20-quarter listed-company comparison

Refractories Stocks in India

Refractories: RHI Magnesita India Ltd owns the largest revenue base; Raghav Productivity Enhancers Ltd has the fastest current growth.

The 8 Refractories companies listed in India are RHI Magnesita India Ltd (₹8.0K Cr, the largest), Vesuvius India Ltd, Raghav Productivity Enhancers Ltd and 5 more. 5 of 8 covered companies beat NIFTY 500 on relative strength. Readings are as of 28 Sep 2026.

All 8 Refractories Stocks in India (Sep 2026) — ranked by 4-Factor score

1Orient Ceratech Ltd₹561 Cr73.7/100Favorable setup · strongest on profit growth and ROCE improvement
2Raghav Productivity Enhancers Ltd₹7.8K Cr65.6/100Favorable setup · strongest on ROCE improvement and relative strength versus sector
3Monolithisch India Ltd₹2.8K Cr64.1/100Mixed-positive evidence · strongest on ROCE and relative strength versus sector
4Foseco Crucible (India) Ltd₹1.1K Cr57.7/100Mixed-positive evidence · strongest on ROCE and margin improvement
5Morganite Crucible (India) Ltd₹748 Cr51.5/100Thin evidence · provisional · strongest on ROCE and margin improvement
6IFGL Refractories Ltd₹1.4K Cr34.4/100Adverse evidence · strongest on profit growth and revenue growth
7Vesuvius India Ltd₹7.9K Cr28.9/100Adverse evidence · strongest on ROCE and profitable quarters
8RHI Magnesita India Ltd₹8.0K Cr28.6/100Adverse evidence

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 25 Sep 2026. Not investment advice.

01 · the index people search for

Nifty Refractories Index — Constituents & Performance

All 8 listed Indian Refractories companies are named here, largest first — the same constituent set people search for as the Nifty Refractories index. Every figure is equal-weighted across those companies and carries its own as-of date. One large constituent cannot set the reading.

RHI Magnesita India Ltd₹8.0K Cr
Vesuvius India Ltd₹7.9K Cr
Raghav Productivity Enhancers Ltd₹7.8K Cr
Monolithisch India Ltd₹2.8K Cr
IFGL Refractories Ltd₹1.4K Cr
Foseco Crucible (India) Ltd₹1.1K Cr
Morganite Crucible (India) Ltd₹748 Cr
Orient Ceratech Ltd₹561 Cr

02 · the sector itself · before any single company

How has Refractories moved against NIFTY 500?

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this sector is 18% ahead of NIFTY 500. Earnings across its companies fell 6% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 18 weeks running.

LEADER · ahead 18w~Price up, without the fundamentals confirming5 of the 7 companies with a long enough price record ahead of NIFTY 500 by 5% or more over three months1 is 20% or more behind over a year while earnings grew 20% or more

RS ↑18w · 4/7 >200d (+0) · 5/7 lead (+1) · EPS 3/6↑

Refractories, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling

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 7 of its 8 companies — the 1 with too short a price record are ranked in the scorecard but cannot sit in this line. 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.

03 · sector relative strength, before individual stocks

Is Refractories outperforming NIFTY 500?

Refractories has outperformed NIFTY 500 by 37.7% over the last 52 weeks. Over 13 weeks the gap is a lead of 26.7%. 5 of 8 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 +61.2%. Readings are as of 2026-09-25.

+26.7%Sector vs NIFTY 500 · 13 weeks

+37.7%Sector vs NIFTY 500 · 52 weeks

5/8Stocks leading NIFTY 500

3/8Stocks leading sector

Sector metric: 45.8 as of 2026-09-25 · BROADENING · falling.

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

Refractories has outperformed NIFTY 500 by 37.7% over 52 weeks and 26.7% over 13 weeks. 5 of 8 covered companies beat NIFTY on Mansfield relative strength, while 3 of 8 beat the sector itself. RHI Magnesita India Ltd leads with revenue of ₹4,073 crore, based on 8 of 8 comparable companies through Jun 2026.

Companies

complete canonical membership

Combined market value

₹30.2K Cr

RHI Magnesita India Ltd

Revenue growing

6/7

positive TTM year-on-year growth

Beating NIFTY 500

5/8

positive Mansfield relative strength

Comparing 5 of 8

04 · 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 81% evidence confidence.

