Sector Alpha Week of 2026-07-29
20-quarter listed-company comparison

Refractories Stocks in India

Refractories: RHI Magnesita India Ltd owns the largest revenue base; Orient Ceratech Ltd has the fastest current growth.

Nifty Refractories Index — Constituents & Performance

The Refractories companies below are the listed Indian Refractories universe this page tracks — the same constituent set people search for as the Nifty Refractories index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.

The sector itself · before any single company

How has Refractories moved against NIFTY 500?

The line below covers 5.1 years. Over the most recent two of them this sector is 4% ahead of NIFTY 500. Earnings across its companies fell 24% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 10 weeks running.

BREAKING OUT · ahead 10w⚠Moving with the index2 of 4 companies ahead of NIFTY 500 by 5% or more over three months

RS ↑10w · 2/4 >200d (+1) · 2/4 lead (+0) · EPS 1/3↑

200500202620252024202320222021 497335 TRAILING 12-MONTH EPS · 100 AT THE START0100Sep 23Mar 24Sep 24Mar 25Sep 25Mar 26Sep 2023 · trailing 12-month earnings per share at 100, against 100 at the start · down 100.0% on a year ago · 3 reportingDec 2023 · trailing 12-month earnings per share at 87, against 100 at the start · down 100.0% on a year ago · 3 reportingMar 2024 · trailing 12-month earnings per share at 72, against 100 at the start · no comparable year yet · 3 reportingJun 2024 · trailing 12-month earnings per share at 68, against 100 at the start · up 59.1% on a year ago · 3 reportingSep 2024 · trailing 12-month earnings per share at 45, against 100 at the start · down 6.2% on a year ago · 3 reportingDec 2024 · trailing 12-month earnings per share at 42, against 100 at the start · down 14.0% on a year ago · 3 reportingMar 2025 · trailing 12-month earnings per share at 52, against 100 at the start · down 20.2% on a year ago · 3 reportingJun 2025 · trailing 12-month earnings per share at 43, against 100 at the start · down 31.6% on a year ago · 3 reportingSep 2025 · trailing 12-month earnings per share at 70, against 100 at the start · down 24.2% on a year ago · 4 reportingDec 2025 · trailing 12-month earnings per share at 74, against 100 at the start · down 19.5% on a year ago · 4 reportingMar 2026 · trailing 12-month earnings per share at 72, against 100 at the start · down 19.4% on a year ago · 4 reportingJun 2023 · too few reporting — 2 of the Refractories filed a comparable quarter, and three is the floor for a readingNot reported yet — earnings trail price by a quarter or two72 · Mar 26No earnings on file this far back — the price series reaches further than the filings doNO EARNINGS ON FILE
200500202620252024202320222021 497335 TRAILING 12-MONTH EPS · 100 AT THE START0100Mar 24Mar 25Mar 26Sep 2023 · trailing 12-month earnings per share at 100, against 100 at the start · down 100.0% on a year ago · 3 reportingDec 2023 · trailing 12-month earnings per share at 87, against 100 at the start · down 100.0% on a year ago · 3 reportingMar 2024 · trailing 12-month earnings per share at 72, against 100 at the start · no comparable year yet · 3 reportingJun 2024 · trailing 12-month earnings per share at 68, against 100 at the start · up 59.1% on a year ago · 3 reportingSep 2024 · trailing 12-month earnings per share at 45, against 100 at the start · down 6.2% on a year ago · 3 reportingDec 2024 · trailing 12-month earnings per share at 42, against 100 at the start · down 14.0% on a year ago · 3 reportingMar 2025 · trailing 12-month earnings per share at 52, against 100 at the start · down 20.2% on a year ago · 3 reportingJun 2025 · trailing 12-month earnings per share at 43, against 100 at the start · down 31.6% on a year ago · 3 reportingSep 2025 · trailing 12-month earnings per share at 70, against 100 at the start · down 24.2% on a year ago · 4 reportingDec 2025 · trailing 12-month earnings per share at 74, against 100 at the start · down 19.5% on a year ago · 4 reportingMar 2026 · trailing 12-month earnings per share at 72, against 100 at the start · down 19.4% on a year ago · 4 reportingJun 2023 · too few reporting — 2 of the Refractories filed a comparable quarter, and three is the floor for a readingNot reported yet — earnings trail price by a quarter or two72No earnings on file this far back — the price series reaches further than the filings doNO EARNINGS ON FILE
Refractories, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling
Strength anatomy Broad but lateHow much of the sector is participating, how recently, and whether the movers score well.
Together2 of 4 stocks moving
Fresh0 crossed in the last 4 weeks
Backed by scoresmovers score +10 vs the sector average
Down the cap ladder — bar is now, tick is four weeks ago
Large 0/10
Mid 1/20
Small 1/10

Participation is not spreading downward this month; the larger companies are still carrying most of it.

Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 4 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

Sector relative strength · before individual stocks

Is Refractories outperforming NIFTY 500?

The 52-week comparison of Refractories against NIFTY 500 is not available from the current market series. 3 of 6 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Monolithisch India Ltd is the strongest against the sector itself at +33.2%. Readings are as of 2026-07-19.

—Sector vs NIFTY 500 · 13 weeks
—Sector vs NIFTY 500 · 52 weeks
3/6Stocks leading NIFTY 500
2/6Stocks leading sector

Sector metric: 58.4 as of 2026-07-19 · NARROWING · rising.

The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

The 52-week sector comparison is unavailable. 3 of 6 covered companies currently have positive Mansfield relative strength versus NIFTY 500. RHI Magnesita India Ltd leads with revenue of ₹4,019 crore, based on 6 of 6 comparable companies through Mar 2026. Orient Ceratech Ltd has the fastest current revenue growth at 23.4%, across 5 of 6 comparable companies.

Is the Refractories sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 3 of 6 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

Which Refractories company is largest by revenue?

RHI Magnesita India Ltd leads with revenue of ₹4,019 crore, based on 6 of 6 comparable companies through Mar 2026.

Which Refractories company is growing fastest?

Orient Ceratech Ltd has the fastest current revenue growth at 23.4%, across 5 of 6 comparable companies.

Which Refractories company has the strongest 4-Factor Sector Score?

Orient Ceratech Ltd ranks first at 67.6/100 with 76.8% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Refractories company reports the most CAPEX?

Monolithisch India Ltd reports the largest latest CAPEX at ₹5 crore, with 1 of 6 companies comparable.

Which Refractories company has the least gross debt?

Morganite Crucible (India) Ltd has the lowest comparable gross debt at ₹2 crore. RHI Magnesita India Ltd has the highest at ₹448 crore.

Which Refractories company has the lowest comparable PEG?

Vesuvius India Ltd has the lowest comparable Guarded PEG at 6.32, among 1 of 6 companies that pass the metric’s comparability rules.

How much history does this Refractories comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

Companies
6
complete canonical membership
Combined market value
₹21.8K Cr
Vesuvius India Ltd
Revenue growing
5/5
positive TTM year-on-year growth
Beating NIFTY 500
3/6
positive Mansfield relative strength
Global company selection
00 · research priority, made explicit

4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
Orient Ceratech Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 76.8% evidence confidence.
Monolithisch India Ltd has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.

