Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Sp Refractories Ltd. (SPRL)
SME CapIndustrials stocks · SME cap · NSE
Sp Refractories Ltd. operates in Refractories, within the Industrials sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals11 Oct 2026 · screener
Latest result15 May, 04:26 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
55NeutralSMA20 +11.2% / mo · RSI overbought · MACD +
Stock trend: 58
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SPRLD candles · FIT view+21.7%Latest close ₹140.25 on 2026-10-05
Bar
-8.6%
RSI
76
MACD hist
4.14
52W pos
53%
2026-10-05O ₹153.50H ₹153.50L ₹140.00C ₹140.25Vol 8,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SPRLNifty India ManufacturingNifty 500
- SPRL
- +26.4%
- Nifty 500
- -5.9%
- Nifty India Manufacturing
- -4.3%
- Vs Nifty 500
- +32.2 pp
Chart stats
5 Oct 2026- From 52W high
- -29.7%
- 52W range position
- 53%
- ATR (14)
- 3.4%
- Volume vs 20D
- 2.20x
- Avg traded value
- ₹0 Cr
- 20D price channel
- ₹88.8 - ₹153.5
₹199.4
₹74.5 - ₹199.4
₹4.7
Latest completed session
20-session average
50.3% annualized volatility
Research snapshot
What the evidence says now
Strong fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · DEEP VALUE83
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average40
Revenue -20.4% · PAT +64.2% YoY
Technical
Neutral55
Price trend and sector-relative-strength timing.
Valuation
Legacy model+81.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence83
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Average · 40/100Rev -20% YoY · PAT +64% YoY · margin expansion · operating leverage
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹11.9 Cr | -20.4% | -27.3% |
| EBITDA | ₹2.1 Cr | NDF | -36.7% |
| Operating margin | 17.3% | NDF | -258 bps |
| PAT | ₹1.3 Cr | +64.2% | -39.5% |
| PAT margin | 11.2% | NDF | -228 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 7.11
- P/B
- 1.55
- EV/EBITDA
- 4.58
- Market Cap
- 25.10Cr
Profitability
- ROE
- 24.60%
- ROCE
- 28.60%
- ROA
- 18.81%
- Dividend Y
- 0.71%
Growth (CAGR)
- Revenue 5Y
- 2.00%
- EPS 5Y
- 36.00%
- Revenue 3Y
- 1.00%
- EPS 3Y
- 79.00%
Balance Sheet
- Debt/Equity
- 0.07
- Interest Coverage
- 35.27×
- Altman Z
- 9.49
- Book Value
- 90.10
Cash Flow
- FCF Yield
- 1.67%
- FCF Positive Y
- 5/5
- OCF
- 1.31 Cr
- EPS TTM
- 19.73
Shareholding
- Promoter Hold
- 69.42%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 53%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 28.1-6.9% vs prev
Net Profit
₹ CrLatest: 3.5+68.9% vs prev
Return on Equity
%Latest: 21.9+31.9% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 76. Wait for confirmation.
- SMA20 rising (~10.1% over last month) — short-term momentum positive.
- RSI(14) at 76 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- 30% off 52W high · 88% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & peers
U-Score 83 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 83 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · DEEP VALUEValuation30/30
Growth19/25
Quality20/20
Balance Sheet12/15
Cash Flow5/10
Piotroski
8/9 (+5)
Penalties
-8
Raw sum
83
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
83/100 · legacy band DEEP VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 81.9%.
- Valuation contributes 30/30 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
- Growth is weaker at 19/25; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
7.1
PB
1.6
EV/EBITDA
4.6
ROE
24.6%
ROCE
28.6%
FCF Yield
1.7%
Debt/Equity
0.1
MoS
+81.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
83
Previous: 83
Legacy U-Score band
DEEP VALUE
Previous: DEEP VALUE
Margin of safety
+81.9%
Previous: +81.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
83
83
83
83
83
83
83
83
83
83
83
83
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹199.99
+30.0% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹775.39
+81.9% MoS
PEG
0.13
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
VESUVIUS
Small
Vesuvius India Limited
Refractories
match 64
56
32.0
15.0%
+19%
FAIR VALUE
IFGLEXPOR
Small
IFGL Refractories Limited
Refractories
match 62
32
31.0
3.2%
-760%
WATCHLIST
RHIM
Large
RHI MAGNESITA INDIA LIMITED
Refractories
match 61
28
41.0
2.8%
-699%
OVERVALUED
REFRACTORY
SME
Refractory Shapes Ltd.
Refractories
match 41
50
18.1
10.0%
+63%
FAIR VALUE
ARUNAYA
SME
Arunaya Organics Ltd.
Specialty Chemicals
match 18
67
5.8
44.1%
+90%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Issuer presentation review pending
Sp Refractories Ltd. operates in Refractories, within the Industrials sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 31 Mar 2026. Investor presentations and earnings-call PDFs will be added as issuer-backed evidence before management claims appear here.
Trust Score
83Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 95th percentile of the scored universe and 96th percentile within Industrials. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
0 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
95th percentile
overall median 67 · Industrials: 96th pctile, median 68 · SME: 99th pctile, median 64
Evidence depth
Financial-only
0 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
65
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 69.4%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.3%.
- ▸5 years of positive FCF.
Trust risks
- ▸OPM spread across recent quarters is 16%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Sp Refractories Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.