SP Refractories Ltd

SPRL

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Market Cap

₹ 28 Cr

P/E

13.52

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

UNDERVALUED

Growth

SLUGGISH

Profitability

HIGH MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

SP Refractories Limited manufactures and supplies high-quality refractory materials used predominantly in iron, steel, and construction industries.

The company began operations in 2007 and evolved from Shanark Industries' legacy business, initially led by late Sri. Prabodh Kale.

SP Refractories has capitalized on excess crushing capacity, performing job work manufacturing of clinkers to provide customized solutions.

The company completed an IPO in March 2022, raising Rs. 4.92 Crore through equity shares.

It's promoted by Namita Kale and her daughters, emphasizing a legacy in refractory manufacturing.

Sector

Refractories

Industry

Refractories / Intermediates

Market Cap

28 Cr

Volatility

Low Risk

P/E Ratio

13.5

Industry P/E

50.1

PEG Ratio

0.5

P/B Ratio

2.2

52W High

199.40

52W Low

104.55

Sales CAGR

5.00%

-8.56%

7.61%

10Y

—

Profit CAGR

33.97%

28.53%

39.25%

10Y

—

ROE

TTM

22.42%

13.32%

13.33%

10Y

—

ROCE

TTM

28.79%

18.44%

19.09%

10Y

—

Technicals

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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 Half Yearly Results (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2021	Sep 2021	Mar 2022	Sep 2022	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025
Sales	16	14	17	15	13	14	15	14	16	16
Expenses	15	13	16	14	12	13	13	13	14	13
Interest	0.12	0.12	0.29	0.26	0.15	0.14	0.28	0.18	0.16	0.10
Operating Profit	0.52	1.33	0.65	0.57	0.90	1.37	1.53	1.70	1.84	3.25
OPM %	3.25	9.19	3.81	3.90	7.13	9.83	10.28	11.80	11.61	19.94
Other Income	0.02	0.00	0.01	0.01	0.00	0.00	0.03	0.00	0.01	0.00
Depreciation	0.12	0.12	0.10	0.12	0.12	0.18	0.15	0.20	0.20	0.21
Profit Before Tax	0.30	1.09	0.27	0.20	0.64	1.05	1.12	1.31	1.48	2.94
Tax %	26.67	25.69	37.04	25.00	26.56	28.57	27.68	25.95	24.32	25.17
Net Profit	0.22	0.81	0.18	0.14	0.47	0.75	0.81	0.97	1.12	2.20
EPS in Rs	—	—	—	—	—	—	—	—	—	—

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales	19	21	32	40	27	29	30
Expenses	18	20	24	30	26	26	27
Operating Profit	0.87	1.19	7.95	10	1.48	2.89	3.53
OPM %	4.70	5.68	24.70	25.38	5.43	10.05	11.67
Other Income	0.03	0.03	0.03	0.01	0.01	0.03	0.01
Interest	0.40	0.44	0.21	0.41	0.41	0.43	0.34
Depreciation	0.22	0.22	0.24	0.22	0.24	0.33	0.40
Profit Before Tax	0.28	0.55	1.05	1.36	0.83	2.17	2.79
Tax %	26.83	27.70	27.93	27.78	26.00	28.12	25.16
Net Profit	0.21	0.40	0.75	0.98	0.62	1.56	2.09
EPS in Rs	—	—	—	—	—	—	—
Dividend Payout %	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 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	0.50	0.50	1.49	1.79	1.79	1.79	1.79
Reserves	3.02	3.42	3.18	6.53	7.15	8.71	11
Borrowings	3.75	4.13	3.79	5.07	5.42	4.67	4.44
Other Liabilities	0.65	0.94	2.11	1.89	1.74	1.97	1.85
Total Liabilities	7.92	8.98	11	15	16	17	19
Fixed Assets	2.07	2.01	1.90	4.04	3.89	7.12	7.11
CWIP	0.00	0.00	0.00	0.76	2.41	0.00	0.00
Investments	0.00	0.00	0.01	0.01	0.01	0.01	0.01
Other Assets	5.85	6.98	8.66	10	9.79	10	12
Total Assets	7.92	8.98	11	15	16	17	19

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	0.84	0.79	-0.66	0.80	0.41	1.59	1.50
Cash from Investing Activity	-0.17	-0.16	-0.11	-3.13	-1.73	-1.15	-0.38
Cash from Financing Activity	-0.65	-0.64	0.76	3.15	0.51	-0.44	-1.12
Net Cash Flow	0.01	-0.01	-0.01	0.82	-0.81	0.00	-0.00

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jan 2022	Mar 2022	Sep 2022	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025
Promoters	100.00%	69.42%	69.42%	69.42%	69.42%	69.42%	69.42%	69.42%	69.42%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	0.00%	30.58%	30.58%	30.58%	30.58%	30.58%	30.58%	30.58%	30.58%
Total Shareholders	7	146	89	78	78	81	224	181	169

