# Refractories — company-by-company sector analysis

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

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## 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.

## Sector relative strength

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.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 3/6
Stocks leading sector: 2/6

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

Companies: 6
Combined market value: ₹21.8K Cr

## 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.

1. Orient Ceratech Ltd (ORIENTCER): 68/100 — Favorable setup; evidence 77%
   - Growth & earnings 26.0/35 | Capital efficiency 12.8/25 | Valuation 15.0/20 | Relative strength 13.8/20
   - 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.
2. Monolithisch India Ltd (MONOLITH): 62/100 — Thin evidence · provisional; evidence 57%
   - Growth & earnings 16.7/35 | Capital efficiency 19.0/25 | Valuation 9.1/20 | Relative strength 17.0/20
   - 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.
3. Morganite Crucible (India) Ltd (MORGANITE): 55/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 18.7/35 | Capital efficiency 18.4/25 | Valuation 11.7/20 | Relative strength 6.5/20
   - 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.
4. IFGL Refractories Ltd (IFGLEXPOR): 41/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 15.8/35 | Capital efficiency 7.0/25 | Valuation 6.4/20 | Relative strength 12.2/20
   - 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.
5. Vesuvius India Ltd (VESUVIUS): 39/100 — Mixed-negative evidence; evidence 93%
   - Growth & earnings 15.3/35 | Capital efficiency 16.3/25 | Valuation 4.9/20 | Relative strength 2.5/20
   - 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.
6. RHI Magnesita India Ltd (RHIM): 26/100 — Adverse evidence; evidence 86%
   - Growth & earnings 10.1/35 | Capital efficiency 7.5/25 | Valuation 6.6/20 | Relative strength 1.4/20
   - 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.

## Revenue Scale & Growth Durability

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.

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.

Evidence: RHI Magnesita India Ltd · ₹4,019 crore | 89.4% versus #2 · Vesuvius India Ltd | 5/8 recent comparable periods | 6/6 companies · 86 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. RHI Magnesita India Ltd (RHIM): ₹4.0K Cr
2. Vesuvius India Ltd (VESUVIUS): ₹2.1K Cr
3. IFGL Refractories Ltd (IFGLEXPOR): ₹1.9K Cr
4. Orient Ceratech Ltd (ORIENTCER): ₹404 Cr
5. Morganite Crucible (India) Ltd (MORGANITE): ₹177 Cr — older report

### Revenue growth — fastest growers
1. Orient Ceratech Ltd (ORIENTCER): 23%
2. IFGL Refractories Ltd (IFGLEXPOR): 15%
3. Vesuvius India Ltd (VESUVIUS): 12%
4. RHI Magnesita India Ltd (RHIM): 9.4%
5. Morganite Crucible (India) Ltd (MORGANITE): 3.0% — older report

### 20-quarter Revenue history
- VESUVIUS: Sep 2021 ₹268 Cr | Dec 2021 ₹259 Cr | Mar 2022 ₹312 Cr | Jun 2022 ₹330 Cr | Sep 2022 ₹353 Cr | Dec 2022 ₹348 Cr | Mar 2023 ₹368 Cr | Jun 2023 ₹405 Cr | Sep 2023 ₹413 Cr | Dec 2023 ₹417 Cr | Mar 2024 ₹453 Cr | Jun 2024 ₹462 Cr | Sep 2024 ₹444 Cr | Dec 2024 ₹509 Cr | Mar 2025 ₹482 Cr | Jun 2025 ₹524 Cr | Sep 2025 ₹547 Cr | Dec 2025 ₹551 Cr | Mar 2026 ₹500 Cr | Jun 2026 —
- RHIM: Sep 2021 ₹433 Cr | Dec 2021 ₹543 Cr | Mar 2022 ₹594 Cr | Jun 2022 ₹602 Cr | Sep 2022 ₹600 Cr | Dec 2022 ₹645 Cr | Mar 2023 ₹875 Cr | Jun 2023 ₹928 Cr | Sep 2023 ₹987 Cr | Dec 2023 ₹923 Cr | Mar 2024 ₹943 Cr | Jun 2024 ₹879 Cr | Sep 2024 ₹867 Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹918 Cr | Jun 2025 ₹960 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹932 Cr | Jun 2026 —
- MONOLITH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹26 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹41 Cr | Jun 2026 ₹47 Cr
- IFGLEXPOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹316 Cr | Mar 2023 ₹368 Cr | Jun 2023 ₹424 Cr | Sep 2023 ₹456 Cr | Dec 2023 ₹366 Cr | Mar 2024 ₹394 Cr | Jun 2024 ₹415 Cr | Sep 2024 ₹411 Cr | Dec 2024 ₹379 Cr | Mar 2025 ₹449 Cr | Jun 2025 ₹454 Cr | Sep 2025 ₹489 Cr | Dec 2025 ₹469 Cr | Mar 2026 ₹483 Cr | Jun 2026 —
- MORGANITE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹41 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹45 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹43 Cr | Sep 2024 ₹44 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹43 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹46 Cr | Mar 2026 — | Jun 2026 —
- ORIENTCER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹55 Cr | Mar 2023 ₹87 Cr | Jun 2023 ₹73 Cr | Sep 2023 ₹83 Cr | Dec 2023 ₹75 Cr | Mar 2024 ₹83 Cr | Jun 2024 ₹98 Cr | Sep 2024 ₹70 Cr | Dec 2024 ₹74 Cr | Mar 2025 ₹85 Cr | Jun 2025 ₹98 Cr | Sep 2025 ₹114 Cr | Dec 2025 ₹93 Cr | Mar 2026 ₹98 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- VESUVIUS: Sep 2021 — | Dec 2021 — | Mar 2022 25% | Jun 2022 21% | Sep 2022 32% | Dec 2022 34% | Mar 2023 18% | Jun 2023 23% | Sep 2023 17% | Dec 2023 20% | Mar 2024 23% | Jun 2024 14% | Sep 2024 7.5% | Dec 2024 22% | Mar 2025 6.4% | Jun 2025 13% | Sep 2025 23% | Dec 2025 8.3% | Mar 2026 3.7% | Jun 2026 —
- RHIM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40% | Sep 2022 39% | Dec 2022 19% | Mar 2023 47% | Jun 2023 54% | Sep 2023 65% | Dec 2023 43% | Mar 2024 7.8% | Jun 2024 -5.3% | Sep 2024 -12% | Dec 2024 9.5% | Mar 2025 -2.7% | Jun 2025 9.2% | Sep 2025 19% | Dec 2025 8.0% | Mar 2026 1.5% | Jun 2026 —
- MONOLITH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 42% | Mar 2026 37% | Jun 2026 62%
- IFGLEXPOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 16% | Mar 2024 7.1% | Jun 2024 -2.1% | Sep 2024 -9.9% | Dec 2024 3.6% | Mar 2025 14% | Jun 2025 9.4% | Sep 2025 19% | Dec 2025 24% | Mar 2026 7.6% | Jun 2026 —
- MORGANITE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -3.6% | Mar 2024 17% | Jun 2024 0.5% | Sep 2024 -2.3% | Dec 2024 12% | Mar 2025 6.1% | Jun 2025 -0.8% | Sep 2025 3.7% | Dec 2025 3.2% | Mar 2026 — | Jun 2026 —
- ORIENTCER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 36% | Mar 2024 -5.2% | Jun 2024 35% | Sep 2024 -15% | Dec 2024 -1.2% | Mar 2025 2.4% | Jun 2025 0.4% | Sep 2025 61% | Dec 2025 26% | Mar 2026 16% | Jun 2026 —

