About Refractory Shapes
Refractory Shapes is a publicly listed company based in Mumbai (India) founded in 1973 by DK Shetty. Manufacturer of practical engineering solutions with a focus on refractory products such as fire bricks and castables for high-temperature applications. The company has 42 employees. Its Indian entity Refractory Shapes Limited reported revenue of ₹58.57 Cr. Refractory Shapes offers products and services including Bricks and Castables. Its focus areas include Chemicals and Materials and Diversified Materials.
Company details
Refractory Shapes was established in 1973 by DK Shetty in Mumbai, India. Operations focus on the production of refractory castables, burner blocks, and kiln fire bricks designed for extreme heat in industrial settings. These materials are supplied to sectors requiring durable solutions for furnaces and kilns, with manufacturing centered in India to serve regional and global demands.
- Headquarters Mumbai, India
- Employees 42
- Founders DK Shetty
- Stage Public
- SectorsChemicals & Materials
- Email••••••••
- Phone•••• ••••
- Website refshape.com
- Social LinkedIn YouTube
- Legal Name Refractory Shapes Ltd.
- Market Cap₹80.66 Cr
REFRACTORY-SM · NSE
- Share Price₹38.85
+5.00% today
- Revenue₹57.04 Cr
FY 2025-26 · -2.9% YoY
- EBITDA₹7.97 Cr
Margin 14.0%
- Net Profit₹4.80 Cr
FY 2025-26 · -20.7% YoY
- P/E (TTM)16.0x
P/B 1.5x
- Employee Count42
Associated legal entities of Refractory Shapes
Refractory Shapes operates through Refractory Shapes Limited, a listed company (active). Its filings, financials, charges and directors are on the company page.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2026) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Refractory Shapes Limited Listed CIN L26921MH1996PLC096012 | Active | 08 Jan 1996 | Mumbai, Maharashtra | ₹58.6 Cr | 42 | 7 | View details |
Products & Services of Refractory Shapes
Refractory Shapes offers a comprehensive portfolio of products and services, including Bricks and Castables.
Bricks are utilized in industrial applications for heat resistance and are supplied as part of the core product line
Castables are employed in manufacturing processes to provide durable linings and are offered alongside other materials
Apps and channels of Refractory Shapes
its YouTube channel REFRACTORY SHAPES LIMITED has 9 subscribers.
Board of directors of Refractory Shapes Limited (Refractory Shapes)
Refractory Shapes Limited is the primary company behind Refractory Shapes. The board of Refractory Shapes Limited currently have 5 directors; the longest-serving is Prajna Shravan Shetty, appointed in 2021. 1 earlier director has ceased.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Prajna Shravan Shetty DIN 02836327 | Managing Director | 14 Jul 2021 | 5 yrs 3 mo | Refractory Shapes Limited |
| Suraj Sadanand Shetty DIN 09706122 | Director | 25 Aug 2022 | 4 yrs 2 mo | Refractory Shapes Limited |
| Dayashankar Krishna Shetty DIN 00384537 | Director | 30 Aug 2023 | 3 yrs 1 mo | Refractory Shapes Limited |
| Siddharth Kumar DIN 05329702 | Director | 19 Dec 2023 | 2 yrs 10 mo | Refractory Shapes Limited |
| Shashidhara Rao Kemmannu DIN 06713774 | Director | 19 Dec 2023 | 2 yrs 10 mo | Refractory Shapes Limited |
People of Refractory Shapes
1 people are tracked at Refractory Shapes (1 in leadership); the tracked headcount is 42.
| Name | Role | Group |
|---|---|---|
DK Shetty | Founder | Leadership |
Complete people profiles for Refractory Shapes
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
- Full employee list
- Team structure
- Board tenure
- Professional contacts
Verified entity values are shown only after access is granted.
IPO & Listings of Refractory Shapes
Refractory Shapes is a publicly listed company on the NSE with ticker symbol REFRACTORY in India, operating in the Non-energy minerals sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.
- IPO date14 May 2024
- Listed onNSE: REFRACTORY
- Listed entityRefractory Shapes Ltd.
