Monolithisch India
Book Building issueSMENSE₹82.02 Cr issue
+61.92%
Listing gain over issue price
Issue size
₹82.02 Cr
1 lot at cut-off
₹1,43,000
Lot size
1,000shares
Open
12 Jun 2025
Close
16 Jun 2025
Allotment
17 Jun 2025
Listing
19 Jun 2025
Listing performance
Issue price
₹143
Listed at
₹231.55
Listing-day close
₹243.10
Latest price
₹1,176.70
Close on 23 Oct 2026
Listing gain
+61.92%
Return since issue
+722.87%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 12 Jun 2025 – 16 Jun 2025
- Listing date
- 19 Jun 2025
- Face value
- ₹10 per share
- Issue price
- ₹143 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹82.02 Cr
- Market cap at offer price
- ₹311 Cr
- Promoter holding
- 100.00% → 73.61% pre-issue → post-issue
- ISIN
- INE1DV401010
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- Plot No.381, Village, Utaraha, P.S.Neturia, West Bengal
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 16,33,000 | — | — |
| Market maker | 2,88,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹143
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,43,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,86,000 |
| S-HNI (max) | 6 | 6,000 | ₹8,58,000 |
| B-HNI (min) | 7 | 7,000 | ₹10,01,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
16,33,000
Anchor portion
₹23.35 Cr
at ₹143 per share
Valuation and performance
Valuation at offer price
₹143 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.05 | 6.67 |
| P/E (×) | 15.80 | 21.44 |
| Price to book (×) | 12.20 | — |
| Market cap | — | ₹311 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 41.15%
- ROCE
- 46.22%
- Debt / equity
- 0.21
- PAT margin
- 14.88%
- EBITDA margin
- 18.81%
- NAV per share
- ₹22.13
- Price to book
- 12.20
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Monolithisch India
Monolithisch India Limited, formerly a private limited company incorporated in August 2018, was converted to a public limited company in November 2024. The company is engaged in manufacturing and supplying specialized ramming mass—a heat insulation and lining material used as a refractory consumable in induction furnaces installed in iron and steel plants and foundries. The company operates from its single manufacturing facility located at Utaraha, Purulia, West Bengal, with an installed capacity of 132,000 MTPA. Its customer base is concentrated in Eastern India, primarily in West Bengal, Jharkhand, and Odisha, where it serves iron and steel producers. The company is ISO certified across multiple standards including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and others. It also engages in occasional trading of its products to meet excess and urgent customer requirements.
Company Analysis
from RHPMonolithisch India Limited manufactures and supplies specialized ramming mass used as refractory consumables in induction furnaces for iron, steel, and foundry industries.
Monolithisch India Limited, formerly a private limited company incorporated in August 2018, was converted to a public limited company in November 2024. The company is engaged in manufacturing and supplying specialized ramming mass—a heat insulation and lining material used as a refractory consumable in induction furnaces installed in iron and steel plants and foundries. The company operates from its single manufacturing facility located at Utaraha, Purulia, West Bengal, with an installed capacity of 132,000 MTPA. Its customer base is concentrated in Eastern India, primarily in West Bengal, Jharkhand, and Odisha, where it serves iron and steel producers. The company is ISO certified across multiple standards including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and others. It also engages in occasional trading of its products to meet excess and urgent customer requirements.
