BSE: 500360
RAPICUT CARBIDES LTD.
Manufactures tungsten carbide products as a single business segment, classified under industrial products and capital goods. FY26 revenue stood at ₹9,627.95 lakhs, more than double the ₹4,198.64 lakhs earned in FY25. The cost structure is dominated by raw materials, which ran at 104.4% of revenue in FY26, with employee costs at 6.5% and other operating expenses at 8.5%. Despite the sharp revenue growth, the FY26 EBITDA margin came in at 3.4%, leaving the business with thin operating profitability. The business swung from a net loss of ₹232.58 lakhs in FY25 to a net profit of ₹206.12 lakhs in FY26. It is listed on BSE under Scrip Code 500360 with equity capital of 53,71,245 shares of ₹10 face value. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Tungsten Carbide Products. Single-segment industrial manufacturer with thin margins and a commodity-input cost base
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 36 | 40 | 60 | 42 | 96 |
| EBITDA (ex other income) | 0 | (0) | 1 | (1) | 3 |
| margin % | 0.3 | (0.6) | 2.4 | (2.5) | 3.1 |
| Owners' profit | (1) | (1) | 0 | (2) | 2 |
| EPS, as reported (₹) | (1.97) | (2.52) | 0.91 | 4.64 | 3.84 |
| ROE % · ROCE % | (4.7) · (2.1) | (6.3) · (3.7) | 2.2 · 4.5 | (11.9) · (6.8) | 9.5 · 12.0 |
| Debt / equity (x) | 0.10 | 0.16 | 0.06 | 0.34 | 0.00 |
| Cash from operations | (5) | (0) | 3 | (4) | 12 |
| Capex | (1) | (1) | (1) | (1) | (2) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11 | 9 | 12 | 10 | 10 | 16 | 21 | 49 |
| Profit before tax | (1) | (0) | (2) | 0 | (1) | 1 | 2 | 0 |
| Net profit | (1) | (0) | (2) | 0 | (1) | 1 | 2 | 1 |
| EPS (₹) | (1.07) | (0.88) | (3.00) | 0.31 | (2.63) | 2.33 | 2.93 | 1.21 |
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. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,904 | 97.4 | 24.99 | 80.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,105 | 81.2 | 9.82 | 52.4 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 26,932 | 49.1 | 6.04 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 21,121 | 65.7 | 10.55 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 20,995 | 60.6 | 4.41 | 29.9 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,483 | 100.1 | 6.10 | 56.6 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,085 | 459.6 | 3.84 | 39.1 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,360 | 48.5 | 7.34 | 50.4 | 11.7 | 11.5 | — | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 77.1 | 26.7 | 102 of 130 | 22% |
| P/B | 7.3 | 3.1 | 89 of 112 | 21% |
| ROCE | 9.3 | 11.3 | 85 of 142 | 40% |
| ROE | 9.5 | 9.8 | 58 of 113 | 49% |
| Debt / Equity | 0.0 | 0.2 | 1 of 113 | 80% |
| EBITDA margin | 1.3 | 12.4 | 97 of 110 | 12% |
| Revenue growth | 370.6 | 20.6 | 3 of 114 | 98% |
| Profit growth | 93.9 | 17.1 | 30 of 109 | 73% |
| Market cap | 159 | 273 | 85 of 141 | 40% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board meeting set for 5 November 2026 to approve September quarter results | results | low | — | — |
| 22 Oct 2026 · Clarification on share price movement | compliance | minimal | — | — |
| 21 Oct 2026 · Exchange seeks clarification on significant share price movement | compliance | minimal | — | — |
| 8 Oct 2026 · Quarterly compliance certificate for dematerialization of securities | compliance | minimal | — | — |
| 29 Sept 2026 · Trading Window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 26 Sept 2026 · Rapicut Carbides appoints S M R P and Associates as statutory auditors for 5 years | management changes | medium | — | — |
| 26 Sept 2026 · Rapicut Carbides 49th AGM: All 4 resolutions passed with over 99 percent approval | board shareholder meetings | low | — | — |
| 26 Sept 2026 · 49th AGM of Rapicut Carbides held on 26 Sep 2026 via video conferencing | board shareholder meetings | medium | — | — |
| 4 Sept 2026 · Newspaper publication of 49th AGM notice and e-voting details | compliance | minimal | — | — |
| 3 Sept 2026 · Rapicut Carbides: AGM notice and Annual Report access letter to shareholders | compliance | minimal | — | — |
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.