Price
Financials
Consolidated, Rs crore| Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Sales | 19.18 | 21.38 | 23.54 | 35.24 | 34.43 | 22.61 |
| Expenses | 13.85 | 20.34 | 18.56 | 29.92 | 27.02 | 22.04 |
| Operating Profit | 5.33 | 1.04 | 4.98 | 5.32 | 7.41 | 0.57 |
| OPM % | 27.79% | 4.86% | 21.16% | 15.10% | 21.52% | 2.52% |
| Other Income | 0.37 | 2.10 | 0.69 | 0.36 | 0.36 | 1.17 |
| Interest | 0.71 | 0.85 | 0.28 | 0.54 | 0.58 | 0.50 |
| Depreciation | 1.88 | 0.06 | 1.13 | 1.33 | 1.17 | 1.21 |
| Profit before tax | 3.11 | 2.23 | 4.26 | 3.81 | 6.02 | 0.03 |
| Tax % | 25.08% | 24.22% | 26.06% | 24.15% | 25.08% | 0.00% |
| Net Profit | 2.33 | 1.83 | 3.15 | 3.11 | 4.64 | 0.15 |
| EPS in Rs | 1.16 | 1.44 | 1.43 | 2.13 | 0.07 |
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Sales | 37.97 | 40.36 | 58.77 | 57.04 |
| Expenses | 34.10 | 33.99 | 48.47 | 49.06 |
| Operating Profit | 3.87 | 6.37 | 10.30 | 7.98 |
| OPM % | 10.19% | 15.78% | 17.53% | 13.99% |
| Other Income | 0.86 | 2.61 | 1.05 | 1.53 |
| Interest | 1.08 | 1.56 | 0.82 | 1.08 |
| Depreciation | 1.06 | 1.94 | 2.46 | 2.39 |
| Profit before tax | 2.59 | 5.48 | 8.07 | 6.04 |
| Tax % | 25.87% | 24.09% | 25.03% | 25.00% |
| Net Profit | 1.92 | 4.16 | 6.26 | 4.79 |
| EPS in Rs | 2.63 | 2.87 | 2.20 | |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | % | 15% | -3% | ||
| Compounded Profit Growth | % | % | 36% | -23% | ||
| Stock Price CAGR | % | % | % | -20% | ||
| Return on Equity | % | % | 15% | 10% |
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Equity Capital | 0.10 | 15.80 | 21.80 | 21.80 |
| Reserves | 16.59 | 5.04 | 23.90 | 28.69 |
| Borrowings | 20.32 | 23.52 | 17.06 | 19.84 |
| Other Liabilities | 12.12 | 7.45 | 7.14 | 6.78 |
| Total Liabilities | 49.13 | 51.81 | 69.90 | 77.11 |
| Fixed Assets | 18.92 | 19.05 | 26.73 | 25.98 |
| CWIP | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 6.24 | 6.37 | 6.58 | 6.85 |
| Other Assets | 23.97 | 26.39 | 36.59 | 44.28 |
| Total Assets | 49.13 | 51.81 | 69.90 | 77.11 |
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Cash from Operating Activity | 4.14 | -2.54 | 1.06 | 1.44 |
| Cash from Investing Activity | -6.83 | -1.82 | -10.49 | -1.33 |
| Cash from Financing Activity | 0.89 | 3.18 | 10.14 | 2.79 |
| Net Cash Flow | -1.79 | -1.18 | 0.71 | 2.90 |
| Free Cash Flow | -2.91 | -4.90 | -9.06 | -0.21 |
| CFO/OP | 127% | -36% | 33% | 40% |
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Debtor Days | 73.73 | 62.85 | 78.81 | 73.40 |
| Inventory Days | 193.22 | 309.16 | 246.47 | 337.76 |
| Days Payable | 246.49 | 126.66 | 79.26 | 78.17 |
| Cash Conversion Cycle | 20.46 | 245.35 | 246.02 | 332.99 |
| Working Capital Days | -15.86 | 30.39 | 113.97 | 125.87 |
| ROCE % | 17.30% | 16.60% | 10.70% |
| Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | |
|---|---|---|---|---|
| Promoters | 72.48% | 72.48% | 72.48% | 72.48% |
| FIIs | 0.28% | 0.65% | 0.65% | 0.42% |
| DIIs | 2.48% | 2.33% | 2.33% | 1.37% |
| Public | 24.77% | 24.55% | 24.55% | 25.73% |
| No. of Shareholders | 560 | 722 | 784 | 776 |
Fundamentals
Market Cap₹ 89.0 Cr.
Current Price₹ 40.8
Stock P/E18.6
Book Value₹ 23.2
ROCE10.7 %
ROE9.96 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)-3%
Compounded Profit Growth (TTM)-23%
Consolidated figures.
Ownership
Promoter holding72.48%
Computed by MarketFriction from the consolidated statements. Returns use average balances.
Not enough history to build valuation bands (needs two years of profits and prices).
| Period | REFRACTORY | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | +0.8% | -2.8% | +3.6 pts |
| 1 month | +38.8% | -6.8% | +45.6 pts |
| 3 months | +21.0% | -7.6% | +28.6 pts |
| 6 months | +9.2% | +0.4% | +8.8 pts |
| 1 year | -35.6% | -9.9% | -25.7 pts |
| 2 years | -81.0% | -13.6% | -67.4 pts |
Red flags
| look | On NSE surveillance On NSE surveillance: ASM short-term |
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Mar 2026Sales ₹23 Cr +5.8% vs Mar 2024.
Net profit ₹0 Cr -91.8%.
Activity
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No bulk or block deals on record.
No corporate actions on record.
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Less than 100 unique PAN traded in previous 30 daysSME scrip is not regularly tradedShort Term Additional Surveillance Measure (Short Term ASM): stage 1