- Exchange sectorNon-energy minerals
- ISININE0TNX01015
- Share price₹32.10 (-4.89% on the day) · 2026-10-14
- Market capitalisation₹77.4 Cr
- Price to earnings14.6
- EPS (diluted, trailing year)₹2.20
- Volume (last session)1,000
Financials of Refractory Shapes
Exchange-reported figures of Refractory Shapes Limited, the listed company behind Refractory Shapes (NSE: REFRACTORY-SM).
Financial Highlights
FY 2025-26 · ConsolidatedRevenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | 57.04 | 58.77 | 40.55 | 37.97 |
| Revenue growth | -2.9% | +44.9% | +6.8% | - |
| EBITDA | 7.97 | 10.30 | 6.37 | 3.88 |
| EBITDA margin | +14.0% | +17.5% | +15.7% | +10.2% |
| Profit before tax | 6.04 | 8.07 | 5.48 | 2.60 |
| Net profit | 4.80 | 6.05 | 4.16 | 1.93 |
| Net profit margin | +8.4% | +10.3% | +10.3% | +5.1% |
| EPS (₹) | 2.20 | 2.77 | 2.63 | 191.78 |
| Balance sheet | ||||
| Total assets | 70.34 | 62.76 | 44.37 | 37.00 |
| Net worth | 50.49 | 45.70 | 20.84 | 16.69 |
| Total debt | 19.84 | 17.06 | 23.52 | 20.32 |
| Cash & bank | 6.87 | 3.97 | 3.26 | 4.44 |
| Net working capital | 36.82 | 28.91 | 18.63 | 11.62 |
| Cash flow | ||||
| Cash from operations | 1.44 | 1.06 | (2.54) | 4.14 |
| Cash from investing | (1.33) | (10.49) | (1.82) | (6.83) |
| Cash from financing | 2.79 | 10.14 | 3.18 | 0.89 |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | 57.04 | 58.77 | 40.55 | 37.97 | 25.50 | 20.89 |
| Revenue growth | -2.9% | +44.9% | +6.8% | +48.9% | +22.1% | - |
| EBITDA | 7.97 | 10.31 | 6.37 | 3.89 | 3.62 | 2.35 |
| EBITDA margin | +14.0% | +17.5% | +15.7% | +10.2% | +14.2% | +11.3% |
| Profit before tax | 6.04 | 8.07 | 5.34 | 2.50 | 3.70 | 2.12 |
| Net profit | 4.53 | 6.05 | 4.02 | 1.83 | 2.88 | 1.57 |
| Net profit margin | +7.9% | +10.3% | +9.9% | +4.8% | +11.3% | +7.5% |
| EPS (₹) | 2.08 | 2.77 | 2.55 | 1,813.50 | 2,870.40 | 1,563.90 |
| Balance sheet | ||||||
| Total assets | 69.32 | 62.00 | 43.82 | 36.59 | 30.47 | 24.24 |
| Net worth | 49.47 | 44.95 | 20.30 | 16.27 | 14.77 | 11.90 |
| Total debt | 19.84 | 17.06 | 23.52 | 20.32 | 15.70 | 12.34 |
| Cash & bank | 6.87 | 3.97 | 3.26 | 4.44 | 6.23 | 7.73 |
| Net working capital | 36.82 | 28.91 | 18.63 | 11.62 | 11.28 | 17.16 |
| Cash flow | ||||||
| Cash from operations | 1.44 | 1.06 | (2.54) | 4.14 | 7.57 | 5.18 |
| Cash from investing | (1.33) | (10.49) | (1.82) | (6.83) | (11.81) | 0.35 |
| Cash from financing | 2.79 | 10.14 | 3.18 | 0.89 | 2.74 | (5.36) |
| Particulars | Mar 2024 | Dec 2023 |
|---|---|---|
| Revenue | 11.13 | 10.25 |
| Other income | 1.91 | 0.20 |
| Total expenses | 10.85 | 9.48 |
| EBITDA | 0.28 | 0.77 |
| EBITDA margin | +2.5% | +7.5% |
| Depreciation | 0.45 | (0.39) |
| Interest | 0.40 | 0.45 |
| Profit before tax | 1.34 | 0.91 |
| Tax | 0.38 | 0.16 |
Financial Statements
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 |
|---|---|---|---|---|
| Revenue | 57.04 | 58.77 | 40.55 | 37.97 |
| Revenue growth | -2.9% | +44.9% | +6.8% | - |