## Operating Economics & Margin Trend

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

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.

Evidence: Morganite Crucible (India) Ltd · 30.8% | 10% versus #2 · Monolithisch India Ltd | 5/8 recent comparable periods | 6/6 companies · 102 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Morganite Crucible (India) Ltd (MORGANITE): 31% — older report
2. Monolithisch India Ltd (MONOLITH): 28%
3. Vesuvius India Ltd (VESUVIUS): 17%
4. Orient Ceratech Ltd (ORIENTCER): 9.4%
5. RHI Magnesita India Ltd (RHIM): 9.0%

### Margin change — fastest expanders
1. Morganite Crucible (India) Ltd (MORGANITE): +7.3 pp — older report
2. Monolithisch India Ltd (MONOLITH): +5.0 pp
3. IFGL Refractories Ltd (IFGLEXPOR): +1.0 pp
4. Vesuvius India Ltd (VESUVIUS): 0.0 pp
5. RHI Magnesita India Ltd (RHIM): −1.0 pp

### 20-quarter OPM history
- VESUVIUS: Sep 2021 10% | Dec 2021 7.8% | Mar 2022 11% | Jun 2022 12% | Sep 2022 14% | Dec 2022 11% | Mar 2023 15% | Jun 2023 17% | Sep 2023 20% | Dec 2023 19% | Mar 2024 21% | Jun 2024 20% | Sep 2024 18% | Dec 2024 16% | Mar 2025 17% | Jun 2025 17% | Sep 2025 17% | Dec 2025 17% | Mar 2026 17% | Jun 2026 —
- RHIM: Sep 2021 15% | Dec 2021 20% | Mar 2022 24% | Jun 2022 19% | Sep 2022 17% | Dec 2022 14% | Mar 2023 5.0% | Jun 2023 14% | Sep 2023 15% | Dec 2023 13% | Mar 2024 16% | Jun 2024 18% | Sep 2024 12% | Dec 2024 12% | Mar 2025 10% | Jun 2025 11% | Sep 2025 11% | Dec 2025 13% | Mar 2026 9.0% | Jun 2026 —
- MONOLITH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 21% | Dec 2024 23% | Mar 2025 22% | Jun 2025 23% | Sep 2025 19% | Dec 2025 23% | Mar 2026 28% | Jun 2026 28%
- IFGLEXPOR: Sep 2021 12% | Dec 2021 11% | Mar 2022 10% | Jun 2022 9.5% | Sep 2022 11% | Dec 2022 11% | Mar 2023 13% | Jun 2023 13% | Sep 2023 15% | Dec 2023 -1.0% | Mar 2024 9.0% | Jun 2024 11% | Sep 2024 8.0% | Dec 2024 4.0% | Mar 2025 7.0% | Jun 2025 8.0% | Sep 2025 8.0% | Dec 2025 5.0% | Mar 2026 8.0% | Jun 2026 —
- MORGANITE: Sep 2021 23% | Dec 2021 24% | Mar 2022 12% | Jun 2022 16% | Sep 2022 18% | Dec 2022 19% | Mar 2023 11% | Jun 2023 27% | Sep 2023 28% | Dec 2023 21% | Mar 2024 14% | Jun 2024 25% | Sep 2024 29% | Dec 2024 23% | Mar 2025 15% | Jun 2025 21% | Sep 2025 28% | Dec 2025 31% | Mar 2026 — | Jun 2026 —
- ORIENTCER: Sep 2021 6.0% | Dec 2021 8.2% | Mar 2022 3.3% | Jun 2022 7.6% | Sep 2022 6.9% | Dec 2022 8.1% | Mar 2023 11% | Jun 2023 9.4% | Sep 2023 13% | Dec 2023 11% | Mar 2024 9.6% | Jun 2024 8.5% | Sep 2024 10% | Dec 2024 8.4% | Mar 2025 11% | Jun 2025 9.5% | Sep 2025 11% | Dec 2025 12% | Mar 2026 9.4% | Jun 2026 —

