Nilachal Refractories Ltd

NILACHAL

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Market Cap

₹ 83 Cr

P/E

—

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Investment Checklist

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Performance

UNDER PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

LOW MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Nilachal Refractories Limited manufactures refractories, crucial to the steel industry, given its significant consumption of such products.

The steel industry remains the primary consumer, with other sectors like cement, copper, and glass also contributing to demand, bolstering the refractory market.

Company's strategic location in Odisha benefits from the state's steel capacity growth, enhancing its relevance in the supply chain.

Previously a sick company, Nilachal Refractories underwent a management shift, resulting in rehabilitation and operational restart under new promoters in 2005.

Sector

Refractories

Industry

Refractories / Intermediates

Market Cap

83 Cr

Volatility

Low Risk

P/E Ratio

—

Industry P/E

50.1

PEG Ratio

—

P/B Ratio

—

52W High

68.35

52W Low

35.50

Sales CAGR

-26.36%

-21.85%

-9.15%

10Y

7.37%

Profit CAGR

-238.77%

—

10Y

—

ROE

TTM

73.41%

91.06%

128.40%

10Y

-63.90%

ROCE

TTM

-159.80%

-45.50%

-23.59%

10Y

-11.40%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MORGANITE	1538.00	861 Cr	34.07	6.36	3.19	18.65	27.09	15.37
ORIENTCER	43.05	511 Cr	30.11	1.75	0.59	5.81	8.42	4.11
REFRACTORY	50.65	110 Cr	18.29	2.42	0.00	15.38	15.42	8.97
NILACHAL	40.52	83 Cr	—	0.00	0.00	73.41	-159.80	-78.27
ASSOCER	215.00	66 Cr	20.53	2.48	0.00	12.39	17.91	8.51
SPRL	157.90	28 Cr	13.52	2.24	0.00	22.42	28.79	17.42
RAASY	20.21	10 Cr	2.20	0.00	0.00	-48.67	27.05	7.91

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	0.41	0.27	0.18	0.44	0.16	0.14	0.29	0.36	0.20	0.45
Expenses	0.54	0.43	0.37	2.07	1.34	0.38	0.41	20	0.40	0.92
Operating Profit	-0.13	-0.16	-0.19	-1.63	-1.18	-0.24	-0.12	-20	-0.20	-0.47
OPM %	-31.71	-59.26	-105.56	-370.45	-737.50	-171.43	-41.38	-5,530.56	-100.00	-104.44
Other Income	0.01	0.00	0.02	1.82	0.02	0.00	0.00	0.10	0.02	0.17
Interest	0.00	0.00	0.00	0.39	0.06	0.05	0.06	0.06	0.09	0.09
Depreciation	0.00	0.00	0.00	0.56	0.14	0.14	0.14	0.12	0.14	0.14
Profit Before Tax	-0.12	-0.17	-0.16	-0.76	-1.36	-0.44	-0.32	-20	-0.42	-0.54
Tax %	0.00	0.00	0.00	-697.37	2.94	0.00	0.00	0.25	0.00	0.00
Net Profit	-0.12	-0.17	-0.16	-6.05	-1.33	-0.44	-0.32	-20	-0.42	-0.54
EPS in Rs	-0.06	-0.08	-0.08	-2.97	-0.65	-0.21	-0.16	-9.79	-0.21	-0.27

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2.49	1.84	1.91	1.53	1.79	1.98	1.06	1.29	0.95	0.99
Expenses	3.92	3.33	4.54	3.27	2.96	2.62	2.34	3.40	22	21
Operating Profit	-1.43	-1.49	-2.62	-1.74	-1.18	-0.64	-1.28	-2.11	-21	-20
OPM %	-57.33	-80.82	-137.02	-113.84	-65.78	-32.31	-121.40	-163.10	-2,270.06	-2,067.68
Other Income	1.57	1.48	1.68	0.89	0.02	0.04	0.03	1.86	0.12	NaN
Interest	1.11	0.47	0.00	0.52	0.27	0.00	0.00	0.39	0.22	0.26
Depreciation	0.72	0.72	0.70	0.70	0.69	0.69	0.65	0.56	0.54	0.54
Profit Before Tax	-1.87	-1.21	-1.64	-2.07	-2.12	-1.29	-1.90	-1.20	-22	-21
Tax %	133.33	-36.21	-0.50	28.16	-20.37	-28.76	5.72	-440.71	0.39	0.24
Net Profit	0.62	-1.65	-1.65	-1.48	-2.55	-1.66	-1.79	-6.50	-22	-21
EPS in Rs	-0.21	-0.80	-0.82	-0.73	-1.22	-0.82	-0.81	-3.19	-10.81	-10.43
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	20	20	20	20	20	20	20	20	20	20
Reserves	-8.97	-9.00	-11	-12	-14	-16	-18	-20	-26	-48
Borrowings	40	42	42	42	42	43	42	43	43	45
Other Liabilities	13	10	7.12	4.52	4.79	5.06	5.97	6.81	3.31	2.58
Total Liabilities	64	63	59	55	54	52	51	50	41	19
Fixed Assets	9.90	8.53	7.76	7.07	6.37	5.68	5.00	4.35	3.78	5.05
CWIP	31	31	31	31	31	31	31	31	31	9.39
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	23	23	20	16	16	15	14	14	5.29	4.75
Total Assets	64	63	59	55	54	52	51	50	41	19

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-0.17	-0.38	-0.08	0.09	0.39	-0.06	0.33	-0.30	-0.33	-1.15
Cash from Investing Activity	0.02	0.02	0.04	-0.00	0.01	0.01	0.01	0.04	0.10	1.59
Cash from Financing Activity	0.11	0.48	-0.00	0.01	-0.55	-0.00	-0.22	0.13	0.17	-0.41
Net Cash Flow	-0.04	0.13	-0.04	0.10	-0.16	-0.05	0.12	-0.13	-0.06	0.03

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	70.61%	70.61%	70.61%	70.61%	70.61%	70.61%	70.61%	70.61%	70.61%	70.61%	70.61%	70.61%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.00%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.00%	0.00%
Public	29.39%	29.31%	29.31%	29.31%	29.31%	29.31%	29.31%	29.31%	29.31%	29.31%	29.39%	29.39%
Total Shareholders	4,158	4,121	4,108	4,069	4,117	4,399	4,449	4,441	4,582	4,577	4,589	4,597

Projection

Actions

Action Type

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Announcements

Last 7 days

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Documents

Presentations

Concalls

Reports

Presentations

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Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	0.41	0.27	0.18	0.44	0.16	0.14	0.29	0.36	0.20	0.45
Expenses	0.54	0.43	0.37	2.07	1.34	0.38	0.41	20	0.40	0.92
Operating Profit	-0.13	-0.16	-0.19	-1.63	-1.18	-0.24	-0.12	-20	-0.20	-0.47
OPM %	-31.71	-59.26	-105.56	-370.45	-737.50	-171.43	-41.38	-5,530.56	-100.00	-104.44
Other Income	0.01	0.00	0.02	1.82	0.02	0.00	0.00	0.10	0.02	0.17
Interest	0.00	0.00	0.00	0.39	0.06	0.05	0.06	0.06	0.09	0.09
Depreciation	0.00	0.00	0.00	0.56	0.14	0.14	0.14	0.12	0.14	0.14
Profit Before Tax	-0.12	-0.17	-0.16	-0.76	-1.36	-0.44	-0.32	-20	-0.42	-0.54
Tax %	0.00	0.00	0.00	-697.37	2.94	0.00	0.00	0.25	0.00	0.00
Net Profit	-0.12	-0.17	-0.16	-6.05	-1.33	-0.44	-0.32	-20	-0.42	-0.54
EPS in Rs	-0.06	-0.08	-0.08	-2.97	-0.65	-0.21	-0.16	-9.79	-0.21	-0.27