1. Orient Ceratech Ltd · ORIENTCER

67.6/100 · Favorable setup · 77% evidence

Exact sum: 26 + 12.8 + 15 + 13.8 = 67.6

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

26.0/35Growth & earnings

Revenue 23.4% · PAT 100% · OPM change -1.5 pp

83% evidence

12.8/25Capital efficiency

ROCE 10.2% · debt/equity 0.13×

95% evidence

15.0/20Valuation

P/E 21× · PEG —

50% evidence

13.8/20Relative strength

RS sector 9.1% · RS bench 0.8% · 1Y -6.4%

70% evidence

2. Monolithisch India Ltd · MONOLITH

61.8/100 · Thin evidence · provisional · 57% evidence

Exact sum: 16.7 + 19 + 9.1 + 17 = 61.8

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

16.7/35Growth & earnings

Revenue — · PAT — · OPM change 5 pp

45% evidence

19.0/25Capital efficiency

ROCE 34.8% · debt/equity 0.05×

95% evidence

9.1/20Valuation

P/E 58.5× · PEG —

15% evidence

17.0/20Relative strength

RS sector 33.2% · RS bench 47.2% · 1Y 78%

70% evidence

3. Morganite Crucible (India) Ltd · MORGANITE

55.3/100 · Thin evidence · provisional · 58% evidence

Exact sum: 18.7 + 18.4 + 11.7 + 6.5 = 55.3

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

18.7/35Growth & earnings

Revenue 3% · PAT -9.3% · OPM change 7.3 pp

53% evidence

18.4/25Capital efficiency

ROCE 30.4% · debt/equity 0.01×

60% evidence

11.7/20Valuation

P/E 30.2× · PEG —

50% evidence

6.5/20Relative strength

RS sector -6.1% · RS bench -8.6% · 1Y -7.8%

70% evidence

4. IFGL Refractories Ltd · IFGLEXPOR

41.4/100 · Mixed-negative evidence · 83% evidence

Exact sum: 15.8 + 7 + 6.4 + 12.2 = 41.4

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

15.8/35Growth & earnings

Revenue 14.6% · PAT -18.6% · OPM change 1 pp

83% evidence

7.0/25Capital efficiency

ROCE 4.9% · debt/equity 0.18×

95% evidence

6.4/20Valuation

P/E 38.8× · PEG —

50% evidence

12.2/20Relative strength

RS sector -7.8% · RS bench 2.1% · 1Y -23.2%

100% evidence

5. Vesuvius India Ltd · VESUVIUS

39.0/100 · Mixed-negative evidence · 93% evidence

Exact sum: 15.3 + 16.3 + 4.9 + 2.5 = 39

Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.

15.3/35Growth & earnings

Revenue 11.9% · PAT 2.8% · OPM change 0 pp

83% evidence

16.3/25Capital efficiency

ROCE 21.3% · debt/equity 0.01×

95% evidence

4.9/20Valuation

P/E 35.2× · PEG 6.32

100% evidence

2.5/20Relative strength

RS sector -15.3% · RS bench -5.7% · 1Y -13.5%

100% evidence

6. RHI Magnesita India Ltd · RHIM

25.6/100 · Adverse evidence · 86% evidence

Exact sum: 10.1 + 7.5 + 6.6 + 1.4 = 25.6

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

10.1/35Growth & earnings

Revenue 9.4% · PAT -80% · OPM change -1 pp

88% evidence

7.5/25Capital efficiency

ROCE 6.5% · debt/equity 0.13×

100% evidence

6.6/20Valuation

P/E 74.8× · PEG —

50% evidence

1.4/20Relative strength

RS sector -15.9% · RS bench -6.5% · 1Y -15.2%

100% evidence

01 · compare level, then change

Revenue Scale & Growth Durability

RHI Magnesita India Ltd has the highest Revenue among the 6 Refractories companies compared here, at ₹4,019 crore. Vesuvius India Ltd is next at ₹2,122 crore. Orient Ceratech Ltd has the highest Revenue growth at 23.4%, so level and change sit with different companies. 6 of 6 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: RHI Magnesita India Ltd is the scale leader at ₹4,019 crore, 89.4% ahead of Vesuvius India Ltd. Orient Ceratech Ltd's growth is 23.4% from a ₹404 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderRHI Magnesita India Ltd · ₹4,019 crore
Gap89.4% versus #2 · Vesuvius India Ltd
Persistence5/8 recent comparable periods
Coverage6/6 companies · 86 observations

Investor read: RHI Magnesita India Ltd is the scale benchmark; Orient Ceratech Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: RHI Magnesita India Ltd's growth falls below Orient Ceratech Ltd's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.
Revenuelargest
1RHI Magnesita India Ltd RHIM₹4.0K Cr
2Vesuvius India Ltd VESUVIUS₹2.1K Cr
3IFGL Refractories Ltd IFGLEXPOR⚠ unverified₹1.9K Cr
4Orient Ceratech Ltd ORIENTCER₹404 Cr
5Morganite Crucible (India) Ltd MORGANITE · older report₹177 Cr
Revenue growthfastest growers
1Orient Ceratech Ltd ORIENTCER23%
2IFGL Refractories Ltd IFGLEXPOR⚠ unverified15%
3Vesuvius India Ltd VESUVIUS12%
4RHI Magnesita India Ltd RHIM9.4%
5Morganite Crucible (India) Ltd MORGANITE · older report3.0%
Revenue · company comparison
6/6 level · 5/6 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyRevenueRevenue growthReported
RHI Magnesita India Ltd RHIM₹932 Cr1.5%Mar 2026
Vesuvius India Ltd VESUVIUS₹500 Cr3.7%Mar 2026
IFGL Refractories Ltd IFGLEXPOR⚠ unverified₹483 Cr7.6%Mar 2026
Orient Ceratech Ltd ORIENTCER₹98 Cr16%Mar 2026
Monolithisch India Ltd MONOLITH⚠ unverified₹47 Cr62%Jun 2026
Morganite Crucible (India) Ltd MORGANITE₹46 Cr3.2%Dec 2025
Full 20-quarter history · every available company

Revenue · reported quarter history

IFGL Refractories Ltd · IFGLEXPOR⚠ unverified

—
—
—
—
—
₹316 Cr
₹368 Cr
₹424 Cr
₹456 Cr
₹366 Cr
₹394 Cr
₹415 Cr
₹411 Cr
₹379 Cr
₹449 Cr
₹454 Cr
₹489 Cr
₹469 Cr
₹483 Cr
—

Monolithisch India Ltd · MONOLITH⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
₹26 Cr
₹30 Cr
₹29 Cr
₹28 Cr
₹37 Cr
₹41 Cr
₹47 Cr

Morganite Crucible (India) Ltd · MORGANITE

—
—
—
—
—
₹41 Cr
₹34 Cr
₹43 Cr
₹45 Cr
₹40 Cr
₹40 Cr
₹43 Cr
₹44 Cr
₹45 Cr
₹42 Cr
₹43 Cr
₹46 Cr
₹46 Cr
—
—

Orient Ceratech Ltd · ORIENTCER

—
—
—
—
—
₹55 Cr
₹87 Cr
₹73 Cr
₹83 Cr
₹75 Cr
₹83 Cr
₹98 Cr
₹70 Cr
₹74 Cr
₹85 Cr
₹98 Cr
₹114 Cr
₹93 Cr
₹98 Cr
—