| Other income | 1.53 | 1.05 | 2.61 | 0.86 |
| Total expenses | 49.07 | 48.47 | 34.18 | 34.09 |
| Employee cost | 0.00 | 3.20 | 2.23 | 1.86 |
| EBITDA | 7.97 | 10.30 | 6.37 | 3.88 |
| EBITDA margin | +14.0% | +17.5% | +15.7% | +10.2% |
| Depreciation | 2.39 | 2.46 | 1.94 | 1.06 |
| Interest | 1.07 | 0.82 | 1.56 | 1.08 |
| Profit before tax | 6.04 | 8.07 | 5.48 | 2.60 |
| Tax | 1.51 | 2.02 | 1.32 | 0.67 |
| Net profit | 4.80 | 6.05 | 4.16 | 1.93 |
| Net profit margin | +8.4% | +10.3% | +10.3% | +5.1% |
| EPS (₹) | 2.20 | 2.77 | 2.63 | 191.78 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 |
|---|---|---|---|---|
| Equity & liabilities | ||||
| Share capital | 21.80 | 21.80 | 15.80 | 0.10 |
| Reserves & surplus | 28.69 | 23.90 | 5.04 | 16.59 |
| Shareholders' funds (net worth) | 50.49 | 45.70 | 20.84 | 16.69 |
| Minority interest | 0.00 | 0.00 | 0.00 | 0.00 |
| Secured loans | 11.08 | 8.16 | 14.33 | 13.35 |
| Unsecured loans | 8.76 | 8.90 | 9.19 | 6.97 |
| Total debt | 19.84 | 17.06 | 23.52 | 20.32 |
| Total liabilities | 70.34 | 62.76 | 44.37 | 37.00 |
| Assets | ||||
| Gross block | 36.36 | 35.05 | 28.53 | 26.46 |
| Net block | 25.98 | 26.73 | 19.05 | 18.92 |
| Capital work in progress | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 6.85 | 6.58 | 6.37 | 6.24 |
| Inventories | 21.95 | 16.76 | 13.84 | 8.56 |
| Sundry debtors | 11.47 | 12.69 | 6.95 | 7.67 |
| Cash & bank balances | 6.87 | 3.97 | 3.26 | 4.44 |
| Loans & advances | 3.30 | 2.64 | 1.95 | 2.92 |
| Total current assets | 43.59 | 36.06 | 26.00 | 23.59 |
| Total current liabilities | 6.77 | 7.15 | 7.37 | 11.97 |
| Net working capital | 36.82 | 28.91 | 18.63 | 11.62 |
| Total assets | 70.34 | 62.76 | 44.37 | 37.00 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 |
|---|---|---|---|---|
| Opening cash | 3.97 | 3.26 | 4.44 | 6.23 |
| Net cash from operating activities | 1.44 | 1.06 | (2.54) | 4.14 |
| Net cash from investing activities | (1.33) | (10.49) | (1.82) | (6.83) |
| Net cash from financing activities | 2.79 | 10.14 | 3.18 | 0.89 |
| Net change in cash | 2.90 | 0.71 | (1.18) | (1.79) |
| Closing cash | 6.87 | 3.97 | 3.26 | 4.44 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 |
|---|---|---|---|---|
| Growth | ||||
| Sales growth | -2.9% | +44.9% | +6.8% | - |
| EBITDA growth | -22.6% | +61.7% | +64.2% | - |
| PBT growth | -25.2% | +47.3% | +110.8% | +9997.0% |
| Net income growth | -20.7% | +45.4% | +115.5% | - |
| Revenue CAGR (3Y) | +14.5% | - | - | - |
| EBITDA CAGR (3Y) | +27.1% | - | - | - |
| Profitability & leverage | ||||
| Net income margin | +7.9% | +10.3% | +10.3% | +5.1% |
| Return on capital employed | - | +16.6% | +17.3% | +9.9% |
| Return on net worth | - | +18.2% | +22.2% | +11.5% |
| Debt / equity | - | 0.61 | 1.17 | 1.22 |
| Long-term debt / equity | - | 0.33 | 0.56 | 0.58 |
| Interest cover | 19.18 | 10.46 | 35.21 | 38.30 |
| Efficiency & per share | ||||
| Fixed asset turnover | - | 1.75 | 1.47 | 1.44 |
| Inventory turnover | - | 3.84 | 3.62 | 4.44 |