### 20-quarter Margin change history
- VESUVIUS: Sep 2021 +1.9 pp | Dec 2021 −2.9 pp | Mar 2022 +1.2 pp | Jun 2022 +2.2 pp | Sep 2022 +3.7 pp | Dec 2022 +3.2 pp | Mar 2023 +4.3 pp | Jun 2023 +4.6 pp | Sep 2023 +6.0 pp | Dec 2023 +8.0 pp | Mar 2024 +6.0 pp | Jun 2024 +3.0 pp | Sep 2024 −2.0 pp | Dec 2024 −3.0 pp | Mar 2025 −4.0 pp | Jun 2025 −3.0 pp | Sep 2025 −1.0 pp | Dec 2025 +1.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- RHIM: Sep 2021 +1.0 pp | Dec 2021 +2.4 pp | Mar 2022 +7.5 pp | Jun 2022 +1.9 pp | Sep 2022 +1.6 pp | Dec 2022 −5.6 pp | Mar 2023 −18.5 pp | Jun 2023 −5.2 pp | Sep 2023 −1.8 pp | Dec 2023 −1.0 pp | Mar 2024 +11.0 pp | Jun 2024 +4.0 pp | Sep 2024 −3.0 pp | Dec 2024 −1.0 pp | Mar 2025 −6.0 pp | Jun 2025 −7.0 pp | Sep 2025 −1.0 pp | Dec 2025 +1.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- MONOLITH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −2.3 pp | Dec 2025 0.0 pp | Mar 2026 +6.0 pp | Jun 2026 +5.0 pp
- IFGLEXPOR: Sep 2021 −4.0 pp | Dec 2021 −5.5 pp | Mar 2022 −5.2 pp | Jun 2022 −2.4 pp | Sep 2022 −1.3 pp | Dec 2022 −0.6 pp | Mar 2023 +2.7 pp | Jun 2023 +3.5 pp | Sep 2023 +4.5 pp | Dec 2023 −11.9 pp | Mar 2024 −4.0 pp | Jun 2024 −2.0 pp | Sep 2024 −7.0 pp | Dec 2024 +5.0 pp | Mar 2025 −2.0 pp | Jun 2025 −3.0 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- MORGANITE: Sep 2021 +11.2 pp | Dec 2021 +10.7 pp | Mar 2022 −1.6 pp | Jun 2022 −3.9 pp | Sep 2022 −5.3 pp | Dec 2022 −4.4 pp | Mar 2023 −0.7 pp | Jun 2023 +10.8 pp | Sep 2023 +10.5 pp | Dec 2023 +1.8 pp | Mar 2024 +3.1 pp | Jun 2024 −1.8 pp | Sep 2024 +0.7 pp | Dec 2024 +2.2 pp | Mar 2025 +1.4 pp | Jun 2025 −3.7 pp | Sep 2025 −1.2 pp | Dec 2025 +7.3 pp | Mar 2026 — | Jun 2026 —
- ORIENTCER: Sep 2021 −4.6 pp | Dec 2021 −1.6 pp | Mar 2022 −6.3 pp | Jun 2022 −0.4 pp | Sep 2022 +0.9 pp | Dec 2022 −0.1 pp | Mar 2023 +7.5 pp | Jun 2023 +1.8 pp | Sep 2023 +6.5 pp | Dec 2023 +2.8 pp | Mar 2024 −1.2 pp | Jun 2024 −0.9 pp | Sep 2024 −3.3 pp | Dec 2024 −2.4 pp | Mar 2025 +1.2 pp | Jun 2025 +1.0 pp | Sep 2025 +1.1 pp | Dec 2025 +4.0 pp | Mar 2026 −1.5 pp | Jun 2026 —

## Profit Scale & Acceleration

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.

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.

Evidence: Vesuvius India Ltd · ₹261 crore | 645.7% versus #2 · IFGL Refractories Ltd | 4/8 recent comparable periods | 6/6 companies · 86 observations

Definition: 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 profit — largest
1. Vesuvius India Ltd (VESUVIUS): ₹261 Cr
2. IFGL Refractories Ltd (IFGLEXPOR): ₹35 Cr
3. Monolithisch India Ltd (MONOLITH): ₹29 Cr
4. Morganite Crucible (India) Ltd (MORGANITE): ₹23 Cr — older report
5. Orient Ceratech Ltd (ORIENTCER): ₹22 Cr

### Profit growth — fastest growers
1. Orient Ceratech Ltd (ORIENTCER): 100%
2. Vesuvius India Ltd (VESUVIUS): 2.8%
3. Morganite Crucible (India) Ltd (MORGANITE): -9.3% — older report
4. IFGL Refractories Ltd (IFGLEXPOR): -19%
5. RHI Magnesita India Ltd (RHIM): -80%

