Refractory ShapesShare price, financial results, shareholding and management
- Market cap
- ₹88 cr
- Stock P/E
- 19.4peers 14.9
- Book value
- ₹23.2
- Price to book
- 1.73
- EV / operating profit
- 12.6
- Market cap to sales
- 1.54
- ROCE · FY26
- 10.7%
- ROE · FY26
- 9.4%
- ROE, 3-year average
- 16.8%
- Operating margin · FY26
- 14.0%peers 15.4%
- Sales growth, 3 years
- 14.5%
- Profit growth, 3 years
- 33.0%
- Debt to equity
- 0.39peers 0.79
- Borrowings
- ₹19.9 cr
- Interest cover
- 6.6×
- Cash from business / op. profit
- 18%
- Debtor days
- 73
- Pledged
- 0.00%
- Promoter holding
- 72.48%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 776
- 52-week high / low
- ₹61 / ₹23
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
newboard is reading this company's filings. Its plain description, key points, management and study will appear here soon; the figures below are worked out from what it has filed.
Refractory Shapes share price chart
Close on 6 Nov 2026 · +4.68% on the day · Vol 3,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +6.6%
- 3 months
- +59.1%
- 6 months
- -3.1%
- 1 year
- -28.3%
- Since IPO
- +29.8%
- Traded a day, 20 days
- ₹0.07 cr
- Taken for delivery
- 91%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | -3% | -28% |
| 3 years, a year | +15% | +33% |
| Latest half, H2 FY26 | -36% | -95% |
Refractory Shapes revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were lower than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Refractory Shapes half-yearly results
SME companies report every six months · ₹ crore
| H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|
| Sales | 19.18 | 21.38 | 23.54 | 35.24 | 34.43 | 22.61 |
| Expenses | 13.85 | 20.34 | 18.56 | 29.92 | 27.03 | 22.04 |
| Operating profit | 5.33 | 1.04 | 4.98 | 5.32 | 7.40 | 0.57 |
| OPM | 27.8% | 4.9% | 21.2% | 15.1% | 21.5% | 2.5% |
| Interest | 0.71 | 0.85 | 0.28 | 0.54 | 0.58 | 0.50 |
| 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 |
| Net profit | 2.33 | 1.83 | 3.15 | 3.11 | 4.64 | 0.15 |
Refractory Shapes profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 20.86 | 25.49 | 37.97 | 40.36 | 58.77 | 57.04 |
| Expenses | 18.52 | 21.87 | 34.10 | 33.99 | 48.48 | 49.06 |
| Operating profit | 2.34 | 3.62 | 3.87 | 6.37 | 10.30 | 7.98 |
| OPM | 11.2% | 14.2% | 10.2% | 15.8% | 17.5% | 14.0% |
| Other income | 0.91 | 1.03 | 0.86 | 2.61 | 1.05 | 1.53 |
| Interest | 0.75 | 0.60 | 1.08 | 1.56 | 0.82 | 1.07 |
| Depreciation | 0.39 | 0.35 | 1.06 | 1.94 | 2.46 | 2.39 |
| Profit before tax | 2.11 | 3.70 | 2.59 | 5.48 | 8.07 | 6.04 |
| Tax rate | 26.1% | 22.4% | 25.9% | 24.1% | 22.4% | 25.2% |
| Net profit | 1.56 | 2.87 | 1.92 | 4.16 | 6.26 | 4.52 |
| EPS ₹ | · | · | · | 2.63 | 2.87 | 2.20 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Refractory Shapes profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 11.2% | 14.2% | 10.2% | 15.8% | 17.5% | 14.0% |
| Tax rate | 26.1% | 22.4% | 25.9% | 24.1% | 22.4% | 25.2% |
| ROCE | · | 15.7% | 10.9% | 17.3% | 16.6% | 10.7% |
| ROE | · | 21.5% | 12.2% | 22.2% | 18.8% | 9.4% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Refractory Shapes debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Refractory Shapes balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 0.10 | 0.10 | 0.10 | 15.80 | 21.80 | 21.80 |
| Reserves | 11.80 | 14.67 | 16.59 | 5.04 | 23.90 | 28.69 |
| Net worth | 11.90 | 14.77 | 16.69 | 20.84 | 45.70 | 50.49 |
| Borrowings | 12.34 | 15.70 | 20.32 | 23.52 | 17.06 | 19.85 |
| Other liabilities | 3 | 6.38 | 12.12 | 7.45 | 7.14 | 6.77 |
| Total liabilities | 27.24 | 36.85 | 49.13 | 51.81 | 69.90 | 77.11 |
| Fixed assets | 6.97 | 7.60 | 18.92 | 19.05 | 26.73 | 25.98 |
| Capital work in progress | 0 | 5.34 | 0 | 0 | 0 | 0 |
| Investments | 0.01 | 6.14 | 6.24 | 6.37 | 6.58 | 6.85 |
| Other assets | 20.26 | 17.77 | 23.97 | 26.39 | 36.59 | 44.28 |
| Receivables | · | · | · | · | 12.69 | 11.47 |
| Inventory | · | · | · | · | 16.76 | 21.95 |
| Cash | · | · | · | · | 3.97 | 6.87 |
| Trade payables | · | · | · | · | 5.39 | 5.08 |
Refractory Shapes cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 5.18 | 7.57 | 4.14 | -2.54 | 1.06 | 1.44 |
| Cash from investing | 0.35 | -11.81 | -6.83 | -1.82 | -10.49 | -1.33 |
| Cash from financing | -5.36 | 2.74 | 0.89 | 3.18 | 10.14 | 2.79 |
| Net cash flow | 0.17 | -1.50 | -1.80 | -1.18 | 0.71 | 2.90 |
| Capital spending | · | · | · | · | 10.16 | 1.65 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 132 | 88 | 74 | 63 | 79 | 73 |
| Inventory days | 64 | 83 | 193 | 309 | 246 | 338 |
| Days payable | 43 | 134 | 246 | 127 | 79 | 78 |
| Cash conversion cycle | 153 | 37 | 20 | 245 | 246 | 333 |
| Working capital days | 103 | -2 | -16 | 30 | 114 | 126 |