| Debtors turnover | - | 5.98 | 5.55 | 4.95 |
| EPS (₹) | 2.20 | 2.77 | 2.63 | 191.78 |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 0.00 | 20.96 | 13.19 | 1,668.52 |
| Particulars | Mar 2024 | Dec 2023 |
|---|---|---|
| Revenue | 11.13 | 10.25 |
| Other income | 1.91 | 0.20 |
| Total expenses | 10.85 | 9.48 |
| EBITDA | 0.28 | 0.77 |
| EBITDA margin | +2.5% | +7.5% |
| Depreciation | 0.45 | (0.39) |
| Interest | 0.40 | 0.45 |
| Profit before tax | 1.34 | 0.91 |
| Tax | 0.38 | 0.16 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|---|
| Revenue | 57.04 | 58.77 | 40.55 | 37.97 | 25.50 | 20.89 |
| Revenue growth | -2.9% | +44.9% | +6.8% | +48.9% | +22.1% | - |
| Other income | 1.53 | 1.05 | 2.47 | 0.75 | 1.03 | 0.91 |
| Total expenses | 49.07 | 48.46 | 34.18 | 34.08 | 21.88 | 18.54 |
| Employee cost | 0.00 | 3.20 | 2.23 | 1.86 | 2.30 | 2.24 |
| EBITDA | 7.97 | 10.31 | 6.37 | 3.89 | 3.62 | 2.35 |
| EBITDA margin | +14.0% | +17.5% | +15.7% | +10.2% | +14.2% | +11.3% |
| Depreciation | 2.39 | 2.46 | 1.94 | 1.06 | 0.35 | 0.39 |
| Interest | 1.07 | 0.83 | 1.56 | 1.08 | 0.60 | 0.75 |
| Profit before tax | 6.04 | 8.07 | 5.34 | 2.50 | 3.70 | 2.12 |
| Tax | 1.51 | 2.02 | 1.32 | 0.67 | 0.82 | 0.55 |
| Net profit | 4.53 | 6.05 | 4.02 | 1.83 | 2.88 | 1.57 |
| Net profit margin | +7.9% | +10.3% | +9.9% | +4.8% | +11.3% | +7.5% |
| EPS (₹) | 2.08 | 2.77 | 2.55 | 1,813.50 | 2,870.40 | 1,563.90 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|---|
| Equity & liabilities | ||||||
| Share capital | 21.80 | 21.80 | 15.80 | 0.10 | 0.10 | 0.10 |
| Reserves & surplus | 27.67 | 23.15 | 4.50 | 16.17 | 14.67 | 11.80 |
| Shareholders' funds (net worth) | 49.47 | 44.95 | 20.30 | 16.27 | 14.77 | 11.90 |
| Secured loans | 11.08 | 8.16 | 14.33 | 13.35 | 6.83 | 3.54 |
| Unsecured loans | 8.76 | 8.90 | 9.19 | 6.97 | 8.87 | 8.80 |
| Total debt | 19.84 | 17.06 | 23.52 | 20.32 | 15.70 | 12.34 |
| Total liabilities | 69.32 | 62.00 | 43.82 | 36.59 | 30.47 | 24.24 |
| Assets | ||||||
| Gross block | 36.36 | 35.05 | 28.53 | 26.47 | 14.15 | 13.17 |
| Net block | 25.98 | 26.73 | 19.05 | 18.93 | 7.60 | 6.97 |
| Capital work in progress | 0.00 | 0.00 | 0.00 | 0.00 | 5.34 | 0.00 |
| Investments | 5.83 | 5.83 | 5.83 | 5.83 | 6.14 | 0.01 |
| Inventories | 21.95 | 16.76 | 13.84 | 8.56 | 3.33 | 2.34 |
| Sundry debtors | 11.47 | 12.69 | 6.95 | 7.67 | 6.17 | 7.53 |
| Cash & bank balances | 6.87 | 3.97 | 3.26 | 4.44 | 6.23 | 7.73 |
| Loans & advances | 3.30 | 2.64 | 1.95 | 2.92 | 1.93 | 2.56 |
| Total current assets | 43.59 | 36.06 | 26.00 | 23.59 | 17.66 | 20.16 |
| Total current liabilities | 6.77 | 7.15 | 7.37 | 11.97 | 6.38 | 3.00 |
| Net working capital | 36.82 | 28.91 | 18.63 | 11.62 | 11.28 | 17.16 |
| Total assets | 69.32 | 62.00 | 43.82 | 36.59 | 30.47 | 24.24 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|---|
| Opening cash | 3.97 | 3.26 | 4.44 | 6.23 | 7.73 | 7.56 |
| Net cash from operating activities | 1.44 | 1.06 | (2.54) | 4.14 | 7.57 | 5.18 |