RHI Magnesita India Ltd · RHIM

₹433 Cr
₹543 Cr
₹594 Cr
₹602 Cr
₹600 Cr
₹645 Cr
₹875 Cr
₹928 Cr
₹987 Cr
₹923 Cr
₹943 Cr
₹879 Cr
₹867 Cr
₹1.0K Cr
₹918 Cr
₹960 Cr
₹1.0K Cr
₹1.1K Cr
₹932 Cr
—

Vesuvius India Ltd · VESUVIUS

₹268 Cr
₹259 Cr
₹312 Cr
₹330 Cr
₹353 Cr
₹348 Cr
₹368 Cr
₹405 Cr
₹413 Cr
₹417 Cr
₹453 Cr
₹462 Cr
₹444 Cr
₹509 Cr
₹482 Cr
₹524 Cr
₹547 Cr
₹551 Cr
₹500 Cr
—

Revenue growth · reported quarter history

IFGL Refractories Ltd · IFGLEXPOR⚠ unverified

—
—
—
—
—
—
—
—
—
16%
7.1%
-2.1%
-9.9%
3.6%
14%
9.4%
19%
24%
7.6%
—

Monolithisch India Ltd · MONOLITH⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
42%
37%
62%

Morganite Crucible (India) Ltd · MORGANITE

—
—
—
—
—
—
—
—
—
-3.6%
17%
0.5%
-2.3%
12%
6.1%
-0.8%
3.7%
3.2%
—
—

Orient Ceratech Ltd · ORIENTCER

—
—
—
—
—
—
—
—
—
36%
-5.2%
35%
-15%
-1.2%
2.4%
0.4%
61%
26%
16%
—

RHI Magnesita India Ltd · RHIM

—
—
—
40%
39%
19%
47%
54%
65%
43%
7.8%
-5.3%
-12%
9.5%
-2.7%
9.2%
19%
8.0%
1.5%
—

Vesuvius India Ltd · VESUVIUS

—
—
25%
21%
32%
34%
18%
23%
17%
20%
23%
14%
7.5%
22%
6.4%
13%
23%
8.3%
3.7%
—
02 · compare level, then change

Operating Economics & Margin Trend

Morganite Crucible (India) Ltd has the highest OPM among the 6 Refractories companies compared here, at 30.8%. Monolithisch India Ltd is next at 28%. The same company also holds the highest Margin change, at +7.3 percentage points. 6 of 6 companies report a comparable reading, the latest through Dec 2025.

What the numbers say: Morganite Crucible (India) Ltd leads both opm at 30.8% and margin change at +7.3 percentage points.

LeaderMorganite Crucible (India) Ltd · 30.8%
Gap10% versus #2 · Monolithisch India Ltd
Persistence5/8 recent comparable periods
Coverage6/6 companies · 102 observations

Investor read: Morganite Crucible (India) Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
1Morganite Crucible (India) Ltd MORGANITE · older report31%
2Monolithisch India Ltd MONOLITH⚠ unverified28%
3Vesuvius India Ltd VESUVIUS17%
4Orient Ceratech Ltd ORIENTCER9.4%
5RHI Magnesita India Ltd RHIM9.0%
Margin changefastest expanders
1Morganite Crucible (India) Ltd MORGANITE · older report+7.3 pp
2Monolithisch India Ltd MONOLITH⚠ unverified+5.0 pp
3IFGL Refractories Ltd IFGLEXPOR⚠ unverified+1.0 pp
4Vesuvius India Ltd VESUVIUS0.0 pp
5RHI Magnesita India Ltd RHIM−1.0 pp
Operating margin · company comparison
6/6 level · 6/6 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyOPMMargin changeReported
Morganite Crucible (India) Ltd MORGANITE31%+7.3 ppDec 2025
Monolithisch India Ltd MONOLITH⚠ unverified28%+5.0 ppJun 2026
Vesuvius India Ltd VESUVIUS17%0.0 ppMar 2026
Orient Ceratech Ltd ORIENTCER9.4%−1.5 ppMar 2026
RHI Magnesita India Ltd RHIM9.0%−1.0 ppMar 2026
IFGL Refractories Ltd IFGLEXPOR⚠ unverified8.0%+1.0 ppMar 2026
Full 20-quarter history · every available company

OPM · reported quarter history

IFGL Refractories Ltd · IFGLEXPOR⚠ unverified

12%
11%
10%
9.5%
11%
11%
13%
13%
15%
-1.0%
9.0%
11%
8.0%
4.0%
7.0%
8.0%
8.0%
5.0%
8.0%
—

Monolithisch India Ltd · MONOLITH⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
21%
23%
22%
23%
19%
23%
28%
28%

Morganite Crucible (India) Ltd · MORGANITE

23%
24%
12%
16%
18%
19%
11%
27%
28%
21%
14%
25%
29%
23%
15%
21%
28%
31%
—
—

Orient Ceratech Ltd · ORIENTCER

6.0%
8.2%
3.3%
7.6%
6.9%
8.1%
11%
9.4%
13%
11%
9.6%
8.5%
10%
8.4%
11%
9.5%
11%
12%
9.4%
—

RHI Magnesita India Ltd · RHIM

15%
20%
24%
19%
17%
14%
5.0%
14%
15%
13%
16%
18%
12%
12%
10%
11%
11%
13%
9.0%
—

Vesuvius India Ltd · VESUVIUS

10%
7.8%
11%
12%
14%
11%
15%
17%
20%
19%
21%
20%
18%
16%
17%
17%
17%
17%
17%
—

Margin change · reported quarter history

IFGL Refractories Ltd · IFGLEXPOR⚠ unverified

−4.0 pp
−5.5 pp
−5.2 pp
−2.4 pp
−1.3 pp
−0.6 pp
+2.7 pp
+3.5 pp
+4.5 pp
−11.9 pp
−4.0 pp
−2.0 pp
−7.0 pp
+5.0 pp
−2.0 pp
−3.0 pp
0.0 pp
+1.0 pp
+1.0 pp
—

Monolithisch India Ltd · MONOLITH⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
−2.3 pp
0.0 pp
+6.0 pp
+5.0 pp

Morganite Crucible (India) Ltd · MORGANITE

+11.2 pp
+10.7 pp
−1.6 pp
−3.9 pp
−5.3 pp
−4.4 pp
−0.7 pp
+10.8 pp
+10.5 pp
+1.8 pp
+3.1 pp
−1.8 pp
+0.7 pp
+2.2 pp
+1.4 pp
−3.7 pp
−1.2 pp
+7.3 pp
—
—

Orient Ceratech Ltd · ORIENTCER

−4.6 pp
−1.6 pp
−6.3 pp
−0.4 pp
+0.9 pp
−0.1 pp
+7.5 pp
+1.8 pp
+6.5 pp
+2.8 pp
−1.2 pp
−0.9 pp
−3.3 pp
−2.4 pp
+1.2 pp
+1.0 pp
+1.1 pp
+4.0 pp
−1.5 pp
—

RHI Magnesita India Ltd · RHIM

+1.0 pp
+2.4 pp
+7.5 pp
+1.9 pp
+1.6 pp
−5.6 pp
−18.5 pp
−5.2 pp
−1.8 pp
−1.0 pp
+11.0 pp
+4.0 pp
−3.0 pp
−1.0 pp
−6.0 pp
−7.0 pp
−1.0 pp
+1.0 pp
−1.0 pp
—

