1. At a Glance
Ladies and gentlemen, raise your coffee mug — preferably a La Opala one — to India’s favourite tableware titan that serves you glass, style, and dividends, all in one shiny platter.La Opala RG Ltd(market cap ₹2,516 crore) just posted itsQ2FY26 results, and while the opal may still shine, the reflection has a few cracks.WithQ2FY26 revenue at ₹90.9 crore(flat YoY +0.32%) andPAT at ₹26.8 crore(+11.3% YoY), the company has managed to polish profits despite a slowdown in topline. Operating margins stayed respectable at34.4%, a number most consumer durables firms would kill for — or at least borrow La Opala’s barware to drown their sorrows.
But the stock? Down-33% in a year. Ouch. The market seems to be saying: “Great crockery, dull stockery.” Yet, this debt-free diva still yields a3.31% dividend, runs with aROCE of 15.4%,ROE of 10.9%, and acurrent ratio of 17.6— because apparently, La Opala keeps more cash than a paranoid Gujarati businessman.
So is this company still a masterpiece of frugal elegance or just a fragile relic from India’s consumer glass dream? Let’s pour ourselves a hot cup and find out.
2. Introduction
La Opala RG Ltd has been a household name long before influencer unboxing videos made dinnerware fashionable. Founded in 1987, the company took something as boring as “glass plates” and turned it into middle-class luxury. Remember those 24-piece dinner sets your mother displayed like trophies behind the showcase glass? Yeah, those.
Fast forward to FY26, and La Opala is still serving up the same elegance — albeit with the sophistication of modern manufacturing and marketing. Itsflagship brand “La Opala”caters to the economy segment, while“Diva”and“Solitaire Crystal”flirt with premium consumers. The“Cook Serve Store”brand tries to bring millennials on board, though they still mostly eat out of Swiggy boxes.
Despite macro challenges — inflation, changing lifestyles, and muted consumption — La Opala remainsIndia’s largest opalware manufacturer, producing36,000 MTPAfrom its Sitarganj and Madhupur units. But the July 2024 suspension of the Madhupur plant added some spice to an otherwise smooth story — because what’s an Indian corporate drama without a twist?
So here we are: a company withnear-zero debt,massive liquidity, andconsistently high margins, but somehow, investors treat it like it dropped their favourite plate.
3. Business Model – WTF Do They Even Do?
Alright, let’s break it down like a dropped bowl on a marble floor.
La Opala’s businessis literally about making your table look classy while you eat dal-chawal. The company manufactures and marketsopal glassware and crystalware, serving both domestic and export markets.
- Opalware Segment (Core): Think dinner sets, cups, plates, bowls, tea and coffee sets, dessert bowls — all that “don’t touch it, guests will come” inventory.
- Crystalware Segment: Premium vases, stemware, barware — used mostly by people who also own golf clubs and an SUV they never drive themselves.
Theirbrandsare neatly stacked:
- La Opala→ economy range
- Diva→ mid to upper premium
- Solitaire Crystal→ luxury segment
- Cook Serve Store→ the kitchen utility range
Distribution is La Opala’s secret sauce. With22,000+ dealers and 200+ distributors,
and partnerships with retail giants likeReliance Retail, DMart, Lifestyle, Walmart, andStar Bazaar, they are everywhere your shopping cart goes.
About90% of revenuecomes from India, while the rest travels to40+ countries, including the UK, Brazil, and the Middle East — because apparently, foreigners love Indian glass too.
4. Financials Overview
| Metric (₹ Cr) | Latest Qtr (Sep’25) | YoY Qtr (Sep’24) | Prev Qtr (Jun’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 90.9 | 90.6 | 65.0 | 0.32% | 39.8% |
| EBITDA | 31.3 (approx, OPM 34.4%) | 29.0 | 24.0 | 7.9% | 30.4% |
| PAT | 26.8 | 24.1 | 25.0 | 11.3% | 7.2% |
| EPS (₹) | 2.41 | 2.17 | 2.28 | 11.1% | 5.7% |
Annualised EPS:2.41 × 4 = ₹9.64At CMP ₹227 →P/E ≈ 23.5x, roughly aligned with the industry average of 24.9x.
Commentary:La Opala’s profit growth is like an old Hindi serial — steady, melodramatic, and occasionally interrupted by “special episodes” (aka other income). Revenue has been flat, but OPM and PAT margins remain elite. Clearly, the company’s cost control and other income (₹6–14 crore quarterly) are doing the heavy lifting.
5. Valuation Discussion – Fair Value Range
Method 1: P/E Approach
- EPS (Annualised): ₹9.1
- Industry P/E: 25×
- Conservative Range: 22×–27×→Fair Value = ₹200 – ₹245
Method 2: EV/EBITDA Approach
- EV: ₹2,524 Cr
- EBITDA (TTM): ₹154 Cr→ EV/EBITDA = 16.4× (already given)Typical consumer discretionary smallcap average: 14–18×→ Fair Value range matches ₹210 – ₹260
Method 3: DCF (Approx.)
Assuming 5% long-term growth and 10% discount rate, with ₹101 Cr FY25 PAT:→ Intrinsic range ~₹215 – ₹250
Educational Fair Value Range: ₹200 – ₹250 per share
Disclaimer: This fair value range is for educational purposes only and not investment advice. Any resemblance to your portfolio decisions is purely coincidental.
6. What’s Cooking – News, Triggers, Drama
- July 2024:La Opala suspended operations at itsMadhupur plant, which raised eyebrows faster than a broken champagne glass. Official reason? “Operational realignment.” Translation: “Too much inventory, not enough dinner parties.”
- Nov 2025:Latest Q2 results show stability, not spark. Flat revenue but stronger margins.