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2.49	1.84	1.91	1.53	1.79	1.98	1.06	1.29	0.95	0.99
Expenses	3.92	3.33	4.54	3.27	2.96	2.62	2.34	3.40	22	21
Operating Profit	-1.43	-1.49	-2.62	-1.74	-1.18	-0.64	-1.28	-2.11	-21	-20
OPM %	-57.33	-80.82	-137.02	-113.84	-65.78	-32.31	-121.40	-163.10	-2,270.06	-2,067.68
Other Income	1.57	1.48	1.68	0.89	0.02	0.04	0.03	1.86	0.12	NaN
Interest	1.11	0.47	0.00	0.52	0.27	0.00	0.00	0.39	0.22	0.26
Depreciation	0.72	0.72	0.70	0.70	0.69	0.69	0.65	0.56	0.54	0.54
Profit Before Tax	-1.87	-1.21	-1.64	-2.07	-2.12	-1.29	-1.90	-1.20	-22	-21
Tax %	133.33	-36.21	-0.50	28.16	-20.37	-28.76	5.72	-440.71	0.39	0.24
Net Profit	0.62	-1.65	-1.65	-1.48	-2.55	-1.66	-1.79	-6.50	-22	-21
EPS in Rs	-0.21	-0.80	-0.82	-0.73	-1.22	-0.82	-0.81	-3.19	-10.81	-10.43
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	20	20	20	20	20	20	20	20	20	20
Reserves	-8.97	-9.00	-11	-12	-14	-16	-18	-20	-26	-48
Borrowings	40	42	42	42	42	43	42	43	43	45
Other Liabilities	13	10	7.12	4.52	4.79	5.06	5.97	6.81	3.31	2.58
Total Liabilities	64	63	59	55	54	52	51	50	41	19
Fixed Assets	9.90	8.53	7.76	7.07	6.37	5.68	5.00	4.35	3.78	5.05
CWIP	31	31	31	31	31	31	31	31	31	9.39
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	23	23	20	16	16	15	14	14	5.29	4.75
Total Assets	64	63	59	55	54	52	51	50	41	19

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-0.17	-0.38	-0.08	0.09	0.39	-0.06	0.33	-0.30	-0.33	-1.15
Cash from Investing Activity	0.02	0.02	0.04	-0.00	0.01	0.01	0.01	0.04	0.10	1.59
Cash from Financing Activity	0.11	0.48	-0.00	0.01	-0.55	-0.00	-0.22	0.13	0.17	-0.41
Net Cash Flow	-0.04	0.13	-0.04	0.10	-0.16	-0.05	0.12	-0.13	-0.06	0.03

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MORGANITE	1538.00	861 Cr	34.07	6.36	3.19	18.65	27.09	15.37
ORIENTCER	43.05	511 Cr	30.11	1.75	0.59	5.81	8.42	4.11
REFRACTORY	50.65	110 Cr	18.29	2.42	0.00	15.38	15.42	8.97
NILACHAL	40.52	83 Cr	—	0.00	0.00	73.41	-159.80	-78.27
ASSOCER	215.00	66 Cr	20.53	2.48	0.00	12.39	17.91	8.51
SPRL	157.90	28 Cr	13.52	2.24	0.00	22.42	28.79	17.42
RAASY	20.21	10 Cr	2.20	0.00	0.00	-48.67	27.05	7.91

Oscillators

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Overview

Detailed Summary

Nilachal Refractories Limited manufactures refractories, crucial to the steel industry, given its significant consumption of such products.

The steel industry remains the primary consumer, with other sectors like cement, copper, and glass also contributing to demand, bolstering the refractory market.

Company's strategic location in Odisha benefits from the state's steel capacity growth, enhancing its relevance in the supply chain.

Previously a sick company, Nilachal Refractories underwent a management shift, resulting in rehabilitation and operational restart under new promoters in 2005.

Sector

Refractories

Industry

Refractories / Intermediates

Market Cap

83 Cr

Volatility

Low Risk

P/E Ratio

—

Industry P/E

50.1

PEG Ratio

—

P/B Ratio

—

52W High

68.35

52W Low

35.50

Sales CAGR

-26.36%

-21.85%

-9.15%

10Y

7.37%

Profit CAGR

-238.77%

—

10Y

—

ROE

TTM

73.41%

91.06%

128.40%

10Y

-63.90%

ROCE

TTM

-159.80%

-45.50%

-23.59%

10Y

-11.40%