Refractory Materials ManufacturingIron and Steel IndustryFoundry MaterialsIndustrial Manufacturing
Objects of the Issue
- Funding capital expenditure towards setting up of a manufacturing facility of the Company by purchase of land, building of factory shed, civil work and installation of additional plant and machinery ₹1,657.77 lakhs p.22
- Investment in subsidiary Metalurgica India Private Limited for financing its capital expenditure towards purchase of land, building of factory shed, civil work and installation of additional plant and machinery ₹2,789.67 lakhs p.22
- To meet working capital requirements ₹2,000.00 lakhs p.22
- General Corporate Purpose p.22
- Funding capital expenditure towards setting up of a manufacturing facility of the Company by purchase of land, building of factory shed, civil work and installation of additional plant and machinery therein ₹1,657.77 lakhs p.79
- Investment in our Subsidiary, Metalurgica India Private Limited for financing its capital expenditure towards purchase of land, building of factory shed, civil work and installation of additional plant and machinery therein ₹2,789.67 lakhs p.79
- To meet working capital requirements ₹2,000.00 lakhs p.79
- General Corporate Purpose p.79
- Funding capex for expansion of manufacturing capacity at existing facility and establishment of new manufacturing facility p.118
- General corporate purposes
Issue Structure
- Total Issue
- up to ₹[●] lakhs (57,36,000 Equity Shares of face value ₹10 each at Issue Price of ₹[●] per share)
- Fresh Issue
- up to 57,36,000 Equity Shares aggregating up to ₹[●] lakhs (100% fresh issue, no Offer for Sale)
- Offer for Sale
- Nil
- Price Band
- ₹[●] (Floor Price) to ₹[●] (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The company manufactures specialized ramming mass in various grades (SGB-777, SLM-999, BG-77, LG-86, SLM-980) and sells these products directly to iron and steel producers and foundries. Revenue is generated from the sale of ramming mass products, which are used in induction furnaces. The company also engages in occasional trading of products. For FY 2024-25, total income was ₹9,749.14 lakhs, with profit after tax of ₹1,448.80 lakhs.
Business Segments
Specialized ramming mass grade for induction furnaces
Specialized ramming mass grade for induction furnaces
Specialized ramming mass grade for induction furnaces
Specialized ramming mass grade for induction furnaces
Specialized ramming mass grade for induction furnaces
Manufacturing and supply of specialized ramming mass used as heat insulation/lining material, a refractory consumable for induction furnaces installed in iron/steel and foundry plants
Trading of specialized ramming mass products on occasional basis to meet excess and urgent requirements of customers
Majorly used for side lining for Furnace upto 45 MT furnace. Silica ranges from 97-98%, +5 MM : 8-10%, +1MM : 45-50% , -1MM : 50%. Additives : Boron Oxide Imported make. Operating Hours: 55-60 hrs.
Majorly used for side lining upto 30 MT furnace. Silica ranges from 97-98%, +5 MM: 10% +1MM: 45-50%, -1MM: 50%. Additives: Boric Acid (Indian Make). Operating hours: 45-58 hrs
This product is majorly used for bottom life / rough charging. Silica ranges from 97-98%, +5 MM: 8-10%, +1MM: 45-50%, -1MM: 50%. Additives: Combination of Boron Oxide and Boric Acid. Operating hours: 3 Bottoms.
This product is used for Ladle furnace application. Silica ranges from 97-98%, +5 MM: 12%, +1MM: 45-50%, -1MM: 50%. Additives: Boric Acid - (1.8%). Operating hours: 45-58 hrs
This is the most basic product widely known as post-mix ramming mass and is used for application near to furnaces and other high-temperature areas. Silica ranges from 97-98%, +5 MM: 10% +1MM: 45-50%, -1MM: 50%. Additives: Nil. Operating Hours: 45-58 hrs.
Quartzite grain product used for furnace applications
Manufacturing and sale of specialized ramming mass used as heat insulation/lining material in induction furnaces for steel and foundry industries. Products include different grades such as SGB-777, SLM-999, BG-77, Quartzite Grain SLM-980, and SLM-980.
