Raghav Productivity Enhancers Limited – Investor Presentation Summary

Key Operational Highlights

  • World's largest manufacturer of silica ramming mass with 4.14 lakh MTPA group capacity
  • Capacity utilization at 94% on current capacity
  • 30% capacity expansion to be operational in October 2026, increasing to 5.34 lakh MTPA
  • Supplies to 27 states/UTs across India and exports to 40+ countries
  • Export volumes grew from 1 KMT in 2016 to 80 KMT in 2026, representing 24% of total volume

Key drivers of operational performance:

  • Fully automated patented manufacturing process with 6-stage quality control
  • DSIR-approved R&D facility with technical collaborations with JWK Sweden and IIT Bombay
  • Customized product mixes designed for each plant's specific parameters

Segment-wise Performance

  • Steel-grade ramming mass: Core product with 35%+ customers using latest RM 9901 PREMIX BORON variant
  • Tundish mass: Offers 10x productivity compared to traditional tundish boards with higher margins
  • Foundry-grade ramming mass: Distribution network across 8 clusters with 3x higher realization than steel-grade

Financial Highlights

Not Specified

Geographical Revenue Split

  • Domestic: Supplies across 27 states/UTs in India
  • Export: 40+ countries worldwide, representing 24% of volume
  • Export realizations are 3-5x higher than domestic prices

Balance Sheet Snapshot

Not Specified

Capex & Cash Flow Health

  • Capital Expenditure: 30% capacity expansion underway, to be operational October 2026
  • Royalty income expected from JV for manufacturing technology transfer

Strategic & R&D Initiatives

  • 80:20 JV with TRL Krosaki Refractories Ltd (Nippon Steel subsidiary) for 350,000 MTPA capacity in Eastern region
  • Multi-location manufacturing strategy to reduce freight costs from ₹2,500-3,500/MT to ₹500-700/MT
  • Foundry market expansion targeting 50,000+ foundries worldwide with 3x higher realization
  • Tundish mass development for Electric Arc Furnace based steel plants with 10x life improvement
  • Silica value chain expansion from current 97-98% purity to 4N quartz for semiconductor crucible outer layer (₹2.25-2.5 lakh/tonne) and aspiration for 6N quartz for inner layer (₹6.5-7 lakh/tonne)

Industry Trends & Business Environment

  • Induction furnace share in domestic steel production grew from 13% in 2001 to 40% currently
  • Ramming mass represents less than 0.5% of steel plant operating cost but has disproportionate impact on output
  • Top 10 customers achieved 35% average increase in heats per lining
  • 25% more heats per lining translates to 3-5% more output from same furnace

Management Commentary & Growth Outlook

  • Strategic focus on changing from commodity supplier to productivity enhancement partner
  • Seven industry rules broken: from commodity to specialty, from cost to productivity enhancer, from no innovation to R&D driven, from not scalable to world's largest, from location-bound to pan-Indian, from non-exportable to 40+ countries, from steel-only to multiple applications
  • 2031 compass direction includes increased capacity, manufacturing locations, product mix, industries served, realization, exports, adjacencies in silica and refractories, value addition, EBITDA margin, ROCE, and ROE

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