⚡ At a Glance
Monolithisch India Ltd, founded in 2018, makes high-grade ramming mass — a heat-proof lining material for induction furnaces. With 90% capacity utilization and a niche in Eastern India’s steel belt, the company is now listed. But is this refractory play solid, or is the IPO story melting under the heat?
1. 🔥 What Does Monolithisch Actually Do?
Let’s be blunt: they manufacture avery specific thing— premixedramming mass.
Not masala. Not concrete.Just… heat-resistant quartz dust.
This material is used toline induction furnaces, which are the beating heart of mini-steel plants. Ramming mass protects the furnace coils, allows heat retention, and prevents direct contact with molten metal.
🔍 Product Line Includes:
- SGB-777 (49.7% of FY25 revenue)
- BG-77 (21.9%)
- SLM-999 (18.3%)
- SLM-980, Quartzite Grain variants, and other special formulations
They’ve also developedcustom blendsfor various furnace types and capacities, a key differentiator in a commodity-sounding market.
2. 🏭 Facility & Capacity Utilization
The company hasone unitinPurulia, West
Bengal, but they’ve squeezed every gram of output from it.
| Detail | Value |
|---|---|
| Plant Area | 3.5 acres |
| Installed Capacity | 1.32 lakh MTPA |
| FY25 Production | 1.2 lakh MT |
| Capacity Utilization (FY25) | ~90.74% |
They’ve already acquired adjacent land to expand — which may come in handy, because FY25 sales seem to be touching ceiling.
🛠 Recent Capex:
- ₹2.23 Cr in FY23
- ₹1.69 Cr in FY24
- ₹2.41 Cr in FY25
Not massive spends, but enough to ramp capacity and refine production.
3. 📈 Who Buys This Stuff (and From Where)?
Monolithisch sells primarily inEastern India’s steel belt, i.e., the furnace triangle of West Bengal, Odisha, and Jharkhand.
🌍 State-Wise Sales (FY25):
- West Bengal– 66.5%
- Odisha– 16.7%
- Jharkhand– 16.6%
They’ve just begun exports toNepal, which is nice — but don’t get too excited unless Bhutan and Bangladesh join the party.
👥
