Monolithisch India Limited (MONOLITH)
Q2 FY27 results
📅 Next results: 24 Oct 2026 (board meeting)Monolithisch India Limited's board meets on 24 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Monolithisch India's revenue was ₹47.0 Cr (+62.1% year on year, +15.6% on the previous quarter), and net profit ₹10.0 Cr (+150.0% year on year); the operating margin was 27.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹47.0 | +62.1% | +15.6% |
| Operating profit | ₹13.0 | +85.7% | +13.9% |
| Net profit | ₹10.0 | +150.0% | +23.3% |
| EPS (₹) | 4.63 | +135.0% | +17.2% |
| Operating margin | 27.7% | — | — |
MONOLITH delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 62.7% of the MONOLITH shares traded on NSE were taken to delivery, against the stock's own 20-session average of 63.71%. That is close to its usual level.
Delivery in the last 5 sessions: 78.9% · 65.1% · 62.3% · 61.8% · 62.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Monolithisch India announced two greenfield manufacturing facilities in Western (Udaipur, Rajasthan) and Southern India (near Hospet, Karnataka) with a combined capex of ₹45 crore, representing ~58% of FY26 revenue (₹78.01 crore). The projects will add 3,00,000 MTPA, scaling total production capacity to 8,75,000 MTPA from the current 5,76,000 MTPA. Additionally, the company acquired a quartzite mine in Nawada, Bihar, which is expected to lower raw material procurement costs by 40% (saving ₹1,200-₹1,300/ton). The capex will be funded primarily via internal accruals, with minimal debt (₹5-10 crore) and no equity dilution planned.
- Planned ₹45 crore capex for 3,00,000 MTPA capacity additions across Udaipur (1,75,000 MTPA) and Hospet (1,25,000 MTPA)
- Total company capacity to expand from 5,76,000 MTPA to 8,75,000 MTPA post-commissioning
- Southern facility commissioning targeted by July 2027; Western facility targeted by November 2027
- Backward integration via Nawada quartzite mine expected to reduce raw material procurement costs by 40% (saving ₹1,200 to ₹1,300 per ton)
- Management guided that peak utilization at new facilities is expected at 85%-90% within one year of operations
Monolithisch India Limited concluded its 8th Annual General Meeting on September 29, 2026. The Managing Director apprised shareholders of FY26 performance, highlighting consolidated revenue of approximately ₹135.29 crore (up from ₹97.34 crore in FY25) and EBITDA of approximately ₹31.96 crore (up from ₹21.07 crore). Key resolutions tabled included the appointment of M/s. R K Jagetiya & Co. as Joint Statutory Auditors and the ratification of a ₹18 crore material related-party transaction involving an unsecured, interest-free loan from Managing Director Harsh Tekriwal.
- Consolidated revenue from operations for FY26 reported at approximately ₹135.29 crore vs ₹97.34 crore in FY25
- Consolidated EBITDA reached approximately ₹31.96 crore in FY26 compared to ₹21.07 crore in FY25
- Shareholder approval sought for an unsecured, interest-free loan of ₹18 crore from MD Harsh Tekriwal
- Proposed appointment of M/s. R K Jagetiya & Co. as Joint Statutory Auditors for a 3-year term alongside M/s. P. N. & Company
- Reiterated completion of 100% acquisition of Mineral India Global Private Limited on November 8, 2025
Monolithisch India Limited announced a major expansion plan to establish Advanced Silica Complexes in Western and Southern India, adding a combined 300,000 MTPA capacity for an estimated capex of ₹45 crore. The Western India facility in Udaipur, Rajasthan (175,000 MTPA, ₹25 crore capex) is expected to commence commercial production by November 2027. The Southern India facility near Hospet, Karnataka (125,000 MTPA, ₹20 crore capex) is targeted for completion by July 2027. This expansion will scale the company's overall production capacity to 875,000 MTPA, significantly expanding its footprint relative to its FY26 annual revenue base of ₹78.01 crore.
- Planned combined capacity addition of 300,000 MTPA with an estimated capex of ₹45 crore
- Udaipur, Rajasthan facility to add 175,000 MTPA capacity at ₹25 crore capex by November 2027
- Hospet, Karnataka facility to add 125,000 MTPA capacity at ₹20 crore capex by July 2027
- Total post-expansion capacity projected to reach 875,000 MTPA
Monolithisch India Limited announced that its refractory lining solution achieved a record 32-heat campaign during trials at Shree Ram Multimetals in Mandi Gobindgarh, Punjab. This surpasses the prevailing industry standard of 22 to 25 heats under an operating charge mix of 70% scrap and 30% sponge and pellets. Following this performance, three additional manufacturing plants have been onboarded for immediate commercial trials. The operational breakthrough aids the company's geographical expansion outside Eastern India into North-Western secondary steel corridors.
- Achieved 32 heats benchmark in furnace lining life vs industry peer standard of 22 to 25 heats
- Trial conducted with an operating mix of 70% scrap and 30% sponge & pellets on mild carbon steel (0.16%–0.20% C)
- Commercial pipeline expanded with 3 new manufacturing plants onboarded for immediate trials
- Supports geographic expansion into North-West, Western, and Southern steelmaking corridors
Monolithisch India Limited has appointed Ernst & Young LLP (EY) as its Investor Relations (IR) agency for a period of one year, effective October 1, 2026, to September 30, 2027. EY will handle end-to-end IR services including earnings call support, investor targeting, sentiment tracking, and Non-Deal Roadshows (NDRs). The initiative comes as the company aims to institutionalize communications following FY26 revenue of Rs 78.01 cr. The financial cost of this engagement was not disclosed.
- Appointed Ernst & Young LLP as Investor Relations agency effective October 1, 2026
- Engagement tenure fixed for 1 year, expiring on September 30, 2027
- Scope covers quarterly earnings call support, NDRs, analyst interactions, and investor targeting
- FY26 base business generated revenue of Rs 78.01 cr with net profit of Rs 14.19 cr
Monolithisch India Limited announced that its subsidiary, Metalurgica India Private Limited, has completed the ritual ceremony for its greenfield project. Dry runs for installed equipment commenced on September 17, 2026, to conduct systematic testing and validation. Commercial production is scheduled to begin on October 10, 2026, followed by a formal inauguration. This project aligns with the company's broader expansion roadmap toward 5,14,000 MTPA capacity.
- Ritual ceremony completed for subsidiary Metalurgica India Private Limited's greenfield project
- Dry runs and equipment testing commenced on September 17, 2026
- Commercial production targeted to commence from October 10, 2026
Monolithisch India Limited has won an e-auction for a flagship Quartzite stone block in Nawada District, Bihar, with a winning bid of ₹157 crore over a 5-year lease. The allotted mine carries an approved mining capacity of 7,10,000 MT per annum (cumulative 35,50,000 MT over 5 years), providing complete backward integration for its expanding refractory business. By comparison, the ₹157 crore bid represents ~201% of the company's FY26 revenue of ₹78.01 crore, payable in tranches over 5 years. Commercial operations are targeted to start in February/March 2027 following statutory clearances expected within 3–4 months.
- Won 5-year quartzite mining lease in Nawada, Bihar via e-auction for ₹157 crore
- Approved annual mining capacity of 7,10,000 MTPA (35,50,000 MT cumulative over 5 years)
- Bid value of ₹157 crore compares to FY26 annual revenue of ₹78.01 crore (~201% of FY26 revenue)
- Secures raw material for consolidated manufacturing capacity expanding to 5,76,000 MTPA
- Commercial operations expected to begin in February/March 2027 following 3-4 months of statutory approvals
Monolithisch India Limited announced that Mr. Prabhat Tekriwal has resigned from the position of Chief Financial Officer (CFO), effective September 4, 2026. He will continue to serve in his leadership role as the Chairman and Whole-time Director (WTD) of the company. The resignation appears to be an internal realignment of executive responsibilities rather than a complete exit. The company reported annual revenue of ₹78.01 cr and net profit of ₹14.19 cr in FY26.
- Prabhat Tekriwal resigned as Chief Financial Officer effective September 4, 2026
- Continues in his role as Chairman and Whole-time Director of the company
- Resignation letter submitted on September 3, 2026, requesting smooth transition and statutory filings
- Company posted FY26 net profit of ₹14.19 cr on full-year revenue of ₹78.01 cr
Monolithisch India Limited has submitted its Annual Report for FY 2025-26 and scheduled its 8th Annual General Meeting (AGM) for September 29, 2026, via video conferencing. The consolidated financial statements show FY26 revenue from operations rose 38.98% YoY to Rs 135.29 crore (Rs 13,529.32 lakhs) compared to Rs 97.34 crore in FY25. Consolidated net profit reached Rs 23.03 crore (Rs 2,302.65 lakhs) vs Rs 14.36 crore in the previous year, with an EPS of Rs 11.22.
