Refractory Shapes Limited - chemicals in Mumbai, Maharashtra, India. FY 2026 financials & compliance.
CIN L26921MH1996PLC096012 Incorporated 08 January 1996 ROC Mumbai HQ Mumbai, Maharashtra, India
Active Listed Public Limited Company chemicals
Data last updated
Market Cap
₹78.26 Cr
REFRACTORY-SM · NSE
Share Price
₹35.50
-1.11% 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)
17.2x
P/B 1.6x
Authorised capital
₹25 Cr
Registered with MCA
Paid-up capital
₹21.8 Cr
Issued & subscribed

About Refractory Shapes Limited

Data last updated:

Refractory Shapes Limited is a public limited company based in Mumbai, Maharashtra, India. It operates in the chemical products segment of the chemicals sector. It was incorporated on 08 January 1996 and has been in existence for over 30 years.

The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN L26921MH1996PLC096012. Its GSTIN is 27AABCR3917M1Z3 (Maharashtra). The company holds 3 GST registrations, of which 2 are active. It is a listed company.

The company has an authorised share capital of ₹25 Cr and a paid-up capital of ₹21.8 Cr. It is led by directors including Prajna Shravan Shetty (Managing Director) and Majur Jothiprakash (Whole-Time Director).

Its last annual general meeting (AGM) was held on 26 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at B 201 Rustomjee Central Park, Mumbai, Maharashtra.

As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹57.04 Cr, a decline of 2.9% compared to the previous year. For the same year it recorded a net profit of ₹4.8 Cr (net margin 8.4%) and EBITDA of ₹7.97 Cr (EBITDA margin 14%). The net worth stands at ₹50.49 Cr (up 10.5% YoY). Total assets are valued at ₹70.34 Cr (up 12.1% YoY).

The company has about 42 employees on its provident fund (EPFO) records.

The company is associated with 1 brand: Refractory Shapes. As per MCA filings, the company has open charges of ₹20.22 Cr and satisfied charges of ₹61.38 Lakh on record. The company has 3 deals on record (2 secondary share transfers, 1 ipo); the latest was in May 2024. Its 10 peer companies in the Manufacturing industry (Construction Materials) are compared by revenue, 5 larger and 5 smaller; the largest is Prakash Inter National Limited with revenue of ₹60.69 Cr.

The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website refshape.com.

Company Details of Refractory Shapes Limited
CIN L26921MH1996PLC096012
Registration Number 096012
Incorporation Date 08 January 1996
ROC Mumbai
Listing Status Listed
Company Status Active
Date of Last AGM 26 September 2025
Date of Balance Sheet 31 March 2025
Compliance Status Active Compliant
Contact Details
  • Email
    Locked
  • Telephone
    Locked
  • Social Media
    Locked
  • Registered Address
    B 201 Rustomjee Central Park Chakala Andheri – Kurla Road Andheri (Ea, St), Mumbai, Maharashtra, India – 400069
  • Industry
    Chemicals, Chemical Products, Medicinal Chemical & Botanical Products, Pharmaceuticals
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Financials from 2015 Directors & ownership Charges & compliance

Business Activity of Refractory Shapes Limited

The main business activity of Refractory Shapes is manufacturing. In detail, this covers chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products.

Main Activity Group CodeDescription of Main ActivityBusiness Activity CodeDescription of Business ActivityTurnover Percentage
CManufacturingC6Chemical and chemical products, pharmaceuticals, medicinal chemical and botanical productsLocked
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Turnover share and past changes in activity are in the company report.

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Financials of Refractory Shapes Limited FY 2025-26 filings available

Refractory Shapes Limited reported revenue of ₹57.04 Cr (down 2.9% YoY) for FY 2025-26.

