 72.48% | 72.48% | 72.48% | 72.48% |
| FIIs | 0% | 0% | 0% | 0% | 0.42% |
| DIIs | 0% | 0% | 0% | 0% | 1.37% |
| Government | 0% | 0% | 0% | 0% | 0% |
| Public | 0% | 19.6% | 19.53% | 20.08% | 21.31% |
| Others | 0% | 7.93% | 8% | 7.44% | 4.43% |
| No. of Shareholders | 7 | 560 | 722 | 784 | 776 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Sell
- **Buy / Neutral / Sell:** 5 / 6 / 8

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 25.68 | Buy |
| EMA (10) | 25.48 | Buy |
| SMA (20) | 26.09 | Buy |
| EMA (20) | 25.92 | Buy |
| SMA (50) | 26.87 | Sell |
| EMA (50) | 27.61 | Sell |
| SMA (100) | 32.25 | Sell |
| EMA (100) | 31.19 | Sell |
| SMA (200) | 39.32 | Sell |
| EMA (200) | 38.21 | Sell |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 49.66 | Neutral |
| MACD (12,26,9) | -0.59 | Sell |
| Stochastic (14,3,3) | 32.74 | Neutral |
| ADX (14) | 29.15 | Buy |
| Williams %R (14) | -46.43 | Neutral |
| ATR (14) | 1.23 | High Volatility |
| ROC (12) | -9.04 | Sell |
| Stoch RSI (14) | 59.03 | Neutral |
| UO (7,14,28) | 61.13 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 9 Sep - Refractory Shapes Limited has informed about Resignation of Director/KMP/SMP | [Resignation of Director/KMP/SMP 9 Sep - Refractory Shapes Limited has informed about Resignation of Director/KMP/SMP](https://nsearchives.nseindia.com/corporate/REFRACTORY_ROID_98193_KMP_Doc.zip) |
| 9 Sep - Refractory Shapes Limited has informed about Resignation of Director/KMP/SMP | [Resignation of Director/KMP/SMP 9 Sep - Refractory Shapes Limited has informed about Resignation of Director/KMP/SMP](https://nsearchives.nseindia.com/corporate/REFRACTORY_ROID_98197_KMP_Doc.zip) |
| 9 Sep - Mr. Ravindra Venkatesh Hulyalkar resigned as Independent Director effective 03 September 2026 for personal reasons. | [Resignation 9 Sep - Mr. Ravindra Venkatesh Hulyalkar resigned as Independent Director effective 03 September 2026 for personal reasons.](https://nsearchives.nseindia.com/corporate/RSL_09092026161226_Covering_Ravindra_Hulyalkar_Signed_sw.pdf) |
| 9 Sep - Mr. Dhananjay Mayur Dave resigned as Independent Director effective 03 September 2026. | [Resignation 9 Sep - Mr. Dhananjay Mayur Dave resigned as Independent Director effective 03 September 2026.](https://nsearchives.nseindia.com/corporate/RSL_09092026160920_Covering_Dhananjay_Dave_signed_sw.pdf) |
| 9 Sep - Abhay Yatin Naik resigns as Independent Director effective 03 September 2026. | [Resignation 9 Sep - Abhay Yatin Naik resigns as Independent Director effective 03 September 2026.](https://nsearchives.nseindia.com/corporate/RSL_09092026160318_Covering_Abhay_Naik_signed_sw.pdf) |
| 7 May 2026 - SDD compliance certificate filed for year ended 31 March 2026; no noncompliance observed. | [Structural Digital Database 7 May 2026 - SDD compliance certificate filed for year ended 31 March 2026; no noncompliance observed.](https://nsearchives.nseindia.com/corporate/RSL_07052026172130_Covering_SDD_Compliance_Certificate_SW.pdf) |
| 6 Jul - Promoter filed annual Reg 31(4) disclosure; no encumbrance of shares during FY ended 31 March 2026. | [Disclosure under SEBI Takeover Regulations 6 Jul - Promoter filed annual Reg 31(4) disclosure; no encumbrance of shares during FY ended 31 March 2026.](https://nsearchives.nseindia.com/corporate/team_bbodade_28042026153844_REFRACTORY.pdf) |
| 6 April 2026 - Promoter disclosed no encumbrance of shares during FY ended 31 March 2026. | [Updates 6 April 2026 - Promoter disclosed no encumbrance of shares during FY ended 31 March 2026.](https://nsearchives.nseindia.com/corporate/RSL_06042026145133_Disclosure_31_4_.pdf) |
| 30 January 2026 - Exempt from submitting Corporate Governance Report for quarter ended 31-12-2025 under SEBI 15(2)(b). | [Integrated Filing- Governance 30 January 2026 - Exempt from submitting Corporate Governance Report for quarter ended 31-12-2025 under SEBI 15(2)(b).](https://nsearchives.nseindia.com/corporate/RSL_30012026180918_Integrated_Filling.pdf) |
| 3 Sep - Refractory Shapes Limited issued 30th AGM notice and FY2025-26 annual report; meeting on 28 September 2026. | [Shareholders meeting 3 Sep - Refractory Shapes Limited issued 30th AGM notice and FY2025-26 annual report; meeting on 28 September 2026.](https://nsearchives.nseindia.com/corporate/RSL_03092026163648_Annual_Report_25-26.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_31232_REFRACTORY_2025_2026_A_58405046_03092026165157.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_28430_REFRACTORY_2024_2025_A_10543149_04092025170723.pdf) |
| from nse | [Annual Report 2024 from nse](https://archives.nseindia.com/annual_reports/SME_AR_24988_REFRACTORY_2023_2024_17082024154935.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 2026-09-13T19:36:45.624Z.