Date: October 16, 2026
Financial Performance Summary
Half-Year FY27 Performance (Consolidated):
- Revenue: ₹180 Crore, up 47% YoY
- EBITDA: ₹54 Crore, up 55% YoY
- PAT: ₹41 Crore, up 61% YoY
Q2 FY27 Performance (Consolidated):
- Revenue: ₹93 Crore, up 46% YoY
- EBITDA: ₹28 Crore, up 47% YoY
- PAT: ₹22 Crore, up 56% YoY
Key Financial Metrics
- Capacity utilization: 95% on consolidated basis
- Annualized ROCE: 39% in H1 FY27
- Annualized ROE: 29% in H1 FY27
- Profitability growth exceeded revenue growth due to higher contribution from value-added products
Business Highlights
Capacity Expansion:
- Brownfield expansion project on track for Q3 FY27 operationalization
- Capacity increasing from 414,000 MTPA to 534,000 MTPA
- Represents approximately 29% capacity increase
Product Development:
- Foundry business growing steadily with expanding global distribution network
- Tundish FerroShield (latest R&D innovation) witnessing increasing adoption across existing customer base
- Enables expansion of wallet share of customers' refractory spend through cross-selling
- No incremental customer acquisition costs for new product
Management Commentary
Business Momentum:
- Existing customers are scaling up operations
- New customers converting post-trials
- Tundish FerroShield emerging as additional growth driver
Expansion Strategy:
- TRLK JV in East India represents first step toward customer proximity-led model replication
- Strategy supports 1 Mn MTPA capacity target across key steel clusters
Market Outlook:
- Draft National Steel Policy targets 604 Mn MT of steel capacity by 2047 (nearly 3x current levels)
- Shift towards green steel supports induction furnace route
- Growing customer base as new induction furnace capacity is added
Company Background
- Incorporated in 2009, headquartered in Jaipur
- World's largest manufacturer of silica ramming mass
- Operates fully automated manufacturing facilities using patented technology in Newai, Rajasthan
- Exports to over 39 countries
- Serves 28 states across India
- Only manufacturer to break geographical barriers in silica ramming mass industry
- Silica ramming mass is refractory material used in induction furnace based steel plants, foundries and casting units