Monolithisch India IPO – Comprehensive Analysis (June 2025)
🏢 Company Overview
Monolithisch India Ltd, founded in 2018, is a manufacturer and supplier of specialised ramming mass—a key insulating lining material used in induction furnaces for iron, steel, and foundry plants.
Key Business Highlights:
- Core Product: Various grades of ramming mass, including SGB-777, SLM-999, and SLM-980.
- Raw Materials: Sourced from Bihar, Jharkhand, and Madhya Pradesh.
- Facility Location: Purulia, West Bengal with a manufacturing capacity of 132,000 MTPA.
- Client Base: Iron and steel producers across West Bengal, Jharkhand, Odisha, and some exports to Nepal.
- Certifications: ISO 9001:2015, ISO 14001:2015, ISO 22301:2019, ISO 37301:2021, ISO 45001:2018, ISO/IEC 27701:2022.
- Promoter: Mr. Harsh Tekriwal (Managing Director)
📅 IPO Timeline
| Event | Date / Detail |
|---|---|
| IPO Open Date | 12 June 2025 |
| IPO Close Date | 16 June 2025 |
| Allotment Date | TBA |
| Listing Date | TBA |
| Price Band | ₹135 – ₹143 |
| Lot Size | 1,000 shares |
| Minimum Investment | ₹1,35,000 |
| Issue Size | ₹82.02 Crores |
| Issue Type | Fresh Issue |
📈 Financial Performance Table (₹ in Crores)
| Fiscal Year | Revenue | Profit |
|---|---|---|
| FY23 | 41.88 | 4.54 |
| FY24 | 68.89 | 8.51 |
| FY25 | 97.34 | 14.49 |
🔍 Industry & Peer Comparison
Sector:
Refractory materials and furnace consumables for metal producers.
Competitors:
- RHI Magnesita India
- IFGL Refractories
- Orient Refractories
✅ Key Strengths
- 🏭 Strategic Manufacturing Location: In Purulia with proximity to raw material sources for cost efficiency.
- 🔁 High Customer Retention: Over 61% of business comes from repeat clients.
- 🔍 Product Diversification: Customised grades like SGB-777, SLM-999 suited for various furnace types.
- 🏆 Robust Certifications: Multiple ISO certifications for quality, safety, and compliance.
- 📈 Strong Financial Growth: Revenue and PAT have grown significantly over FY23–FY25.
⚠️ Risks & Concerns
- 👥 Customer Concentration: Top 3 customers account for over 25% revenue in FY25.
- 🔄 Supplier Dependence: Top 3 suppliers contributed nearly 30% to raw material purchases.
- 🏭 Single Manufacturing Site Risk: All production relies on the Purulia plant.
- 🚚 Dependence on Third-Party Logistics: Potential supply disruptions.
- 🌍 Geographic Concentration: ~67% of revenue comes from West Bengal.
- 📊 Product Concentration: SGB-777 alone accounts for ~50% of revenue.
- 🧾 High Trade Receivables: ₹19.24 crore in FY25.
- ⚖️ Contingent Liabilities: ₹4.41 crore.
- 💳 Outstanding Debt: ₹7.32 crore financial obligations.
📄 IPO Document
🔗 Click here to view the official DRHP for Monolithisch India Ltd
📌 Disclaimer
This analysis is based on publicly available information including DRHP, RHP, and exchange filings. It is provided for informational purposes only and does not constitute investment advice. Readers should conduct their own due diligence before investing. Read the Disclaimer page for more details.