Sp Refractories Limited (SPRL)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Sp Refractories' revenue was ₹11.8 Cr (-25.2% year on year, -27.3% on the previous half-year), and net profit ₹1.3 Cr (+18.7% year on year); the operating margin was 17.3%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹11.8 | -25.2% | -27.3% |
| Operating profit | ₹2.0 | +12.0% | -36.7% |
| Net profit | ₹1.3 | +18.7% | -39.5% |
| EPS (₹) | 7.43 | +18.7% | -39.5% |
| Operating margin | 17.3% | — | — |
📢 Recent Corporate Announcements
SP Refractories Limited responded to an inquiry from the National Stock Exchange dated October 05, 2026, regarding significant movement in its share price. The company confirmed that all material information and disclosures under Regulation 30 of SEBI LODR have been shared in a timely manner. Management stated there is no undisclosed, price-sensitive information bearing on its operations or financial performance. Shares have risen 31.7% over the last 3 months, while the micro-cap company carries a market cap of approximately ₹26 crore.
- NSE issued reference letter NSE/CM/Surveillance/17655 on October 05, 2026, seeking clarification on share price movement
- SP Refractories replied on October 06, 2026, confirming compliance with SEBI LODR Regulation 30
- Company confirmed that no undisclosed price-sensitive information is pending announcement
- Stock has experienced a 31.7% price return over the past 3 months against a market capitalization of ₹26 Cr
SP Refractories Limited announced the voting results of its 19th Annual General Meeting held on September 17, 2026, where all 8 resolutions were passed with 100% approval of votes polled. Key approved items include the adoption of FY26 audited accounts and the declaration of a final dividend of Rs 1.00 per equity share. Shareholders also approved the appointment and remuneration of Meenakshi Shrikant Mulmule as Executive Director, alongside remuneration approvals for promoter directors Prajakta Prabodh Kale and Managing Director Shweta Prabodh Kale. Total participation was modest, with only 171 shareholders on the record date of September 10, 2026, and 1,242,300 votes cast.
- Approved final dividend of Rs 1.00 per equity share for FY25-26
- All 8 resolutions passed with 100.00% votes polled in favour
- Total of 1,242,300 votes polled out of 171 total shareholders on record date
- Approved remuneration for Managing Director Shweta Prabodh Kale and Non-Executive Director Prajakta Prabodh Kale
SP Refractories Limited held its 19th Annual General Meeting on September 17, 2026, at its Nagpur registered office. The agenda items included the adoption of FY26 financial statements and consideration of a final dividend of Rs 1.00 per equity share. Other matters tabled covered director re-appointments, appointment of Mrs. Meenakshi Shrikant Mulmule as Executive Director, and approval of executive remuneration. The final voting results under Regulation 44(3) will be declared by September 19, 2026.
- Consideration of a final dividend of Rs 1.00 per equity share for FY26
- Total shareholders as of the cut-off date (September 10, 2026) stood at 171
- AGM concluded on September 17, 2026, attended by 6 members at the venue
- Voting results to be declared within two working days, by September 19, 2026
SP Refractories Limited submitted a revised disclosure following an NSE query regarding the re-appointment of two Non-Executive Independent Directors. Mr. Manish Tarachand Pande and Mr. Khushal Sanjay Sabadra have been re-appointed for a second consecutive 5-year term effective November 11, 2026, through November 10, 2031, subject to shareholder approval. The filing provides the required regulatory profiles and confirms that neither director is debarred by SEBI or related to company promoters. This represents a routine governance update with no direct impact on the company's financials.
- Re-appointment of 2 Non-Executive Independent Directors: Mr. Manish Tarachand Pande and Mr. Khushal Sanjay Sabadra
- Tenure spans 5 consecutive years commencing November 11, 2026, to November 10, 2031
- Revised filing submitted in response to an NSE query dated September 16, 2026
- Original board approval was conducted on August 19, 2026, and remains subject to shareholder approval
SP Refractories Limited has issued the notice for its 19th Annual General Meeting scheduled for September 17, 2026. Shareholders will vote on the adoption of FY26 financial statements and the declaration of a final dividend of ₹1.00 per equity share. The agenda also includes approving the appointment and remuneration of Mrs. Meenakshi Shrikant Mulmule as Executive Director (up to ₹17 lakh p.a.) and commission to Non-Executive Director Ms. Prajakta Prabodh Kale (up to ₹17 lakh p.a.). The cut-off date for e-voting eligibility is September 10, 2026.
- 19th Annual General Meeting scheduled for Thursday, September 17, 2026, at 12:30 PM in Nagpur
- Approval sought for a final dividend of ₹1.00 per equity share for FY26
- Cut-off date for voting rights fixed as September 10, 2026; remote e-voting runs from September 14 to September 16, 2026
- Proposed remuneration for Executive Director Mrs. Meenakshi Mulmule capped at ₹17,00,000 per annum
- Proposed commission for Non-Executive Director Ms. Prajakta Kale capped at ₹17,00,000 per annum
SP Refractories Limited has fixed September 10, 2026 as the record date for determining shareholder eligibility for a final dividend of Rs 1 per equity share (face value Rs 10) for FY25-26. The 19th Annual General Meeting (AGM) will be held on September 17, 2026. Remote e-voting is scheduled from September 14 to September 16, 2026. The payout remains subject to shareholder approval at the AGM.
