NSE: RPEL · BSE: 539837
RAGHAV PRODUCTIVITY ENH L
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)
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| GRAPHITE INDIA LTD | 14,304 | 41.2 | 2.44 | 40.3 | 2.9 | 4.0 | 7.8 | 28.6 |
| RAGHAV PRODUCTIVITY ENH L ◆ | 8,101 | 129.1 | 33.13 | 104.7 | 22.4 | 27.4 | 31.8 | 30.8 |
| VESUVIUS INDIA LTD | 7,765 | 30.3 | 4.44 | — | 6.5 | 8.6 | — | 18.0 |
| RHI MAGNESITA INDIA LTD | 7,310 | — | 2.05 | — | (10.8) | (8.2) | 24.0 | 14.5 |
| HEG ADVANCED MATERIAL LTD | 4,404 | 12.3 | 0.93 | 9.6 | 7.2 | 5.9 | 15.4 | 28.5 |
| IFGL REFRACTORIES LIMITED | 1,226 | 29.9 | 1.04 | 9.7 | 3.0 | 3.6 | 13.1 | 7.8 |
| FOSECO CRUCIBLE INDIA LIMITED | 1,086 | 58.0 | 7.75 | — | 13.4 | 18.8 | — | (1.0) |
| ORIENT CERATECH LIMITED | 471 | 18.1 | 1.56 | 9.8 | 7.2 | 8.4 | — | 17.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 129.1 | 30.3 | 9 of 9 | 0% |
| P/B | 33.1 | 2.3 | 10 of 10 | 0% |
| ROCE | 27.4 | 8.6 | 2 of 11 | 90% |
| ROE | 22.4 | 7.1 | 1 of 10 | 100% |
| Debt / Equity | 0.0 | 0.0 | 5 of 10 | 56% |
| 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 | 8101 | 1226 | 2 of 11 | 90% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 17 Oct 2026 · Newspaper publication of Q2 and H1 FY27 financial results | compliance | minimal | — | — |
| 16 Oct 2026 · RPEL reports record H1 FY27, PAT jumps 61% YoY to Rs 41 Cr | compliance | low | — | — |
| 16 Oct 2026 · Q2 FY27 results: revenue up around 47 percent YoY, PAT up about 61 percent | results | high | — | — |
| 16 Oct 2026 · Q2 FY27 Results: Revenue up 46 percent, PAT up 56 percent YoY (Consolidated) | results | high | — | — |
| 10 Oct 2026 · Routine Compliance Certificate For Quarter Ended September 2026 | compliance | minimal | — | — |
| 9 Oct 2026 · Board meeting on 16 Oct to consider Q2/H1 FY26-27 results | results | low | — | — |
| 28 Sept 2026 · Trading Window Closure from 1 October 2026 | compliance | minimal | — | — |
| 27 Sept 2026 · White Oak Capital plant visit on 30 Sep 2026 | board shareholder meetings | low | — | — |
| 26 Sept 2026 · RPEL incorporates JV with TRLK for silica ramming mass business | strategic transactions | high | — | — |
| 14 Sept 2026 · Subsidiary gets two patents for quartz processing technology | business updates | medium | — | — |
How to read this document
| 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 | 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 |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.