Nilachal Refractories Ltd.

BSE: NILACHAL · Electrodes & Refractories

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52W Range₹29 – ₹57

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Snapshot

Unlock Nilachal Refractories Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Nilachal Refractories Limited manufactures and markets a diverse range of refractory products, including fireclay bricks, high alumina bricks, and monolithic castables. The company serves heavy industries such as steel, cement, and glass by providing heat-resistant solutions for high-temperature furnaces and kilns.

Business Model

The company generates revenue through the production and sale of specialized refractory materials essential for industrial thermal management. It leverages its manufacturing facility in Odisha to supply both domestic and international markets.

Growth Outlook

Growth is driven by the expansion of India's infrastructure and heavy manufacturing sectors, which require consistent refractory lining solutions. The company's strategic proximity to major steel hubs supports its ability to meet industrial demand.

Key Risks

  • Cyclicality of Core Industries. The company's performance is highly dependent on the capital expenditure cycles of the steel, cement, and non-ferrous metal industries.
  • Raw Material Price Volatility. Fluctuations in the costs of raw materials like bauxite and zircon can significantly impact profit margins.
  • Competitive Intensity. The refractory market is highly competitive, with pressure from both domestic players and low-cost international imports.
  • Operational Concentration. Reliance on a primary manufacturing facility in Odisha exposes the company to regional operational or logistical disruptions.

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Key Metrics

REVENUE

₹2 Cr

TTM · standalone

+67.4%YoY

NET PROFIT

₹5 Cr

TTM · standalone

-72.8%YoY

EPS

₹2.39

TTM · standalone

-72.7%YoY

RETURN ON EQUITY

16.6%

TTM · standalone

-684.4 ppYoY

RETURN ON CAPITAL EMPLOYED

579.2%

TTM · standalone

+476.5 ppYoY

P/E

15.8x

Q4 FY26 · standalone

15.8 vs -68.1x5Y avg

EV/EBITDA

20.6x

Q4 FY26 · standalone

20.6 vs -21.7x5Y avg

EBITDA MARGIN

368.6%

TTM · standalone

-1592.5 ppYoY

NET PROFIT MARGIN

73.5%

Q4 FY26 · standalone

-5462.6 ppYoY

DEBT TO EQUITY

1.4x

Q4 FY26 · standalone

-0.19xYoY

Peers · Electrodes & Refractories

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Nilachal Refractories Ltd.NILACHAL
₹75 Cr15.7920.6267.4%368.6%16.6%579.2%-7.9%
Monolithisch IndMONOLITH
₹2,626 Cr———22.0%——+179.1%
IFGL Refractori.IFGLEXPOR
₹1,421 Cr33.3810.6815.4%7.5%3.6%5.5%-33.0%
Foseco Crucible India LimitedMORGANITE
₹1,111 Cr32.8216.692.4%36.2%17.1%24.2%+20.9%
Orient CeratechORIENTCER
₹571 Cr20.249.8724.0%15.0%8.9%12.3%+19.2%
DE Nora IndiaDENORA
₹422 Cr31.5222.0717.5%16.0%9.8%13.0%-14.5%

As of Q4 FY26

Financials