- Final dividend recommended at Rs 1 per equity share (FV Rs 10)
- Record date and cut-off date for e-voting fixed as September 10, 2026
- 19th AGM scheduled for September 17, 2026 at 12:30 PM
- Remote e-voting open from September 14, 2026 (9:00 AM) to September 16, 2026 (5:00 PM)
The Board of Directors of SP Refractories Limited has recommended a final dividend of ₹1.00 per equity share of face value ₹10 (10%) for the financial year ended March 31, 2026. At the current share price of ₹102, this represents a dividend yield of approximately 0.98%. The dividend is subject to approval by shareholders at the upcoming 19th Annual General Meeting and will be disbursed within 30 days of declaration. Additionally, the Board recommended the reappointment of two Independent Directors for a second 5-year term starting November 11, 2026.
- Final dividend recommended at ₹1.00 per equity share of face value ₹10 each for FY26
- Dividend payout represents a ~0.98% yield against the current market price of ₹102.0
- Re-appointment of Independent Directors Manish Tarachand Pande and Khushal Sanjay Sabadra for 5-year terms w.e.f. November 11, 2026
- Dividend to be credited/dispatched within 30 days of shareholder approval at the 19th AGM
SP Refractories Limited (SPRL) has announced the closure of its trading window for all designated persons and their immediate relatives from August 14, 2026, to August 21, 2026. This closure is a regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, as the company prepares to recommend a final dividend for the financial year 2025-26. The specific date for the board meeting to discuss the dividend proposal will be announced separately. This is a routine administrative filing and does not indicate the quantum of the potential dividend.
- Trading window closure begins on August 14, 2026
- Window remains closed until August 21, 2026
- Closure is for the purpose of recommending a final dividend for FY 2025-26
- Compliance is maintained under SEBI Regulations of 2015
Financial Performance
Revenue Growth by Segment
The company operates in a single segment of manufacturing and supplying refractory material. Revenue from operations grew 5.01% from INR 2,881.08 Lakhs in FY24 to INR 3,025.41 Lakhs in FY25.
Geographic Revenue Split
Not disclosed in available documents, though operations are centered in Nagpur, Maharashtra.
Profitability Margins
Net Profit Margin improved from 5.41% in FY24 to 6.91% in FY25, a 27.73% improvement in the ratio. Operating Margin for FY25 was 10.35% compared to 8.91% in FY24. For the half-year ended September 30, 2025, the Net Profit Margin was 13.48% and the Operating Margin was 18.64%.
EBITDA Margin
EBITDA (PBDIT) grew 21.09% YoY from INR 292.10 Lakhs in FY24 to INR 353.73 Lakhs in FY25, resulting in an EBITDA margin of 11.69% for FY25.
Capital Expenditure
Depreciation and amortization expenses increased 22.21% from INR 32.73 Lakhs to INR 40.00 Lakhs in FY25, indicating higher capital expenditure in manufacturing facilities and advanced production technologies.
Credit Rating & Borrowing
Finance costs decreased 19.13% from INR 42.54 Lakhs in FY24 to INR 34.40 Lakhs in FY25. The Debt-Equity ratio improved from 0.45 to 0.35 during the same period.
Operational Drivers
Raw Materials
Refractory raw materials (specific chemical names not disclosed).
Capacity Expansion
The company is investing in state-of-the-art manufacturing facilities and adopting advanced production technologies to increase output and improve quality, though specific MTPA figures are not disclosed.
Raw Material Costs
A decrease in the cost of raw material consumption was a primary driver for the 27.73% increase in the net profit ratio during FY25.
Manufacturing Efficiency
Operational efficiency improved as evidenced by the 21.09% growth in PBDIT despite only 4.93% revenue growth.
Strategic Growth
Growth Strategy
Growth is targeted through strategic expansion into new markets, a focus on innovation and product quality, and enhancing operational capabilities by investing in advanced manufacturing facilities and talent development.
Products & Services
High-quality refractory materials used in industrial high-temperature applications.
Brand Portfolio
SP Refractories.
Market Expansion
Strategic expansion into new markets is a key focus, though specific target regions are not detailed.
External Factors
Industry Trends
The industry is seeing growing demand for high-quality refractory products and a shift toward advanced production technologies to improve efficiency and reduce costs.
Competitive Moat
The company's moat is built on cost leadership through operational efficiency and state-of-the-art manufacturing facilities in Nagpur, which are sustainable through continuous technology adoption.
Regulatory & Governance
Industry Regulations
The company complies with the Accounting Standards specified under section 133 of The Companies Act, 2013.
Taxation Policy Impact
Current tax expense was INR 66.02 Lakhs in FY25 compared to INR 54.37 Lakhs in FY24. Effective tax planning and a deferred tax credit of INR 4.25 Lakhs contributed to a 34.13% increase in net profit.
Legal Contingencies
The CFO certified that no fraudulent or illegal transactions were entered into during the year ended March 31, 2025.
Risk Analysis
Key Uncertainties
Key risks include volatility in raw material costs and potential supply chain disruptions that could impact the 10.35% operating margin.
Geographic Concentration Risk
100% of manufacturing operations are concentrated in Nagpur, Maharashtra.
Technology Obsolescence Risk
The company mitigates technology risks by investing in state-of-the-art facilities and advanced production technologies.
Credit & Counterparty Risk
The debtor turnover ratio was 4.75 in FY25 compared to 4.61 in FY24, indicating efficient receivables management.
