Monolithisch India Limited is an ISO 9001:2015, ISO 14001:2015, ISO 22301:2019, ISO 37301:2021, ISO 45001:2018, and ISO/IEC 27701:2022 certified company. Incorporated in August 2018, the company is engaged in the manufacturing and supply of specialized "ramming mass," a heat insulation/lining material used as a refractory consumable for Induction furnaces installed in iron, steel, and foundry plants.
The company operates as a specialized manufacturer of pre-mixed high-quality ramming mass, serving the critical infrastructure needs of India's iron and steel industry. Its core product is a specialized ramming mass that provides thermal insulation between the coil of the induction furnace and the molten steel. Monolithisch India also undertakes occasional trading activities to meet excess and urgent customer demands. As of March 31, 2025, the company has 26 full-time employees and utilizes contract labor for various operations at its manufacturing facility.
Monolithisch India's product portfolio includes various grades of ramming mass such as SGB-777, SLM-999, BG-77, LG-86, and SLM-980. These products are made from alpha-quartzite and stone boulder, raw materials readily available in the Bihar, Jharkhand, and Madhya Pradesh regions of India. The company develops different specifications and additives for its ramming mass products to suit furnaces of varying sizes and makes.
The company's manufacturing facility is strategically located in Purulia, West Bengal, which commenced operations in FY19-FY20. This facility has since expanded its capacity to 132,000 million tonnes per annum (MTPA) and is equipped with automated machinery including crushers, mixers, and packers. The company plans to further increase its production capacity from 132,000 to 156,000 TPA, targeting 250,000 TPA by December 2025.
Monolithisch India benefits from a significant location advantage due to its proximity to raw material suppliers in Bihar, Jharkhand, and Madhya Pradesh. This strategic positioning results in reduced freight costs and potentially better margins compared to competitors.
The company has established a strong presence in the eastern regions of India, with its key customer base comprising iron and steel producers primarily in West Bengal, Jharkhand, and Odisha, alongside some exports to Nepal. Monolithisch India claims to have developed robust, long-term relationships with its core customers, boasting a high customer retention rate with nearly 61.44 percent of business stemming from repeat customers.
Monolithisch India Limited has demonstrated consistent and strong financial performance. Between the financial year ending March 31, 2024, and March 31, 2025, the company's revenue increased by 41% and profit after tax (PAT) rose by 70%.
The company's performance across multiple years highlights this growth:
- Revenue from operations increased from ₹41.88 crore (standalone) in FY23 to ₹68.89 crore (standalone) in FY24, and further to ₹97.34 crore (consolidated) in FY25.
- PAT increased from ₹4.54 crore (standalone) in FY23 to ₹8.51 crore (standalone) in FY24, and to ₹14.49 crore (consolidated) in FY25.
- Revenue (FY25 Consolidated): ₹97.3 Cr
- Profit (FY25 Consolidated): ₹14.4 Cr
- ROCE (Average FY22-FY24): 51.0% (peaked at 57.9% in March 2024)
- Debt-to-Equity Ratio: 0.15 (indicating a healthy, low-debt position)
- PE Ratio (as of June 30, 2025): 41.33
- PB Ratio (as of June 30, 2025): 0.20
- Market Capitalization: ₹1,024 Crore (as of July 2025)
- Promoter Holding: 73.6%
Monolithisch India's IPO bidding took place from June 12, 2025, to June 16, 2025. The allotment was finalized on June 17, 2025, and the shares were listed on NSE SME on June 19, 2025. The IPO price band was set at ₹143 per share, with the issue being a book-building offer of ₹82.02 crores, entirely a fresh issue of 57.36 lakh shares. Hem Securities Limited served as the book-running lead manager, and Kfin Technologies Limited was the registrar for the issue.
- Capacity Expansion: Monolithisch India is actively pursuing an aggressive growth strategy, aiming to increase its production capacity from the current 132,000 TPA to 156,000 TPA, with a target of 250,000 TPA by December 2025. This expansion is designed to meet the increasing demand from the iron and steel industry.
- Digital Transformation: The company has appointed The Digital Wand as its official website and digital partner to enhance its online presence and customer engagement.
- Transportation Dependence: The company's reliance on third-party transport providers for its supply chain exposes it to potential risks of delays, losses, or disruptions, which could impact operations and financial performance.
- Geographic Concentration: Monolithisch India derives most of its revenue from West Bengal, Odisha, and Jharkhand. Operating a single manufacturing facility further exposes the company to regional risks and potential challenges in geographic expansion efforts.
Monolithisch India Limited presents a focused investment opportunity in India's growing iron and steel industry. Backed by strong fundamentals, a consistent growth trajectory, and a strategic position in the specialized refractory materials market, the company's recent public listing and expansion plans underscore its commitment to capturing the increasing opportunities within India's industrial sector.