Monolithisch India Ltd has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.

How this score is built, and what the marks mean

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

Company	Score	Price stage	Growth & earnings/35	Capital efficiency/25	Valuation/20	Relative strength/20
1Orient Ceratech LtdORIENTCER	73.7/100Favorable setup81% evidence	BREAKING OUT	31.5/35 Revenue 24.4% · PAT 100% · OPM change 8 pp 95% evidence	13.3/25 ROCE 11.4% · OPM 16.1% 95% evidence	15.0/20 P/E 16.6× · PEG — 50% evidence	13.9/20 RS sector 9.9% · RS bench 18.4% · 1Y 18.4%6 of 6 weeks ahead 70% evidence
Exact sum: 31.5 + 13.3 + 15 + 13.9 = 73.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2Raghav Productivity Enhancers LtdRPEL	65.6/100Favorable setup100% evidence	LEADER	30.6/35 Revenue 34.3% · PAT 53.7% · OPM change 3 pp 100% evidence	15.2/25 ROCE 30.3% · OPM 30% 100% evidence	2.6/20 P/E 124× · PEG 2.31 100% evidence	17.2/20 RS sector 36.8% · RS bench 75.1% · 1Y 151.7%12 of 12 weeks ahead 100% evidence
Exact sum: 30.6 + 15.2 + 2.6 + 17.2 = 65.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3Monolithisch India LtdMONOLITH	64.1/100Mixed-positive evidence63% evidence	LEADER	15.8/35 Revenue — · PAT — · OPM change 5 pp 45% evidence	19.4/25 ROCE 34.8% · OPM 28% 95% evidence	8.9/20 P/E 95.9× · PEG — 15% evidence	20.0/20 RS sector 61.2% · RS bench 105% · 1Y 166.2%12 of 12 weeks ahead 100% evidence
Exact sum: 15.8 + 19.4 + 8.9 + 20 = 64.1 · Decision use: Price leads the evidence: RS versus the benchmark is 105%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4Foseco Crucible (India) Ltd523160	57.7/100Mixed-positive evidence76% evidence	BREAKING OUT	16.4/35 Revenue -1.3% · PAT -32% · OPM change 16 pp 95% evidence	19.0/25 ROCE 33.2% · OPM 37% 76% evidence	12.7/20 P/E 27.4× · PEG — 50% evidence	9.6/20 RS sector -6.2% · RS bench 34.7% · 1Y 14.6%8 of 11 weeks ahead 70% evidence
Exact sum: 16.4 + 19 + 12.7 + 9.6 = 57.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5Morganite Crucible (India) LtdMORGANITE	51.5/100Thin evidence · provisional57% evidence		17.1/35 Revenue 3% · PAT -9.3% · OPM change 7.3 pp 53% evidence	17.3/25 ROCE 30.4% · OPM 30.8% 57% evidence	10.3/20 P/E 30.2× · PEG — 50% evidence	6.8/20 RS sector -6.1% · RS bench -8.6% · 1Y -20.7%0 of 12 weeks ahead to 2026-03-08 70% evidence
Exact sum: 17.1 + 17.3 + 10.3 + 6.8 = 51.5 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6IFGL Refractories LtdIFGLEXPOR	34.4/100Adverse evidence87% evidence	BREAKING OUT	16.7/35 Revenue 15.4% · PAT 41.4% · OPM change -1 pp 95% evidence	3.7/25 ROCE 4.9% · OPM 7% 95% evidence	7.5/20 P/E 32.8× · PEG — 50% evidence	6.5/20 RS sector -23.2% · RS bench 1.4% · 1Y -19.3%11 of 12 weeks ahead 100% evidence
Exact sum: 16.7 + 3.7 + 7.5 + 6.5 = 34.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7Vesuvius India LtdVESUVIUS	28.9/100Adverse evidence100% evidence	ASLEEP	10.8/35 Revenue 8.9% · PAT 2.8% · OPM change -1 pp 100% evidence	14.0/25 ROCE 21.3% · OPM 16% 100% evidence	4.1/20 P/E 30.8× · PEG 6.32 100% evidence	0.0/20 RS sector -36.8% · RS bench -15.5% · 1Y -26.7%0 of 12 weeks ahead 100% evidence
Exact sum: 10.8 + 14 + 4.1 + 0 = 28.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8RHI Magnesita India LtdRHIM	28.6/100Adverse evidence90% evidence	TURNING	11.0/35 Revenue 8.4% · PAT -80% · OPM change 3 pp 100% evidence	4.9/25 ROCE 6.5% · OPM 14% 100% evidence	9.9/20 P/E 42.6× · PEG — 50% evidence	2.8/20 RS sector -28.3% · RS bench -4.5% · 1Y -20%2 of 12 weeks ahead 100% evidence
Exact sum: 11 + 4.9 + 9.9 + 2.8 = 28.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