Vesuvius India Ltd · VESUVIUS

+1.9 pp
−2.9 pp
+1.2 pp
+2.2 pp
+3.7 pp
+3.2 pp
+4.3 pp
+4.6 pp
+6.0 pp
+8.0 pp
+6.0 pp
+3.0 pp
−2.0 pp
−3.0 pp
−4.0 pp
−3.0 pp
−1.0 pp
+1.0 pp
0.0 pp
—
03 · compare level, then change

Profit Scale & Acceleration

Vesuvius India Ltd has the highest Net profit among the 6 Refractories companies compared here, at ₹261 crore. IFGL Refractories Ltd is next at ₹35 crore. Orient Ceratech Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Vesuvius India Ltd leads with ₹261 crore of TTM profit, 645.7% above IFGL Refractories Ltd. Orient Ceratech Ltd shows ≥100% on the scoring scale (120.1% uncapped) growth from a ₹22 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderVesuvius India Ltd · ₹261 crore
Gap645.7% versus #2 · IFGL Refractories Ltd
Persistence4/8 recent comparable periods
Coverage6/6 companies · 86 observations

Investor read: Vesuvius India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.
Net profitlargest
1Vesuvius India Ltd VESUVIUS₹261 Cr
2IFGL Refractories Ltd IFGLEXPOR⚠ unverified₹35 Cr
3Monolithisch India Ltd MONOLITH⚠ unverified₹29 Cr
4Morganite Crucible (India) Ltd MORGANITE · older report₹23 Cr
5Orient Ceratech Ltd ORIENTCER₹22 Cr
Profit growthfastest growers
1Orient Ceratech Ltd ORIENTCER100%
2Vesuvius India Ltd VESUVIUS2.8%
3Morganite Crucible (India) Ltd MORGANITE · older report-9.3%
4IFGL Refractories Ltd IFGLEXPOR⚠ unverified-19%
5RHI Magnesita India Ltd RHIM-80%
Net profit · company comparison
6/6 level · 5/6 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyNet profitProfit growthReported
Vesuvius India Ltd VESUVIUS₹56 Cr-5.1%Mar 2026
IFGL Refractories Ltd IFGLEXPOR⚠ unverified₹14 Cr75%Mar 2026
Monolithisch India Ltd MONOLITH⚠ unverified₹10 Cr150%Jun 2026
Orient Ceratech Ltd ORIENTCER₹6 Cr63%Mar 2026
Morganite Crucible (India) Ltd MORGANITE₹6 Cr-29%Dec 2025
RHI Magnesita India Ltd RHIM₹-518 Cr-1,539%Mar 2026
Full 20-quarter history · every available company

Net profit · reported quarter history

IFGL Refractories Ltd · IFGLEXPOR⚠ unverified

—
—
—
—
—
₹16 Cr
₹29 Cr
₹30 Cr
₹38 Cr
₹2 Cr
₹13 Cr
₹25 Cr
₹12 Cr
₹-2 Cr
₹8 Cr
₹11 Cr
₹13 Cr
₹-3 Cr
₹14 Cr
—

Monolithisch India Ltd · MONOLITH⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
₹4 Cr
₹4 Cr
₹4 Cr
₹5 Cr
₹6 Cr
₹8 Cr
₹10 Cr

Morganite Crucible (India) Ltd · MORGANITE

—
—
—
—
—
₹6 Cr
₹2 Cr
₹8 Cr
₹8 Cr
₹7 Cr
₹1 Cr
₹8 Cr
₹9 Cr
₹8 Cr
₹3 Cr
₹6 Cr
₹9 Cr
₹6 Cr
—
—

Orient Ceratech Ltd · ORIENTCER

—
—
—
—
—
₹3 Cr
₹6 Cr
₹4 Cr
₹5 Cr
₹5 Cr
₹4 Cr
₹3 Cr
₹2 Cr
₹2 Cr
₹3 Cr
₹4 Cr
₹7 Cr
₹4 Cr
₹6 Cr
—

RHI Magnesita India Ltd · RHIM

₹43 Cr
₹76 Cr
₹100 Cr
₹82 Cr
₹72 Cr
₹59 Cr
₹-679 Cr
₹47 Cr
₹72 Cr
₹39 Cr
₹-258 Cr
₹73 Cr
₹46 Cr
₹48 Cr
₹36 Cr
₹35 Cr
₹38 Cr
₹62 Cr
₹-518 Cr
—

Vesuvius India Ltd · VESUVIUS

₹19 Cr
₹13 Cr
₹24 Cr
₹29 Cr
₹36 Cr
₹28 Cr
₹43 Cr
₹52 Cr
₹60 Cr
₹57 Cr
₹69 Cr
₹67 Cr
₹68 Cr
₹60 Cr
₹59 Cr
₹63 Cr
₹62 Cr
₹80 Cr
₹56 Cr
—

Profit growth · reported quarter history

IFGL Refractories Ltd · IFGLEXPOR⚠ unverified

—
—
—
—
—
—
—
—
—
-87%
-55%
-17%
-68%
-200%
-38%
-56%
8.3%
—
75%
—

Monolithisch India Ltd · MONOLITH⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
50%
100%
150%

Morganite Crucible (India) Ltd · MORGANITE

—
—
—
—
—
—
—
—
—
13%
-65%
1.3%
7.3%
18%
311%
-27%
-1.6%
-29%
—
—

Orient Ceratech Ltd · ORIENTCER

—
—
—
—
—
—
—
—
—
110%
-27%
-31%
-65%
-68%
-19%
48%
305%
159%
63%
—

RHI Magnesita India Ltd · RHIM

—
—
—
64%
67%
-22%
-779%
-43%
0.0%
-34%
—
55%
-36%
23%
—
-52%
-17%
29%
-1,539%
—

Vesuvius India Ltd · VESUVIUS

—
—
50%
53%
89%
115%
79%
79%
67%
104%
60%
29%
13%
5.3%
-14%
-6.0%
-8.8%
33%
-5.1%
—
04 · compare level, then change

Capacity Spending & Returns On It

Monolithisch India Ltd has the highest CAPEX among the 6 Refractories companies compared here, at ₹5 crore. The same company also holds the highest CAPEX intensity, at 17.9%. 1 of 6 companies report a comparable reading, the latest through Jun 2026. Its CAPEX series carries 4 reported observations across the 20-quarter window.

What the numbers say: Monolithisch India Ltd reports ₹5 crore of CAPEX; Monolithisch India Ltd has the highest covered intensity at 17.9%. Coverage is only 1 of 6 companies and 4 reported observations, so this is partial evidence—not a complete sector rank.

