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SP RefractoriesNSE:SPRL 77 Net-Net Working Capital is ₹21.08 as of Mar. 2026. GuruFocus rates NSE:SPRL with a GF Score™ of 77/100 and a GF Value™ of ₹131.80 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 103 Building Materials companies, SP Refractories ranks better than 61.17% on this metric.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
SP Refractories's Net-Net Working Capital for the quarter that ended in Mar. 2026 was ₹21.08.
The industry rank for SP Refractories's Net-Net Working Capital or its related term are showing as below:
NSE:SPRL's Price-to-Net-Net-Working-Capital is ranked better than 61.17% of 103
companies
in the Building Materials industry
Industry Median: 7.27
vs NSE:SPRL: 4.84
SP Refractories (NSE:SPRL) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
SP Refractories Net-Net Working Capital Related Terms
SP Refractories Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for SP Refractories's Net-Net Working Capital 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:SPRL vs CRH, VMC, MLM: Net-Net Working Capital Comparison
For the Building Materials subindustry, SP Refractories's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital 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.
SP Refractories Price-to-Net-Net-Working-Capital vs Building Materials Industry
For the Building Materials industry and Basic Materials sector, SP Refractories's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where SP Refractories's Price-to-Net-Net-Working-Capital 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.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of ₹21.08 mean?
SP Refractories (NSE:SPRL) has a Net-Net Working Capital of ₹21.08 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on SP Refractories According to the industry distribution chart, SP Refractories ranks #40 out of 103 companies in the Building Materials industry, placing it in the top 38.8%.
Is SP Refractories' Net-Net Working Capital too high?
SP Refractories' current Net-Net Working Capital is ₹21.08. Based on the distribution chart, SP Refractories ranks #40 out of 103 companies in the Building Materials industry, which is above the industry midpoint. Overall, SP Refractories has a GF Score™ of 77/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does SP Refractories' Net-Net Working Capital compare to CRH and VMC?
According to the Building Materials industry distribution chart, SP Refractories ranks #40 out of 103 companies for Net-Net Working Capital. This puts SP Refractories in the upper half of its industry. The industry median Net-Net Working Capital is 7.27. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Building Materials company?
The median Net-Net Working Capital among Building Materials companies is 7.27, based on 103 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on SP Refractories For the Building Materials industry, the median Net-Net Working Capital is 7.27 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. SP Refractories's current Net-Net Working Capital is ₹21.08. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SP Refractories stock overvalued right now?
Based on GuruFocus' analysis, SP Refractories (NSE:SPRL) is currently considered Modestly Undervalued. The stock's GF Value™ is ₹131.80, compared to a current price of ₹101.95 — trading 22.6% below its estimated fair value. The current Net-Net Working Capital is ₹21.08. SP Refractories' overall GF Score™ is 77/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For SP Refractories (NSE:SPRL), the current Net-Net Working Capital is ₹21.08 as of Mar. 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.
Is SP Refractories (NSE:SPRL) Overvalued in 2026?
Based on GuruFocus' analysis, SP Refractories stock appears to be undervalued.
The current stock price of ₹101.95 is trading 22.6% below its estimated GF Value™ of ₹131.80.
GuruFocus considers SP Refractories to be Modestly Undervalued.
Key valuation signals for NSE:SPRL:
Net-Net Working Capital: ₹21.08
GF Value™: ₹131.80 vs. price of ₹101.95 (22.6% below fair value)
No single metric tells the full story. See the NSE:SPRL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
SP Refractories Ltd is engaged in manufacturing and supplying refractory material made using hydrated lime, calcined alumina, and other raw materials. The company is involved in single segment of manufacturing and supplying of high quality refractory material. Its core focus is on refractory cement which is a niche and high-margin cement widely used in iron and steel and construction industries because of its thermal conductivity, maximum strength, and heat resistance.
77GF Score
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