Refractory Shapes Limited (REFRACTORY)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Refractory Shapes' revenue was ₹22.6 Cr (-35.8% year on year, -34.3% on the previous half-year), and net profit ₹0.1 Cr (-95.2% year on year); the operating margin was 2.5%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹22.6 | -35.8% | -34.3% |
| Operating profit | ₹0.6 | -89.3% | -92.3% |
| Net profit | ₹0.1 | -95.2% | -96.8% |
| EPS (₹) | 0.07 | -95.1% | -96.7% |
| Operating margin | 2.5% | — | — |
REFRACTORY delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 96.3% of the REFRACTORY shares traded on NSE were taken to delivery, against the stock's own 20-session average of 89.5%. That is close to its usual level. Turnover was only ₹9 lakh, so a handful of trades can move this figure. It closed at its upper price band (circuit) on 16 Oct, one of 13 band closes in about the last 20 sessions.
Delivery in the last 5 sessions: 20.0% · 75.0% · 91.3% · 95.8% · 96.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Refractory Shapes Limited has issued a notice convening an Extraordinary General Meeting (EGM) on November 12, 2026. The meeting will seek shareholder approval for appointing 78-year-old Dayashankar Krishna Shetty as Managing Director and Chairperson for 5 years following the resignation of Mrs. Prajna Shravan Shetty. Shareholders will also vote on capping the MD's remuneration at up to Rs. 36 lakh per annum and other Executive Directors' pay at up to Rs. 48 lakh per annum, alongside amending Article 94 of the Articles of Association.
- EGM scheduled for Thursday, November 12, 2026 at 11.00 a.m. in Mumbai
- Appointment of Dayashankar Krishna Shetty (age 78) as Managing Director and Chairperson for a period of 5 years effective November 12, 2026
- Maximum remuneration for MD capped at up to Rs. 36,00,000 per annum
- Remuneration for other Executive Directors capped at up to Rs. 48,00,000 per annum
Refractory Shapes Limited announced a re-designation of Mrs. Prajna Shravan Shetty from Managing Director and Chairperson to Executive Director, effective October 6, 2026. The Board took note of this transition on October 13, 2026, citing a reorganization of management responsibilities. She continues to hold board-level executive functions and responsibilities over business development, finance, and operations. Investors should monitor subsequent announcements regarding who will be appointed as the new Chairperson or Managing Director.
- Designation changed from Managing Director and Chairperson to Executive Director effective October 6, 2026
- Board of Directors noted the change at its meeting on October 13, 2026
- Mrs. Prajna Shetty brings approximately 12 years of industry experience, including 4 years with the company
- Change attributed to the internal reorganization of management responsibilities
Refractory Shapes Limited approved major top-level management changes in its board meeting on October 13, 2026. Mrs. Prajna Shravan Shetty resigned from her role as Managing Director and Chairperson to become an Executive Director. In her place, Mr. Dayashankar Krishna Shetty (aged 70) was appointed Managing Director and Chairperson, subject to shareholder approval. The board also approved an off-market inter-se transfer of equity shares among promoters and called an Extraordinary General Meeting (EGM).
- Prajna Shravan Shetty steps down as MD and Chairperson, transitioning to Executive Director
- Dayashankar Krishna Shetty (age 70) appointed as Managing Director and Chairperson subject to member approval
- Approved inter-se promoter off-market transfer of equity shares under SEBI SAST Regulation 10(5)
- Board reconstituted the Audit, NRC, and CSR committees following the management shuffle
- Draft notice approved for convening an Extraordinary General Meeting (EGM)
Refractory Shapes Limited has announced the resignation of Mrs. Prajna Shravan Shetty from her role as Chairperson and Managing Director, effective October 06, 2026. The resignation is cited as part of a restructuring and reorganization of management responsibilities, though she noted intentions to continue serving as a director. The company reported TTM revenue of ₹116 Cr and a market cap of ₹84 Cr, making top executive leadership changes critical to track for business continuity and execution.
