---
title: "SP Refractories Ltd (SPRL) — Share Price, Financials & Analysis"
symbol: "SPRL"
company: "SP Refractories Ltd"
canonical: "https://tapetide.com/stocks/SPRL"
isin: "INE0JW501011"
nse_symbol: "SPRL"
sector: "Industrials"
industry: "Industrial Products"
market_cap_cr: 18.25
generated_at: "2026-09-13T19:14:15.791Z"
---

# SP Refractories Ltd (SPRL)

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

## Company

- **NSE Symbol:** SPRL
- **ISIN:** INE0JW501011
- **Sector:** Industrials
- **Industry:** Industrial Products
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Listed Since:** 2022-03-22
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** sprefractories.com

## About

Incorporated in 2007, SP Refractories 
Ltd manufactures and supplies refractory 
material[1]

## Latest Price

- **Price:** ₹102
- **Change:** 0 (0%)
- **Open:** ₹102
- **Day High:** ₹102
- **Day Low:** ₹102
- **Previous Close:** ₹102
- **Volume:** 800
- **As Of:** 2026-09-11T09:58:25+00:00

## Key Fundamentals

Observed at 2026-09-11T04:40:20.945040Z.

- **Market Cap:** ₹18.25 Cr
- **Classification:** SME
- **P/E (reported):** 5.2
- **Book Value:** ₹90.08
- **Price to Book:** 1.13
- **Dividend Yield:** 0.98%
- **ROE:** 16.61%
- **ROCE:** 22.29%
- **Debt to Equity:** 0.07
- **Revenue (yearly):** ₹28.15 Cr
- **Net Income:** ₹3.57 Cr
- **EBITDA:** ₹5.28 Cr
- **52-Week High:** ₹199.4
- **52-Week Low:** ₹74.5
- **RSI (14):** 51.09

## Key Insights

### Strengths

- Company has reduced debt.
- Company is almost debt free.
- Stock is trading at 1.13 times its book value

### Weaknesses

- The company has delivered a poor sales growth of 1.85% over past five years.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| cash flow growth | -5.66% | 265.85% | 327.27% |
| ebitda margin growth | 60.31% | 85% | 196.05% |
| net income growth | 70% | 79% | 36% |
| revenue growth | -7.1% | 1% | 2% |
| roce | 8.94% | 98.66% | 19.53% |
| roe | 11.85% | 12.78% | 2.98% |

## Financial Statements

### Quarterly Results

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

| Item | Mar 2021 | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 16.01 | 14.47 | 17.04 | 14.6 | 12.63 | 13.94 | 14.88 | 14.41 | 15.85 | 16.3 | 11.85 |
| Expenses | 15.49 | 13.14 | 16.39 | 14.03 | 11.72 | 12.58 | 13.36 | 12.72 | 14.02 | 13.06 | 9.8 |
| Operating Profit | 0.52 | 1.33 | 0.65 | 0.57 | 0.91 | 1.36 | 1.52 | 1.69 | 1.83 | 3.24 | 2.05 |
| OPM % | 3.25 | 9.19 | 3.81 | 3.9 | 7.21 | 9.76 | 10.22 | 11.73 | 11.55 | 19.88 | 17.3 |
| Other Income | 0.02 | 0 | 0.01 | 0.01 | 0 | 0 | 0.03 | 0 | 0.01 | 0 | 0.02 |
| Interest | 0.12 | 0.12 | 0.29 | 0.26 | 0.15 | 0.14 | 0.28 | 0.18 | 0.16 | 0.1 | 0.05 |
| Depreciation | 0.12 | 0.12 | 0.1 | 0.12 | 0.12 | 0.18 | 0.15 | 0.2 | 0.2 | 0.21 | 0.21 |
| Profit before tax | 0.3 | 1.09 | 0.27 | 0.2 | 0.64 | 1.04 | 1.12 | 1.31 | 1.48 | 2.93 | 1.81 |
| Tax % | 26.67 | 25.69 | 37.04 | 25 | 26.56 | 27.88 | 27.68 | 25.95 | 24.32 | 25.26 | 25.97 |
| Net Profit | 0.22 | 0.81 | 0.18 | 0.14 | 0.47 | 0.75 | 0.81 | 0.97 | 1.12 | 2.2 | 1.33 |
| EPS in Rs | 1.47 | 5.43 | 1.01 | 0.78 | 2.63 | 4.19 | 4.53 | 5.42 | 6.26 | 12.29 | 7.43 |

