28-Oct-2026 10:34:22
MONOLITHISCH INDIA Q2 CONCALL : REVENUE JUMPS 88%, EBITDA SURGES 192%; MANAGEMENT RETAINS ₹500+ CR FY28 REVENUE TARGET, EXPECTS COMMERCIAL MINING FROM JANUARY 2027
REPORTED PERFORMANCE & CONFIRMED DEVELOPMENTS • Q2 REVENUE JUMPED 88.2% YOY TO ₹53.6 CR, WHILE EBITDA SURGED APPROXIMATELY 192% TO ₹15.8 CR & NET PROFIT GREW 145.1% TO ₹11.2 CR • Q2 EBITDA MARGIN EXPANDED TO 29.5% FROM 19% YOY, REFLECTING IMPROVED OPERATING PROFITABILITY • H1 FY27 REVENUE GREW 75.9% YOY TO ₹100.8 CR, EBITDA INCREASED 141.1% TO ₹28.9 CR & NET PROFIT JUMPED 141.3% TO ₹21.24 CR • H1 EBITDA MARGIN IMPROVED TO 28.7% FROM 20.9% YOY, SUPPORTED BY HIGHER SALES & OPERATING EFFICIENCIES • CONFIRMED INSTALLED CAPACITY STOOD AT APPROXIMATELY 5.76 LAKH TONNES ANNUALLY, WITH GROUP CAPACITY UTILISATION AROUND 68–69% • RANCHI PLANT UTILISATION STOOD AT 90–95%, WHILE THE MAIN MONOLITHISCH FACILITY OPERATED AT 55–60%, INDICATING AVAILABLE CAPACITY FOR ADDITIONAL PRODUCTION • NEW GREENFIELD MANUFACTURING FACILITY COMMENCED OPERATIONS ON 10 OCTOBER 2026, SUPPORTING THE COMPANY'S CAPACITY EXPANSION STRATEGY • CUSTOMER RETENTION IMPROVED TO A RECORD 73.6% IN Q2 FY27, WHILE QUARTERLY SALES VOLUMES STOOD AT APPROXIMATELY 55,000 TONNES MANAGEMENT GUIDANCE & EXPECTATIONS • MANAGEMENT REITERATES FY28 REVENUE TARGET OF OVER ₹500 CR, SUPPORTED BY CAPACITY EXPANSION, MINING INTEGRATION & HIGHER MARKET PENETRATION • MANAGEMENT TARGETS INCREASING ITS INDIAN RAMMING MASS MARKET SHARE FROM APPROXIMATELY 10% TO 35% OVER THE COMING YEARS • MANAGEMENT EXPECTS COMMERCIAL MINING TO BEGIN AROUND 15 JANUARY 2027, WITH A POSSIBLE DELAY OF APPROXIMATELY 15 DAYS • MANAGEMENT EXPECTS MINING INTEGRATION TO REDUCE RAW MATERIAL COSTS FROM ₹2,700–3,200 PER TONNE TO ₹1,400–1,500 PER TONNE, WITH ₹300–400 PER TONNE OF SAVINGS POTENTIALLY PASSED TO CUSTOMERS • MANAGEMENT EXPECTS NEW GREENFIELD CAPACITY TO REACH PEAK UTILISATION WITHIN 12–18 MONTHS, WITH FURTHER CAPACITY ADDITIONS PLANNED FOR JULY & NOVEMBER 2027 • MANAGEMENT ENVISAGES EXPANDED ANNUAL CAPACITY OF APPROXIMATELY 8.75 LAKH TONNES & AIMS TO DIVERSIFY INTO HIGHER-VALUE SILICA PRODUCTS OVER THE NEXT 2–3 YEARS • MANAGEMENT EXPECTS HIGHER VOLUMES & BACKWARD INTEGRATION TO SUPPORT MARGINS, BUT HAS NOT CONFIRMED A 40% EBITDA MARGIN TARGET; MINING EXECUTION, CUSTOMER PRICING & WORKING CAPITAL REMAIN KEY RISKS INVESTOR TAKEAWAY: POSITIVE OPERATING MOMENTUM, WITH STRONG REVENUE GROWTH, EXPANDING MARGINS & IMPROVING CUSTOMER RETENTION. THE KEY UPCOMING TRIGGER IS COMMERCIAL MINING FROM Q4 FY27, WHICH COULD SIGNIFICANTLY REDUCE RAW MATERIAL COSTS. HOWEVER, THE ₹500+ CR FY28 REVENUE TARGET, EXPECTED COST SAVINGS & CAPACITY RAMP-UP REMAIN MANAGEMENT PROJECTIONS, NOT ACHIEVED RESULTS.
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