Refractory Shapes LimitedREFRACTORYCorporate

Refractories / Intermediates Latest results: Mar 2026 6 quarters of data

₹30.50

MCap ₹66 Cr · P/E 13.9

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AI-assisted data: figures and text on this page are extracted from public quarterly filings with AI assistance, checked automatically and overseen by our editorial team (human in the loop). They may still contain errors or omissions. Verify critical numbers against official company / SEBI / NSE / BSE filings before making any decision. Educational information only, not financial advice.

₹23 Cr

Sales · Mar 2026

-35.8% YoY

₹1 Cr

Operating Profit · Mar 2026

-89.3% YoY

2.5%

OPM % · Mar 2026

-83.4% YoY

₹0 Cr

Net Profit · Mar 2026

-95.2% YoY

₹0.07

EPS · Mar 2026

-95.1% YoY

📝 Refractory Shapes Limited — results explained

Quarter ended March 2026 (Q4 FY26)

Refractory Shapes Limited reported revenue of ₹23 crore for the quarter ended March 2026 (Q4 FY26), down 35.8% from ₹35 crore in the same quarter last year.

Net profit fell 95.2% year-on-year to ₹0 crore, from ₹3 crore. Earnings per share (EPS) came in at ₹0.07.

Operating profit stood at ₹1 crore — an operating margin (OPM) of 2.5%, compared with 15.1% in the year-ago quarter.

Full year and trailing twelve months

On a trailing-twelve-month (TTM) basis, revenue stands at ₹57 crore with a net profit of ₹5 crore.

Valuation snapshot

At the current price of ₹30.50, REFRACTORY has a market capitalisation of ₹66 crore and a trailing P/E of about 13.9.

Within the Refractories / Intermediates industry, it is the 6th-largest of the 7 companies we track by market value.

Shareholding pattern

As of Mar 2026, promoters held 72.48%, foreign institutional investors (FIIs) 0.42%, domestic institutional investors (DIIs) 1.37%, public shareholders 25.73% of Refractory Shapes Limited.

📈 Share price & events

📊 Quarterly trend

₹ crore · OPM % on right axis

🎯 Key metrics

price-linked ratios use the latest close

Valuation

Market Cap ?

₹66 Cr

Current Price ?

₹30.5

P/E ?

13.88below ind

Industry P/E ?

26.00

P/B ?

1.32

P/S ?

1.17

P/FCF ?

-316.62

Enterprise Value ?

₹86 Cr

EV/EBITDA ?

10.82

PEG ?

0.39

Earnings Yield ?

6.5%

Dividend Yield ?

0.00%

Profitability & Returns

Sales (TTM) ?

₹57 Cr

OPM ?

14.0%

Profit after tax (TTM) ?

₹5 Cr

EPS (TTM) ?

₹2.20

ROCE ?

10.7%

ROE ?

9.5%

ROA ?

6.2%

Growth

Sales — latest qtr ?

₹23 Cr

PAT — latest qtr ?

₹0 Cr

YoY qtr sales growth ?

-35.8%

YoY qtr profit growth ?

-95.2%

Sales growth (3y) ?

15%

Sales growth (5y) ?

N/A

Profit growth (3y) ?

36%

Profit growth (5y) ?

N/A

Financial Health

Debt ?

₹20 Cr

Debt to Equity ?

0.39

Interest Coverage ?

N/A

Current Ratio ?

N/A

Ownership

Promoter holding ?

72.48%

Change in promoter holding ?

0.00%

Pledged percentage ?

N/A

Market

Return 3 months ?

11.9%

Return 6 months ?

-33.7%

🗓️ Quarterly results (6 quarters · ₹ Cr)

same fiscal quarter as Mar bestweakest per row · for costs (interest, NPAs) low is best Highlight

Metric	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026	YoY %	QoQ %
Sales	19	21	24	35	34	23	-35.8%	—
Operating Profit	5	1	5	5	7	1	-89.3%	—
Other Income	0	2	1	0	0	1	+225.0%	—
Interest	1	1	0	1	1	0	-7.4%	—
Depreciation	2	0	1	1	1	1	-9.0%	—
Profit Before Tax	3	2	4	4	6	0	-99.2%	—
Net Profit	2	2	3	3	5	0	-95.2%	—
EPS	—	1.16	1.44	1.43	2.13	0.07	-95.1%	—
OPM %	27.8%	4.9%	21.2%	15.1%	21.5%	2.5%	-83.4%	—

📆 Annual results (₹ Cr, FY = Apr–Mar)

Annual rollup not yet available We need at least 3 quarters of a fiscal year to compute annual figures. This symbol does not yet have a complete fiscal year in our database.

