Annual reportSep 2026
Sep 2026 · Shareholders meeting 4 Sep - Submitted FY2025-26 Annual Report; AGM scheduled for 29 September 2026 at 3:00 PM via VC/OAVM.
Source: Nse
Monolithisch India Ltd. (MONOLITH)
SME CapIndustrials stocks · SME cap · NSE
Monolithisch India Ltd. is an integrated manufacturer of premix silica ramming mass for the induction furnace steel industry. Incorporated in 2018, it has expanded capacity from 36,000 TPA to 5,76,000 TPA. The company is backward integrating with a mine acquisition and expanding geographically into Western and Southern India.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result16 Aug, 12:46 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
60Bullishfull bull SMA stack · SMA20 -1.4% / mo · MACD −
Stock trend: 66
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
MONOLITHD candles · FIT view+164.5%Latest close ₹1257.50 on 2026-10-19
Bar
+3.5%
RSI
54
MACD hist
-9.90
52W pos
78%
2026-10-19O ₹1215.05H ₹1283.90L ₹1210.00C ₹1257.50Vol 53,750 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
MONOLITHNifty India ManufacturingNifty 500
- MONOLITH
- +66.4%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +71.9 pp
Chart stats
19 Oct 2026- From 52W high
- -16.4%
- 52W range position
- 78%
- ATR (14)
- 6.2%
- Volume vs 20D
- 1.33x
- Avg traded value
- ₹5.2 Cr
- 20D price channel
- ₹1,143 - ₹1,344
₹1,505
₹367 - ₹1,505
₹77.4
Latest completed session
20-session average
57.7% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE52
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +62.1% · PAT +150.0% YoY
Technical
Bullish60
Price trend and sector-relative-strength timing.
Valuation
Legacy model-141.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence73
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +62% YoY · PAT +150% YoY · margin expansion · +15% QoQ · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹47 Cr | +62.1% | +14.6% |
| EBITDA | ₹13 Cr | +85.7% | +18.2% |
| Operating margin | 28.0% | +500 bps | +0 bps |
| PAT | ₹10 Cr | +150.0% | +25.0% |
| PAT margin | 21.3% | +749 bps | +177 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 95.00
- P/B
- 20.93
- EV/EBITDA
- 66.80
- Market Cap
- 2733.00Cr
Profitability
- ROE
- 27.80%
- ROCE
- 34.80%
- ROA
- 20.00%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 26.00%
- EPS 5Y
- 43.92%
- Revenue 3Y
- 26.00%
- EPS 3Y
- 43.92%
Balance Sheet
- Debt/Equity
- 0.05
- Interest Coverage
- —
- Altman Z
- 9.30
- Book Value
- 60.10
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 14.00 Cr
- EPS TTM
- 13.24
Shareholding
- Promoter Hold
- 74.57%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 78%
Financial History
Updated 18/10/2026
Revenue
₹ CrLatest: 47.0+14.6% vs prev
Net Profit
₹ CrLatest: 10.0+25.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 54. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 falling (~1.4% over last month) — short-term momentum negative.
- RSI(14) at 54 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 16% off 52W high · 243% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
98
RS percentile
Stage 2 UptrendEstablished S2
1M return
-2.9%
3M return
+66.4%
6M return
+160.1%
1Y return
+180.6%
RS 1D
0
RS 20D
0
Sector rank
#2
Industry rank
#24
Stage evidence
- Price is 56.3% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +15.7%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
29 May 2026
S2 age
100 trading sessions
Sector
leading
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 278.82+3.69%
RS vs Nifty 500279
Valuation & peers
U-Score 52 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 52 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth19/25
Quality18/20
Balance Sheet9/15
Cash Flow1/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
52
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
52/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 7/9.
- Quality contributes 18/20 to the score.
- Growth contributes 19/25 to the score.
Main drags
- Fair-value margin of safety is negative at -141.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
95.0
PB
20.9
EV/EBITDA
66.8
ROE
27.8%
ROCE
34.8%
FCF Yield
—
Debt/Equity
0.1
MoS
-141.7%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
52
Previous: 52
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-141.7%
Previous: -141.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
52
52
52
52
52
52
52
52
52
52
52
52
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹133.81
-839.8% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹520.33
-141.7% MoS
PEG
2.16
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
BHADORA
SME
Bhadora Industries Ltd.
Industrial Products
match 81
52
27.6
18.8%
+32%
FAIR VALUE
RAJINDLTD
SME
Rajputana Industries Ltd.
Industrial Products
match 80
62
10.3
17.3%
+74%
UNDERVALUED
INNOVISION
Small
Innovision Limited
Industrial Products
match 76
47
34.8
19.6%
+27%
FAIR VALUE
TANKUP
SME
Tankup Engineers Ltd.
Industrial Products
match 54
39
202.0
26.3%
-413%
WATCHLIST
LUMINO
Micro
Lumino Industries Limited
Industrial Products
match 54
67
17.8
24.6%
+61%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-20T07:26:39.346Z
Management commentary snapshot
Monolithisch announces aggressive capacity expansion to 8.75 lakh TPA, backward integration with a new mine, and entry into Western & Southern India, targeting INR 500-550 Cr revenue by FY28.
Management's strategic vision for integrated, geographically diversified growth is clear. However, the rapid pace of capacity additions, reliance on internal accruals for significant capex, and ambitious utilization targets in new markets warrant close monitoring of execution and margin realization.