### 20-quarter Net profit history
- VESUVIUS: Sep 2021 ₹19 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹24 Cr | Jun 2022 ₹29 Cr | Sep 2022 ₹36 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹43 Cr | Jun 2023 ₹52 Cr | Sep 2023 ₹60 Cr | Dec 2023 ₹57 Cr | Mar 2024 ₹69 Cr | Jun 2024 ₹67 Cr | Sep 2024 ₹68 Cr | Dec 2024 ₹60 Cr | Mar 2025 ₹59 Cr | Jun 2025 ₹63 Cr | Sep 2025 ₹62 Cr | Dec 2025 ₹80 Cr | Mar 2026 ₹56 Cr | Jun 2026 —
- RHIM: Sep 2021 ₹43 Cr | Dec 2021 ₹76 Cr | Mar 2022 ₹100 Cr | Jun 2022 ₹82 Cr | Sep 2022 ₹72 Cr | Dec 2022 ₹59 Cr | Mar 2023 ₹-679 Cr | Jun 2023 ₹47 Cr | Sep 2023 ₹72 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹-258 Cr | Jun 2024 ₹73 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹48 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹38 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹-518 Cr | Jun 2026 —
- MONOLITH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹4 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹8 Cr | Jun 2026 ₹10 Cr
- IFGLEXPOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹16 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹-2 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹-3 Cr | Mar 2026 ₹14 Cr | Jun 2026 —
- MORGANITE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹6 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹6 Cr | Mar 2026 — | Jun 2026 —
- ORIENTCER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹6 Cr | Jun 2026 —

### 20-quarter Profit growth history
- VESUVIUS: Sep 2021 — | Dec 2021 — | Mar 2022 50% | Jun 2022 53% | Sep 2022 89% | Dec 2022 115% | Mar 2023 79% | Jun 2023 79% | Sep 2023 67% | Dec 2023 104% | Mar 2024 60% | Jun 2024 29% | Sep 2024 13% | Dec 2024 5.3% | Mar 2025 -14% | Jun 2025 -6.0% | Sep 2025 -8.8% | Dec 2025 33% | Mar 2026 -5.1% | Jun 2026 —
- RHIM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 64% | Sep 2022 67% | Dec 2022 -22% | Mar 2023 -779% | Jun 2023 -43% | Sep 2023 0.0% | Dec 2023 -34% | Mar 2024 — | Jun 2024 55% | Sep 2024 -36% | Dec 2024 23% | Mar 2025 — | Jun 2025 -52% | Sep 2025 -17% | Dec 2025 29% | Mar 2026 -1,539% | Jun 2026 —
- MONOLITH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 50% | Mar 2026 100% | Jun 2026 150%
- IFGLEXPOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -87% | Mar 2024 -55% | Jun 2024 -17% | Sep 2024 -68% | Dec 2024 -200% | Mar 2025 -38% | Jun 2025 -56% | Sep 2025 8.3% | Dec 2025 — | Mar 2026 75% | Jun 2026 —
- MORGANITE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 13% | Mar 2024 -65% | Jun 2024 1.3% | Sep 2024 7.3% | Dec 2024 18% | Mar 2025 311% | Jun 2025 -27% | Sep 2025 -1.6% | Dec 2025 -29% | Mar 2026 — | Jun 2026 —
- ORIENTCER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 110% | Mar 2024 -27% | Jun 2024 -31% | Sep 2024 -65% | Dec 2024 -68% | Mar 2025 -19% | Jun 2025 48% | Sep 2025 305% | Dec 2025 159% | Mar 2026 63% | Jun 2026 —

## Capacity Spending & Returns On It

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.

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.

Evidence: Monolithisch India Ltd · ₹5 crore | Not enough peers | 2/2 recent comparable periods | 1/6 companies · 4 observations

Definition: 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.

### CAPEX — largest spenders
1. Monolithisch India Ltd (MONOLITH): ₹5 Cr

### CAPEX intensity — highest reinvestment intensity
1. Monolithisch India Ltd (MONOLITH): 18%

### 20-quarter CAPEX history
- MONOLITH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 ₹5 Cr | Sep 2025 ₹5 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- MONOLITH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 17% | Sep 2025 18% | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

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.

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.

Evidence: Morganite Crucible (India) Ltd · ₹2 crore | 66.7% versus #2 · Monolithisch India Ltd | Not enough history | 6/6 companies · 65 observations

Definition: 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 debt — lowest gross debt
1. Morganite Crucible (India) Ltd (MORGANITE): ₹2 Cr — older report
2. Monolithisch India Ltd (MONOLITH): ₹6 Cr
3. Vesuvius India Ltd (VESUVIUS): ₹14 Cr
4. Orient Ceratech Ltd (ORIENTCER): ₹40 Cr
5. IFGL Refractories Ltd (IFGLEXPOR): ₹209 Cr

### Net debt — lowest net debt
1. Vesuvius India Ltd (VESUVIUS): ₹-567 Cr
2. Monolithisch India Ltd (MONOLITH): ₹7 Cr
3. RHI Magnesita India Ltd (RHIM): ₹57 Cr
4. IFGL Refractories Ltd (IFGLEXPOR): ₹90 Cr