LeaderMonolithisch India Ltd · ₹5 crore
GapNot enough peers
Persistence2/2 recent comparable periods
Coverage1/6 companies · 4 observations

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.
CAPEXlargest spenders
1Monolithisch India Ltd MONOLITH⚠ unverified₹5 Cr
CAPEX intensityhighest reinvestment intensity
1Monolithisch India Ltd MONOLITH⚠ unverified18%
Capital expenditure · company comparison
1/6 level · 1/6 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyCAPEXCAPEX intensityReported
Monolithisch India Ltd MONOLITH⚠ unverified₹5 Cr18%Jun 2026
Full 20-quarter history · every available company

CAPEX · reported quarter history

Monolithisch India Ltd · MONOLITH⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
₹1 Cr
₹1 Cr
—
—
₹5 Cr
₹5 Cr
—
—
—

CAPEX intensity · reported quarter history

Monolithisch India Ltd · MONOLITH⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
17%
18%
—
—
—
Annual capital allocation · 10-year view
6/6 capacity base · 6/6 OCF · 6/6 CAPEX · 6/6 FCF

Capacity base is net fixed assets plus capital work in progress, straight off the reported balance sheet. It is not cash spent, so it answers a narrower question than CAPEX — but it is reported for companies whose cash-flow CAPEX is not published, which is why it leads here. Missing years remain blank; annual values are never relabelled as quarters.

Full annual capacity base, operating cash flow, CAPEX and free cash flow history

Capacity base · net fixed assets + CWIP · fiscal-year history

IFGL Refractories Ltd · IFGLEXPOR⚠ unverified

₹473 Cr
₹469 Cr
₹460 Cr
₹447 Cr
₹438 Cr
₹447 Cr
₹546 Cr
₹621 Cr
₹620 Cr
₹651 Cr

Monolithisch India Ltd · MONOLITH⚠ unverified

—
—
—
—
—
—
—
—
₹12 Cr
₹39 Cr

Morganite Crucible (India) Ltd · MORGANITE

₹27 Cr
₹27 Cr
₹35 Cr
₹51 Cr
₹52 Cr
₹53 Cr
₹54 Cr
₹62 Cr
₹85 Cr
—

Orient Ceratech Ltd · ORIENTCER

₹124 Cr
₹135 Cr
₹129 Cr
₹130 Cr
₹122 Cr
₹148 Cr
₹151 Cr
₹165 Cr
₹176 Cr
₹161 Cr

RHI Magnesita India Ltd · RHIM

—
—
₹63 Cr
₹237 Cr
₹289 Cr
₹316 Cr
₹3.3K Cr
₹2.9K Cr
₹2.8K Cr
₹2.2K Cr

Vesuvius India Ltd · VESUVIUS

₹140 Cr
₹151 Cr
₹147 Cr
₹152 Cr
₹141 Cr
₹143 Cr
₹232 Cr
₹402 Cr
₹630 Cr
₹674 Cr

Operating cash flow · fiscal-year history

IFGL Refractories Ltd · IFGLEXPOR⚠ unverified

₹28 Cr
₹41 Cr
₹109 Cr
₹150 Cr
₹139 Cr
₹4 Cr
₹6 Cr
₹152 Cr
₹28 Cr
₹63 Cr

Monolithisch India Ltd · MONOLITH⚠ unverified

—
—
—
—
—
₹1 Cr
₹1 Cr
₹4 Cr
₹4 Cr
₹14 Cr

Morganite Crucible (India) Ltd · MORGANITE

₹25 Cr
₹17 Cr
₹21 Cr
₹11 Cr
₹19 Cr
₹26 Cr
₹32 Cr
₹43 Cr
₹25 Cr
—

Orient Ceratech Ltd · ORIENTCER

₹22 Cr
₹14 Cr
₹10 Cr
₹41 Cr
₹30 Cr
₹32 Cr
₹44 Cr
₹-14 Cr
₹21 Cr
₹51 Cr

RHI Magnesita India Ltd · RHIM

—
—
₹54 Cr
₹173 Cr
₹165 Cr
₹27 Cr
₹238 Cr
₹271 Cr
₹373 Cr
₹409 Cr

Vesuvius India Ltd · VESUVIUS

₹50 Cr
₹191 Cr
₹95 Cr
₹74 Cr
₹102 Cr
₹27 Cr
₹128 Cr
₹82 Cr
₹258 Cr
₹177 Cr

CAPEX · reported cash flow · fiscal-year history

IFGL Refractories Ltd · IFGLEXPOR⚠ unverified

—
₹40 Cr
₹37 Cr
₹35 Cr
₹40 Cr
₹60 Cr
₹155 Cr
₹139 Cr
₹72 Cr
₹111 Cr

Monolithisch India Ltd · MONOLITH⚠ unverified

—
—
—
—
—
—
—
—
—
₹29 Cr

Morganite Crucible (India) Ltd · MORGANITE

₹14 Cr
₹4 Cr
₹12 Cr
₹21 Cr
₹7 Cr
₹8 Cr
₹9 Cr
₹16 Cr
₹32 Cr
—

Orient Ceratech Ltd · ORIENTCER

₹31 Cr
₹21 Cr
₹5 Cr
₹11 Cr
₹3 Cr
₹37 Cr
₹15 Cr
₹28 Cr
₹25 Cr
₹3 Cr

RHI Magnesita India Ltd · RHIM

—
—
—
₹200 Cr
₹82 Cr
₹61 Cr
₹3.1K Cr
₹-261 Cr
₹139 Cr
₹-420 Cr

Vesuvius India Ltd · VESUVIUS

₹22 Cr
₹41 Cr
₹24 Cr
₹32 Cr
₹15 Cr
₹29 Cr
₹119 Cr
₹206 Cr
₹274 Cr
₹106 Cr

Free cash flow · fiscal-year history

IFGL Refractories Ltd · IFGLEXPOR⚠ unverified

—
₹1 Cr
₹72 Cr
₹115 Cr
₹99 Cr
₹-56 Cr
₹-149 Cr
₹13 Cr
₹-44 Cr
₹-48 Cr

Monolithisch India Ltd · MONOLITH⚠ unverified

—
—
—
—
—
—
—
—
—
₹-15 Cr

Morganite Crucible (India) Ltd · MORGANITE

₹11 Cr
₹13 Cr
₹9 Cr
₹-10 Cr
₹12 Cr
₹18 Cr
₹23 Cr
₹27 Cr
₹-7 Cr
—

Orient Ceratech Ltd · ORIENTCER

₹-9 Cr
₹-7 Cr
₹5 Cr
₹30 Cr
₹27 Cr
₹-5 Cr
₹29 Cr
₹-42 Cr
₹-4 Cr
₹48 Cr

RHI Magnesita India Ltd · RHIM

—
—
—
₹-27 Cr
₹83 Cr
₹-34 Cr
₹-2.8K Cr
₹532 Cr
₹234 Cr
₹829 Cr

Vesuvius India Ltd · VESUVIUS

₹28 Cr
₹150 Cr
₹71 Cr
₹42 Cr
₹87 Cr
₹-2 Cr
₹9 Cr
₹-124 Cr
₹-16 Cr
₹71 Cr
05 · compare level, then change

Debt Load & Balance-Sheet Headroom

Morganite Crucible (India) Ltd has the lowest Gross debt among the 6 Refractories companies compared here, at ₹2 crore. Monolithisch India Ltd is next at ₹6 crore. Vesuvius India Ltd has the lowest Net debt at ₹567 crore net cash, so level and change sit with different companies. Its Gross debt series carries 5 reported observations across the 20-quarter window.