🏛️ Balance Sheet (latest 4 periods)

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026	% Chg
Equity Capital	0.10	15.80	21.80	21.80	+0.0%
Reserves	16.59	5.04	23.90	28.69	+20.0%
Borrowings	20.32	23.52	17.06	19.84	+16.3%
Other Liabilities	12.12	7.45	7.14	6.78	-5.0%
Total Liabilities	49.13	51.81	69.90	77.11	+10.3%
Fixed Assets	18.92	19.05	26.73	25.98	-2.8%
CWIP	0.00	0.00	0.00	0.00	—
Investments	6.24	6.37	6.58	6.85	+4.1%
Other Assets	23.97	26.39	36.59	44.28	+21.0%
Total Assets	49.13	51.81	69.90	77.11	+10.3%

💧 Cash Flow (latest 4 periods)

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026	% Chg
Cash from Operating Activity	4.14	-2.54	1.06	1.44	+35.8%
Cash from Investing Activity	-6.83	-1.82	-10.49	-1.33	+87.3%
Cash from Financing Activity	0.89	3.18	10.14	2.79	-72.5%
Net Cash Flow	-1.79	-1.18	0.71	2.90	+308.5%
Free Cash Flow	-2.91	-4.90	-9.06	-0.21	+97.7%
CFO/OP	127%	-36%	33%	40%	+21.2%

➗ Ratios (latest 4 periods)

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026	% Chg
Debtor Days	73.73	62.85	78.92	73.40	-7.0%
Inventory Days	193.22	309.16	246.47	258.69	+5.0%
Days Payable	246.49	126.66	79.26	59.87	-24.5%
Cash Conversion Cycle	20.46	245.35	246.13	272.22	+10.6%
Working Capital Days	-15.86	30.39	114.12	125.87	+10.3%
ROCE %	—	17.30%	16.60%	10.68%	-35.7%

👥 Shareholding (latest 4 periods)

Metric	Sep 2024	Mar 2025	Sep 2025	Mar 2026	% Chg
Promoters	72.48%	72.48%	72.48%	72.48%	+0.0%
FIIs	0.28%	0.65%	0.65%	0.42%	-35.4%
DIIs	2.48%	2.33%	2.33%	1.37%	-41.2%
Public	24.77%	24.55%	24.55%	25.73%	+4.8%
No. of Shareholders	560	722	784	776	-1.0%

⚖️ Peer comparison

Industry: Refractories / Intermediates · 7 companies · full page →

#	Company	CMP	MCap (Cr)	P/E	Sales TTM	NP TTM	OPM%	NPM%	Sales YoY%	NP YoY%	Qtr Rev Δ%	Qtr NP Δ%
1	VESUVIUS Vesuvius India	₹417.50	8,474	33.1	2,134	257	16.7%	12.0%	12.5%	3.9%	2.3%	-7.1%
2	RPEL Raghav Productivity	₹1,816.50	8,342	118.3	315	70	29.7%	22.3%	29.0%	47.8%	46.0%	56.3%
3	RHIM RHI MAGNESITA	₹381.15	7,871	—	4,073	-353	11.7%	-8.7%	9.4%	-289.0%	5.6%	83.2%
4	IFGLEXPOR IFGL Refractories	₹196.70	1,418	40.9	1,895	35	7.2%	1.8%	14.6%	-19.2%	7.7%	66.1%
5	ORIENTCER ORIENT CERATECH	₹47.86	573	22.0	406	26	12.8%	6.4%	23.5%	120.2%	2.2%	99.2%
6	REFRACTORY Refractory Shapes	₹203.15	443	92.3	57	5	14.0%	8.4%	—	—	-35.8%	-95.2%
7	SPRL SP Refractories	₹258.00	46	13.1	28	4	18.8%	12.5%	—	—	-25.2%	18.7%

❓ Frequently asked questions

What was Refractory Shapes Limited's revenue in Q4 FY26?