- Resignation of Mrs. Prajna Shravan Shetty as Chairman & Managing Director effective October 06, 2026
- Reason cited as reorganization/restructuring of management responsibilities with no other material reasons
- She stated intentions to continue serving the company henceforth as a director
- Filing submitted to the stock exchange on October 07, 2026
Shareholders of Refractory Shapes Limited approved the re-appointment of Mr. Suraj Sadanand Shetty as Executive Director at the Annual General Meeting held on September 28, 2026. Shetty, who has 12 years of construction experience, oversees the company's expansion project in Wankaner, Gujarat. Additionally, M/s Motilal & Associates LLP was appointed as the statutory auditor for a five-year term ending at the 35th AGM in 2031. These AGM approvals reflect routine corporate governance continuity with no change to the business's day-to-day capital structure.
- Re-appointment of Suraj Sadanand Shetty as Executive Director effective September 28, 2026
- Motilal & Associates LLP appointed as statutory auditor until the 35th AGM in 2031
- Mr. Shetty brings 12 years of industry experience and oversees Wankaner, Gujarat expansion work
- Motilal & Associates LLP is a 39-year-old firm, engagement led by Partner CA Motilal Jain
Shareholders of Refractory Shapes Limited approved the re-appointment of Mr. Suraj Sadanand Shetty as Executive Director at the Annual General Meeting held on September 28, 2026. Shetty, who has 12 years of construction experience, oversees the company's expansion project in Wankaner, Gujarat. Additionally, M/s Motilal & Associates LLP was appointed as the statutory auditor for a five-year term ending at the 35th AGM in 2031. These AGM approvals reflect routine corporate governance continuity with no change to the business's day-to-day capital structure.
- Re-appointment of Suraj Sadanand Shetty as Executive Director effective September 28, 2026
- Motilal & Associates LLP appointed as statutory auditor until the 35th AGM in 2031
- Mr. Shetty brings 12 years of industry experience and oversees Wankaner, Gujarat expansion work
- Motilal & Associates LLP is a 39-year-old firm, engagement led by Partner CA Motilal Jain
Refractory Shapes Limited announced the simultaneous resignation of three Independent Directors—Mr. Abhay Yatin Naik, Mr. Dhananjay Mayur Dave, and Mr. Ravindra Venkatesh Hulyalkar. All three resignations were tendered on August 28, 2026, and took effect on September 3, 2026, citing personal reasons with no other material reasons disclosed. For a micro-cap company with a market cap of ₹53 Cr and TTM revenue of ₹116 Cr, an en masse departure of independent board members raises corporate governance watchpoints.
- Three Independent Directors resigned simultaneously: Abhay Yatin Naik, Dhananjay Mayur Dave, and Ravindra Venkatesh Hulyalkar
- All three resignation letters were dated August 28, 2026, with cessation effective September 3, 2026
- Each resigning director confirmed there were no other material reasons other than personal reasons
- Company filed the regulatory intimation with the exchange on September 9, 2026
Refractory Shapes Limited announced the simultaneous resignation of three Independent Directors—Mr. Abhay Yatin Naik, Mr. Dhananjay Mayur Dave, and Mr. Ravindra Venkatesh Hulyalkar. All three submitted resignation letters dated August 28, 2026, which took effect from September 3, 2026, citing personal reasons with no other material reasons provided. The simultaneous departure of three independent board members raises governance watchpoints for a micro-cap company with an Rs 53 Cr market cap. Investors should monitor subsequent board reconstitutions to assess compliance with SEBI listing norms.
- 3 Independent Directors resigned simultaneously: Abhay Yatin Naik, Dhananjay Mayur Dave, and Ravindra Venkatesh Hulyalkar
- Resignation letters dated 28.08.2026, with cessation effective 03rd September, 2026
- Company informed the exchange on 09th September, 2026
- All three resigning directors cited 'personal reasons' without other material reasons
Refractory Shapes Limited announced the resignation of Independent Director Mr. Abhay Yatin Naik (DIN: 07488137), effective September 3, 2026. The director cited personal reasons for stepping down, confirming there were no other material reasons. The micro-cap company currently operates with a market cap of ₹53 Cr and TTM revenue of ₹116 Cr.
