Refractory Shapes Limited reported a decline in net profit to ₹478.98 lakh for the financial year ended March 31, 2026, compared to ₹625.62 lakh in the previous year. Revenue from operations stood at ₹5704.06 lakh. The company's order book currently stands at approximately ₹80 Crores+, providing strong revenue visibility over the next 12–18 months. The Board of Directors approved the audited standalone and consolidated financial results for the year and half-year ended March 31, 2026, alongside the extinguishment of its equity investment in Excel Micron (Poona) Pvt. Ltd., resulting in the cessation of the latter's status as an associate company.

The statutory auditors, M/s Suvarna & Katdare Chartered Accountants, issued an audit report with an unmodified opinion. The extinguishment of the equity stake in Excel Micron (Poona) Pvt. Ltd. was approved under the provisions of the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. In the previous financial year, the associate company accounted for 38.29% of the consolidated turnover, with a turnover of ₹2250.24 lakhs and a net worth of ₹1068.34 lakhs, representing 23.38% of the consolidated net worth. The cessation of this status will impact the consolidated financial statements going forward.

Consolidated Financial Performance

The company's consolidated revenue from operations for FY26 stood at ₹5704.06 lakh, a decrease from ₹5877.13 lakh in FY25. Total revenue for the year was ₹5857.06 lakh. Total expenditure increased to ₹5252.77 lakh from ₹5175.17 lakh in the prior year. Profit for the period declined to ₹478.98 lakh from ₹625.62 lakh. The share of profit from the associate for FY26 was ₹26.50 lakh, down from ₹20.68 lakh in the previous year.

Standalone and Balance Sheet Details

On a standalone basis, Refractory Shapes Limited reported a net profit of ₹452.48 lakh for FY26, down from ₹604.94 lakh in FY25. Revenue from operations for the year was ₹5704.06 lakh. The net worth increased to ₹4947.08 lakh as of March 31, 2026, from ₹4494.60 lakh in the previous year. The debt-equity ratio improved to 0.39 from 0.54. Earnings per share (EPS) for the year stood at ₹2.08, compared to ₹2.77 in the previous year. The balance sheet strengthened with improved net worth, higher cash balances, and reduced long-term borrowings. Working capital utilization increased during the year to support business operations and growing inventory levels.

Refractory Shapes Limited has disclosed its related party transactions for the half year ended March 31, 2026, pursuant to Regulation 23(9) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing details transactions involving the purchase and sale of goods and services, as well as loans, with associated entities and enterprises influenced by key managerial personnel. The total value of transactions during the reporting period amounted to ₹551.5.

The company engaged in transactions with Excel Micron (Poona) Pvt Ltd, identified as an associate company, and Windsor Refractories Limited, an enterprise over which key managerial personnel exercise significant influence. The audit committee did not require prior approval or ratification for these transactions, as indicated in the filing. The disclosure has been made available on the company's website.

Transaction Details

The primary activities involved the purchase and sale of goods and services. The company also extended a loan to Windsor Refractories Limited. The table below provides a breakdown of the transaction values and outstanding balances as of the reporting date.

Financial Impact

The transactions resulted in varying balances due to or from the related parties. For Excel Micron (Poona) Pvt Ltd, the closing balance for purchase transactions stood at ₹83.69, while the closing balance for sales transactions was ₹16.84. Windsor Refractories Limited recorded a closing balance of ₹87.21 for purchases, ₹290.52 for sales, and ₹73.24 for the loan extended by Refractory Shapes Limited.

Mrs. Prajna Shravan Shetty, Chairperson and Managing Director, signed the disclosure submitted to the National Stock Exchange of India Limited. The filing confirms that all transactions were conducted in accordance with applicable accounting standards.