### Profit & Loss

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

| Item | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 18.53 | 20.97 | 25.69 | 31.51 | 27.24 | 28.81 | 30.25 | 28.15 |
| Expenses | 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 | 1.48 | 2.9 | 3.52 | 5.29 |
| OPM % | 4.75 | 5.67 | 5.68 | 6.35 | 5.43 | 10.07 | 11.64 | 18.79 |
| Other Income | 0.03 | 0.03 | 0.03 | 0.01 | 0.01 | 0.03 | 0.01 | 0.02 |
| Interest | 0.4 | 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 | 0.4 | 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 |
| Net Profit | 0.21 | 0.4 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

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

| Item | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 0.5 | 0.5 | 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 | 10.8 | 14.33 |
| Borrowings | 3.75 | 4.13 | 3.79 | 5.07 | 5.42 | 4.68 | 4.44 | 1.06 |
| Other Liabilities | 0.65 | 0.94 | 2.11 | 1.9 | 1.74 | 1.96 | 1.85 | 1.59 |
| Total Liabilities | 7.92 | 8.99 | 10.57 | 15.29 | 16.1 | 17.14 | 18.88 | 18.77 |
| Fixed Assets | 2.07 | 2.01 | 1.9 | 4.04 | 3.89 | 7.12 | 7.11 | 7.55 |
| CWIP | 0 | 0 | 0 | 0.76 | 2.41 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.06 |
| Other Assets | 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 | 16.1 | 17.14 | 18.88 | 18.77 |

### Cash Flow

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

| Item | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 0.84 | 0.79 | -0.66 | 0.8 | 0.41 | 1.59 | 1.5 | 1.31 |
| Cash from Investing Activity | -0.17 | -0.16 | -0.11 | -3.13 | -1.73 | -1.15 | -0.38 | -0.89 |
| Cash from Financing Activity | -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 | 0 | 0 |
| 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 | 58 |

### Ratios

| Item | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 78.99 | 77.8 | 98.74 | 70.2 | 81.6 | 81.21 | 76.5 | 63.92 |
| Inventory Days | 33.01 | 31.72 | 27.69 | 37.05 | 54.34 | 58.31 | 100.02 | 143.36 |
| Days Payable | 3.85 | 9.85 | 20.12 | 24.48 | 24.49 | 23.41 | 19.54 | 19.24 |
| Cash Conversion Cycle | 108.14 | 99.67 | 106.32 | 82.76 | 111.45 | 116.12 | 156.98 | 188.05 |
| 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 | 17.6 | 19.43 | 28.59 |

## Shareholding Pattern

### Quarterly

| Category | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 69.42% | 69.42% | 69.42% | 69.42% | 69.42% | 69.42% | 69.42% | 69.42% | 69.42% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| DIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 20.92% | 17.61% | 16.27% | 16.45% | 16.63% | 18.24% | 16.36% | 17.57% | 22.08% |
| Others | 9.66% | 12.96% | 14.31% | 14.13% | 13.95% | 12.34% | 14.22% | 13.01% | 8.49% |
| No. of Shareholders | 249 | 89 | 78 | 78 | 81 | 224 | 181 | 169 | 165 |