What the numbers say: Vesuvius India Ltd has the clearest covered balance-sheet capacity with ₹567 crore net cash and gross debt of ₹14 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

LeaderMorganite Crucible (India) Ltd · ₹2 crore
Gap66.7% versus #2 · Monolithisch India Ltd
PersistenceNot enough history
Coverage6/6 companies · 65 observations

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.
Gross debtlowest gross debt
1Morganite Crucible (India) Ltd MORGANITE · older report₹2 Cr
2Monolithisch India Ltd MONOLITH⚠ unverified₹6 Cr
3Vesuvius India Ltd VESUVIUS₹14 Cr
4Orient Ceratech Ltd ORIENTCER₹40 Cr
5IFGL Refractories Ltd IFGLEXPOR⚠ unverified₹209 Cr
Net debtlowest net debt
1Vesuvius India Ltd VESUVIUS₹-567 Cr
2Monolithisch India Ltd MONOLITH⚠ unverified₹7 Cr
3RHI Magnesita India Ltd RHIM₹57 Cr
4IFGL Refractories Ltd IFGLEXPOR⚠ unverified₹90 Cr
Debt and balance-sheet capacity · company comparison
6/6 level · 4/6 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyGross debtNet debtReported
RHI Magnesita India Ltd RHIM₹448 Cr₹57 CrMar 2026
IFGL Refractories Ltd IFGLEXPOR⚠ unverified₹209 Cr₹90 CrMar 2026
Orient Ceratech Ltd ORIENTCER₹40 Cr—Mar 2026
Vesuvius India Ltd VESUVIUS₹14 Cr₹-567 CrMar 2026
Monolithisch India Ltd MONOLITH⚠ unverified₹6 Cr₹7 CrJun 2026
Morganite Crucible (India) Ltd MORGANITE₹2 Cr—Dec 2025
Full 20-quarter history · every available company

Gross debt · reported quarter history

IFGL Refractories Ltd · IFGLEXPOR⚠ unverified

₹78 Cr
₹78 Cr
₹99 Cr
₹99 Cr
₹136 Cr
₹136 Cr
₹160 Cr
₹160 Cr
₹186 Cr
₹186 Cr
₹174 Cr
₹174 Cr
₹189 Cr
₹189 Cr
₹213 Cr
₹213 Cr
₹217 Cr
₹217 Cr
₹209 Cr
—

Monolithisch India Ltd · MONOLITH⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
₹4 Cr
₹4 Cr
—
₹7 Cr
—
₹0 Cr
—
₹6 Cr
—

Morganite Crucible (India) Ltd · MORGANITE

—
—
₹0 Cr
—
—
—
₹0 Cr
—
—
—
₹1 Cr
—
—
—
₹1 Cr
—
₹2 Cr
—
—
—

Orient Ceratech Ltd · ORIENTCER

—
—
₹38 Cr
—
—
—
₹15 Cr
—
—
—
₹58 Cr
—
—
—
₹72 Cr
—
₹47 Cr
—
₹40 Cr
—

RHI Magnesita India Ltd · RHIM

₹62 Cr
₹62 Cr
₹65 Cr
₹65 Cr
₹67 Cr
₹67 Cr
₹1.6K Cr
₹1.6K Cr
₹518 Cr
₹518 Cr
₹487 Cr
₹487 Cr
₹453 Cr
₹453 Cr
₹380 Cr
₹380 Cr
₹415 Cr
₹415 Cr
₹448 Cr
—

Vesuvius India Ltd · VESUVIUS

—
₹0 Cr
—
—
—
₹0 Cr
—
—
—
₹13 Cr
₹13 Cr
₹14 Cr
₹14 Cr
₹13 Cr
₹13 Cr
₹14 Cr
—
₹14 Cr
₹14 Cr
—

Net debt · reported quarter history

IFGL Refractories Ltd · IFGLEXPOR⚠ unverified

₹-172 Cr
₹-172 Cr
₹-143 Cr
₹-144 Cr
₹-69 Cr
₹-69 Cr
₹-10 Cr
₹-10 Cr
₹11 Cr
₹11 Cr
₹-15 Cr
₹-11 Cr
₹14 Cr
₹14 Cr
₹58 Cr
₹58 Cr
₹98 Cr
₹98 Cr
₹90 Cr
—

Monolithisch India Ltd · MONOLITH⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
₹3 Cr
₹3 Cr
—
₹7 Cr
—
—
—
—
—

RHI Magnesita India Ltd · RHIM

₹-20 Cr
₹-20 Cr
₹3 Cr
₹3 Cr
₹-61 Cr
₹-61 Cr
₹1.3K Cr
₹1.3K Cr
₹385 Cr
₹385 Cr
₹436 Cr
₹434 Cr
₹312 Cr
₹312 Cr
₹283 Cr
₹281 Cr
₹335 Cr
₹335 Cr
₹57 Cr
—

Vesuvius India Ltd · VESUVIUS

—
—
—
—
—
—
—
—
—
₹-452 Cr
₹-452 Cr
₹-409 Cr
₹-409 Cr
₹-468 Cr
₹-468 Cr
—
—
₹-567 Cr
₹-567 Cr
—
06 · compare level, then change

Return On Capital Employed

Monolithisch India Ltd has the highest ROCE among the 6 Refractories companies compared here, at 34.8%. Morganite Crucible (India) Ltd is next at 30.4%. Orient Ceratech Ltd has the highest ROCE change at +4 percentage points, so level and change sit with different companies. 6 of 6 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Monolithisch India Ltd leads ROCE at 34.8%, 4.4 percentage points above Morganite Crucible (India) Ltd. Orient Ceratech Ltd has the strongest latest improvement at +4 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

LeaderMonolithisch India Ltd · 34.8%
Gap14.5% versus #2 · Morganite Crucible (India) Ltd
Persistence1/3 recent comparable periods
Coverage6/6 companies · 50 observations

Investor read: Monolithisch India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.
ROCEhighest
1Monolithisch India Ltd MONOLITH⚠ unverified35%
2Morganite Crucible (India) Ltd MORGANITE · older report30%
3Vesuvius India Ltd VESUVIUS21%
4Orient Ceratech Ltd ORIENTCER10%
5RHI Magnesita India Ltd RHIM6.5%
ROCE changefastest improvers
1Orient Ceratech Ltd ORIENTCER+4.0 pp
2Morganite Crucible (India) Ltd MORGANITE · older report+2.0 pp
3RHI Magnesita India Ltd RHIM−0.4 pp
4IFGL Refractories Ltd IFGLEXPOR⚠ unverified−0.5 pp
5Vesuvius India Ltd VESUVIUS−2.7 pp
Return on capital · company comparison
6/6 level · 6/6 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyROCEROCE changeReported
Monolithisch India Ltd MONOLITH⚠ unverified23%−33.4 ppJun 2026
Vesuvius India Ltd VESUVIUS22%−2.7 ppMar 2026
IFGL Refractories Ltd IFGLEXPOR⚠ unverified6.7%−0.5 ppMar 2026
RHI Magnesita India Ltd RHIM6.2%−0.4 ppMar 2026
Full 20-quarter history · every available company

ROCE · reported quarter history

IFGL Refractories Ltd · IFGLEXPOR⚠ unverified

15%
—
12%
—
11%
—
11%
—
15%
11%
10%
8.8%
5.7%
6.7%
7.2%
4.8%
6.3%
4.8%
6.7%
—

Monolithisch India Ltd · MONOLITH⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
15%
31%
—
56%
18%
20%
36%
23%
—

