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Refractory Shapes IPO
Price Band
₹27.0–31.0
Issue Size
₹18.6 Cr
Lot Size
4,000 shares
Min Investment
₹124,000
GMP
+₹25.0 (80.65%)
Issue Price
₹31.0
Subject to Sauda
₹76000
Paid only if allotted
Refractory Shapes IPO AI Summary
- Refractory Shapes IPO is listed on NSE SME in the Electrodes & Refractories sector.
- Price band: ₹27.0–₹31.0 per share, lot size 4,000 shares (min. investment ₹124,000).
- Subscription window: 06 May–09 May 2024, listing on 14 May 2024.
- Current GMP is +₹25.0 (80.65%), an estimated listing price of ₹56 — unofficial and can change daily.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Refractory Shapes IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 09 May 2024 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Refractory Shapes IPO Grey Market Premium (GMP) Today
GMP
+₹25.0
GMP %
+80.65%
Est. Listing
₹56.0
Updated: 25 Jul 2026 14:06
About the Company
Refractory Shapes Limited was founded in 1996 and manufactures various types of Bricks, Castables, high alumina catalysts and Ceramic Balls. The company's product list includes pre-cast and pre-fired blocks (PCPF), Burner Blocks, specially shaped refractory bricks, dense and insulating castables, and mortars. The company also receives orders for metallic anchors, which are used as supports for the installation of refractory castings and for which raw materials such as tabular alumina, low alumina bricks and insulating bricks, etc. are required. The Company's manufacturing facilities are located at Pimpri Industrial Area, Pune, Maharashtra, with a total area of 34,788 sq. ft, and at Wankaner, Morbi district in Gujarat, with a total area of 1,74,246 sq. ft. The Company also has an additional 4 acres of land with an area of 1,74,240 sq. ft. near the existing unit at Wankaner, Gujarat to expand the production unit, to add an additional kiln and manufacture more various types of refractory bricks with pressing machines. On September 30, 2023, the company had 38 employees.
Company Financials (₹ Cr)
As of 2023-12-31
| Period Ended | 31 Dec 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 52.90 | 50.04 | 36.85 | 27.24 |
| Total Income | 29.99 | 38.72 | 26.22 | 21.80 |
| Profit After Tax | 3.08 | 1.92 | 2.87 | 1.56 |
| NET Worth | 3.97 | 16.69 | 14.77 | 11.90 |
| Reserves and Surplus | 3.97 | 16.59 | 14.67 | 11.80 |
| Total Borrowing | 23.42 | 20.49 | 15.70 | 12.34 |
Key Ratios
EPS
₹1.21
NAV
₹6.26
ROE
15.58%
ROCE
9.79%
RoNW
15.58%
P/B Value
4.95
P/E Ratio
25.55
Market Cap
₹67.58 Cr
PAT Margin
10.47%
Debt/Equity
1.18
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic |
|---|---|---|---|---|
| Ifgl Refractories Ltd | 172.67 | 10.12% | 31.91 | 16.97 |
| Sp Refractories Limited | 49.97 | 7.13% | 17.45 | 6.56 |
| Refractory Shapes Limited This IPO | 10.56 | 11.49% | — | 1.21 |
Promoters
Dayashankar Krishna Shetty, Pratibha Dayashankar Shetty and Prajna Shravan Shetty
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding of Capital expenditure towards civil construction required for Expansion of existing manufacturing unit at the existing location situated at Wankaner, Gujarat; 4.30 2 Funding of Capital expenditure towards purchase of Plant and Machineries for Expanding existing manufacturing unit at the existing location situated at Wankaner, Gujarat; 2.51 3 Repayment/prepayment of all or certain of our borrowings availed of by our Company 7.00 4 Purchase of Commercial Vehicle 0.11 5 General Corporate Purpose 2.46
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹21.80 Cr in the year ending 31 Mar 2021, rising to ₹26.22 Cr by 31 Mar 2022, then increasing further to ₹38.72 Cr in the year ending 31 Mar 2023. However, for the period ending 31 Dec 2023, total income decreased to ₹29.99 Cr, though this is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit after tax was ₹1.56 Cr in the year ending 31 Mar 2021, increasing to ₹2.87 Cr by 31 Mar 2022. This rose to ₹1.92 Cr in the year ending 31 Mar 2023, and further increased to ₹3.08 Cr for the period ending 31 Dec 2023. Again, since this is a 9-month figure, it is not directly comparable to the previous full-year figures.
Valuation
Refractory Shapes Limited's implied P/E at the issue price is approximately 25.55 times its earnings, while peers are trading at P/E ratios ranging from 17.45 to 31.91.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the expected listing price of an IPO based on unofficial trading before it officially lists. A positive GMP suggests that the market expects the stock to list at a higher price than the issue price.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall investment strategy and risk tolerance.
Who May Want to Wait
Investors who are risk-averse or prefer stable, established companies may want to avoid investing in IPOs, which can be more volatile and uncertain.
Listing Gains — The Risk
Listing-day gains can be unpredictable. While some stocks may see a surge in price on their first day of trading, others may not perform as expected. Investors should be aware of the potential for both gains and losses.
This evaluation is generated from Refractory Shapes's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Refractory Shapes IPO GMP today?
Refractory Shapes IPO GMP today is +₹25.0 (80.65%), indicating an estimated listing price of ₹56. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Refractory Shapes IPO?
The price band of Refractory Shapes IPO is ₹27.0–₹31.0 per share.
When does Refractory Shapes IPO open and close?
Refractory Shapes IPO opens on 06 May 2024 and closes on 09 May 2024.
When does Refractory Shapes IPO list on the stock exchange?
Refractory Shapes IPO listed on 14 May 2024 at ₹56.0.
What is the lot size for Refractory Shapes IPO?
The lot size for Refractory Shapes IPO is 4000 shares, requiring a minimum investment of ₹124,000.
What is the price band for the IPO?
The price band for the IPO is ₹27.0 to ₹31.0.
What is the minimum investment required?
The minimum investment required is ₹124,000.
What is the lot size for this IPO?
The lot size for this IPO is 4,000 shares.
When does the IPO open and close?
The IPO opens on May 6, 2024, and closes on May 9, 2024.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected premium or discount at which the stock might list compared to its issue price.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
06 May 2024
Close
09 May 2024
Allotment
10 May 2024
Listing
14 May 2024
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