Q3 FY26 Results · Quarterly Reporting (Oct–Dec)
Raghav Productivity:
₹64 Cr Q3 Revenue. 30% Margins.
Ramming Mass Crushed Expectations (Literally).
A niche quartz ramming mass manufacturer that just proved profitability scales beautifully at tiny scale. Q3 FY26 hit ₹64 crore revenue (+17% QoQ, +86% YoY). PAT surged 44% YoY to ₹14 crore. Margins stay glued to 30%. With ₹414,000 MTPA combined capacity, a patent for their process, awards from the steel ministry, and 38% induction furnace market share across India — they’re no longer the shop in Jaipur. They’re becoming India’s ramming mass monopoly. The question: can they scale to ₹500 crore without killing the unit economics that built them?
Market Cap₹2,950 Cr
CMP₹643
P/E Ratio59.3x
ROCE25.8%
Sales Growth+26.5%
01 — At a Glance
The Quartz Crusher That Out-Crushed Everyone
- 52-Week High / Low₹1,066 / ₹479
- Current Price₹643
- FY25 Revenue₹200 Cr
- FY25 PAT₹37 Cr
- FY25 EPS₹8.05
- Book Value₹46.8
- P/B Ratio13.7x
- Debt / Equity0.03x (Nearly debt-free!)
- Interest Coverage85.4x
- Promoter Hold62.9%
The Ramming Truth: Raghav Productivity is trading at 59.3x P/E on FY25 earnings. That’s expensive by most standards. But wait—they’re growing PAT at 43% CAGR (3-year), margins are locked at 27-30%, they’re almost debt-free (gearing 0.03x), and ROCE is a gorgeous 25.8%. They’ve also just secured a process patent, won awards from the steel ministry, and control 12% of India’s domestic silica ramming mass market. The stock is down 30% from its 52-week high (₹1,066), which means the market is slowly realizing that fast-growing, profitable, debt-free companies with moat don’t stay cheap forever.
02 — Introduction
When Your Boring Quartz Powder Becomes A Monopoly
Raghav Productivity Enhancers Ltd is in the business of making silica ramming mass — a consumable lining material for induction furnaces used in steel and foundries. Think of it as the packing material for your samosa, except instead of packing food, it’s packing molten metal at 1,600°C.
The company was founded by Rajesh Kabra and Sanjay Kabra (brothers who’ve been in this business for 30+ years) and incorporated in 2009. They listed on BSE in April 2016 at ₹10 face value. In August 2024, they listed on NSE. Today, they’re a ₹2,950 crore market cap company with 414,000 MTPA capacity (combined with their subsidiary RPSPL, which opened in 2024).
Revenue mix: 54% domestic, 46% export (26+ countries). Top customers: R.L. Steel, Mahalakshmi TMT, Varsana SPA. These are secondary steel plants, not POSCO-sized giants. So why does Raghav matter? Because induction furnaces are becoming India’s dominant steel production route. In FY25, IF route accounted for 38% of India’s 152 million tonnes of crude steel production — up 6% from FY24. And Raghav owns the lining material business in that ecosystem.
The AGM Mic Drop (Aug 2025): “We are pioneers in breaking geographical barriers by transforming a traditionally local business into a globally scalable model.” They’re exporting to 36+ countries now (up from 26), sales volume hit 257 KMT in FY25 (vs 186 in FY24), and export volume is at 77 KMT. Their President of Sales is Bharat Tank — a 35-year veteran from Electrotherm, the largest IF manufacturer in India. Translation: they’re hiring real talent to scale beyond Rajasthan.
03 — Business Model: Grinding & Binding
They Crush Quartz. You Crush Your Competition.
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