Electrodes & Refractories industry
15 companies · ₹58,668 cr · 4 with AI deep dives · Q1FY27 report
Middle East supply shock cleaves the sector: domestic India at multi-year highs, export books frozen
- Revenue YoY
- +11.8%
- EBITDA margin
- 16.1%
- +400bps YoY
- Price, 1 year
- +11.9%
- 62% of names up
- P/E vs own 5y
- +33.5%
- 40.9x now
Exhibit 1The quarter in numbers
constant panel of 8 companies above ₹500 cr- Jun 26
- 3,822 cr
- Mar 26
- 3,540 cr
- QoQ
- +8.0%
- Jun 25
- 3,420 cr
- YoY
- +11.8%
- Peak
- 3,822 cr
- vs peak
- 0.0%
- Jun 26
- 16.1%
- Mar 26
- -1.1%
- QoQ
- +1720bps
- Jun 25
- 12.1%
- YoY
- +400bps
- Peak
- 16.1%
- vs peak
- 0bps
Breadth: 100% of 8 companies grew revenue year on year (was 88% a quarter earlier) and 75% expanded margin (was 38%).
Exhibit 2What it costs
35.76x - 67.94x across the panel todayThe median name trades at 40.9x, +33.5% against this industry's own 5-year median of 30.7x, and -26.9% against its own peak of 56.0x.
Exhibit 3Structure
₹58,668 crRHI Magnesita India Ltd is 24.1% of this industry by market cap. The top 5 are 88.5% and the top 10 are 99.1%.
Exhibit 4Screen
P/E below the sub-industry median of 40.92x, 5y ROCE above its median of 14.96%, and at least 2 growth triggers stated on the latest earnings call.
Which names clear this screen is premium
The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.
See plans →Exhibit 5Coverage (15 of 15)
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
- Mcap
- ₹8,459 cr
- P/E
- 127.9x
- EV/EBITDA
- 109.4x
- ROCE
- 27.7%
- Margin
- 29.8%
- Rev YoY
- +48.7%
Exhibit 6What managements said
from Industrial Products earnings calls · as of 2026-06-30The US-Iran conflict and Strait of Hormuz disruption was the single most-cited risk, named by JINDALSAW (full MENA seaborne embargo since March, 600,000 MT Saudi order frozen)…
- JINDALSAW (Q1FY27): “While we hold a strong order book, including a 6 lakh metric ton work order from Saudi…”
Exhibit 7Outlook
The outlook and what resolves next quarter
Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.
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