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jul 22, 2025	Dharampal kashiram nishad	Bulk	Buy	152.00	0.16 Cr	10,400	0.58
Oct 09, 2024	Yogesh kumar sharma	Bulk	Sell	143.35	0.14 Cr	9,600	0.53
Sep 18, 2024	Spextra multibiz private limited	Bulk	Buy	196.71	0.25 Cr	12,800	0.71
Sep 18, 2024	Spextra multibiz private limited	Bulk	Sell	196.83	0.05 Cr	2,400	0.13
Aug 23, 2024	Spextra multibiz private limited	Bulk	Sell	245.00	0.37 Cr	15,200	0.84
Aug 23, 2024	Spextra multibiz private limited	Bulk	Buy	243.31	0.51 Cr	20,800	1.16
Aug 23, 2024	Sanket ramesh fuke	Bulk	Sell	235.97	0.23 Cr	9,600	0.53
Aug 23, 2024	Yogesh kumar sharma	Bulk	Buy	245.00	0.31 Cr	12,800	0.71
Aug 22, 2024	Spextra multibiz private limited	Bulk	Sell	246.56	0.55 Cr	22,400	1.25
Aug 22, 2024	Sandip bhaskerrai pandya	Bulk	Sell	247.00	0.24 Cr	9,600	0.53

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 Half Yearly Results (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2021	Sep 2021	Mar 2022	Sep 2022	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025
Sales	16	14	17	15	13	14	15	14	16	16
Expenses	15	13	16	14	12	13	13	13	14	13
Interest	0.12	0.12	0.29	0.26	0.15	0.14	0.28	0.18	0.16	0.10
Operating Profit	0.52	1.33	0.65	0.57	0.90	1.37	1.53	1.70	1.84	3.25
OPM %	3.25	9.19	3.81	3.90	7.13	9.83	10.28	11.80	11.61	19.94
Other Income	0.02	0.00	0.01	0.01	0.00	0.00	0.03	0.00	0.01	0.00
Depreciation	0.12	0.12	0.10	0.12	0.12	0.18	0.15	0.20	0.20	0.21
Profit Before Tax	0.30	1.09	0.27	0.20	0.64	1.05	1.12	1.31	1.48	2.94
Tax %	26.67	25.69	37.04	25.00	26.56	28.57	27.68	25.95	24.32	25.17
Net Profit	0.22	0.81	0.18	0.14	0.47	0.75	0.81	0.97	1.12	2.20
EPS in Rs	—	—	—	—	—	—	—	—	—	—

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales	19	21	32	40	27	29	30
Expenses	18	20	24	30	26	26	27
Operating Profit	0.87	1.19	7.95	10	1.48	2.89	3.53
OPM %	4.70	5.68	24.70	25.38	5.43	10.05	11.67
Other Income	0.03	0.03	0.03	0.01	0.01	0.03	0.01
Interest	0.40	0.44	0.21	0.41	0.41	0.43	0.34
Depreciation	0.22	0.22	0.24	0.22	0.24	0.33	0.40
Profit Before Tax	0.28	0.55	1.05	1.36	0.83	2.17	2.79
Tax %	26.83	27.70	27.93	27.78	26.00	28.12	25.16
Net Profit	0.21	0.40	0.75	0.98	0.62	1.56	2.09
EPS in Rs	—	—	—	—	—	—	—
Dividend Payout %	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 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	0.50	0.50	1.49	1.79	1.79	1.79	1.79
Reserves	3.02	3.42	3.18	6.53	7.15	8.71	11
Borrowings	3.75	4.13	3.79	5.07	5.42	4.67	4.44
Other Liabilities	0.65	0.94	2.11	1.89	1.74	1.97	1.85
Total Liabilities	7.92	8.98	11	15	16	17	19
Fixed Assets	2.07	2.01	1.90	4.04	3.89	7.12	7.11
CWIP	0.00	0.00	0.00	0.76	2.41	0.00	0.00
Investments	0.00	0.00	0.01	0.01	0.01	0.01	0.01
Other Assets	5.85	6.98	8.66	10	9.79	10	12
Total Assets	7.92	8.98	11	15	16	17	19

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	0.84	0.79	-0.66	0.80	0.41	1.59	1.50
Cash from Investing Activity	-0.17	-0.16	-0.11	-3.13	-1.73	-1.15	-0.38
Cash from Financing Activity	-0.65	-0.64	0.76	3.15	0.51	-0.44	-1.12
Net Cash Flow	0.01	-0.01	-0.01	0.82	-0.81	0.00	-0.00

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Overview

Detailed Summary

SP Refractories Limited manufactures and supplies high-quality refractory materials used predominantly in iron, steel, and construction industries.

The company began operations in 2007 and evolved from Shanark Industries' legacy business, initially led by late Sri. Prabodh Kale.

SP Refractories has capitalized on excess crushing capacity, performing job work manufacturing of clinkers to provide customized solutions.

The company completed an IPO in March 2022, raising Rs. 4.92 Crore through equity shares.

It's promoted by Namita Kale and her daughters, emphasizing a legacy in refractory manufacturing.

Sector

Refractories

Industry

Refractories / Intermediates

Market Cap

28 Cr

Volatility

Low Risk

P/E Ratio

13.5

Industry P/E

50.1

PEG Ratio

0.5

P/B Ratio

2.2

52W High

199.40

52W Low

104.55

Sales CAGR

5.00%

-8.56%

7.61%

10Y

—

Profit CAGR

33.97%

28.53%

39.25%

10Y

—

ROE

TTM

22.42%

13.32%

13.33%

10Y

—

ROCE

TTM

28.79%

18.44%

19.09%

10Y

—

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