- 8th Annual General Meeting scheduled for September 29, 2026 at 03:00 PM IST via VC/OAVM
- Consolidated revenue from operations grew 38.98% YoY to Rs 135.29 crore (Rs 13,529.32 lakhs) in FY26
- Consolidated profit after tax increased to Rs 23.03 crore (Rs 2,302.65 lakhs) with EPS of Rs 11.22
- Consolidated Debt-to-Equity ratio stood at 0.05 and ROE at 27.76% as of March 31, 2026
Monolithisch India Limited held a board meeting on September 4, 2026, approving key leadership and statutory decisions. Ms. Supriya Kumari has been appointed as the new Chief Financial Officer (CFO), succeeding Mr. Prabhat Tekriwal who stepped down as CFO to focus on his role as Chairman and Whole-Time Director. The board also approved the appointment of M/s. R K Jagetiya & Co. as Joint Statutory Auditors for a 3-year term, subject to shareholder approval. Additionally, the 8th Annual General Meeting has been scheduled for September 29, 2026, with a voting cut-off date of September 22, 2026.
- Ms. Supriya Kumari appointed as CFO with effect from September 4, 2026, promoted from Finance Executive.
- Mr. Prabhat Tekriwal stepped down as CFO effective September 4, 2026; retains role as Chairman and Whole-Time Director.
- M/s. R K Jagetiya & Co. appointed as Joint Statutory Auditors for a term of 3 consecutive years.
- 8th Annual General Meeting scheduled for September 29, 2026, with cut-off date fixed as September 22, 2026.
Monolithisch India Limited announced on August 24, 2026, that its Board has authorized Managing Director Harsh Tekriwal to participate in government mining tenders and e-auctions. This initiative is part of the company's backward integration strategy to secure strategic mineral resources and stabilize raw material supply chains. No specific financial commitments, auction targets, or capex numbers were disclosed in the intimation.
- Board authorized MD Harsh Tekriwal on 24th August, 2026, to bid in government mining tenders and e-auctions.
- Aims to secure raw material supplies and backward integrate into strategic mineral resources.
- Specific capital outlay, target mines, and project timelines remain not disclosed.
- Company will disclose further details upon successful acquisition of any mining rights.
Monolithisch India reported a record Q1 FY27 with revenue of ₹47 Cr, up 64% YoY, and PAT of ₹10 Cr, up 135% YoY. The company is on track to commission its landmark greenfield project in September 2026, which will more than double capacity from 2.56 lakh MTPA to 5.74 lakh MTPA. Management has provided a robust FY27 revenue guidance of ₹250 Cr, a significant jump from the ₹78 Cr reported in FY26. The premium product SGB Limited saw rapid adoption, now contributing 50% of revenue compared to 15% in the previous quarter.
- Q1 FY27 revenue reached ₹47 Cr, representing 64% YoY and 16% QoQ growth.
- Greenfield project to double capacity to 5.74 lakh MTPA with technical trials starting September 17, 2026.
- Premium product SGB Limited contribution increased to 50% of revenue in Q1, up from 15% in Q4 FY26.
- Management guided for FY27 revenue of ₹250 Cr, which is 3.2x the total FY26 revenue of ₹78.01 Cr.
- Deployed ₹28.79 Cr of the total ₹44.90 Cr IPO capex allocation as of July 2026.
Monolithisch India Limited has submitted the audio recording of its earnings call held on July 27, 2026, following its FY26 results. The company reported FY26 revenue of ₹78.01 cr with a healthy operating margin of 25.59%. Management is currently overseeing a massive 4x capacity expansion to 5,14,000 MTPA and the merger of Mineral India Global, which is projected to add ₹40-50 cr to the top line. The recording provides insights into the execution of these growth strategies and the 97% capacity utilization achieved in FY26.
- Earnings call conducted on July 27, 2026, following a fiscal year with ₹78.01 cr revenue
- Company is in the process of a 4x capacity expansion from 1,32,000 MTPA to 5,14,000 MTPA
- Merger with Mineral India Global expected to add ₹40-50 cr to annual revenue
- FY26 capacity utilization reached 97%, necessitating the current expansion phase
- Management targets 80-85% utilization for the expanded capacity by FY28
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 40% YoY, rising from INR 41 Cr in H1 FY25 to INR 57.3 Cr in H1 FY26. The company has demonstrated a 52% CAGR over the last two years.
Geographic Revenue Split
Primarily focused on East India (Purulia, West Bengal). The company has recently started exporting to Nepal and is targeting Western India (Mundra port) for future export expansion.