RHI Magnesita India Ltd · RHIM

29%
—
33%
—
37%
—
9.2%
—
6.8%
-14%
9.1%
1.8%
8.3%
0.9%
6.6%
5.9%
5.5%
5.9%
6.2%
—

Vesuvius India Ltd · VESUVIUS

—
7.9%
—
—
—
14%
—
17%
24%
21%
28%
23%
28%
21%
25%
—
23%
18%
22%
—

ROCE change · reported quarter history

IFGL Refractories Ltd · IFGLEXPOR⚠ unverified

—
—
—
—
−3.6 pp
—
−0.7 pp
—
+3.3 pp
—
−1.1 pp
—
−8.9 pp
−4.7 pp
−2.8 pp
−4.0 pp
+0.6 pp
−1.9 pp
−0.5 pp
—

Monolithisch India Ltd · MONOLITH⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
+2.9 pp
−11.0 pp
—
−33.4 pp
—

RHI Magnesita India Ltd · RHIM

—
—
—
—
+7.4 pp
—
−24.1 pp
—
−29.8 pp
—
−0.1 pp
—
+1.5 pp
+14.6 pp
−2.5 pp
+4.1 pp
−2.8 pp
+5.0 pp
−0.4 pp
—

Vesuvius India Ltd · VESUVIUS

—
—
—
—
—
+5.6 pp
—
—
—
+7.0 pp
—
+6.0 pp
+4.1 pp
+0.1 pp
−3.4 pp
—
−5.4 pp
−3.1 pp
−2.7 pp
—
07 · compare level, then change

Valuation Against Growth & Quality

Vesuvius India Ltd has the lowest Guarded PEG among the 6 Refractories companies compared here, at 6.32×. Orient Ceratech Ltd has the lowest P/E at 21×, so level and change sit with different companies. 1 of 6 companies report a comparable reading, the latest through Mar 2026. Its Guarded PEG series carries 8 reported observations across the 20-quarter window.

What the numbers say: Vesuvius India Ltd has the lowest comparable Guarded PEG at 6.32×. Only 1 of 6 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderVesuvius India Ltd · 6.32×
GapNot enough peers
Persistence0/8 recent comparable periods
Coverage1/6 companies · 13 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.
Guarded PEGlowest PEG
1Vesuvius India Ltd VESUVIUS6.3
P/Elowest P/E
1Orient Ceratech Ltd ORIENTCER21.0
2Morganite Crucible (India) Ltd MORGANITE · older report30.2
3Vesuvius India Ltd VESUVIUS35.2
4IFGL Refractories Ltd IFGLEXPOR⚠ unverified38.8
5Monolithisch India Ltd MONOLITH⚠ unverified58.5
Valuation · company comparison
1/6 level · 6/6 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyGuarded PEGP/EReported
Vesuvius India Ltd VESUVIUS6.335.0Mar 2026
RHI Magnesita India Ltd RHIM0.940.2Mar 2026
Monolithisch India Ltd MONOLITH⚠ unverified—72.9Jun 2026
IFGL Refractories Ltd IFGLEXPOR⚠ unverified—31.0Mar 2026
Morganite Crucible (India) Ltd MORGANITE—34.0Dec 2025
Orient Ceratech Ltd ORIENTCER—20.6Mar 2026
Full 20-quarter history · every available company

Guarded PEG · reported quarter history

RHI Magnesita India Ltd · RHIM

—
—
2.0
—
0.8
—
—
—
—
—
—
—
3.3
3.2
0.9
—
—
—
—
—

Vesuvius India Ltd · VESUVIUS

—
1.6
1.1
0.8
—
0.7
—
—
—
—
—
—
0.8
0.9
1.5
6.3
—
—
—
—

P/E · reported quarter history

IFGL Refractories Ltd · IFGLEXPOR⚠ unverified

15.4
15.7
18.4
11.9
12.3
12.8
10.7
15.7
18.2
25.5
19.9
28.6
28.3
31.1
26.8
43.9
63.0
49.2
31.0
—

Monolithisch India Ltd · MONOLITH⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
31.9
47.2
52.6
39.1
72.9

Morganite Crucible (India) Ltd · MORGANITE

—
—
17.3
12.9
13.8
13.7
12.3
34.6
38.9
37.1
30.3
33.2
36.7
33.5
25.1
29.8
35.6
34.0
—
—

Orient Ceratech Ltd · ORIENTCER

—
—
—
48.1
42.2
37.9
26.0
24.1
33.9
36.7
32.1
36.9
39.1
50.1
33.8
42.4
38.8
30.4
20.6
—

RHI Magnesita India Ltd · RHIM

27.4
28.3
43.7
28.8
35.8
40.9
32.4
53.2
80.4
97.4
84.5
66.3
56.0
52.9
50.3
49.4
55.5
59.1
40.2
—

Vesuvius India Ltd · VESUVIUS

36.9
31.0
29.9
27.6
37.1
32.0
28.5
35.7
39.7
39.7
31.6
42.9
45.5
36.5
35.0
44.1
41.2
40.1
35.0
—
08 · compare level, then change

Enterprise Value & Book Value

IFGL Refractories Ltd has the lowest EV/EBITDA among the 6 Refractories companies compared here, at 7.8×. Orient Ceratech Ltd is next at 9.7×. The same company also holds the lowest P/BV, at 1.21×. 6 of 6 companies report a comparable reading, the latest through Mar 2026. Its EV/EBITDA series carries 19 reported observations across the 20-quarter window.

What the numbers say: IFGL Refractories Ltd leads both ev/ebitda at 7.8× and p/bv at 1.21×.

LeaderIFGL Refractories Ltd · 7.8×
Gap19.6% versus #2 · Orient Ceratech Ltd
Persistence0/8 recent comparable periods
Coverage6/6 companies · 96 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.
EV/EBITDAlowest EV/EBITDA
1IFGL Refractories Ltd IFGLEXPOR⚠ unverified7.8
2Orient Ceratech Ltd ORIENTCER9.7
3RHI Magnesita India Ltd RHIM16.0
4Morganite Crucible (India) Ltd MORGANITE · older report17.6
5Vesuvius India Ltd VESUVIUS20.9
P/BVlowest P/BV
1IFGL Refractories Ltd IFGLEXPOR⚠ unverified1.2
2Orient Ceratech Ltd ORIENTCER1.6
3RHI Magnesita India Ltd RHIM2.3
4Vesuvius India Ltd VESUVIUS5.5
5Morganite Crucible (India) Ltd MORGANITE · older report5.5
Enterprise and book valuation · company comparison
6/6 level · 6/6 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyEV/EBITDAP/BVReported
Monolithisch India Ltd MONOLITH⚠ unverified49.212.8Jun 2026
Vesuvius India Ltd VESUVIUS20.96.5Mar 2026
Morganite Crucible (India) Ltd MORGANITE17.66.3Dec 2025
RHI Magnesita India Ltd RHIM16.01.7Mar 2026
Orient Ceratech Ltd ORIENTCER9.71.5Mar 2026
IFGL Refractories Ltd IFGLEXPOR⚠ unverified7.80.8Mar 2026
Full 20-quarter history · every available company

EV/EBITDA · reported quarter history

IFGL Refractories Ltd · IFGLEXPOR⚠ unverified

5.4
5.8
5.7
5.0
6.0
6.3
4.8
7.3
9.5
13.4
11.1
14.1
13.7
12.8
9.1
13.6
15.0
12.0
7.8
—