### 20-quarter Gross debt history
- VESUVIUS: Sep 2021 — | Dec 2021 ₹0 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹13 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹14 Cr | Sep 2025 — | Dec 2025 ₹14 Cr | Mar 2026 ₹14 Cr | Jun 2026 —
- RHIM: Sep 2021 ₹62 Cr | Dec 2021 ₹62 Cr | Mar 2022 ₹65 Cr | Jun 2022 ₹65 Cr | Sep 2022 ₹67 Cr | Dec 2022 ₹67 Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹518 Cr | Dec 2023 ₹518 Cr | Mar 2024 ₹487 Cr | Jun 2024 ₹487 Cr | Sep 2024 ₹453 Cr | Dec 2024 ₹453 Cr | Mar 2025 ₹380 Cr | Jun 2025 ₹380 Cr | Sep 2025 ₹415 Cr | Dec 2025 ₹415 Cr | Mar 2026 ₹448 Cr | Jun 2026 —
- MONOLITH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹4 Cr | Sep 2024 ₹4 Cr | Dec 2024 — | Mar 2025 ₹7 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹6 Cr | Jun 2026 —
- IFGLEXPOR: Sep 2021 ₹78 Cr | Dec 2021 ₹78 Cr | Mar 2022 ₹99 Cr | Jun 2022 ₹99 Cr | Sep 2022 ₹136 Cr | Dec 2022 ₹136 Cr | Mar 2023 ₹160 Cr | Jun 2023 ₹160 Cr | Sep 2023 ₹186 Cr | Dec 2023 ₹186 Cr | Mar 2024 ₹174 Cr | Jun 2024 ₹174 Cr | Sep 2024 ₹189 Cr | Dec 2024 ₹189 Cr | Mar 2025 ₹213 Cr | Jun 2025 ₹213 Cr | Sep 2025 ₹217 Cr | Dec 2025 ₹217 Cr | Mar 2026 ₹209 Cr | Jun 2026 —
- MORGANITE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1 Cr | Jun 2025 — | Sep 2025 ₹2 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ORIENTCER: Sep 2021 — | Dec 2021 — | Mar 2022 ₹38 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹15 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹58 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹72 Cr | Jun 2025 — | Sep 2025 ₹47 Cr | Dec 2025 — | Mar 2026 ₹40 Cr | Jun 2026 —

### 20-quarter Net debt history
- VESUVIUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹-452 Cr | Mar 2024 ₹-452 Cr | Jun 2024 ₹-409 Cr | Sep 2024 ₹-409 Cr | Dec 2024 ₹-468 Cr | Mar 2025 ₹-468 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 ₹-567 Cr | Mar 2026 ₹-567 Cr | Jun 2026 —
- RHIM: Sep 2021 ₹-20 Cr | Dec 2021 ₹-20 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹-61 Cr | Dec 2022 ₹-61 Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹385 Cr | Dec 2023 ₹385 Cr | Mar 2024 ₹436 Cr | Jun 2024 ₹434 Cr | Sep 2024 ₹312 Cr | Dec 2024 ₹312 Cr | Mar 2025 ₹283 Cr | Jun 2025 ₹281 Cr | Sep 2025 ₹335 Cr | Dec 2025 ₹335 Cr | Mar 2026 ₹57 Cr | Jun 2026 —
- MONOLITH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹3 Cr | Sep 2024 ₹3 Cr | Dec 2024 — | Mar 2025 ₹7 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IFGLEXPOR: Sep 2021 ₹-172 Cr | Dec 2021 ₹-172 Cr | Mar 2022 ₹-143 Cr | Jun 2022 ₹-144 Cr | Sep 2022 ₹-69 Cr | Dec 2022 ₹-69 Cr | Mar 2023 ₹-10 Cr | Jun 2023 ₹-10 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹-15 Cr | Jun 2024 ₹-11 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹58 Cr | Jun 2025 ₹58 Cr | Sep 2025 ₹98 Cr | Dec 2025 ₹98 Cr | Mar 2026 ₹90 Cr | Jun 2026 —

## Return On Capital Employed

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.

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.

Evidence: Monolithisch India Ltd · 34.8% | 14.5% versus #2 · Morganite Crucible (India) Ltd | 1/3 recent comparable periods | 6/6 companies · 50 observations

Definition: 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.

### ROCE — highest
1. Monolithisch India Ltd (MONOLITH): 35%
2. Morganite Crucible (India) Ltd (MORGANITE): 30% — older report
3. Vesuvius India Ltd (VESUVIUS): 21%
4. Orient Ceratech Ltd (ORIENTCER): 10%
5. RHI Magnesita India Ltd (RHIM): 6.5%

### ROCE change — fastest improvers
1. Orient Ceratech Ltd (ORIENTCER): +4.0 pp
2. Morganite Crucible (India) Ltd (MORGANITE): +2.0 pp — older report
3. RHI Magnesita India Ltd (RHIM): −0.4 pp
4. IFGL Refractories Ltd (IFGLEXPOR): −0.5 pp
5. Vesuvius India Ltd (VESUVIUS): −2.7 pp