Financial Highlights

FY 2025-26 · Consolidated
Revenue
₹57.04 Cr
-2.9% YoY
EBITDA
₹7.97 Cr
-22.6% YoY
Profit After Tax
₹4.80 Cr
-20.7% YoY
Net Worth
₹50.49 Cr
+10.5% YoY
Total Assets
₹70.34 Cr
+12.1% YoY
Total Debt
₹19.84 Cr
+16.3% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23
Income statement
Revenue57.0458.7740.5537.97
Revenue growth-2.9%+44.9%+6.8%-
EBITDA7.9710.306.373.88
EBITDA margin+14.0%+17.5%+15.7%+10.2%
Profit before tax6.048.075.482.60
Net profit4.806.054.161.93
Net profit margin+8.4%+10.3%+10.3%+5.1%
EPS (₹)2.202.772.63191.78
Balance sheet
Total assets70.3462.7644.3737.00
Net worth50.4945.7020.8416.69
Total debt19.8417.0623.5220.32
Cash & bank6.873.973.264.44
Net working capital36.8228.9118.6311.62
Cash flow
Cash from operations1.441.06(2.54)4.14
Cash from investing(1.33)(10.49)(1.82)(6.83)
Cash from financing2.7910.143.180.89
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21
Income statement
Revenue57.0458.7740.5537.9725.5020.89
Revenue growth-2.9%+44.9%+6.8%+48.9%+22.1%-
EBITDA7.9710.316.373.893.622.35
EBITDA margin+14.0%+17.5%+15.7%+10.2%+14.2%+11.3%
Profit before tax6.048.075.342.503.702.12
Net profit4.536.054.021.832.881.57
Net profit margin+7.9%+10.3%+9.9%+4.8%+11.3%+7.5%
EPS (₹)2.082.772.551,813.502,870.401,563.90
Balance sheet
Total assets69.3262.0043.8236.5930.4724.24
Net worth49.4744.9520.3016.2714.7711.90
Total debt19.8417.0623.5220.3215.7012.34
Cash & bank6.873.973.264.446.237.73
Net working capital36.8228.9118.6311.6211.2817.16
Cash flow
Cash from operations1.441.06(2.54)4.147.575.18
Cash from investing(1.33)(10.49)(1.82)(6.83)(11.81)0.35
Cash from financing2.7910.143.180.892.74(5.36)
ParticularsMar 2024Dec 2023
Revenue11.1310.25
Other income1.910.20
Total expenses10.859.48
EBITDA0.280.77
EBITDA margin+2.5%+7.5%
Depreciation0.45(0.39)
Interest0.400.45
Profit before tax1.340.91
Tax0.380.16

