Refractory ShapesNSE:REFRACTORY -4.38%17 Piotroski F-Score is 8 as of Jun. 27, 2026, which is 33% above its 10-year median of 6.00. GuruFocus rates NSE:REFRACTORY with a GF Score™ of 17/100. The stock has 1 warning sign investors should review. Among 394 Building Materials companies, Refractory Shapes ranks better than 97.21% on this metric.
Good Sign:
Piotroski F-Score is 8, indicates a very healthy situation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Refractory Shapes has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Refractory Shapes's Piotroski F-Score or its related term are showing as below:
NSE:REFRACTORY'
s Piotroski F-Score Range Over the Past 10 Years
Min: 5 Med: 6 Max: 8
Current: 8
During the past 5 years, the highest Piotroski F-Score of Refractory Shapes was 8. The lowest was 5. And the median was 6.
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Refractory Shapes Piotroski F-Score Related Terms
Refractory Shapes Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Refractory Shapes's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
NSE:REFRACTORY vs CRH, VMC, MLM: Piotroski F-Score Comparison
For the Building Materials subindustry, Refractory Shapes's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Refractory Shapes Piotroski F-Score vs Building Materials Industry
For the Building Materials industry and Basic Materials sector, Refractory Shapes's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Refractory Shapes's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Refractory Shapes's current Net Income (TTM) was 62.6.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Refractory Shapes's return on assets of this year was 0.12075858. Refractory Shapes's return on assets of last year was 0.08313265.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Refractory Shapes's gearing of this year was 0.1719471. Refractory Shapes's gearing of last year was 0.22609126.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Refractory Shapes's current ratio of this year was 2.6252075. Refractory Shapes's current ratio of last year was 1.34120846.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Refractory Shapes's number of shares in issue this year was 21.799. Refractory Shapes's number of shares in issue last year was 21.8.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Refractory Shapes's gross margin of this year was 0.33436728. Refractory Shapes's gross margin of last year was 0.33276368.
==> This year's gross margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Refractory Shapes's asset turnover of this year was 1.13441683. Refractory Shapes's asset turnover of last year was 0.81040847.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Refractory Shapes has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
Refractory Shapes (NSE:REFRACTORY) has a Piotroski F-Score of 8 as of Jun. 27, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Refractory Shapes and its competitors. This is 33% above median its historical median of 6.00. Over the past decade, Refractory Shapes' Piotroski F-Score has ranged from 5.00 to 8.00. According to the industry distribution chart, Refractory Shapes ranks #11 out of 394 companies in the Building Materials industry, placing it in the top 2.8%.
Is Refractory Shapes' Piotroski F-Score too high?
Refractory Shapes' current Piotroski F-Score of 8 is 33% above median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 5.00 to a high of 8.00. The Building Materials industry median Piotroski F-Score is 5.00. Refractory Shapes' value of 8 is 60% above this industry median. Based on the distribution chart, Refractory Shapes ranks #11 out of 394 companies in the Building Materials industry, which is in the top quartile — a strong position relative to peers. Overall, Refractory Shapes has a GF Score™ of 17/100, reflecting its overall financial health beyond just this single metric.
How does Refractory Shapes' Piotroski F-Score compare to CRH and VMC?
According to the Building Materials industry distribution chart, Refractory Shapes ranks #11 out of 394 companies for Piotroski F-Score. This places Refractory Shapes in the top 3% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. Refractory Shapes' value of 8 is 60% above this benchmark. Historically, Refractory Shapes' own Piotroski F-Score has ranged from 5.00 to 8.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, Refractory Shapes has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for a Building Materials company?
The median Piotroski F-Score among Building Materials companies is 5.00, based on 394 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Refractory Shapes's current Piotroski F-Score of 8 is 60% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Refractory Shapes and its competitors. For the Building Materials industry, the median Piotroski F-Score is 5.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Refractory Shapes's current Piotroski F-Score is 8, which is 33% above median its own 10-year median of 6.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Refractory Shapes stock overvalued right now?
Refractory Shapes (NSE:REFRACTORY) has a current Piotroski F-Score of 8. The current Piotroski F-Score is 8, which is 33% above median its 10-year median of 6.00 and 60% above the Building Materials industry median of 5.00. Refractory Shapes' overall GF Score™ is 17/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Refractory Shapes (NSE:REFRACTORY), the current Piotroski F-Score is 8 as of Jun. 27, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Refractory Shapes Ltd is engaged in the production of special shapes, custom-made refractory shapes, and ceramic balls of low and medium purity with top quality and superior performance. The company manufactures bricks, castables, coating materials, high purity alumina catalyst bed supports, and ceramic balls. It serves industries including steel, refineries, fertilizers, petrochemicals, glass, and cement. The company has an international presence across multiple countries and is known for its quality, skilled workforce, and quality assurance.
17GF Score
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