## Technical Indicators

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

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 3 / 6 / 10

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

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 102.24 | Sell |
| EMA (10) | 102.01 | Sell |
| SMA (20) | 102.07 | Sell |
| EMA (20) | 101.59 | Buy |
| SMA (50) | 97.75 | Buy |
| EMA (50) | 102.41 | Sell |
| SMA (100) | 110.73 | Sell |
| EMA (100) | 110.71 | Sell |
| SMA (200) | 127.5 | Sell |
| EMA (200) | 129.72 | Sell |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 51.69 | Neutral |
| MACD (12,26,9) | 0.67 | Sell |
| Stochastic (14,3,3) | 73.44 | Neutral |
| ADX (14) | 14.59 | Neutral |
| Williams %R (14) | -27.47 | Neutral |
| ATR (14) | 2.28 | Neutral |
| ROC (12) | 9.68 | Buy |
| Stoch RSI (14) | 90.76 | Sell |
| UO (7,14,28) | 32.13 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 9 June 2026 - Sp Refractories Limited has informed about Resignation of Director/KMP/SMP | [Resignation of Director/KMP/SMP 9 June 2026 - Sp Refractories Limited has informed about Resignation of Director/KMP/SMP](https://nsearchives.nseindia.com/corporate/SPRL_ROID_89754_KMP_Doc.zip) |
| 9 June 2026 - Ms. Shweta Prabodh Kale resigns as CFO and KMP effective close of business on 09 June 2026. | [Resignation 9 June 2026 - Ms. Shweta Prabodh Kale resigns as CFO and KMP effective close of business on 09 June 2026.](https://nsearchives.nseindia.com/corporate/SPRL_09062026164456_Intimation_regarding_Resignation_of_CFO.pdf) |
| 9 June 2026 - Mrs. Meenakshi Shrikant Mulmule appointed CFO from 10 June 2026; Shweta Prabodh Kale resigned on 9 June 2026. | [Outcome of Board Meeting 9 June 2026 - Mrs. Meenakshi Shrikant Mulmule appointed CFO from 10 June 2026; Shweta Prabodh Kale resigned on 9 June 2026.](https://nsearchives.nseindia.com/corporate/SPRL_09062026182926_Outcome_of_BM_s.pdf) |
| 9 June 2026 - Mrs. Meenakshi Shrikant Mulmule appointed CFO from 10 June 2026; Ms. Shweta Prabodh Kale resigned effective 9 June 2026. | [Appointment 9 June 2026 - Mrs. Meenakshi Shrikant Mulmule appointed CFO from 10 June 2026; Ms. Shweta Prabodh Kale resigned effective 9 June 2026.](https://nsearchives.nseindia.com/corporate/SPRL_09062026182527_Outcome_of_BM_s.pdf) |
| 30 Jun - SP Refractories clarified recent share price movement, stating all material disclosures were already made. | [Updates 30 Jun - SP Refractories clarified recent share price movement, stating all material disclosures were already made.](https://nsearchives.nseindia.com/corporate/SPRL_30062026155215_Clarification_for_Movement_in_Price_signed.pdf) |
| 29 Jun - 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 … | [Price movement 29 Jun - 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 …](https://www.nseindia.com/companies-listing/corporate-filings-announcements?symbol=SPRL&tabIndex=sme) |
| 25 March 2026 - Trading window closed from 01-Apr-2026 until 48 hours after audited results for half-year and year ended 31-Mar-2026. | [Trading Window 25 March 2026 - Trading window closed from 01-Apr-2026 until 48 hours after audited results for half-year and year ended 31-Mar-2026.](https://nsearchives.nseindia.com/corporate/SPRL_25032026113627_Intimation_to_NSE_for_closure_of_trading_window_Signed.pdf) |
| 24 Aug - Published newspaper ads on 24 August 2026 for 19th AGM and e-voting. | [Copy of Newspaper Publication 24 Aug - Published newspaper ads on 24 August 2026 for 19th AGM and e-voting.](https://nsearchives.nseindia.com/corporate/SPRL_24082026141647_Newspaper_Intimation_signed.pdf) |
| 22 December 2025 - Executive Director Namita Prabodh Kale (DIN 01586375) died; ceased effective 24 Nov 2025. | [Cessation 22 December 2025 - Executive Director Namita Prabodh Kale (DIN 01586375) died; ceased effective 24 Nov 2025.](https://nsearchives.nseindia.com/corporate/SPRL_22122025135633_Disclosure_Cessation_of_Executive_Director__Due_to_Death__S.pdf) |
| 22 Aug - SP Refractories schedules 19th AGM on 17 Sept 2026; proposes Rs1 dividend and director remuneration approvals. | [Shareholders meeting 22 Aug - SP Refractories schedules 19th AGM on 17 Sept 2026; proposes Rs1 dividend and director remuneration approvals.](https://nsearchives.nseindia.com/corporate/SPRL_22082026174622_Intimation_Notice_of_AGM_s.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_30520_SPRL_2025_2026_A_5465386_22082026173709.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_27107_SPRL_2024_2025_A_25072025151215.pdf) |
| from nse | [Annual Report 2024 from nse](https://archives.nseindia.com/annual_reports/SME_AR_25184_SPRL_2023_2024_2708202417496.pdf) |
| from nse | [Annual Report 2023 from nse](https://archives.nseindia.com/annual_reports/SME_AR_23924_SPRL_2022_2023_11102023151316_10112023160024.zip) |
| from nse | [Annual Report 2022 from nse](https://archives.nseindia.com/annual_reports/SME_AR_21036_SPRL_2021_2022_01092022185807_09012022190003.zip) |

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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 2026-09-13T19:14:15.791Z.