Refractory Shapes quarterly results and financials

Refractory Shapes (REFRACTORY)₹37.60−2.34%(9 Nov 2026 close)Electrodes & Refractories

Key facts

In the Mar 2026 quarter (consolidated), Refractory Shapes reported sales of ₹22.57 Cr, down 35.8% from Mar 2025, and net profit of ₹0.14 Cr, down 95.5% year on year. For the year to Mar 2026, sales were ₹56.93 Cr and net profit ₹4.78 Cr.

Sales (Mar 2026): ₹22.57 Cr
Net profit (Mar 2026): ₹0.14 Cr
Sales (FY Mar 2026): ₹56.93 Cr
Net profit (FY Mar 2026): ₹4.78 Cr
EPS (Mar 2026): ₹0.06
Borrowings (Mar 2026): ₹19.90 Cr

Company filings, consolidated accounts; latest reported quarter Mar 2026

Refractory Shapes quarterly results

₹ crore unless stated; each column is a quarter.

Refractory Shapes Quarterly results
	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
Sales	19.15	21.34	23.49	35.15	34.35	22.57
Expenses	13.84	20.31	18.55	29.87	26.99	22.01
Operating Profit	5.34	1.05	4.99	5.33	7.43	0.58
OPM %	27.7%	4.8%	21.1%	15.0%	21.4%	2.5%
Other Income	0.38	2.11	0.70	0.37	0.37	1.18
Interest	0.72	0.86	0.29	0.55	0.59	0.51
Depreciation	1.87	0.05	1.12	1.32	1.16	1.20
Profit before tax	3.10	2.22	4.25	3.80	6.01	0.02
Tax %	25.1%	24.2%	26.1%	24.2%	25.1%	0.0%
Net Profit	2.32	1.82	3.14	3.10	4.63	0.14
EPS (Rs)	—	1.15	1.43	1.42	2.12	0.06

Refractory Shapes profit and loss

₹ crore unless stated; years end in March. TTM is the last four quarters.

Refractory Shapes Profit and loss
	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Sales	37.85	40.29	58.55	56.93
Expenses	34.05	33.94	48.32	49.01
Operating Profit	3.88	6.38	10.32	7.98
OPM %	10.1%	15.7%	17.5%	13.9%
Other Income	0.87	2.62	1.06	1.54
Interest	1.09	1.57	0.83	1.08
Depreciation	1.05	1.93	2.45	2.38
Profit before tax	2.58	5.47	8.06	6.03
Tax %	25.9%	24.1%	25.1%	25.0%
Net Profit	1.91	4.15	6.03	4.78
EPS (Rs)	—	2.62	2.77	2.19
Dividend payout %	0.0%	0.0%	0.0%	0.0%

Refractory Shapes balance sheet

₹ crore, at each year end.

Refractory Shapes Balance sheet
	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	0.11	15.83	21.84	21.85
Reserves	16.62	5.05	23.94	28.74
Borrowings	20.36	23.58	17.09	19.90
Other Liabilities	12.10	7.41	7.11	6.74
Total Liabilities	49.19	51.87	69.98	77.23
Fixed Assets	18.95	19.07	26.77	26.04
CWIP	0.00	0.00	0.00	0.00
Investments	6.23	6.36	6.57	6.86
Other Assets	24.01	26.44	36.64	44.33
Inventories	8.57	13.85	16.74	21.94
Trade receivables	7.69	6.96	12.72	11.50
Cash & equivalents	4.45	3.27	3.98	6.89
Total Assets	49.19	51.87	69.98	77.23

Refractory Shapes cash flow

₹ crore, for each year.

Refractory Shapes Cash flow
	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from operating activity	4.12	−2.53	1.05	1.43
Cash from investing activity	−6.85	−1.83	−10.52	−1.34
Cash from financing activity	0.88	3.17	10.10	2.78
Net cash flow	−1.80	−1.19	0.72	2.91
Capex	7.10	2.37	10.19	1.66
Free cash flow	−2.90	−4.88	−9.02	−0.20
CFO / OP %	127.0%	−36.0%	32.9%	40.0%

Refractory Shapes ratios

Working-capital days and returns, by year.

Refractory Shapes Ratios
	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor days	74	63	79	73
Inventory days	194	310	247	260
Days payable	246	127	79	60
Cash conversion cycle	19	244	245	271
Working capital days	−16	30	114	126
ROCE %	—	17.2%	16.6%	10.6%

Refractory Shapes: frequently asked questions

What are the latest quarterly results of Refractory Shapes?

For the Mar 2026 quarter, Refractory Shapes reported sales of ₹22.57 Cr, down 35.8% year on year and net profit of ₹0.14 Cr, down 95.5% year on year. The operating margin was 2.5%.

What is the annual revenue of Refractory Shapes?

Refractory Shapes' sales for the year to Mar 2026 were ₹56.93 Cr.

What is the net profit of Refractory Shapes?

Net profit for the year to Mar 2026 was ₹4.78 Cr. Earnings per share over the same trailing period were ₹2.19.

How much debt does Refractory Shapes have?

Refractory Shapes reported borrowings of ₹19.90 Cr at Mar 2026, against cash and equivalents of ₹6.89 Cr.

What is the free cash flow of Refractory Shapes?

Cash from operations was ₹1.43 Cr in the year to Mar 2026; after capital spending, free cash flow was −₹0.20 Cr.

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