Profitability Margins
PAT margin improved to 15% in H1 FY26 from 13% in H1 FY25. The company targets a PAT margin of 15% by FY28 through economies of scale and automation.
EBITDA Margin
EBITDA margin stood at 21% in H1 FY26, consistent with H1 FY25. EBITDA grew 38% YoY from INR 8.7 Cr to INR 12 Cr. Target EBITDA margin for FY28 is 22%.
Capital Expenditure
Total planned capex of INR 44.46 Cr, with INR 16.57 Cr for the parent company and INR 27.89 Cr for the subsidiary Metallurgica. INR 11.73 Cr has already been deployed as of Oct 2025.
Credit Rating & Borrowing
The company is currently debt-free. Capex is funded entirely through IPO proceeds, and the management intends to remain debt-free in the near future.
Operational Drivers
Raw Materials
Key raw materials include Boron (critical additive), stone, and other chemical additives. Boron costs are highly sensitive to USD exchange rates.
Import Sources
Boron is imported, as indicated by the company's direct exposure to dollar rate fluctuations. Specific countries are not disclosed.
Capacity Expansion
Current capacity of 1,32,000 MTPA (as of April 2025) is being expanded to 5,14,000 MTPA over 8 months. This includes a 60,000 MT addition subject to shareholder approval in Nov 2025.
Raw Material Costs
Raw material costs are passed through to customers; for instance, ramming mass rates were increased by INR 500 per metric ton to cover rising labor and stone costs.
Manufacturing Efficiency
Capacity utilization reached 97% in FY26. The company targets 80-85% utilization for its expanded capacity by FY28 to maintain healthy PAT margins.
Logistics & Distribution
Distribution is optimized through location proximity to secondary steel sectors in East India, providing a pricing and volume edge over distant competitors.
Strategic Growth
Expected Growth Rate
60%
Growth Strategy
Growth will be driven by a 4x capacity expansion to 5,14,000 MTPA, the merger of group company Mineral India Global (adding INR 40-50 Cr revenue), and potential inorganic acquisitions in Western India to tap into Mundra port exports.
Products & Services
Refractory solutions, specifically Ramming Mass (star product: SGB-777) used in secondary steel manufacturing furnaces.
Brand Portfolio
Monolithisch, SGB-777.
New Products/Services
Focus remains on scaling the star product SGB-777; specific new product revenue contributions are not disclosed.
Market Expansion
Expanding into Western India and increasing export volumes to Nepal and other international markets via the Mundra port strategy.
Strategic Alliances
Merging group company Mineral India Global Private Limited (MIGPL) to consolidate the ecosystem and improve corporate governance.
External Factors
Industry Trends
The secondary steel sector in India is seeing major players expand, creating a structural opportunity for refractory providers. The industry is evolving toward higher volume requirements and consistent quality standards.
Competitive Landscape
Peers exist with ~INR 200 Cr revenue; Monolithisch competes on volume, pricing, and location advantage. Large clients usually split procurement 70/30 or 80/20 between two vendors.
Competitive Moat
Moat is built on a 20-year brand legacy, location advantage near steel hubs, and the ability to supply huge volumes (2,000-3,000 bags daily) with consistent quality checks.
Macro Economic Sensitivity
Highly sensitive to USD/INR exchange rates due to Boron imports and global boron rates.
Consumer Behavior
Secondary steel manufacturers are prioritizing vendors with high 'brand value' and safety records to avoid costly plant shutdowns.
Geopolitical Risks
Trade with Nepal is active; future growth depends on maintaining stable trade routes for Western India exports.
Regulatory & Governance
Industry Regulations
Operations are subject to standard manufacturing safety and quality certifications; fatalities or injuries are cited as the highest risk to operational continuity.
Environmental Compliance
Investing in renewable energy (solar) to align with ESG trends and reduce power costs.
Legal Contingencies
No pending court cases or labor disputes mentioned in the provided documents.
Risk Analysis
Key Uncertainties
Greenfield project ramp-up risks (3-month adjustment period taken for 20-30% initial utilization) and potential technical hiccups during monsoon seasons.
Geographic Concentration Risk
Heavy concentration in East India; currently diversifying toward Western India and Nepal.
Third Party Dependencies
High dependency on the secondary steel sector's growth and specific large customer groups for 70-80% of sales.
Technology Obsolescence Risk
Mitigated by ongoing automation and 'deep bottlenecking' of 25-30 year old acquired plants to improve efficiency.
Credit & Counterparty Risk
Management maintains financial prudence; interest-free loans from directors are available if liquidity crunches arise during expansion.
