Manufactures silica ramming mass, a refractory lining used in induction furnaces that produce steel. The company operates quartz processing equipment covered by two patents granted in July 2026 — a Fine Cone Crusher method with 30-Mesh Discharge and a Sequential Multi-Deck Vibrating Screener System — both used for producing silica ramming mass. Installed capacity is 414,000 MTPA, with a brownfield expansion scheduled for October 2026 set to raise it to 534,000 MTPA. Q1 FY27 volumes were 97K MT, with exports up 34% QoQ. The addressable market is tied to the induction furnace (IF) route of steel-making, which the company says accounts for over 40% of Indian steel output. Revenue in FY26 was Rs 257.07 cr and net profit was Rs 54.80 cr, with an EBITDA margin of 30.09%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Silica ramming mass and refractory products. Asset-heavy industrial refractories manufacturer serving a cyclical end-market (induction furnace steel)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 100 | 137 | 133 | 200 | 257 |
| EBITDA (ex other income) | 25 | 36 | 40 | 54 | 75 |
| margin % | 24.8 | 26.1 | 30.2 | 26.9 | 29.3 |
| Owners' profit | 0 | 25 | 26 | 37 | 0 |
| EPS, as reported (₹) | 15.90 | 21.97 | 11.31 | 8.05 | 11.94 |
| ROE % · ROCE % | 16.4 · 21.7 | 18.9 · 23.3 | 16.4 · 21.1 | 19.1 · 23.8 | 22.4 · 27.7 |
| Debt / equity (x) | 0.05 | 0.07 | 0.06 | 0.04 | 0.02 |
| Cash from operations | 9 | 20 | 20 | 39 | 37 |
| Capex | (36) | (34) | (9) | (13) | (14) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 49 | 55 | 51 | 58 | 64 | 64 | 71 | 87 |
| Profit before tax | 11 | 13 | 13 | 15 | 17 | 18 | 19 | 25 |
| Net profit | — | 10 | 10 | 12 | 14 | 14 | 15 | 20 |
| EPS (₹) | 3.81 | 2.14 | 2.21 | 2.54 | 3.02 | 3.08 | 3.30 | 4.26 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| GRAPHITE INDIA LTD | 16,146 | 46.5 | 2.76 | 45.3 | 2.9 | 4.0 | 7.8 | 28.6 |
| RAGHAV PRODUCTIVITY ENH L ◆ | 8,450 | 134.7 | 34.56 | 109.2 | 22.4 | 27.4 | 31.8 | 30.8 |
| VESUVIUS INDIA LTD | 8,423 | 32.9 | 4.82 | — | 6.5 | 8.6 | — | 18.0 |
| RHI MAGNESITA INDIA LTD | 7,757 | — | 2.18 | — | (10.8) | (8.2) | 24.0 | 14.5 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · RPEL investor meet presentation: 2031 roadmap and 30 percent capacity expansion | investor communications | medium | — | — |
| 9 Sept 2026 · CRISIL upgrades long-term bank facility rating to A/Stable | credit debt | medium | — | — |
| 7 Sept 2026 · Investor and Analyst Meet set for 10-12 September 2026 in Mumbai | board shareholder meetings | low | — | — |
| 7 Sept 2026 · RPEL forms JV with TRL Krosaki for 350000 MT Odisha plant | compliance | high | — | — |
| 5 Sept 2026 · Raghav Productivity to host investor and analyst meet on 10 Sep | board shareholder meetings | low | — | — |
| 4 Sept 2026 · RPEL plans 80 percent owned Odisha silica ramming mass plant | investor communications | medium | — | — |
| 4 Sept 2026 · RPEL forms JV with TRL Krosaki to set up silica ramming mass plant in Odisha | strategic transactions | medium | — | — |
| 21 Aug 2026 · Patent granted for ramming mass production process | business updates | medium | — | — |
| 20 Aug 2026 · Subsidiary granted 2 patents for quartz processing inventions | business updates | medium | — | — |
| 25 Jul 2026 · Two patents granted for quartz processing technology | business updates | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| HEG LIMITED |
| 4,578 |
| 12.8 |
| 0.96 |
| 9.9 |
| 7.2 |
| 5.9 |
| 15.4 |
| 28.5 |
| IFGL REFRACTORIES LIMITED | 1,480 | 36.2 | 1.26 | 11.6 | 3.0 | 3.6 | 13.1 | 7.8 |
| FOSECO CRUCIBLE INDIA LIMITED | 1,101 | 51.2 | 7.85 | — | 13.4 | 18.8 | — | (1.0) |
| ORIENT CERATECH LIMITED | 545 | 20.9 | 1.80 | 11.2 | 7.2 | 8.4 | — | 17.8 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 134.7 | 33.6 | 10 of 10 | 0% |
| P/B | 34.6 | 2.5 | 10 of 10 | 0% |
| ROCE | 27.4 | 8.6 | 2 of 11 | 90% |
| ROE | 22.4 | 7.2 | 1 of 11 | 100% |
| Debt / Equity | 0.0 | 0.0 | 6 of 11 | 50% |
| EBITDA margin | 30.8 | 18.0 | 2 of 11 | 90% |
| Revenue growth | 48.7 | 5.6 | 1 of 11 | 100% |
| Profit growth | 67.6 | 57.8 | 5 of 11 | 60% |
| Market cap | 8450 | 1480 | 2 of 11 | 90% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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