Refractory Shapes Ltd - Stock Valuation and Financial Performance

Refractory Shapes Limited was originally formed as a Proprietorship Firm under the name of ‘M/s. Refractory Shapes’ in the year 1973. ‘M/s. Refractory Shapes’ was thereafter converted into Private Limited Company under the name ‘Refractory Shapes Private Limited’ under the provisions of the Companies Act, 1956 and a fresh Certificate of Incorporation was issued by the Registrar of Companies, Bombay on January 08, 1996. Subsequently, the status of the Company was changed to Public Limited and the name of company was changed to ‘Refractory Shapes Limited’ vide Special Resolution passed by the Shareholders at the Extra Ordinary General Meeting of the Company held on January 18, 2024. The fresh certificate of incorporation consequent to conversion was issued on February 02, 2024 by the Registrar of Companies, Mumbai.

Refractory Shapes is primarily engaged in the manufacturing of different types of Bricks, Castables, High Alumina Catalyst and Ceramic Balls which includes Pre Cast & Pre Fired Blocks (PCPF), Burner Blocks, Special shaped Refractory bricks, Dense & Insulating Castables & Mortars. The company started developing and supplying products to Refineries and Steel Industries since its inception in 1973. In the year 2007 and 2011, The company had for the first time become an approved vendor with Engineer India (EIL) and also got enlisted with EIL for ‘High Alumina Refractory Bricks’, the company is the Original Equipment Manufacturer in many projects executed by EIL, which increased the opportunities of the Company in many green field projects, this EIL enlistment is re-validated every 3 years.

The tailored made products shaped by the Company finds its application in a diverse range of Industries, including Steel, Refineries, Fertilizers, Petrochemicals, Glass, Cement etc. The company's refractories are engineered to endure the harsh conditions of these industries, contributing to enhanced operational efficiency and extended equipment life. The tailored made finished goods provide diversity in the products being manufactured by the Company wherein modern manufacturing equipment are installed for scaling the manufacturing. 

In addition to the manufacturing activity being carried out by the company, Refractory Shapes is often involved in receiving orders for those items from clients which are not a part of company’s operations in manufacturing activities. These items include Metallic Anchors which are used as support for installing refractory castables for which Raw Materials such as tabular alumina, low alumina bricks and insulation bricks, etc are required, For such orders, the company procures these items from their approved vendors and sells to the clients, hence, the Company is also involved in trading of the aforesaid products. Also, Company offloads the finished products from the manufacturing quantity with its vendors to meet the delivery period of the client.

Business area of the company

The company is engaged in the manufacturing of different types of Bricks, Castables, High Alumina Catalyst and Ceramic Balls which includes Pre Cast & Pre Fired Blocks (PCPF), Burner Blocks, Special shaped Refractory bricks, Dense & Insulating Castables & Mortars. 

Products of the company

• Bricks 
• Castables 
• High alumina catalyst 
• Ceramic balls

History and milestones

• 1973: Formation of Proprietorship concern under the name ‘M/s Refractory Shapes’.
• 1996: Takeover of business by Dayashankar Krishna Shetty and Pratibha Dayashankar Shetty.
• 2005: Received ISO 9001: 2008 issued by Bureau Veritas Certification for manufacturing high Alumina Refractories, Pre Cast Shapes, Castables & Mortars in Manufacturing Facility situated at Pune.
• 2005: Registered as a Vendor with Projects & Development India Limited (Government of India Undertaking) involved in engineering projects.
• 2007: Enlisted with Engineers India Limited (Government of India Undertaking) for Dense Refractory Castable & Precast Shapes.
• 2007: Certification from Reliance Industries Limited for supply of Shape bricks, Precast blocks, Dense Castable, Insulating Castable, Mortar, Insulating bricks, Refracoat Z Coating Material. 
• 2007: Certification from Mangalore Refinery & Petrochemicals Limited for supply of High Alumina Bricks (Dense & Insulation Bricks), High Alumina Castables, Insulating Castables, Tabular Alumina Castable, Burner Blocks and Precast Shapes.
• 2007: Certification from Mangalore Refinery & Petrochemical Limited (Subsidiary of Oil and Natural Gas Corporation Limited) for providing satisfactory quality of bricks consistently for 10 years since 1997 such as High Alumina Bricks (Dense & Insulation Bricks), High Alumina Castable, Insulating Castable, Tabular Alumina Castable, Burner Blocks, Precast Shapes. 
• 2007: Certification from Rashtriya Chemicals and Fertilizers Limited (Government of India Undertaking) for supply of Alumina Lumps of varied sizes and Alumina hexagonal Allumina Tiles used at the top of the  catalyst bed in the Secondary Reformer in Line II of Ammonia Plant in the year 2004 
• 2013: Registered as Vendor with Projects & Development India Limited (Government of India Undertaking) for bricks.
• 2014: Revalidation for enlistment with Engineers India Limited (Government of India Undertaking) for Refractory High Alumina Bricks and Dense Refractory Castable & Precast Shapes.
• 2019: Revalidation for enlistment with Engineers India Limited (Government of India Undertaking) for Refractory High Alumina Bricks, High Purity High Alumina Refractory Bricks, Dense Refractory Castable, Insulating Refractory Castables.
• 2020: Certified ISO 14001:2015 & 45001: 2018 issued by Bureau Veritas Certification for Manufacturing and dispatch of High Alumina Refractories, Pre cast shapes, Insulation Refractories, Castables & mortars in Manufacturing Facility situated at Pune 
• 2022: Certified ISO 9001:2015 & 45001:2018 issued for Manufacturing and Dispatch of High Alumina Refractories, Alumina Balls, Precast Shapes, Insulation Refractories, Castables & Mortars in manufacturing facility situated at Morbi District, Gujarat
• 2022: Certified ISO/IEC 17025:2017 issued by National Accreditation Board for Testing and Calibration Laboratories (NABL) for General requirement for the Competence of Testing & Calibration Laboratories in Manufacturing Facility situated at Pune. 
• 2022: Revalidation for enlistment with Engineers India Limited (Government of India Undertaking) for Refractory High Alumina Bricks, High Purity High Alumina Refractory Bricks, Dense Refractory Castable, Insulating Refractory Castables.
• 2023: Revalidation for Enlistment with Engineers India Limited (Government of India Undertaking) for Refractory High Alumina Bricks, High Purity High Alumina Refractory Bricks, Dense Refractory Castable, Insulating Refractory Castables for Manufacturing Unit II.
• 2024: Converted to Public Limited Company and Name changed to ‘Refractory Shapes Limited’.