1) At a Glance
What do you call a company makingramming mass(basically high-tech sand for induction furnaces) that’s valued at₹869 Cr market capand trades at a60x P/E? Answer: Monolithisch India Ltd, the SME market’s new shiny toy. FY25 revenue hit ₹97.3 Cr, PAT ₹14.5 Cr (EPS ₹9.06), margins at 21.7%, utilisation at 91%, and promoters still holding 73.6%. The only problem? The stock is priced like it makes AI chips, not refractory filler.
2) Introduction
Born in 2018, Monolithisch India (MIL) doesn’t make glamorous EVs or fintech apps. It makes ramming mass — a heat insulation material that sits between the coil and molten steel in induction furnaces. Think of it as the oven mitt for steelmakers. You don’t notice it until it fails, and then your furnace explodes.
MIL has scaled like crazy: 1.2 lakh MT production in FY25, ~52% CAGR revenue growth since FY23, exports nudging into Nepal, and 61% of revenue from repeat customers. That’s loyalty — once a steel plant trusts your lining, it doesn’t experiment.
Now listed on NSE-SME (June 2025 IPO), MIL raised money by issuing 57.36 lakh shares. Investors went wild, pushing the stock up to a high of ₹499 before cooling to ₹400. At this valuation, MIL is basically being treated as the Raghav Productivity 2.0 of the East.
3) Business Model (WTF Do They Even Do?)
MIL makes and sellspre-mixed ramming massused as a refractory consumable in induction furnaces. Without it, steel plants can’t operate safely.
Product Portfolio:
- SGB-777(49.7% revenue) – their bestseller.
- SLM-999(18.4%).
- BG-77(21.9%).
- SLM-980 + Quartzite grain versions(~5.5%).
- Others (~4.5%).
Facility:Purulia, West Bengal. Installed capacity 1.32 lakh MTPA, ~91% utilisation in FY25.
Capex History:
- ₹2.23 Cr (FY23), ₹1.69 Cr
- (FY24), ₹2.42 Cr (FY25).Steady upgrades in plant & machinery, not reckless overspending.
Customers:Concentrated in Eastern India — West Bengal (67%), Odisha (17%), Jharkhand (17%). Recently began exports to Nepal.
4) Financials Overview
| Metric | FY25 | FY24 | YoY % |
|---|---|---|---|
| Revenue (₹ Cr) | 97.3 | ~64.0 | +52% |
| EBITDA (₹ Cr) | 21.1 | 13.0 | +62% |
| PAT (₹ Cr) | 14.5 | 9.2 | +58% |
| EPS (₹) | 9.06 | 5.8 | +56% |
Commentary:Growth is spectacular. Margins steady ~22%. EPS healthy at ₹9. But P/E of 60x? That’s fintech territory for a company selling heat-resistant sand.
5) Valuation (Fair Value Range Only)
- P/E Method:EPS ₹9 × 25–30x = ₹225 – ₹270.
- EV/EBITDA Method:EBITDA ₹21 Cr × 15–18x = EV ₹315 – ₹380 Cr. Divide by 2.17 Cr shares → ₹145 – ₹175.
- DCF (optimistic):Assume 25% CAGR for 5 years, discount 12%. FV range: ₹200 – ₹250.
Educational FV Range:₹145 – ₹270.(Not investment advice.)
6) What’s Cooking – News, Triggers, Drama
- Subsidiary Expansion:August 2025, invested ₹5 Cr in subsidiaryMetalurgica India Pvt Ltdfor factory setup.
- Investor Meetings:Continuous one-on-one meets with funds (Purpleone Vertex, Finviz). SME investor darling.
- Industry Presence:
