Synopsis: After delivering 325% returns in six months from listing price, Monolithisch India is scaling capacity from 1,56,000 MTPA to 5,74,000 MTPA, leveraging a debt-free balance sheet and strong customer retention to target 4x revenue and 5x profit growth by FY28. As of December, 2025 Mukul agarwal holds 2.76% stake in the company.
Monolithisch India Ltd has emerged as one of the fastest-growing players in the Indian industrial sector, leveraging its leadership in the premix ramming mass segment. The company has delivered 300 percent return in just 6 months since its listing. Now the question is Can Monolithisch India quadruple its revenue by FY28 after a strong growth trajectory in recent years?
Monolithisch India Ltd, with a market capitalization of Rs. 1,004.20 crore, closed at Rs. 462 per equity share, down by 2.39 percent from its previous day’s close price of Rs. 473.3 per equity share. As of December, 2025 Ace investor mukul agarwal holds 2.76 percent stake in the company.
Stock return
Monolithisch India Ltd has delivered strong returns across multiple timeframes, with a 1-month return of -11.46 percent, a 3-month return of 3.55 percent, and a 6-month return of 14.82 percent from Rs. 402.35 to Current market price. From its issue price to the current market price of Rs. 480, the stock has delivered a return of 223 percent, and at its peak price of Rs. 607, it generated returns of 324.5 percent.
About the Company
Incorporated in August 2018, Monolithisch India Limited manufactures specialized ramming mass, a heat-insulating refractory used in induction furnaces for the iron, steel, and foundry industries. Its products include SGB-777, SLM-999, BG-77, Quartzite Grain SLM-980, and SLM-980. The company is ISO certified and serves primarily iron and steel producers in Eastern India (West Bengal, Jharkhand, and Odisha). Its manufacturing unit is in Purulia, West Bengal. As of March 2025, it employs 26 full-time staff and supplements operations with contract labor.
With a price range of Rs. 135 to Rs. 143 per equity share, Monolithisch India Ltd launched its initial public offering (IPO). The subscription period was open from June 12 to June 16, 2025. On June 19, 2025, the company’s shares went public on the NSE SME platform, initially trading for Rs. 231.55 each. This indicated strong investor interest and represented a listing gain of about 61.92 percent over the upper end of the issue price.
Revenue Guidance
Monolithisch India is targeting ambitious growth, aiming to quadruple its revenue to around Rs. 292 crore by FY28 from Rs. 97.3 crore in FY25, driven by capacity expansions and a growing market presence.
Fast-Growing Steel Market
India is the second-largest crude steel producer globally, with 151.1 MT output in 2024-25, and is targeting 300 MT by 2030. With per capita steel consumption projected to rise from 100 kg in 2025 to 160 kg by 2030, domestic demand is expected to grow 9–10 percent annually, driven by infrastructure, automotive, and exports. Government initiatives like Steel Policy 2017, PLI, and Gati Shakti are further boosting investment and capacity expansion.
The accompanying chart shows Monolithisch India strategically positioned to capitalize on these trends. The company’s production ramp-up coincides with India’s projected steel growth, indicating strong alignment with market demand and government incentives, which will help the company in boosting its revenue.
Customer Base Expansion and High Retention
The company has expanded its customer base by 66 percent over the past two years, reflecting its growing market presence. A significant portion of its revenue that is 75 percent in H1FY26 comes from repeat customers, highlighting strong client trust and retention. This loyal clientele forms the backbone of Monolithisch India’s growth strategy, ensuring stable cash flows even as the company scales.
Debt-Free Balance Sheet
Monolithisch India’s debt-free status provides it with the financial flexibility to invest aggressively in capacity expansion and operational efficiency. This strong balance sheet also allows the company to take advantage of opportunities in India’s rapidly growing steel sector without relying on external borrowing.
Capacity Expansion
As of Q2FY26, Monolithisch India’s production capacity stands at 1,56,000 MTPA, but the company plans a major ramp-up to 5,74,000 MTPA by Q1FY27. This nearly 4x expansion positions the company to meet increasing domestic demand for steel and allied products and to capitalize on government policies promoting infrastructure, automotive, and export-driven growth.
Capital Expenditure Investment
To achieve this ambitious capacity expansion, Monolithisch India has allocated a CAPEX of Rs. 27.54 crore. This investment will fund state-of-the-art production facilities and enhance operational efficiency, laying the foundation for its FY28 revenue and profit targets.
Financial Performance
Monolithisch India reported revenue of Rs. 57 crore in September 2025, up 39 percent YoY from Rs. 41 crore in September 2024 and slightly higher than Rs. 56 crore in March 2025, reflecting a 2 percent growth over six months. EBITDA stood at Rs. 12 crore, up 33 percent YoY from Rs. 9 crore and unchanged from March 2025. Profit was Rs. 9 crore, rising 50 percent YoY from Rs. 6 crore and stable compared to March 2025.
Over the past five years, the company has demonstrated strong growth, achieving a revenue CAGR of 81 percent, a profit CAGR of 114 percent reflecting its operational performance and market confidence.
It has a debt to equity ratio at 0 demonstrates the company’s strong financial position. The stock is currently trading at a P/E of 57.7x higher as compared to industry P/E of 41.2x.
EBITDA and Net Profit Outlook
With a loyal customer base, debt-free balance sheet, and aggressive capacity expansion, Monolithisch India is targeting 4x revenue and 5x EBITDA and net profit growth by FY28. Analysts believe that its strategic positioning, combined with India’s booming steel sector, could make it one of the standout mid-cap performers in the coming years.
Conclusion
Monolithisch India’s ambitious plans to significantly scale its revenue to 4x by FY28 are backed by capacity expansion, a growing customer base, and strong demand from the steel sector. The company’s ability to scale production on time will be key to achieving its FY28 revenue targets. Consistent execution will decide whether the projected revenue growth becomes a reality.
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