### 20-quarter ROCE history
- VESUVIUS: Sep 2021 — | Dec 2021 7.9% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 14% | Mar 2023 — | Jun 2023 17% | Sep 2023 24% | Dec 2023 21% | Mar 2024 28% | Jun 2024 23% | Sep 2024 28% | Dec 2024 21% | Mar 2025 25% | Jun 2025 — | Sep 2025 23% | Dec 2025 18% | Mar 2026 22% | Jun 2026 —
- RHIM: Sep 2021 29% | Dec 2021 — | Mar 2022 33% | Jun 2022 — | Sep 2022 37% | Dec 2022 — | Mar 2023 9.2% | Jun 2023 — | Sep 2023 6.8% | Dec 2023 -14% | Mar 2024 9.1% | Jun 2024 1.8% | Sep 2024 8.3% | Dec 2024 0.9% | Mar 2025 6.6% | Jun 2025 5.9% | Sep 2025 5.5% | Dec 2025 5.9% | Mar 2026 6.2% | Jun 2026 —
- MONOLITH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 15% | Sep 2024 31% | Dec 2024 — | Mar 2025 56% | Jun 2025 18% | Sep 2025 20% | Dec 2025 36% | Mar 2026 23% | Jun 2026 —
- IFGLEXPOR: Sep 2021 15% | Dec 2021 — | Mar 2022 12% | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 15% | Dec 2023 11% | Mar 2024 10% | Jun 2024 8.8% | Sep 2024 5.7% | Dec 2024 6.7% | Mar 2025 7.2% | Jun 2025 4.8% | Sep 2025 6.3% | Dec 2025 4.8% | Mar 2026 6.7% | Jun 2026 —

### 20-quarter ROCE change history
- VESUVIUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +5.6 pp | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 +7.0 pp | Mar 2024 — | Jun 2024 +6.0 pp | Sep 2024 +4.1 pp | Dec 2024 +0.1 pp | Mar 2025 −3.4 pp | Jun 2025 — | Sep 2025 −5.4 pp | Dec 2025 −3.1 pp | Mar 2026 −2.7 pp | Jun 2026 —
- RHIM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.4 pp | Dec 2022 — | Mar 2023 −24.1 pp | Jun 2023 — | Sep 2023 −29.8 pp | Dec 2023 — | Mar 2024 −0.1 pp | Jun 2024 — | Sep 2024 +1.5 pp | Dec 2024 +14.6 pp | Mar 2025 −2.5 pp | Jun 2025 +4.1 pp | Sep 2025 −2.8 pp | Dec 2025 +5.0 pp | Mar 2026 −0.4 pp | Jun 2026 —
- MONOLITH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 +2.9 pp | Sep 2025 −11.0 pp | Dec 2025 — | Mar 2026 −33.4 pp | Jun 2026 —
- IFGLEXPOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.6 pp | Dec 2022 — | Mar 2023 −0.7 pp | Jun 2023 — | Sep 2023 +3.3 pp | Dec 2023 — | Mar 2024 −1.1 pp | Jun 2024 — | Sep 2024 −8.9 pp | Dec 2024 −4.7 pp | Mar 2025 −2.8 pp | Jun 2025 −4.0 pp | Sep 2025 +0.6 pp | Dec 2025 −1.9 pp | Mar 2026 −0.5 pp | Jun 2026 —

## Valuation Against Growth & Quality

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.

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.

Evidence: Vesuvius India Ltd · 6.32× | Not enough peers | 0/8 recent comparable periods | 1/6 companies · 13 observations

Definition: 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 PEG — lowest PEG
1. Vesuvius India Ltd (VESUVIUS): 6.3

### P/E — lowest P/E
1. Orient Ceratech Ltd (ORIENTCER): 21.0
2. Morganite Crucible (India) Ltd (MORGANITE): 30.2 — older report
3. Vesuvius India Ltd (VESUVIUS): 35.2
4. IFGL Refractories Ltd (IFGLEXPOR): 38.8
5. Monolithisch India Ltd (MONOLITH): 58.5

### 20-quarter Guarded PEG history
- VESUVIUS: Sep 2021 — | Dec 2021 1.6 | Mar 2022 1.1 | Jun 2022 0.8 | Sep 2022 — | Dec 2022 0.7 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.8 | Dec 2024 0.9 | Mar 2025 1.5 | Jun 2025 6.3 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RHIM: Sep 2021 — | Dec 2021 — | Mar 2022 2.0 | Jun 2022 — | Sep 2022 0.8 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 3.3 | Dec 2024 3.2 | Mar 2025 0.9 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- VESUVIUS: Sep 2021 36.9 | Dec 2021 31.0 | Mar 2022 29.9 | Jun 2022 27.6 | Sep 2022 37.1 | Dec 2022 32.0 | Mar 2023 28.5 | Jun 2023 35.7 | Sep 2023 39.7 | Dec 2023 39.7 | Mar 2024 31.6 | Jun 2024 42.9 | Sep 2024 45.5 | Dec 2024 36.5 | Mar 2025 35.0 | Jun 2025 44.1 | Sep 2025 41.2 | Dec 2025 40.1 | Mar 2026 35.0 | Jun 2026 —
- RHIM: Sep 2021 27.4 | Dec 2021 28.3 | Mar 2022 43.7 | Jun 2022 28.8 | Sep 2022 35.8 | Dec 2022 40.9 | Mar 2023 32.4 | Jun 2023 53.2 | Sep 2023 80.4 | Dec 2023 97.4 | Mar 2024 84.5 | Jun 2024 66.3 | Sep 2024 56.0 | Dec 2024 52.9 | Mar 2025 50.3 | Jun 2025 49.4 | Sep 2025 55.5 | Dec 2025 59.1 | Mar 2026 40.2 | Jun 2026 —
- MONOLITH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 31.9 | Sep 2025 47.2 | Dec 2025 52.6 | Mar 2026 39.1 | Jun 2026 72.9
- IFGLEXPOR: Sep 2021 15.4 | Dec 2021 15.7 | Mar 2022 18.4 | Jun 2022 11.9 | Sep 2022 12.3 | Dec 2022 12.8 | Mar 2023 10.7 | Jun 2023 15.7 | Sep 2023 18.2 | Dec 2023 25.5 | Mar 2024 19.9 | Jun 2024 28.6 | Sep 2024 28.3 | Dec 2024 31.1 | Mar 2025 26.8 | Jun 2025 43.9 | Sep 2025 63.0 | Dec 2025 49.2 | Mar 2026 31.0 | Jun 2026 —
- MORGANITE: Sep 2021 — | Dec 2021 — | Mar 2022 17.3 | Jun 2022 12.9 | Sep 2022 13.8 | Dec 2022 13.7 | Mar 2023 12.3 | Jun 2023 34.6 | Sep 2023 38.9 | Dec 2023 37.1 | Mar 2024 30.3 | Jun 2024 33.2 | Sep 2024 36.7 | Dec 2024 33.5 | Mar 2025 25.1 | Jun 2025 29.8 | Sep 2025 35.6 | Dec 2025 34.0 | Mar 2026 — | Jun 2026 —
- ORIENTCER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 48.1 | Sep 2022 42.2 | Dec 2022 37.9 | Mar 2023 26.0 | Jun 2023 24.1 | Sep 2023 33.9 | Dec 2023 36.7 | Mar 2024 32.1 | Jun 2024 36.9 | Sep 2024 39.1 | Dec 2024 50.1 | Mar 2025 33.8 | Jun 2025 42.4 | Sep 2025 38.8 | Dec 2025 30.4 | Mar 2026 20.6 | Jun 2026 —