Growth engines
Geographical Expansion
Establishing two new manufacturing facilities in Western (Udaipur) and Southern (Hospet) India to expand footprint beyond Eastern India and be closer to consumption centers.
Backward Integration
Acquisition of stone mining assets in Nawada, Bihar, to secure raw material supply, ensure quality, and mitigate price fluctuations.
Capacity Expansion
Adding 3 lakh TPA combined capacity across Western and Southern facilities, increasing total capacity to 8.75 lakh TPA.
Diversification into Silica Products
Evaluating entry into silica industry, including HPQ segment, solar/semiconductor crucibles, tiles adhesives, and silica sand industry.
Capacity and execution
Greenfield Project (Eastern India)
Recently commissioned greenfield project is undergoing trial runs, strengthening manufacturing platform.
Nawada Quartzite Mine Block
Acquired stone mining assets in Nawada, Bihar, with an estimated start time of January or February (current FY).
Western India Facility (Udaipur, Rajasthan)
Planned initial capacity of 1,75,000 TPA with INR 25 crores capex, expected commercial production by November 2027.
Southern India Facility (Near Hospet, Karnataka)
Planned initial capacity of 1,25,000 TPA with INR 20 crores capex, expected commercial production by July 2027.
Tailwinds
Raw Material Security & Cost Control
Nawada mine acquisition secures raw material supply, ensuring consistency and quality, and mitigating exposure to market price fluctuations.
Reduced Freight Costs
New facilities in Western and Southern India position the company closer to consumption centers, reducing freight costs for customers.
Export Opportunities
Proximity of new locations to major maritime gateways provides logistical advantages for export expeditions to Middle East and African regions.
Strong Demand Visibility
Significant capex run in Purulia-Raghunathpur belt (Eastern India) with INR 30,000-40,000 crores investment in secondary steel sector.
Risk radar
Execution Risk for New Projects
Rapid commissioning of two new greenfield plants and a mine within a year could face unforeseen delays or cost overruns.
Utilization Ramp-up in New Geographies
Achieving 80-90% utilization for new plants within a year of commissioning in new markets, despite brand recognition, may be challenging.
Funding for Capex
While management plans internal accruals, significant capex (INR 45 Cr for plants, mine payments) could strain cash flows, potentially requiring short-term loans.
Market Price Fluctuations
Final product selling prices can fluctuate by INR 200-300, impacting overall margins despite fixed raw material costs.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare QOQ
This investor call focuses on strategic developments, project execution timelines, and sequential ramp-up of new capacities and backward integration benefits. Quarterly progress on these initiatives is more relevant than year-over-year financial comparisons.
Sector KPIs management disclosed
Current Installed Capacity
Installed capacity has grown from 36,000 TPA in 2018 to 5,76,000 TPA today.
Total Capacity Post-Expansion
Upon successful commissioning of new projects, total production capacity is expected to reach approximately 8,75,000 TPA.
Raw Material Cost Reduction (Eastern Plant)
Expect 40% reduction in raw material procurement cost, estimated at INR 1,400-1,500 per metric ton for the Eastern plant.
FY28 Revenue Target
Company is eyeing a revenue target of roughly around INR 500 crores to INR 550 crores for FY28.
Management forward view
Transition to Specialized Silica Processor
Company is converting from a core ramming mass company to a high-specialized silica processor, evaluating new segments like HPQ.
Debt-Free Expansion Policy
Objective is to expand without high debt; no fundraise planned, aiming for self-funding with minimal short-term loans if needed.
Integrated Approach for New Facilities
Company policy is to go 'integrated' wherever new units are set up, implying raw material security will be addressed for new regions.
Confidence in Demand
Management is very confident in demand visibility, citing significant consumption in its district and broader regional investments.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Nawada Mine Commissioning & Cost Savings | Expected January/February (current FY) | Timely commissioning and realization of INR 1,400-1,500/MT raw material cost savings for Eastern plants. |
| New Plant Commissioning & Utilization | Southern plant by July 2027, Western plant by November 2027 | Adherence to commissioning timelines and achievement of 80-90% utilization within a year of launch for new facilities. |
| EBITDA Margin Improvement | Expected 4-5% improvement from FY28 | Actual EBITDA margin expansion reflecting the raw material cost benefits and efficient operations of new capacities. |
| Progress on New Silica Verticals | Evaluating HPQ, solar/semiconductor crucibles, silica sand, tiles adhesives | Concrete announcements and timelines for strategic and material developments in these new product segments. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
73Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 72nd percentile of the scored universe and 70th percentile within Industrials. Main check: cash conversion is weak at 43/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
5 docs text-extracted · 3 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
72nd percentile
overall median 67 · Industrials: 70th pctile, median 68 · SME: 90th pctile, median 64
Evidence depth
Financial-only
5 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
63
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 74.3%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.05.
- ▸ROCE is 34.8%.
Trust risks
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Monolithisch India Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Nse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Nse
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Investor presentationFeb 2026
Feb 2026 · PPT
Source: Nse
Concall transcriptFeb 2026
Feb 2026 · Transcript
Source: Nse
Investor presentationOct 2025
Oct 2025 · PPT
Source: Nse
Concall transcriptOct 2025
Oct 2025 · Transcript
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.