Monolithisch India Ltd · MONOLITH⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
29.9
42.7
42.4
29.1
49.2

Morganite Crucible (India) Ltd · MORGANITE

23.4
17.0
10.5
8.4
9.0
8.8
7.9
17.4
20.4
19.8
15.9
18.0
20.0
18.2
13.5
15.9
18.8
17.6
—
—

Orient Ceratech Ltd · ORIENTCER

—
—
—
15.9
14.8
13.2
10.3
11.2
14.4
17.1
15.2
16.2
17.6
19.4
12.3
13.6
14.0
12.9
9.7
—

RHI Magnesita India Ltd · RHIM

21.1
20.9
30.5
19.5
24.6
28.4
25.6
35.6
42.7
38.9
25.7
25.9
22.5
19.7
19.1
20.7
20.9
21.9
16.0
—

Vesuvius India Ltd · VESUVIUS

16.2
13.3
12.4
11.8
19.1
17.0
14.8
20.0
23.3
23.9
19.4
27.2
29.1
23.2
22.2
27.9
25.8
24.5
20.9
—

P/BV · reported quarter history

IFGL Refractories Ltd · IFGLEXPOR⚠ unverified

1.3
1.3
1.1
1.0
1.0
1.0
0.8
1.3
1.7
2.8
1.9
2.3
2.0
1.4
1.1
1.8
1.7
1.3
0.8
—

Monolithisch India Ltd · MONOLITH⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
5.4
8.0
9.4
9.1
12.8

Morganite Crucible (India) Ltd · MORGANITE

5.6
4.5
4.8
5.2
4.3
4.1
4.0
4.6
6.0
6.5
5.5
6.7
7.3
6.4
5.0
6.4
6.9
6.3
—
—

Orient Ceratech Ltd · ORIENTCER

—
1.5
1.5
1.3
1.4
1.4
1.1
1.4
1.8
2.3
2.1
2.3
2.3
2.3
1.3
1.5
1.6
1.8
1.5
—

RHI Magnesita India Ltd · RHIM

5.3
6.9
11.6
7.2
9.4
11.8
9.8
10.1
4.8
4.1
2.8
4.1
3.3
2.7
2.7
2.6
2.3
2.3
1.7
—

Vesuvius India Ltd · VESUVIUS

2.7
2.6
2.4
2.3
3.4
3.5
3.7
4.5
5.9
6.8
5.6
8.6
8.8
7.3
7.8
7.8
6.8
6.4
6.5
—
09 · let price answer last

Market action

Monolithisch India Ltd has the strongest one-year price move in Refractories at +78%. It also leads on Mansfield relative strength against NIFTY at +47.2%. 3 of 6 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.
Price and relative strength

Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.

Before the conclusion · check the blind spots

What can make this comparison misleading?

This Refractories comparison names 7 specific ways its own evidence can mislead, all listed below. 1 of the 6 companies reports on an older date than the sector's freshest reporters, so its rank is marked stale. 2 draw at least one figure from a second feed with too little overlap to cross-check.

Keep these limits visible

  • A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
  • A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
  • The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
  • An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
  • 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
  • 2 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
  • Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.
10 · the complete set

Which companies are included?

All 6 companies in the canonical Refractories membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. 1 of these is no longer being priced, so its price and relative strength are frozen at the last traded week shown.

AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.

CompanyMarket valuePricePriced toLatest fundamentalsSource standing
Vesuvius India Ltd VESUVIUS₹9.2K Cr₹4522026-07-19Mar 2026Cross-checked
RHI Magnesita India Ltd RHIM₹8.2K Cr₹3992026-07-19Mar 2026Cross-checked
Monolithisch India Ltd MONOLITHAHEAD⚠ unverified₹1.7K Cr₹7752026-07-19Jun 2026Includes unverified figures
IFGL Refractories Ltd IFGLEXPORAHEAD⚠ unverified₹1.4K Cr₹1982026-07-19Mar 2026Includes unverified figures
Morganite Crucible (India) Ltd MORGANITE₹748 Cr₹1,3352026-03-08 · not currently pricedDec 2025Primary source only
Orient Ceratech Ltd ORIENTCER₹491 Cr₹41.12026-07-19Mar 2026Primary source only
How each company's sources stand: 2 of 6 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.
Evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 6 Refractories companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-24. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-07-24 · weekly price and relative-strength history
Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Source standing2 cross-checked · 4 unverified · 0 withheld, of 6 graded companies.

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from. Every company's standing is listed in the register above.

Questions investors ask · short, speakable answers

Refractories company comparison FAQs

These 18 answers restate the Refractories comparison above in question form. Every one is computed from the same 6 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-24. Nothing here is estimated, and none of it is a recommendation.

What is the Nifty Refractories index?

The Nifty Refractories index tracks India's listed Refractories companies as a single basket. This page follows the same 6 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Refractories sector rather than to its largest constituent. Figures are as of Jun 2026.

Which are the best Refractories stocks in India?

Ranked by this page's four-factor score, Orient Ceratech Ltd places first among 6 listed Refractories companies, followed by Monolithisch India Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

How many Refractories stocks are listed in India?

This comparison covers 6 listed Refractories companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

Which Refractories company is the biggest?

RHI Magnesita India Ltd is the largest, with trailing-twelve-month revenue of ₹4,019 crore, ahead of Vesuvius India Ltd at ₹2,122 crore. That covers 6 of 6 companies with comparable reporting through Mar 2026.

Which Refractories company is growing fastest?

Orient Ceratech Ltd has the fastest revenue growth at 23.4% year on year, across 5 of 6 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

Which Refractories company has the best profit margins?

Morganite Crucible (India) Ltd has the highest operating margin at 30.8%, from 6 of 6 comparable companies. Morganite Crucible (India) Ltd shows the biggest recent improvement, at +7.3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

Which Refractories company makes the most profit?

Vesuvius India Ltd earns the most, at ₹261 crore of trailing-twelve-month net profit, from 6 of 6 comparable companies. Orient Ceratech Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

Which Refractories company earns the highest return on capital?

Monolithisch India Ltd leads on return on capital employed at 34.8%, across 6 of 6 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

Which Refractories stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Vesuvius India Ltd screens cheapest at 6.32×. Only 1 of 6 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

Which Refractories company has the strongest balance sheet?

Morganite Crucible (India) Ltd carries the lowest comparable gross debt at ₹2 crore, from 6 of 6 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

Which Refractories stock has the strongest price momentum?

Monolithisch India Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

Which Refractories company scores highest for research priority?

Orient Ceratech Ltd scores 67.6 out of 100 with 76.8% evidence confidence, from 26 points on growth and earnings, 12.8 on capital efficiency, 15 on valuation and 13.8 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

How many Refractories companies does this comparison cover, and over what period?

It compares 6 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

What is the total market cap of the Refractories sector?

The 6 Refractories companies on this page carry ₹21,766 crore of combined market value. Vesuvius India Ltd is the largest at ₹9,180 crore, about 42% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

What is the Refractories sector's P/E ratio?

The median price-to-earnings ratio across the 6 Refractories companies on this page is 38.8×, measured on the 6 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

How is the Refractories sector performing?

3 of the 6 covered Refractories companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

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