## Enterprise Value & Book Value

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

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.

Evidence: IFGL Refractories Ltd · 7.8× | 19.6% versus #2 · Orient Ceratech Ltd | 0/8 recent comparable periods | 6/6 companies · 96 observations

Definition: 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/EBITDA — lowest EV/EBITDA
1. IFGL Refractories Ltd (IFGLEXPOR): 7.8
2. Orient Ceratech Ltd (ORIENTCER): 9.7
3. RHI Magnesita India Ltd (RHIM): 16.0
4. Morganite Crucible (India) Ltd (MORGANITE): 17.6 — older report
5. Vesuvius India Ltd (VESUVIUS): 20.9

### P/BV — lowest P/BV
1. IFGL Refractories Ltd (IFGLEXPOR): 1.2
2. Orient Ceratech Ltd (ORIENTCER): 1.6
3. RHI Magnesita India Ltd (RHIM): 2.3
4. Vesuvius India Ltd (VESUVIUS): 5.5
5. Morganite Crucible (India) Ltd (MORGANITE): 5.5 — older report

### 20-quarter EV/EBITDA history
- VESUVIUS: Sep 2021 16.2 | Dec 2021 13.3 | Mar 2022 12.4 | Jun 2022 11.8 | Sep 2022 19.1 | Dec 2022 17.0 | Mar 2023 14.8 | Jun 2023 20.0 | Sep 2023 23.3 | Dec 2023 23.9 | Mar 2024 19.4 | Jun 2024 27.2 | Sep 2024 29.1 | Dec 2024 23.2 | Mar 2025 22.2 | Jun 2025 27.9 | Sep 2025 25.8 | Dec 2025 24.5 | Mar 2026 20.9 | Jun 2026 —
- RHIM: Sep 2021 21.1 | Dec 2021 20.9 | Mar 2022 30.5 | Jun 2022 19.5 | Sep 2022 24.6 | Dec 2022 28.4 | Mar 2023 25.6 | Jun 2023 35.6 | Sep 2023 42.7 | Dec 2023 38.9 | Mar 2024 25.7 | Jun 2024 25.9 | Sep 2024 22.5 | Dec 2024 19.7 | Mar 2025 19.1 | Jun 2025 20.7 | Sep 2025 20.9 | Dec 2025 21.9 | Mar 2026 16.0 | Jun 2026 —
- MONOLITH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 29.9 | Sep 2025 42.7 | Dec 2025 42.4 | Mar 2026 29.1 | Jun 2026 49.2
- IFGLEXPOR: Sep 2021 5.4 | Dec 2021 5.8 | Mar 2022 5.7 | Jun 2022 5.0 | Sep 2022 6.0 | Dec 2022 6.3 | Mar 2023 4.8 | Jun 2023 7.3 | Sep 2023 9.5 | Dec 2023 13.4 | Mar 2024 11.1 | Jun 2024 14.1 | Sep 2024 13.7 | Dec 2024 12.8 | Mar 2025 9.1 | Jun 2025 13.6 | Sep 2025 15.0 | Dec 2025 12.0 | Mar 2026 7.8 | Jun 2026 —
- MORGANITE: Sep 2021 23.4 | Dec 2021 17.0 | Mar 2022 10.5 | Jun 2022 8.4 | Sep 2022 9.0 | Dec 2022 8.8 | Mar 2023 7.9 | Jun 2023 17.4 | Sep 2023 20.4 | Dec 2023 19.8 | Mar 2024 15.9 | Jun 2024 18.0 | Sep 2024 20.0 | Dec 2024 18.2 | Mar 2025 13.5 | Jun 2025 15.9 | Sep 2025 18.8 | Dec 2025 17.6 | Mar 2026 — | Jun 2026 —
- ORIENTCER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15.9 | Sep 2022 14.8 | Dec 2022 13.2 | Mar 2023 10.3 | Jun 2023 11.2 | Sep 2023 14.4 | Dec 2023 17.1 | Mar 2024 15.2 | Jun 2024 16.2 | Sep 2024 17.6 | Dec 2024 19.4 | Mar 2025 12.3 | Jun 2025 13.6 | Sep 2025 14.0 | Dec 2025 12.9 | Mar 2026 9.7 | Jun 2026 —

