BSE: 0 | NSE: REFRACTORY | Refractories | Small Cap
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Refractory Shapes Ltd is a below average quality company.
The key valuation ratios of Refractory Shapes Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Refractory Shapes Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|
| ROCE % ⓘ | 11.8% | 15.7% | 10.7% | 17.2% | - |
| Value Creation Index ⓘ | -0.2 | 0.1 | -0.2 | 0.2 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||
| Sales ⓘ | 20.9 | 25.5 | 38 | 40.6 | 41 |
| Sales YoY Gr. | - | 22.1% | 48.9% | 6.8% | - |
| Adj EPS ⓘ | 1 | 1.8 | 1.2 | 2.6 | 1.9 |
| YoY Gr. | - | 83.8% | -36.8% | 122.6% | - |
| BVPS (₹) ⓘ | 7.5 | 9.4 | 10.3 | 12.9 | 17.8 |
| Adj Net Profit ⓘ | 1.6 | 2.9 | 1.8 | 4 | 4 |
| Cash Flow from Ops. ⓘ | 5.2 | 7.6 | 4.1 | -2.5 | - |
| Debt/CF from Ops. ⓘ | 2.4 | 2.1 | 4.9 | -9.3 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | NA | 24.7% | 6.8% | ||||
| Adj EPS ⓘ | NA | NA | 37.3% | 122.6% | ||||
| BVPSⓘ | NA | NA | 19.5% | 24.9% | ||||
| Share Price | - | - | - | - | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|
| Return on Equity % ⓘ | 13.1 | 21.5 | 11.7 | 22 | 12.1 |
| Op. Profit Mgn % ⓘ | 11.2 | 14.2 | 10.2 | 15.7 | NAN |
| Net Profit Mgn % ⓘ | 7.5 | 11.3 | 4.8 | 9.9 | 10 |
| Debt to Equity ⓘ | 1 | 1.1 | 1.3 | 1.2 | - |
| Working Cap Days ⓘ | 0 | 172 | 149 | 192 | 0 |
| Cash Conv. Cycle ⓘ | 0 | 78 | 39 | 89 | 0 |
Sales growth is growing at healthy rate in last 3 years 24.74%
Net Profit is growing at healthy rate in last 3 years 37.26%
Return on Equity has declined versus last 3 years average to 12.10%
Debt to equity has increased versus last 3 years average to 1.16
Sales growth is not so good in last 4 quarters at 0.00%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 1.9 | 1.9 |
| TTM Sales (₹ Cr.) | 40.6 | 40.6 |
| BVPS (₹.) ⓘ | 17.8 | 18.1 |
| Reserves (₹ Cr.) ⓘ | 17 | 18 |
| P/BV ⓘ | 5.34 | 5.27 |
| PE ⓘ | 51.62 | 49.94 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 0.00 / 0.00 |
| All Time Low / High (₹) | - / - |
| Market Cap (₹ Cr.) | 208 |
| Equity (₹ Cr.) | 21.8 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 37.3 |
| Pledged * | 0.00 |
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|
| Sales | 21 | 26 | 38 | 41 |
| Operating Expenses ⓘ | 19 | 22 | 34 | 34 |
| Manufacturing Costs | 1 | 1 | 12 | 11 |
| Material Costs | 13 | 15 | 17 | 16 |
| Employee Cost | 3 | 3 | 2 | 2 |
| Other Costs ⓘ | 1 | 3 | 4 | 5 |
| Operating Profit ⓘ | 2 | 4 | 4 | 6 |
| Operating Profit Margin (%) | 11.2% | 14.2% | 10.2% | 15.7% |
| Other Income ⓘ | 1 | 1 | 1 | 2 |
| Interest ⓘ | 1 | 1 | 1 | 2 |
| Depreciation ⓘ | 0 | 0 | 1 | 2 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 2 | 4 | 2 | 5 |
| Tax ⓘ | 1 | 1 | 1 | 1 |
| Profit After Tax | 2 | 3 | 2 | 4 |
| PAT Margin (%) | 7.5% | 11.3% | 4.8% | 9.9% |
| Adjusted EPS (₹) | 1.0 | 1.8 | 1.2 | 2.6 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 12 | 15 | 16 | 20 | ||||||
| Share Capital ⓘ | 0 | 0 | 0 | 16 | ||||||
| Reserves ⓘ | 12 | 15 | 16 | 4 | ||||||
| Minority Interest | 0 | 0 | 0 | 0 | ||||||
| Debt | 12 | 16 | 20 | 24 | ||||||
| Long Term Debt | 9 | 11 | 12 | 12 | ||||||
| Short Term Debt | 4 | 5 | 9 | 12 | ||||||
| Trade Payables | 2 | 5 | 11 | 6 | ||||||
| Others Liabilities ⓘ | 1 | 1 | 1 | 2 | ||||||
| Total Liabilities ⓘ | 27 | 37 | 49 | 51 | ||||||
Fixed Assets | ||||||||||
| Gross Block | 13 | 14 | 26 | 29 | ||||||
| Accumulated Depreciation | 6 | 7 | 8 | 9 | ||||||
| Net Fixed Assetsⓘ | 7 | 8 | 19 | 19 | ||||||
| CWIP ⓘ | 0 | 5 | 0 | 0 | ||||||
| Investmentsⓘ | 0 | 6 | 6 | 6 | ||||||
| Inventories | 2 | 3 | 9 | 14 | ||||||
| Trade Receivables | 8 | 6 | 8 | 7 | ||||||
| Cash Equivalents | 8 | 6 | 4 | 3 | ||||||
| Others Assetsⓘ | 3 | 2 | 3 | 2 | ||||||
| Total Assets ⓘ | 27 | 37 | 49 | 51 | ||||||
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 5 | 8 | 4 | -3 |
| PBT ⓘ | 2 | 3 | 2 | 5 |
| Adjustment ⓘ | 1 | 1 | 2 | 3 |
| Changes in Working Capital ⓘ | 3 | 4 | 2 | -9 |
| Tax Paid ⓘ | -1 | -1 | -1 | 0 |
| Cash Flow From Investing Activity ⓘ | 0 | -12 | -7 | -2 |
| Capex | 0 | -6 | -7 | -2 |
| Net Investments | 0 | -6 | 0 | 0 |
| Others ⓘ | 1 | 0 | 0 | 1 |
| Cash Flow From Financing Activityⓘ | -5 | 3 | 1 | 3 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 0 | 2 | 0 | 0 |
| Interest Paid ⓘ | -1 | -1 | 0 | 0 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 |
| Others ⓘ | -5 | 2 | 1 | 3 |
| Net Cash Flow ⓘ | 0 | -1 | -2 | -1 |
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 13.14 | 21.53 | 11.68 | 22.07 | ||||||
| ROCE (%) | 11.82 | 15.71 | 10.65 | 17.18 | ||||||
| Asset Turnover Ratio | 0.77 | 0.8 | 0.89 | 0.81 | ||||||
| PAT to CFO Conversion(x) | 2.5 | 2.67 | 2 | -0.75 | Working Capital Days | |||||
| Receivable Days | 132 | 98 | 67 | 66 | ||||||
| Inventory Days | 41 | 41 | 57 | 101 | ||||||
| Payable Days | 43 | 87 | 175 | 185 | ||||||
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
History and milestones
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