Monolithisch India Ltd(MONOLITH)

NSE: MONOLITH

₹ 1,177.85-2.60%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,560 crUpdated: 24 Oct 2026

About

Monolithisch India Limited manufactures premixed silica ramming mass, a critical consumable used as heat-insulation lining in induction furnaces at iron, steel and foundry plants. The company reported consolidated revenue of ₹135.29 crore in FY26 and, with its greenfield subsidiary Metallurgica commissioned in Q2 FY27, operates installed capacity of 5,76,000 MTPA across Eastern India. It listed on the NSE SME platform in June 2025, raising ₹82.02 crore through its IPO.^[1][2][3]

Business and products

The company operates in a single segment: manufacturing and supply of premixed silica ramming mass, a refractory consumable for induction furnaces in iron, steel and foundry plants.^[2]
The product range comprises six proprietary grades: SLM-980, SLM-999, SGB-777, BG-77, LG-86, and SGB Limited - the latest premium grade featuring a minimum life assurance/warranty scheme, the first of its kind in the ramming mass market.^[2]
SGB Limited achieved a record 32 consecutive heats at Shree Ram Multimetals under a 70% scrap/30% sponge charge mix (September 2026), surpassing the industry peer standard of 22 - 25 heats.^[4]
SGB Limited contributed ~50% of Q1 FY27 revenue (roughly 20,500 MT of 52,000 MT total volume), up from ~15% in Q4 FY26, commanding ~₹700 - 800/MT incremental realisation over legacy grades.^[3]
The company is expanding into adjacent silica-based specialties - High-Purity Quartz (HPQ), Specialty Adhesives and Silica Bricks - over a 1 - 3 year timeline, leveraging its silica processing expertise.^[2]

Manufacturing capacity and locations

Three entities and post-expansion capacities: Monolithisch India Limited 2,50,000 MTPA (Sarbari, Purulia, West Bengal); Mineral India Global Private Limited (MIGPL) 72,000 MTPA (Ranchi, Jharkhand); Metalurgica India Private Limited (greenfield, West Bengal) 2,52,000 - 2,54,000 MTPA.^[2]
Installed group capacity stands at 5,76,000 MTPA as of Q2 FY27, following the commissioning of the Metallurgica greenfield, which was undergoing trial runs as of the Q2 FY27 earnings call.^[5][3]
The Metallurgica greenfield was designed with higher automation, 2 MW solar power, and an optimised layout; total capex from IPO proceeds was ₹27.90 crore.^[2]
Capacity utilisation was ~81.5% in FY26 on average consolidated capacity of 2,10,000 MTPA; group utilisation was ~70% in Q1 FY27, with the MIGPL (Ranchi) unit running at ~87% after expansion to 72,000 MTPA.^[2][3]

Key operating numbers

Q1 FY27 volume: ~52,000 MT total; ~50,000 MT in the same quarter (cited as ~50,000 MT in the Q2 FY27 call); realisation at ₹8.6 - 8.7/kg as of Q2 FY27.^[3][5]
Q1 FY27 order book stood at 130 - 135% of monthly supply capacity, indicating sustained demand ahead of available output.^[3]
Raw material (quartzite) inventory carried at 90 - 120 days as of Q2 FY27; debtor days improved from 72 days to ~50 - 55 days over FY26.^[5][6]
Manufacturing throughput per employee rose ~50 - 60% since IPO machinery installation (~September 2025), from ~10,000 MT/month to ~15,000 - 16,000 MT/month for the same headcount.^[3]

Customers and distribution

The company primarily serves induction-based secondary steel producers and integrated steel plants, fulfilling 70 - 80% of total ramming mass requirements in most plants it serves.^[2]
Customer count grew from 55 in FY25 to 125 on a consolidated basis in FY26 post-MIGPL acquisition; customer retention rate is 70% and repeat customers represented 78% of the base in H1 FY26.^[7][2]
Export revenues were approximately ₹2 - 3 crore in Q1 FY27, conducted via Indian traders to Nepal and Bangladesh; direct exports to Nepal were halted ~1.5 years ago owing to payment disruptions.^[3]
Manufacturing facilities are located within approximately 500 km of several major secondary-steel clusters, with IoT-powered fleet tracking and corridor management supporting road-led logistics.^[2]

Raw materials and backward integration

Primary raw material is quartz (silica), reclassified as a major mineral by the Government of India effective February 2025; additives include boric acid and boron oxide.^[2]
In September 2026, the company won a government tender for a quartzite mine block in Nawada, Bihar with 7-lakh-ton annual capacity, sufficient to cover all East India raw material needs; mine operations are expected to commence January/February 2027.^[5]
The Nawada mine locks in a cost saving of ₹1,200 - 1,400/MT versus open-market procurement for 5 years, and is expected to reduce raw material inventory from 90 - 120 days to 10 - 15 days, freeing ₹15 - 25 crore of working capital.^[5]

Expansion and capex

Western India greenfield at Udaipur, Rajasthan: 1,75,000 MTPA initial capacity, ₹25 crore capex (land ₹6 crore, balance plant and machinery), targeting commercial production by November 2027.^[5][8]
Southern India greenfield near Hospet, Karnataka: 1,25,000 MTPA initial capacity, ₹20 crore capex (using pre-existing uninstalled equipment), targeting commercial production by July 2027.^[5][8]
Together the two new plants add 3,00,000 MTPA at a combined capex of ₹45 crore, taking total group capacity from 5,76,000 MTPA to 8,75,000 MTPA upon commissioning.^[5][8]
Udaipur and Hospet plants are located near major maritime gateways, directly addressing the high-freight-cost barrier that made export pricing to the Middle East and Africa uncompetitive from Eastern facilities.^[5]
Of total IPO capex of ₹44.48 crore, ₹20.74 crore was deployed as at March 2026; balance ₹23.74 crore was to be utilised in Q1 - Q2 FY27; ₹28.79 crore of ₹44.90 crore had been deployed by Q1 FY27.^[2][3]

Recent developments

29 September 2026: Monolithisch announced two new 'Advanced Silica Complexes' - Western India (Udaipur, 1,75,000 MTPA, ₹25 crore) and Southern India (Hospet, 1,25,000 MTPA, ₹20 crore) - in an exchange filing.^[8]
25 September 2026: SGB Limited recorded 32 consecutive heats at Shree Ram Multimetals, a new sector benchmark; three new manufacturing plants were onboarded for immediate trials following the result.^[4]
Q2 FY27: Metallurgica greenfield commissioned and undergoing trial runs as of the September 2026 earnings call, representing the first production from the new Eastern India greenfield unit.^[5]
Nawada, Bihar quartzite mine tender won in Q2 FY27; annual capacity 7 lakh tonnes; mine expected to be operational January/February 2027, securing backward integration for East India supply.^[5]
8 November 2025: Acquired 100% stake in Mineral India Global Private Limited (MIGPL, Ranchi) at ~₹17 crore; goodwill of ₹356.01 lakh recognised on consolidation.^[2][7]
19 June 2025: Listed on NSE Emerge SME platform; IPO raised ₹82.02 crore at a premium to the issue price.^[2]

Market Cap

₹2,560 Cr

High / Low

₹1,505 / 367

Stock P/E

120.9

Price / Book

21.3

Book Value

₹60

EPS

₹10.6

No. of Shares

2.17 Cr

ROCE

22.8%

ROE

17.6%

OPM

22.8%

Debt / Equity

0.05

Sales

₹135 Cr

Net Profit

₹23 Cr

Promoter holding

74.6%

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