Refractory articles manufacturing
SWOT Analysis
Strengths
- • ISO certified company with strong quality credentials(p.22)
- • Significant revenue growth trajectory(p.32)
- • Strategic location near key customers and raw material suppliers(p.22)
- • Strong capacity utilization in latest fiscal year(p.39)
- • Established manufacturing facility with raw material access(p.93)
- • Long-standing customer relationships with location advantage(p.93)
- • Experienced promoter and management team(p.93)
- • Healthy financial performance track record(p.93)
- • Strong profitability metrics and RoE(p.96)
- • Established manufacturing facility with proximity to raw material sources(p.116)
- • Long-standing customer relationships and geographic location advantage(p.116)
- • Experienced promoter and management team with deep industry knowledge(p.116)
- • Diversified product portfolio across multiple grades and specifications(p.117)
- • Strong track record of consistent revenue and profitability growth(p.117)
- • High installed manufacturing capacity with strong utilization rates(p.120)
- • Quartz ramming mass cost advantage compared to alternatives(p.109)
- • Established manufacturing facility with significant production capacity(p.211)
- • Multiple ISO certifications demonstrating quality and compliance standards(p.211)
- • Strong revenue growth with 41.31% year-on-year growth(p.216)
- • Expanding customer base with high repeat business ratio(p.211)
- • Experienced promoter leadership with 36 years combined experience(p.211)
- • Strong profitability with improving margins(p.215)
- • Clean compliance and governance record with no wilful defaults or debarments(p.235)
- • Multiple ISO certifications demonstrating quality and operational standards(p.227)
- • Positive net worth and strong balance sheet across all financial years(p.237)
- • Positive operating profit (EBIDTA) for all three years with strong recent growth(p.237)
- • Positive free cash flow in at least two of three preceding financial years(p.238)
- • Low leverage with minimal debt burden(p.219)
Weaknesses
- • Dependence on single manufacturing facility in Purulia(p.33)
- • Geographic concentration of revenue in three states(p.33)
- • High dependence on a few key suppliers(p.31)
- • Substantial portion of revenue concentrated in single product grade(p.35)
- • History of delays in statutory return filing(p.34)
- • Past non-compliance with Companies Act provisions(p.36)
- • Directors lack prior experience managing listed companies(p.33)
- • No long-term contracts with customers(p.35)
- • No alternate funding source identified; IPO proceeds dependency(p.46)
- • Unfunded objects unapprised by independent institutions(p.46)
- • Management discretion over fund allocation without shareholder approval(p.46)
- • Vulnerability to cybersecurity breaches and data privacy risks(p.46)
- • Limited dividend payment capacity(p.47)
- • Heavy dependence on a limited customer base concentrated in three states(p.117)
- • Single manufacturing facility creates geographic and operational concentration risk(p.118)
- • Limited scale with modest workforce of 26 employees(p.122)
- • Reliance on key suppliers for raw materials without firm purchase agreements(p.121)
- • High dependence on limited geographic markets(p.212)
- • Significant proportion of costs driven by raw material prices(p.214)
- • Relatively new company with limited operational history(p.173)
- • High leverage with significant short-term borrowings(p.209)
- • Pending TDS payment default to tax authorities(p.221)
- • Significant concentration of material payables with limited number of creditors(p.224)
- • Substantial outstanding dues to micro and small enterprises(p.224)
- • No customer concentration protection despite stated independence(p.218)
Opportunities
- • Expansion into new geographic markets beyond Eastern India(p.33)
- • Growth in Indian steel sector providing market tailwind(p.22)
- • Planned capacity expansion through subsidiary(p.23)
- • Expansion of manufacturing facility capacity(p.23)
- • Development of new product portfolio(p.35)
- • Capacity expansion through new manufacturing facility setup(p.80)
- • Subsidiary growth through Metalurgica India Private Limited investment(p.83)
- • Enhanced market reach and brand visibility through listing(p.79)
- • Significant growth in Indian steel production capacity and consumption(p.111)
- • Rising domestic steel demand driven by infrastructure and construction investment(p.112)
- • Strong growth momentum in India's secondary steel sector(p.109)
- • Plan to expand manufacturing capacity and establish new facilities(p.118)
- • Strategy to increase business with existing customers and enter new markets(p.117)
- • Recent geographic expansion with export to Nepal(p.113)
- • Expansion into new geographic markets beyond Eastern India(p.212)