- Independent Director Mr. Abhay Yatin Naik resigned effective September 3, 2026
- Resignation letter was tendered on August 28, 2026, citing personal reasons
- Confirmation provided that there are no other material reasons for resignation
- Company market cap stands at ₹53 Cr with TTM revenue of ₹116 Cr
Refractory Shapes Limited announced the resignation of Independent Director Mr. Abhay Yatin Naik (with exchange brief also mentioning Mr. Dhananjay Dave) with effect from September 3, 2026. The director cited personal reasons for the departure, confirming no other material reasons exist. This administrative board change comes as the company maintains a market cap of approximately Rs 53 Cr and TTM revenue of Rs 116 Cr. No operational disruptions or financial liabilities are associated with this departure.
- Resignation effective date: September 3, 2026
- Resignation letter dated: August 28, 2026
- Confirmed reason: Personal reasons with no other material reasons disclosed
- Current company market capitalization: Rs 53 Cr
Refractory Shapes Limited announced the resignation of Mr. Abhay Yatin Naik as a Non-Executive Independent Director, effective September 3, 2026. The director cited personal reasons in his resignation letter dated August 28, 2026, confirming there are no other material reasons. The micro-cap company (market cap Rs 53 Cr) will need to reconstitute its board committees or appoint a replacement in due course pursuant to statutory norms. This is a routine governance update with no direct impact on daily operations.
- Independent Director Abhay Yatin Naik resigned effective September 3, 2026
- Resignation letter submitted on August 28, 2026, citing personal reasons
- Director confirmed no other material reasons exist behind the cessation
- Director held directorships in 0 other listed entities as per disclosure
Refractory Shapes Limited announced the resignation of Mr. Ammar Huseni Rangwala (DIN: 09707195) from his position as Director of the company, effective September 3, 2026. The director cited personal reasons in his resignation letter dated August 28, 2026, and confirmed there were no other material reasons for his departure. The company has a market capitalization of Rs 58 Cr and reported TTM revenues of Rs 116 Cr.
- Director Mr. Ammar Huseni Rangwala (DIN: 09707195) tendered his resignation effective September 3, 2026
- Resignation letter submitted on August 28, 2026, citing personal reasons with no other material reasons disclosed
- Filing made under Regulation 30 read with Para A(7C) of Part A of Schedule III of SEBI LODR Regulations
Refractory Shapes Limited announced the immediate resignation of its statutory auditor, M/s. Suvarna & Katdare, effective September 02, 2026. The auditor was appointed on September 14, 2024, and their term was originally scheduled to run through March 31, 2029. In the SEBI Annexure, the auditor confirmed that the resignation is purely due to personal reasons and that no operational or financial concerns were raised with the board.
- Statutory auditor M/s. Suvarna & Katdare resigned effective September 02, 2026
- Term was originally scheduled to expire on March 31, 2029 (appointed September 14, 2024)
- Last audit report submitted was for FY ended March 31, 2026 (issued on May 25, 2026)
- Auditor confirmed resignation is due to personal reasons with no concerns raised to the Audit Committee
Refractory Shapes Limited has informed the exchange that Mr. Ammar Huseni Rangwala (DIN: 09707195) has resigned from the office of Director of the company, effective September 3, 2026. The resignation letter, dated August 28, 2026, cited personal reasons with no other material reasons stated. The departure comes as the small-cap refractories maker (market cap of ₹58 Cr, TTM revenue of ₹116 Cr) manages its post-IPO operations.
- Director Ammar Huseni Rangwala resigned effective September 3, 2026
- Resignation letter submitted on August 28, 2026, citing personal reasons
- Confirmation provided that there are no other material reasons for the resignation
Refractory Shapes Limited announced the resignation of its Statutory Auditor, M/s Suvarna & Katdare, Chartered Accountants, effective September 2, 2026. The auditor was appointed on September 14, 2024, and their term was originally scheduled to run through March 31, 2029. In the SEBI-mandated annexure, the firm stated the resignation was solely due to personal reasons, with no concerns raised or information withheld. The company will need to appoint a casual vacancy auditor to conduct future limited reviews and audits.
- Statutory Auditor M/s Suvarna & Katdare resigned effective September 2, 2026, cutting short a tenure scheduled until March 31, 2029.
- Auditor had been appointed on September 14, 2024, and completed the FY26 annual audit report on May 25, 2026.
