Refractory Shapes Ltd. – Company Report
1. Company Overview
Refractory Shapes Ltd., established in 1973 and headquartered in Pune, Maharashtra, is a key player in the Indian refractory industry, specializing in high-performance refractory shapes, bricks, castables, high alumina catalysts, and ceramic balls. The company’s products serve critical applications in the steel, fertilizer, refinery, petrochemical, glass, and cement industries, and it is known for engineering reliability and customized refractory solutions.
The company operates four advanced manufacturing units, holds ISO 9001 certification, and was listed on Indian stock exchanges in February 2024. It is led by Chairman and MD Vijay Ramanlal Sanghavi, with a workforce ranging between 45–100 employees.
Key Highlights:
- Founded: 1973 (Public Ltd. since 2024)
- Headquarters: Pune, Maharashtra, India
- Employees: 45–100
- Certifications: ISO 9001
- Listed On: NSE, BSE
- Market Cap (Aug 2025): ₹119–120 crore
- Promoters: Sanghavi and Shetty families
- Key Strengths: Custom engineering, OEM approvals (e.g., Engineers India Ltd.), strong institutional and export business
2. Products and Services
Refractory Shapes Ltd. manufactures and supplies a wide range of advanced refractory and ceramic solutions:
- Custom refractory bricks – dome, circle, arch, hexagonal tiles
- High alumina, mullite, and insulation bricks for thermal-intensive industries
- Precast refractory shapes – used in furnaces and reactors
- Catalyst support and ceramic balls for fertilizer, petrochemical sectors
- Monolithics and castables – high-purity thermal masses
- Technical slabs, blocks, and aggregates – used in glass, cement, and chemical plants
- Refractory solutions for thermal/process vessels, reactors, burner assemblies
- OEM Supplies and refractory lining engineering/design support
The company is known for rapid prototyping, customized OEM development, and rigorous quality control across its product line.
3. Recent News and Developments
Major Contract for Reliance Industries (February 2025): Awarded a large-scale project for Dahej and Nagothane petrochemical plants via ZEECO India Pvt. Ltd., covering full refractory supply and installation.
Completed Supply to ArcelorMittal Nippon Steel India (AMNS) (February 2025): Delivered proprietary refractory components for AMNS, Vishakhapatnam, in January 2025.
New Order from MRPL: Secured a significant maintenance refractory supply order from Mangalore Refinery & Petrochemical Ltd.
New International Client: Formed a partnership with ITT (Italy) to supply refractory materials for European refinery projects.
4. Financial Performance (FY2025)
| Metric | FY2025 Value |
|---|---|
| Total Revenue | ₹58.8 crore |
| Net Profit (PAT) | ₹6.05 crore |
| Operating Profit | ₹10.3 crore |
| Operating Margin | 17.5% |
| Net Profit Margin | 10.3% |
| EPS | ₹2.78 |
| ROE | 19% |
| Dividend | None (earnings reinvested) |