| Net cash from investing activities | (1.33) | (10.49) | (1.82) | (6.83) | (11.81) | 0.35 |
| Net cash from financing activities | 2.79 | 10.14 | 3.18 | 0.89 | 2.74 | (5.36) |
| Net change in cash | 2.90 | 0.71 | (1.18) | (1.79) | (1.50) | 0.17 |
| Closing cash | 6.87 | 3.97 | 3.26 | 4.44 | 6.23 | 7.73 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|---|
| Growth | ||||||
| Sales growth | -2.9% | +44.9% | +6.8% | +48.9% | +22.1% | - |
| EBITDA growth | -22.7% | +61.9% | +63.8% | +7.5% | +54.0% | - |
| PBT growth | -25.2% | +51.1% | +113.6% | -32.4% | +74.5% | +9997.0% |
| Net income growth | -25.1% | +50.5% | +119.7% | -36.5% | +83.4% | - |
| Revenue CAGR (3Y) | +14.5% | +32.1% | +24.7% | - | - | - |
| EBITDA CAGR (3Y) | +27.0% | +41.8% | +39.4% | - | - | - |
| Profitability & leverage | ||||||
| Net income margin | +7.9% | +10.3% | +9.9% | +4.8% | +11.3% | +7.5% |
| Return on capital employed | - | +16.8% | +17.2% | +10.6% | +15.7% | +11.8% |
| Return on net worth | - | +18.5% | +22.0% | +11.7% | +21.5% | +13.1% |
| Debt / equity | - | 0.62 | 1.20 | 1.16 | 1.05 | 1.04 |
| Long-term debt / equity | - | 0.34 | 0.58 | 0.65 | 0.73 | 0.74 |
| Interest cover | 19.18 | 10.57 | 35.21 | 38.16 | 18.35 | 38.27 |
| Efficiency & per share | ||||||
| Fixed asset turnover | - | 1.75 | 1.47 | 1.87 | 1.87 | 1.59 |
| Inventory turnover | - | 3.84 | 3.62 | 6.39 | 8.99 | 8.93 |
| Debtors turnover | - | 5.98 | 5.55 | 5.49 | 3.72 | 2.77 |
| EPS (₹) | 2.08 | 2.77 | 2.55 | 1,813.50 | 2,870.40 | 1,563.90 |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 0.00 | 20.62 | 12.85 | 16,271.80 | 14,769.00 | 11,898.60 |
Web traffic of Refractory Shapes
The website of Refractory Shapes (refshape.com) receives about 1.2K visits a month.
- Monthly visits1.2K
▲ 4% vs previous month
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Frequently Asked Questions about Refractory Shapes
Refractory Shapes was founded in 1973.
Refractory Shapes is headquartered in Mumbai, India. It is registered at Mumbai, Maharashtra, India.
Refractory Shapes has 42 employees.
The primary company behind Refractory Shapes, Refractory Shapes Limited, reported revenue of ₹58.57 Cr for FY 2026, down 3% year on year.
Refractory Shapes was established in 1973 by DK Shetty in Mumbai, India. Operations focus on the production of refractory castables, burner blocks, and kiln fire bricks designed for extreme heat in industrial settings. These materials are supplied to sectors requiring durable solutions for furnaces and kilns, with manufacturing centered in India to serve regional and global demands.
Refractory Shapes offers Bricks and Castables.
Yes, Refractory Shapes is publicly traded on NSE under the ticker symbol REFRACTORY.
Refractory Shapes operates through Refractory Shapes Limited.
The legal entities of Refractory Shapes currently have 7 directors, including Dayashankar Krishna Shetty, Ammar Huseni Rangwala, Suraj Sadanand Shetty and others.