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 09 Oct 2026
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23
Revenue57.0458.7740.5537.97
Revenue growth-2.9%+44.9%+6.8%-
Other income1.531.052.610.86
Total expenses49.0748.4734.1834.09
Employee cost0.003.202.231.86
EBITDA7.9710.306.373.88
EBITDA margin+14.0%+17.5%+15.7%+10.2%
Depreciation2.392.461.941.06
Interest1.070.821.561.08
Profit before tax6.048.075.482.60
Tax1.512.021.320.67
Net profit4.806.054.161.93
Net profit margin+8.4%+10.3%+10.3%+5.1%
EPS (₹)2.202.772.63191.78
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23
Equity & liabilities
Share capital21.8021.8015.800.10
Reserves & surplus28.6923.905.0416.59
Shareholders' funds (net worth)50.4945.7020.8416.69
Minority interest0.000.000.000.00
Secured loans11.088.1614.3313.35
Unsecured loans8.768.909.196.97
Total debt19.8417.0623.5220.32
Total liabilities70.3462.7644.3737.00
Assets
Gross block36.3635.0528.5326.46
Net block25.9826.7319.0518.92
Capital work in progress0.000.000.000.00
Investments6.856.586.376.24
Inventories21.9516.7613.848.56
Sundry debtors11.4712.696.957.67
Cash & bank balances6.873.973.264.44
Loans & advances3.302.641.952.92
Total current assets43.5936.0626.0023.59
Total current liabilities6.777.157.3711.97
Net working capital36.8228.9118.6311.62
Total assets70.3462.7644.3737.00
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23
Opening cash3.973.264.446.23
Net cash from operating activities1.441.06(2.54)4.14
Net cash from investing activities(1.33)(10.49)(1.82)(6.83)
Net cash from financing activities2.7910.143.180.89
Net change in cash2.900.71(1.18)(1.79)
Closing cash6.873.973.264.44
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 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-0.611.171.22
Long-term debt / equity-0.330.560.58
Interest cover19.1810.4635.2138.30
Efficiency & per share
Fixed asset turnover-1.751.471.44
Inventory turnover-3.843.624.44
Debtors turnover-5.985.554.95
EPS (₹)2.202.772.63191.78
Dividend per share (₹)0.000.000.000.00
Book value per share (₹)0.0020.9613.191,668.52
ParticularsMar 2024Dec 2023
Revenue11.1310.25
Other income1.910.20
Total expenses10.859.48
EBITDA0.280.77
EBITDA margin+2.5%+7.5%
Depreciation0.45(0.39)
Interest0.400.45
Profit before tax1.340.91
Tax0.380.16
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21
Revenue57.0458.7740.5537.9725.5020.89
Revenue growth-2.9%+44.9%+6.8%+48.9%+22.1%-
Other income1.531.052.470.751.030.91
Total expenses49.0748.4634.1834.0821.8818.54
Employee cost0.003.202.231.862.302.24
EBITDA7.9710.316.373.893.622.35
EBITDA margin+14.0%+17.5%+15.7%+10.2%+14.2%+11.3%
Depreciation2.392.461.941.060.350.39
Interest1.070.831.561.080.600.75
Profit before tax6.048.075.342.503.702.12
Tax1.512.021.320.670.820.55
Net profit4.536.054.021.832.881.57
Net profit margin+7.9%+10.3%+9.9%+4.8%+11.3%+7.5%
EPS (₹)2.082.772.551,813.502,870.401,563.90
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21
Equity & liabilities
Share capital21.8021.8015.800.100.100.10
Reserves & surplus27.6723.154.5016.1714.6711.80
Shareholders' funds (net worth)49.4744.9520.3016.2714.7711.90
Secured loans11.088.1614.3313.356.833.54
Unsecured loans8.768.909.196.978.878.80
Total debt19.8417.0623.5220.3215.7012.34
Total liabilities69.3262.0043.8236.5930.4724.24
Assets
Gross block36.3635.0528.5326.4714.1513.17
Net block25.9826.7319.0518.937.606.97
Capital work in progress0.000.000.000.005.340.00
Investments5.835.835.835.836.140.01
Inventories21.9516.7613.848.563.332.34
Sundry debtors11.4712.696.957.676.177.53
Cash & bank balances6.873.973.264.446.237.73
Loans & advances3.302.641.952.921.932.56
Total current assets43.5936.0626.0023.5917.6620.16
Total current liabilities6.777.157.3711.976.383.00
Net working capital36.8228.9118.6311.6211.2817.16
Total assets69.3262.0043.8236.5930.4724.24
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21
Opening cash3.973.264.446.237.737.56
Net cash from operating activities1.441.06(2.54)4.147.575.18
Net cash from investing activities(1.33)(10.49)(1.82)(6.83)(11.81)0.35
Net cash from financing activities2.7910.143.180.892.74(5.36)
Net change in cash2.900.71(1.18)(1.79)(1.50)0.17
Closing cash6.873.973.264.446.237.73
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 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-0.621.201.161.051.04
Long-term debt / equity-0.340.580.650.730.74
Interest cover19.1810.5735.2138.1618.3538.27
Efficiency & per share
Fixed asset turnover-1.751.471.871.871.59
Inventory turnover-3.843.626.398.998.93
Debtors turnover-5.985.555.493.722.77
EPS (₹)2.082.772.551,813.502,870.401,563.90
Dividend per share (₹)0.000.000.000.000.000.00
Book value per share (₹)0.0020.6212.8516,271.8014,769.0011,898.60
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Peer Comparison of Refractory Shapes Limited

Refractory Shapes Limited is compared with the companies closest to it by revenue in the Manufacturing industry (Construction Materials). Net profit, margin and employee counts of each company are in the company report.

CompanyRevenueNet profitMarginGrowth (1 yr)EmployeesLocation
Prakash Inter National Limited₹60.69 Cr (FY 2025)••••••••-2.0%••••Hyderabad, Telangana, India
Lal Ferro Alloys Company Private Limited₹60.61 Cr (FY 2025)••••••••4.0%••••Giridih, Jharkhand, India
Omkar Infracon Private Limited₹60.61 Cr (FY 2025)••••••••-8.0%••••Howrah, West Bengal, India
Marshall Corporation Ltd.₹60 Cr (FY 2025)••••••••11.0%••••Kolkata, West Bengal, India
Subham Poles Projects Private Limited₹59.91 Cr (FY 2025)••••••••9.0%••••Kolkata, West Bengal, India
Shubh Minerals Private Limited₹59.81 Cr (FY 2025)••••••••-11.0%••••Raigarh, Chhattisgarh, India
Vicky Enamel Industries Private Limited₹59.74 Cr (FY 2024)••••••••33.0%••••Ranchi, Jharkhand, India
Bimal Refractories Private Limited₹59.41 Cr (FY 2025)••••••••57.0%••••Raigarh, Chhattisgarh, India
Pensla Steels Private Limited₹59.07 Cr (FY 2025)••••••••65.0%••••Punjab, India
Shanta Techno Private Limited₹58.79 Cr (FY 2024)••••••••24.0%••••Raipur, Chhattisgarh, India
Refractory Shapes Limited this company₹57.04 Cr (FY 2026)••••••••-2.9%••••Mumbai, Maharashtra, India

Peers are the five companies nearest above and the five nearest below Refractory Shapes by revenue in the Manufacturing industry (Construction Materials), from the latest filed financials of each company. Net profit, margin and employee counts of each peer are in the company report.