### 20-quarter P/BV history
- VESUVIUS: Sep 2021 2.7 | Dec 2021 2.6 | Mar 2022 2.4 | Jun 2022 2.3 | Sep 2022 3.4 | Dec 2022 3.5 | Mar 2023 3.7 | Jun 2023 4.5 | Sep 2023 5.9 | Dec 2023 6.8 | Mar 2024 5.6 | Jun 2024 8.6 | Sep 2024 8.8 | Dec 2024 7.3 | Mar 2025 7.8 | Jun 2025 7.8 | Sep 2025 6.8 | Dec 2025 6.4 | Mar 2026 6.5 | Jun 2026 —
- RHIM: Sep 2021 5.3 | Dec 2021 6.9 | Mar 2022 11.6 | Jun 2022 7.2 | Sep 2022 9.4 | Dec 2022 11.8 | Mar 2023 9.8 | Jun 2023 10.1 | Sep 2023 4.8 | Dec 2023 4.1 | Mar 2024 2.8 | Jun 2024 4.1 | Sep 2024 3.3 | Dec 2024 2.7 | Mar 2025 2.7 | Jun 2025 2.6 | Sep 2025 2.3 | Dec 2025 2.3 | Mar 2026 1.7 | Jun 2026 —
- MONOLITH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 5.4 | Sep 2025 8.0 | Dec 2025 9.4 | Mar 2026 9.1 | Jun 2026 12.8
- IFGLEXPOR: Sep 2021 1.3 | Dec 2021 1.3 | Mar 2022 1.1 | Jun 2022 1.0 | Sep 2022 1.0 | Dec 2022 1.0 | Mar 2023 0.8 | Jun 2023 1.3 | Sep 2023 1.7 | Dec 2023 2.8 | Mar 2024 1.9 | Jun 2024 2.3 | Sep 2024 2.0 | Dec 2024 1.4 | Mar 2025 1.1 | Jun 2025 1.8 | Sep 2025 1.7 | Dec 2025 1.3 | Mar 2026 0.8 | Jun 2026 —
- MORGANITE: Sep 2021 5.6 | Dec 2021 4.5 | Mar 2022 4.8 | Jun 2022 5.2 | Sep 2022 4.3 | Dec 2022 4.1 | Mar 2023 4.0 | Jun 2023 4.6 | Sep 2023 6.0 | Dec 2023 6.5 | Mar 2024 5.5 | Jun 2024 6.7 | Sep 2024 7.3 | Dec 2024 6.4 | Mar 2025 5.0 | Jun 2025 6.4 | Sep 2025 6.9 | Dec 2025 6.3 | Mar 2026 — | Jun 2026 —
- ORIENTCER: Sep 2021 — | Dec 2021 1.5 | Mar 2022 1.5 | Jun 2022 1.3 | Sep 2022 1.4 | Dec 2022 1.4 | Mar 2023 1.1 | Jun 2023 1.4 | Sep 2023 1.8 | Dec 2023 2.3 | Mar 2024 2.1 | Jun 2024 2.3 | Sep 2024 2.3 | Dec 2024 2.3 | Mar 2025 1.3 | Jun 2025 1.5 | Sep 2025 1.6 | Dec 2025 1.8 | Mar 2026 1.5 | Jun 2026 —

## 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.

### Strongest one-year price performers
1. Monolithisch India Ltd (MONOLITH): 78%
2. Orient Ceratech Ltd (ORIENTCER): -6.4%
3. Morganite Crucible (India) Ltd (MORGANITE): -7.8%
4. Vesuvius India Ltd (VESUVIUS): -14%
5. RHI Magnesita India Ltd (RHIM): -15%

### Strongest relative strength versus NIFTY 500
1. Monolithisch India Ltd (MONOLITH): 47%
2. IFGL Refractories Ltd (IFGLEXPOR): 2.1%
3. Orient Ceratech Ltd (ORIENTCER): 0.8%
4. Vesuvius India Ltd (VESUVIUS): -5.7%
5. RHI Magnesita India Ltd (RHIM): -6.5%

## What can make this comparison misleading?
- 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.

## Every company
- Vesuvius India Ltd (VESUVIUS) — market value ₹9.2K Cr; latest fundamentals Mar 2026
- RHI Magnesita India Ltd (RHIM) — market value ₹8.2K Cr; latest fundamentals Mar 2026
- Monolithisch India Ltd (MONOLITH) — market value ₹1.7K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- IFGL Refractories Ltd (IFGLEXPOR) — market value ₹1.4K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Morganite Crucible (India) Ltd (MORGANITE) — market value ₹748 Cr; latest fundamentals Dec 2025
- Orient Ceratech Ltd (ORIENTCER) — market value ₹491 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 2. Unverified: 4. Withheld: 0. Graded companies: 6.

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.

- UNVERIFIED | MONOLITH | Monolithisch India Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | IFGLEXPOR | IFGL Refractories Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### 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.

Narrative sector analysis: https://www.sectoralpha.in/sectors/refractories