- • Further expansion of manufacturing capacity with available land(p.211)
- • Development of new product grades to serve diverse customer requirements(p.211)
- • Technology upgrade to maintain competitive advantage(p.212)
- • Growing steel and foundry industry demand in Eastern India(p.211)
- • Potential migration to NSE Main Board after three years of SME listing(p.252)
- • Expansion through subsidiary operations in manufacturing(p.233)
- • Non-compete agreement providing protected market areas(p.231)
- • Compulsory market making support for liquidity over three years(p.253)
Threats
- • Dependence on iron and steel industry cyclicality(p.36)
- • Vulnerability to raw material price volatility(p.32)
- • Transportation disruption risks from natural calamities(p.33)
- • Reliance on third-party transportation providers(p.33)
- • Competitive pressure from organized and unorganized players(p.44)
- • Risk of conflict with group company in similar business(p.30)
- • Shortage of electricity and power supply(p.40)
- • Regulatory and compliance uncertainty(p.39)
- • India's economic growth dependency and policy uncertainty(p.47)
- • Global economic and political factors impacting performance(p.47)
- • Infrastructure deficiencies in India disrupting operations(p.47)
- • Instability in Indian financial markets from global contagion(p.47)
- • Infectious disease outbreaks disrupting workforce and customers(p.48)
- • Natural calamities impacting economy and business(p.48)
- • Terrorist attacks and armed conflicts affecting sentiment and markets(p.48)
- • Evolving regulatory compliance requirements in iron and steel sector(p.48)
- • Competition Act restrictions on business arrangements(p.48)
- • Foreign investment restrictions limiting investor participation(p.49)
- • Global economic slowdown and subdued growth in major trading nations(p.108)
- • Vulnerability to monsoon variability affecting raw material supply and operations(p.108)
- • Fragmented and highly competitive industry with numerous organized and unorganized players(p.121)
- • Commodity price volatility affecting raw material costs(p.106)
- • Rising trade protectionism and policy uncertainty affecting export demand(p.105)
- • Global geopolitical tensions and conflict impacts on commodity and energy markets(p.105)
- • Volatility in raw material prices affecting cost structure(p.211)
- • Cyclicality of steel and foundry industry affecting demand(p.213)
- • Dependence on limited customer base in niche market(p.211)
- • Regulatory changes affecting refractory materials industry(p.213)
- • Intense competition and technological obsolescence risks(p.213)
- • Regulatory dependency on continued tax compliance and government approvals(p.225)
- • Market maker exit risk after three-year support period(p.253)
- • SME Exchange listing constraints and migration requirements(p.252)
- • Limited track record as recent public company(p.237)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Prabhat Tekriwal | Promoter | 12.99% | 9.57% |
| Sharmila Tekriwal | Promoter | negligible | negligible |
| Harsh Tekriwal | Promoter | negligible | negligible |
| Kritish Tekriwal | Promoter | negligible | negligible |
| Kargil Transport Private Limited | Promoter | 87.00% | 64.04% |
| Prabhat Tekriwal | Promoter | 12.99% | 9.57% |
| Kargil Transport Private Limited | Promoter | 87.00% | 64.04% |
| Sharmila Tekriwal | Promoter Group | negligible | negligible |
| Harsh Tekriwal | Promoter Group | negligible | negligible |
| Kritish Tekriwal | Promoter Group | negligible | negligible |
| Gowri Tekriwal | Promoter Group | negligible | negligible |
| Harsh Tekriwal HUF | Promoter Group | negligible | negligible |
| Prabhat Tekriwal | Promoter | 12.99% | — |
| Sharmila Tekriwal | Promoter | — | — |
| Harsh Tekriwal | Promoter | — | — |
| Kritish Tekriwal | Promoter | — | — |
| Prabhat Tekriwal | Promoter | 13.00% | — |
| Harsh Tekriwal | Promoter | 0.00% | — |
| Sharmila Tekriwal | Promoter | 0.00% | — |
| Kritish Tekriwal | Promoter | 0.00% | — |
| Kargil Transport Private Limited | Promoter Group | 87.00% | — |
| Prabhat Tekriwal | Promoter | — | — |
Leadership
Prabhat Tekriwal · Chairman & Whole-Time Director / CFO
Harsh Tekriwal · Managing Director
Sharmila Tekriwal · Director
Kritish Tekriwal · Director
Deepa Vijay Agrawal · Company Secretary & Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Monolithisch India IPO FAQs
What is the lot size of Monolithisch India IPO?
The minimum lot size of Monolithisch India IPO is 1,000 shares. One lot costs ₹1,43,000 at the cut-off price.
When does Monolithisch India IPO open and close?
Monolithisch India IPO opened for subscription on 12 Jun 2025 and closed on 16 Jun 2025.
What is the listing date of Monolithisch India IPO?
Monolithisch India IPO listed on 19 Jun 2025.