Raghav Productivity Enhancers Limited (RPEL) was originally incorporated on December 16, 2009, as "Raghav Ramming Mass Private Limited" in Jaipur, Rajasthan. It was later converted into a Public Limited Company, and its name was changed to "Raghav Ramming Mass Limited" on December 01, 2015.
RPEL is a prominent manufacturer, supplier, and exporter of ramming mass and other quartz-related products, with a particular focus on silica (acidic) ramming mass. The company holds the distinction of being the largest manufacturer of Silica Ramming Mass in India. Silica ramming mass is a critical high-purity refractory material used to line induction furnaces. It shields these furnaces from extreme temperatures and chemical reactions during metal melting, offering robust thermal and mechanical durability.
The company's operations are strategically located in Rajasthan, an area rich in mineral resources, particularly quartz. RPEL's manufacturing facilities are situated within these key quartz mining regions. The company offers a diverse range of products, including ramming mass, quartz minerals, silica powder, silica sand, industrial minerals, and quartz powder.
Ramming mass serves as a vital furnace refractory lining material for the steel industry, acting as a consumable insulation layer for induction melting furnaces. RPEL specializes in the manufacturing of quartz-based ramming mass, quartz powder, and tundish boards, all sold under the brand name "Raghav."
RPEL has demonstrated substantial growth in its manufacturing capacity over the years:
- 2009: Established a traditional plant with a capacity of 12,000 MTPA.
- 2014: Commissioned a fully integrated plant with a capacity of 72,000 MTPA.
- 2015: Launched the world's first fully automated plant with a capacity of 72,000 MTPA.
- 2016-17: Opened a new plant in Newai for producing Quartz powder and Quartz granule/silica granule and powder granule, used in glass industries, artificial quartz slabs, semiconductors, ceramics, paints, crucibles, tundish board sleeves, nozzles, and other induction furnace applications.
- 2018: Converted the granules plant to a ramming mass facility, increasing capacity to 144,000 MTPA.
- 2019: Further expanded mass production capacity to 180,000 MTPA through a wholly-owned subsidiary, Raghav Productivity Solutions Private Limited, located in Tonk District, Rajasthan.
- Market Capitalization: ₹3,220 Crore (up 51.6% in 1 year). This impressive growth in market valuation indicates strong investor confidence in RPEL's business prospects.
- Key Financial Ratios:
- Stock P/E: 87.1
- Book Value: ₹42.2
- Dividend Yield: 0.06%
- ROCE: 26.4%
- ROE: 21.0%
- FY 2025 Performance:
- Net Profit rose by 42.36% to ₹36.97 crore for the year ended March 2025, compared to ₹25.97 crore in the previous year ended March 2024.
- Sales increased by 50.37% to ₹199.65 crore for the year ended March 2025, compared to ₹132.77 crore in the previous year ended March 2024.
- Q4 FY 2025 Performance:
- Net Profit increased by 28.07% to ₹10.13 crore for the quarter ended March 2025, compared to ₹7.91 crore in the corresponding quarter of the previous year.
- Sales grew by 31.46% to ₹50.65 crore for the quarter ended March 2025, compared to ₹38.53 crore in the same period last year.
- Q3 FY 2025 Performance:
- Net Profit rose by 64.32% to ₹9.81 crore for the quarter ended December 2024, compared to ₹5.97 crore in the previous year.
- Sales increased by 73.63% to ₹55.04 crore for the quarter ended December 2024, compared to ₹31.70 crore in the same period last year.
In technical collaboration with JWK AB Sweden, Raghav Productivity Enhancers has established a reputation for supplying superior products. The company serves large-capacity plants across India and exports to over 35 countries worldwide. This international collaboration and extensive global reach underscore RPEL's commitment to quality and its competitive standing in the global market.
Key industrial customers for RPEL include R.L. Steel, Mahalakshmi TMT, and Varsana SPA, who procure ramming mass, silica ramming mixes, and quartz from the company.
Raghav Productivity Enhancers operates with a nearly debt-free balance sheet. This strong financial position provides the company with significant flexibility for future growth initiatives and effectively reduces financial risk.
The promoter holding in Raghav Productivity Enhancers Ltd has remained stable at 62.92% as of March 2025, from 62.92% as of September 2024. This consistent promoter stake signifies robust management confidence and a strong commitment to the business.
The Board of Directors, at its meeting held on April 30, 2025, recommended a final dividend of ₹1 per equity share (representing 10%), subject to shareholder approval. This dividend announcement reflects the company's dedication to returning value to its shareholders while continuing to invest in growth opportunities.
The RPEL stock has exhibited strong performance across various timeframes:
- Last 1 Month: The share price moved down by 2.37% on BSE.
- Last 3 Months: The share price moved up by 35.78% on BSE.
- Last 12 Months: The share price moved up by 84.42% on BSE.
Raghav Productivity Enhancers closed FY25 with strong audited results, including a ₹1 final dividend. The company's strategic capacity expansions, adding 90,000 MTPA at its subsidiary, and a clean audit report are positive indicators. These capacity expansion initiatives position RPEL well for future growth, driven by the increasing demand for refractory materials in India's expanding steel industry.
Operating within the specialized refractory materials sector, which is critical for steel production and other high-temperature industrial processes, RPEL is poised to benefit from India's ongoing focus on infrastructure development and manufacturing growth. The company's robust financial performance, debt-free status, and established international presence make it an attractive investment proposition within the industrial materials sector.