Auditor Details of Refractory Shapes Limited

Refractory Shapes Limited is audited by Suvarna & Katdare for the financial year 2024.

NameStatusAppointment DateCessation Date
Suvarna & KatdareLockedLockedLocked
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Board of Directors of Refractory Shapes Limited

Refractory Shapes has 10 current directors and 1 former director. Current directors are listed first, with their designation and appointment date.

Current Directors
NameDesignationAppointment DateTenureStatus
Dayashankar Krishna ShettyDirector30 Aug 20233 Years 1 MonthsCurrent
Ammar Huseni RangwalaDirector25 Aug 20224 Years 1 MonthsCurrent
Majur JothiprakashWhole-Time Director25 Aug 20224 Years 1 MonthsCurrent
Suraj Sadanand ShettyDirector25 Aug 20224 Years 1 MonthsCurrent
Prajna Shravan ShettyManaging Director14 Jul 20215 Years 2 MonthsCurrent
Siddharth KumarDirector19 Dec 20232 Years 9 MonthsCurrent
Showing 6 of 10 current directors. View all directors

Shareholding Pattern of Refractory Shapes Limited

Shareholding for the quarter ended Sep 2026: promoters hold 72.50%, foreign institutional investors hold 0.40%, domestic institutional investors hold 1.40% and retail and other public shareholders hold 25.70%.

Promoters: 72.50%DII (Domestic Institutional): 1.40%FII (Foreign Institutional): 0.40%Retail & Others: 25.70%
Sep 2026
QUARTER
72.50% Promoters
1.40% DII (Domestic Institutional)
0.40% FII (Foreign Institutional)
25.70% Retail & Others
Promoter holding - history
Now 72.50% · Sep 2026High 72.50% · Dec 2025Low 72.50% · Dec 2025
71%71.8%72.5%73.3%74%Dec 2025Mar 2026Jun 2026Sep 2026Dec 2025: 72.50%Mar 2026: 72.50%Jun 2026: 72.50%Sep 2026: 72.50%72.50%72.50%
Shareholding trend - last 6 quarters
Sep 2026Jun 2026Mar 2026Dec 2025
Promoters72.50%72.50%72.50%72.50%
Public27.50%27.50%27.50%27.50%

Charges & Borrowings of Refractory Shapes Limited

Open charges
₹20.22 Cr
Satisfied charges
₹61.38 Lakh
Breakdown by lending institutions
Others₹20.22 Cr
Latest charge details
DateLenderAmountStatus
31 Dec 2021Others₹1.65 CrOpen
28 Dec 2021Others₹1.45 CrOpen
16 Jul 2010Others₹17.12 CrOpen
03 Feb 2016Vijaya Bank₹28.22 LakhSatisfied
16 Sep 2002Vijaya Bank₹13.16 LakhSatisfied

Total charge records: 6 View all charges

Deals & Funding of Refractory Shapes Limited

Refractory Shapes Limited has 3 deals on record (2 secondary share transfers, 1 ipo); the latest was in May 2024.

Total deals
3
Secondary share transfers
2
IPO
1

Deals on record (3 of 3)

WhenDealAmountParties
May 2024IPO₹18.6 CrInvestors: IPO Shareholders - Refractory Shapes Limited, Next Orbit Ventures, Craft Emerging Market Fund PCC - Citadel Capital Fund
Jan 2024Secondary share transferUndisclosedBuyer: an individual
Seller: 2 individuals
Aug 2021Secondary share transferUndisclosedBuyer: 2 individuals
Seller: an individual
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Associated Brands with Refractory Shapes Limited

Refractory Shapes operates one associated brand: Refractory Shapes. Each brand links to its own profile.

BrandDescriptionWebsite
Manufacturer of practical engineering solutions with a focus on refractory products such as fire bricks and castables for high-temperature applicationsrefshape.com

Employees and EPFO Compliance at Refractory Shapes Limited

Refractory Shapes Limited has a workforce of 42 employees as of Apr 10, 2025.