Refractory Shapes peers and competitors
Listed SME companies in the same industryBy sales, Refractory Shapes is number 116 of the 156 listed SME companies in industrial products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| 3B Films | 36 | 19.4 | 60 | 1.8 | 18.5% | 1.89 |
| Pattech Fitwell Tube Components | 103 | 54.6 | 59.8 | 1.9 | 6.7% | 0.89 |
| Envirotech Systems | 131 | 10.9 | 57.6 | 12.1 | 32.7% | 0.18 |
| Tankup Engineers | 946 | 197.9 | 57.3 | 4.8 | 12.6% | 1.21 |
| Refractory Shapes | 88 | 19.4 | 57 | 4.5 | 14.0% | 0.39 |
| Phychem Technologies | 47 | 11.5 | 56.5 | 4.1 | 10.8% | 0.43 |
| Anand Seamless | 82 | 14.9 | 56 | 5.5 | 18.3% | 1.44 |
| Maks Energy Solutions India | 10 | 14.9 | 54.1 | 0.7 | 5.5% | 1.02 |
| Jiwanram Sheoduttrai Industries | 10 | 9.6 | 53.9 | 1 | -0.9% | 0.68 |
| Rappid Valves (India) | 171 | 26.4 | 53.2 | 6.5 | 19.4% | 0.35 |
| Manas Polymers and Energies | 55 | 6.4 | 53 | 8.5 | 24.1% | 0.54 |
| Median of the 10 others | 69 | 14.9 | 56.2 | 4.4 | 15.4% | 0.79 |
Refractory Shapes shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Refractory Shapes shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| May 24 | Sep 24 | Mar 25 | Sep 25 | Mar 26 | |
|---|---|---|---|---|---|
| Promoters | 72.48% | 72.48% | 72.48% | 72.48% | 72.48% |
| Foreign investors (FIIs) | 6.06% | 0.28% | 0.65% | 0.65% | 0.42% |
| Indian institutions (DIIs) | 5.50% | 2.48% | 2.33% | 2.33% | 1.37% |
| HNIs (over ₹2 lakh each) | 0.00% | 7.36% | 6.97% | 6.90% | 9.53% |
| Small holders (up to ₹2 lakh) | 11.80% | 12.24% | 12.56% | 13.17% | 11.78% |
| Companies and others | 4.16% | 5.16% | 5.01% | 4.47% | 4.42% |
| Number of shareholders | 745 | 560 | 722 | 784 | 776 |
The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.
Refractory Shapes latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹22.6 cr (-36%), net profit ₹0.2 cr (-95%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 72.48%.
- 18 Sept 2026: an order announced.
Refractory Shapes announcements
39 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Change in Managementchange in ManagementPDF ↗
- Outcome of Board MeetingHeld on October 13, 2026PDF ↗
- Resignation of Director/KMP/SMPResignation of Director/KMP/SMPPDF ↗
- ResignationOf Mrs Prajna Shravan Shetty as Chairman & Managing Director of the company w.e.f. October 06, 2026PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 28, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Change in AuditorsOf the companyPDF ↗
- Shareholders meetingOutcome of the 30th Annual General Meeting held on Monday, September 28th, 2026PDF ↗
- AppointmentOf Mr Suraj Sadanand Shetty as Executive Director of the company w.e.f. September 28, 2026PDF ↗
- Shareholders meetingShareholders meetingPDF ↗
- Updates'Clarification on Movement in Price Ref. No.: NSE/CM/Surveillance/17568 dated September 18, 2026'PDF ↗
Refractory Shapes annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Refractory Shapes share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Refractory Shapes' data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,18,00,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Refractory Shapes
What does Refractory Shapes do?
Refractory Shapes is an SME company listed on NSE Emerge, in industrial products.
What is the share price of Refractory Shapes?
₹40.3 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Refractory Shapes?
₹88 cr at the close on 6 Nov 2026, on 2,18,00,000 shares.
What is the P/E of Refractory Shapes?
19.4 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Refractory Shapes' revenue and profit?
Revenue ₹57 cr and profit after tax ₹5 cr in FY26.
Who are the promoters of Refractory Shapes?
The promoter group; promoters held 72.48% at 31 March 2026.
What was the IPO price of Refractory Shapes?
₹31 a share; it listed on 14 May 2024.
What is Refractory Shapes' website?
www.refshape.com
More SME companies like Refractory Shapes
Other listed SME companies in industrial products, the closest in size first, each read from its own documents.
- Purv FlexipackPURVFLEXI · NSE Emerge · Industrial Products · listed 2024Market cap ₹89 cr
- Wol 3D IndiaWOL3D · NSE Emerge · Industrial Products · listed 2024Market cap ₹90 cr
- Mangalam AlloysMAL · NSE Emerge · Industrial Products · listed 2023Market cap ₹85 cr
- Classic Electrodes (India)CLASSICEIL · NSE Emerge · Industrial Products · listed 2025Market cap ₹85 cr
- G M PolyplastGMPL · BSE SME · Industrial ProductsMarket cap ₹85 cr
- Shakti PolytarpSHAKTIPOLY · BSE SME · Industrial ProductsMarket cap ₹84 cr
Every listed SME company in Industrial Products → · SME companies listed in 2024 →
Built from 39 exchange announcements, 5 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.