- The auditor confirmed no disagreements, lack of information, or unresolved concerns, citing personal reasons for resignation.
Financial Performance
Revenue Growth by Segment
Total revenue from operations reached INR 58.77 Cr, representing a significant growth of 44.93% YoY compared to INR 40.55 Cr in the previous year. Segment-specific growth percentages are not disclosed.
Profitability Margins
Net Profit Margin stood at 10.29% (INR 6.05 Cr profit on INR 58.77 Cr revenue). Profit Before Tax (PBT) margin was 13.73% (INR 8.07 Cr).
EBITDA Margin
EBITDA Margin is calculated at 19.31% (INR 11.35 Cr), reflecting core operational profitability before interest, taxes, and depreciation. This is driven by a 44.93% increase in operational revenue.
Capital Expenditure
The company undertook significant capital expenditure of INR 10.16 Cr for the purchase of fixed assets during the audited period, aimed at expanding manufacturing capabilities.
Credit Rating & Borrowing
Credit rating is not disclosed. Finance costs were INR 0.82 Cr, representing 1.39% of total revenue.
Operational Drivers
Raw Materials
Refractory raw materials and traded goods. Cost of Material Consumed represents 43.78% of total revenue (INR 25.73 Cr).
Capacity Expansion
Not disclosed in available documents, though INR 10.16 Cr was invested in fixed assets, suggesting capacity enhancement.
Raw Material Costs
Raw material costs totaled INR 25.73 Cr, accounting for 43.78% of revenue. The company identifies raw material price volatility and availability as a key risk that could squeeze margins.
Manufacturing Efficiency
Capacity utilization metrics are not disclosed. Revenue growth of 44.93% suggests high operational activity.
Strategic Growth
Expected Growth Rate
44.93%
Growth Strategy
Growth is being driven by capacity expansion (INR 10.16 Cr capex), successful IPO execution (INR 2.00 Cr expenses), and increased market penetration in the refractory shapes segment. The company is also leveraging its associate company, which contributed INR 0.21 Cr to profits.
Products & Services
Refractory shapes, bricks, and related refractory materials used in high-temperature industrial applications.
Brand Portfolio
Refractory Shapes Limited.
Strategic Alliances
The company has an associate entity that contributed INR 20.68 lakhs (INR 0.21 Cr) to the net profit for the period.
External Factors
Industry Trends
The industry is seeing evolving regulatory requirements and standards. The company is positioning itself by maintaining 'adequate internal financial controls' and upgrading accounting software to meet audit trail requirements.
Competitive Landscape
Faces intense competition from both established and emerging players in the refractory sector.
Competitive Moat
The company's moat is built on its established presence in the refractory shapes market and its ability to scale, evidenced by a 44.93% revenue jump. Sustainability depends on managing raw material costs (43.78% of revenue).
Macro Economic Sensitivity
Sensitive to industrial growth and infrastructure spending, as refractory products are essential for high-temperature manufacturing processes.
Consumer Behavior
Demand is driven by industrial cycles in sectors requiring high-heat processing (steel, cement, glass).
Geopolitical Risks
Global supply chain disruptions are noted as a risk, which could impact the availability of specialized raw materials.
Regulatory & Governance
Industry Regulations
Subject to evolving regulatory requirements and industry standards. The company must comply with Rule 11(g) regarding audit trail features in accounting software as of April 1, 2023.
Taxation Policy Impact
Effective tax rate is approximately 27.06% (INR 2.18 Cr current tax on INR 8.07 Cr PBT).
Legal Contingencies
The auditor's report is clean, stating a 'true and fair view.' No specific pending court case values or litigation details are listed in the provided documents.
Risk Analysis
Key Uncertainties
Raw material price volatility (impacts 43.78% of costs) and global supply chain disruptions are the primary uncertainties.
Third Party Dependencies
High dependency on key customers and industries for revenue stability.
Technology Obsolescence Risk
The company is advised to maintain books using software with audit trail features to comply with modern regulatory standards.
Credit & Counterparty Risk
Trade receivables increased significantly, causing a cash outflow of INR 5.82 Cr, which indicates a need for tight credit management.