Employee count
42
Active EPFO establishments
1
Employee growth
50%
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Employee and EPFO history

Monthly headcount, contribution history and filing status are in the company report.

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Group Structure of Refractory Shapes Limited

Refractory Shapes has 1 associated company. This group structure data is as of FY 2024. The table lists each entity with its relationship and holding.

1
Associated companies

CIN History of Refractory Shapes Limited

Refractory Shapes has 2 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is L26921MH1996PLC096012, which is the unique identifier assigned by the Registrar of Companies.

CINStatus
L26921MH1996PLC096012Current
U26921MH1996PTC096012Previous
U26921MH1996PLC096012Previous

Recent Activity on Refractory Shapes Limited

Refractory Shapes Limited has 12 board changes on record since 1996: 11 appointments and 1 cessation. The latest: Abhay Yatin Naik was appointed as Director on 19 Dec 2023.

AGM
Refractory Shapes Limited last Annual general meeting of members was held on 26 Sep 2025 as per latest MCA records.
Filing
Refractory Shapes Limited has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Mumbai I.
Appointed
Abhay Yatin Naik was appointed as Director.
Appointed
Dhananjay Mayur Dave was appointed as Director.
Appointed
Ravindra Venkatesh Hulyalkar was appointed as Director.
Appointed
Shashidhara Rao Kemmannu was appointed as Director.
Appointed
Siddharth Kumar was appointed as Director.
Ceased
Pratibha Dayashankar Shetty ceased to be Director.
Appointed
Dayashankar Krishna Shetty was appointed as Director.
Charges
A charge with Others of Rs. 17.12 Cr registered on 16 Jul 2010 with Charge ID 10234226 was modified on 21 Jul 2023.
Appointed
Ammar Huseni Rangwala was appointed as Director.
Appointed
Majur Jothiprakash was appointed as Whole-Time Director.

14 earlier events are listed in the company report.

Credit Ratings, Litigation & Regulatory Alerts for Refractory Shapes Limited

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MSME Payment Delays by Refractory Shapes Limited

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Subsidiaries & Group Companies of Refractory Shapes Limited

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GST Compliance of Refractory Shapes Limited

Refractory Shapes has 3 GST registrations: 2 active and 1 cancelled or inactive.

Total GSTINs
3
Active
2
Cancelled / inactive
1
GSTINStateStatusRegistered on
27AABCR3917M1Z3MaharashtraActive01 Jul 2017
24AABCR3917M2Z8GujaratActive26 Jul 2021
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MCA Filings & Documents of Refractory Shapes Limited

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Frequently Asked Questions about Refractory Shapes Limited

Refractory Shapes is an active public limited company based in Mumbai, Maharashtra, India. The company works in chemical products, within the chemicals industry. It was incorporated on 08 January 1996 (30+ years old) and is registered under CIN L26921MH1996PLC096012.

Refractory Shapes reported revenue of ₹57.04 Cr for FY 2025-26 (down 2.9% YoY) based on consolidated financials.

Refractory Shapes has 10 current directors:

The GSTIN of Refractory Shapes is 27AABCR3917M1Z3, registered in Maharashtra. The company has 3 GST registrations in all, of which 2 are active and 1 is cancelled or inactive. Other active GSTINs include 24AABCR3917M2Z8 (Gujarat).

The CIN (Corporate Identification Number) of Refractory Shapes is L26921MH1996PLC096012. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.

Yes, Refractory Shapes is a listed company.

Refractory Shapes was incorporated on 08 January 1996, making it 30+ years old. It is registered with the Registrar of Companies, Mumbai.

Refractory Shapes has 3 deals on record (2 secondary share transfers, 1 ipo); the latest was in May 2024.

The peers of Refractory Shapes by revenue are Prakash Inter National Limited, Lal Ferro Alloys Company Private Limited, Omkar Infracon Private Limited, Marshall Corporation Ltd, Subham Poles Projects Private Limited and 5 more, all in the Manufacturing industry (Construction Materials).

Abhay Yatin Naik was appointed as Director on 19 Dec 2023. Dhananjay Mayur Dave was appointed as Director on 19 Dec 2023. Ravindra Venkatesh Hulyalkar was appointed as Director on 19 Dec 2023. Refractory Shapes has 12 board changes on record in total.

Refractory Shapes can be reached through the website refshape.com. Its registered office is in Mumbai, Maharashtra, India.

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