Refractory Shapes
- Market cap
- ₹ 85 Cr.
- P/E
- 17.7x
- P/B
- 1.6x
- 52-week range
- 23.15 – 61.2
- ROE
- 10%
- ROCE
- 10.7%
- Dividend yield
- 0%
- Debt / equity
- 0.39
- Sector
- Industrial Products
- Industry
- Electrodes & Refractories
- Listed on
- NSE SME
About
Refractory Shapes Limited is an India-based company, which produces special shapes, custom-made refractory shapes and ceramic balls. The Company's product categories include bricks, castables, coating material, high alumina catalyst bed support, and ceramic balls. Its brick products include Kyanex, Kyanex Super, Reframul, Refra SC, Xlite Insulating Bricks and Slip Cast Shapes, Mortars. Its castable products include Reframon (Low Cement Castables), Refratab (High Purity Tabular Alumina Castable), Refracast (High Purity Dense Castable), Refrachem, Refracrete (Medium Purity Dense Castable), Refralite (Insulating Castable Medium Purity), Refralite (Insulating Castable High Purity), Refraplast (Plastic Refractory Castable), and Refracoat-Z (Refractory Coating Compound). Its products find applications in a diverse range of industries, including steel, cement, glass and petrochemicals, among others. It has a global presence, including Kuwait, Qatar, Saudi Arabia, Bahrain, Australia, and more.
Quick check
The five things to look at first. Open one for more.
Compared with its industry
Electrodes & Refractories: 16 companies →Refractory Shapes against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.
- Valuation (P/E)17.7 against a typical 28.8: cheaper than most peers (1st = cheapest).6th of 16
- Sales growth+5.8% against a typical +5.7% from a year earlier.7th of 14
- Profit growth−91.8% against a typical +55.8% from a year earlier.14th of 14
- Share price, 3 months+69.2% against a typical +6.8%.1st of 15
- Size₹ 84.7 Cr. market value against a typical ₹ 971.8 Cr. (1st = largest).13th of 15
Latest announcements
Exchange filings and their impact on the company.
- Promoter family swaps MD and Chair roles with no change in control.
Refractory Shapes said its board on 13 October 2026 approved swapping top roles, with Prajna Shetty moving from Managing Director and Chairperson to Executive Director and Dayashankar Shetty becoming Managing Director and Chairperson subject to shareholder approval at an EGM. The board also approved changes to remuneration, committee memberships and articles, and a proposed off-market share transfer between promoters. The company said expansion plans were only discussed, with no deal size, capex or earnings impact disclosed.
- Chairman & MD steps down as MD but stays as director in an internal reshuffle; no business impact disclosed.
Refractory Shapes said Chairperson and Managing Director Prajna Shravan Shetty has resigned from the MD and Chair roles effective 6 October 2026. The company said the resignation was due to reorganization of management responsibilities, with no other material reason. She will continue as a director, and no successor for the MD role was announced.
Board meetings
Results dates and other board meetings. Full calendar
| Details | ||
|---|---|---|
| 13 Oct 2026 | Other business matters | To consider other business matters |
| 3 Sep 2026 | Other business matters | To consider other business matters |
| 25 May 2026 | Financial Results/Other business matters | To consider and approve the financial results for the period ended March 31, 2026 and other business matters |
| 13 Nov 2025 | Financial Results | To consider and approve the standaolne and consolidated financial results for the period ended September 30, 2025 |
| 4 Sep 2025 | Other business matters | To consider other business matters |
| 16 May 2025 | Financial Results/Other business matters | To consider and approve the financial results for the period ended March 31, 2025 and other business matters |
Financials
Consolidated figures in ₹ crore.
| ₹ Cr. | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Sales | 19 | 21 | 24 | 35 | 34 | 23 |
| Expenses | 14 | 20 | 19 | 30 | 27 | 22 |
| Operating Profit | 5 | 1 | 5 | 5 | 7 | 1 |
| OPM % | 27.8% | 4.9% | 21.2% | 15.1% | 21.5% | 2.5% |
| Other Income | 0 | 2 | 1 | 0 | 0 | 1 |
| Interest | 1 | 1 | 0 | 1 | 1 | 1 |
| Depreciation | 2 | 0 | 1 | 1 | 1 | 1 |
| Profit before tax | 3 | 2 | 4 | 4 | 6 | 0 |
| Tax % | 25.1% | 24.2% | 26.1% | 24.2% | 25.1% | 0% |
| Net Profit | 2 | 2 | 3 | 3 | 5 | 0 |
| EPS in Rs | — | 1.16 | 1.44 | 1.43 | 2.13 | 0.07 |
Growth and returns
Compounded yearly rates over each period.
- 10 Years
- —
- 5 Years
- —
- 3 Years
- 15%
- TTM
- −3%
- 10 Years
- —
- 5 Years
- —
- 3 Years
- 36%
- TTM
- −23%
- 10 Years
- —
- 5 Years
- —
- 3 Years
- —
- TTM
- —
- 10 Years
- —
- 5 Years
- —
- 3 Years
- 15%
- TTM
- —
P/E and EPS over time
Daily P/E and trailing 12-month EPS. EPS updates with each result.
Peers
Listed companies in the same business.
| Refractory Shapes | ₹ 44.85 | ₹ 85 Cr. | 17.7x | 1.6x | 10% | — |
| UltraTech Cement | ₹ 11,066.00 | ₹ 3,26,092 Cr. | 41.7x | 4.5x | 11.1% | 9.3% |
| Grasim Industries | ₹ 2,898.00 | ₹ 1,95,975 Cr. | 40.8x | 2x | 4.9% | 5.9% |
| Ambuja Cements | ₹ 358.00 | ₹ 88,956 Cr. | 21.9x | 1.8x | 8.3% | 13.8% |
| Shree Cement | ₹ 22,760.00 | ₹ 82,120 Cr. | 55.2x | 4.1x | 7.8% | 8.4% |
| Dalmia Bharat | ₹ 1,591.65 | ₹ 29,801 Cr. | 29.5x | 1.9x | 6.5% | 7.8% |
Management
- Prajna Shravan Shetty
- Executive Chairman of the Board, Managing Director
- Ammar Huseni Rangwala
- Chief Financial Officer, Executive Director
- Neelam Mandawat
- Compliance Officer, Company Secretary
- Majur Jothiprakash
- Whole Time Director
- Dayashankar Krishna Shetty
- Executive Director
- Suraj Sadanand Shetty
- Executive Director
Prices are delayed and for information only. Nothing on this page is investment advice.