05 · what price has already done

Market action

Monolithisch India Ltd has the strongest one-year price move in Refractories at +166.2%. It also leads on Mansfield relative strength against NIFTY at +105%. 5 of 8 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-09-25.

Price and relative strength

Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts — the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

06 · compare level, then change

Revenue Scale & Growth Durability

RHI Magnesita India Ltd has the highest Revenue among the 8 Refractories companies compared here, at ₹4,073 crore. Vesuvius India Ltd is next at ₹2,134 crore. Raghav Productivity Enhancers Ltd has the highest Revenue growth at 34.3%, so level and change sit with different companies. 8 of 8 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: RHI Magnesita India Ltd is the scale leader at ₹4,073 crore, 90.9% ahead of Vesuvius India Ltd. Raghav Productivity Enhancers Ltd's growth is 34.3% from a ₹286 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderRHI Magnesita India Ltd · ₹4,073 crore

Gap90.9% versus #2 · Vesuvius India Ltd

Persistence6/8 recent comparable periods

Coverage8/8 companies · 125 observations

Investor read: RHI Magnesita India Ltd is the scale benchmark; Raghav Productivity Enhancers 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 Raghav Productivity Enhancers 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₹4.1K Cr

2Vesuvius India Ltd VESUVIUS₹2.1K Cr

3IFGL Refractories Ltd IFGLEXPOR⚠ unverified₹2.0K Cr

4Orient Ceratech Ltd ORIENTCER₹405 Cr

5Raghav Productivity Enhancers Ltd RPEL₹286 Cr

Revenue growthfastest growers

1Raghav Productivity Enhancers Ltd RPEL34%

2Orient Ceratech Ltd ORIENTCER24%

3IFGL Refractories Ltd IFGLEXPOR⚠ unverified15%

4Vesuvius India Ltd VESUVIUS8.9%

5RHI Magnesita India Ltd RHIM8.4%

Revenue · company comparison

8/8 level · 7/8 change

On every company-comparison chart on this page: solid lines show level, dotted lines show change when “Both” is selected, and a missing report breaks the line rather than being invented.

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Revenue	Revenue growth	Reported
RHI Magnesita India Ltd RHIM	₹1.0K Cr	5.6%	Jun 2026
Vesuvius India Ltd VESUVIUS	₹536 Cr	2.3%	Jun 2026
IFGL Refractories Ltd IFGLEXPOR⚠ unverified	₹512 Cr	13%	Jun 2026
Orient Ceratech Ltd ORIENTCER	₹101 Cr	4.6%	Jun 2026
Raghav Productivity Enhancers Ltd RPEL	₹87 Cr	50%	Jun 2026
Foseco Crucible (India) Ltd 523160	₹49 Cr	14%	Jun 2026
Monolithisch India Ltd MONOLITH⚠ unverified	₹47 Cr	62%	Jun 2026
Morganite Crucible (India) Ltd MORGANITE	₹46 Cr	3.2%	Dec 2025

Full 20-quarter history · every available company

Revenue · reported quarter history

Foseco Crucible (India) Ltd · 523160

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₹37 Cr

Jun 2026₹49 Cr

IFGL Refractories Ltd · IFGLEXPOR⚠ unverified

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₹512 Cr

Monolithisch India Ltd · MONOLITH⚠ unverified

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

Morganite Crucible (India) Ltd · 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—

Orient Ceratech Ltd · 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₹96 Cr

Sep 2025₹114 Cr

Dec 2025₹93 Cr

Mar 2026₹97 Cr

Jun 2026₹101 Cr

Raghav Productivity Enhancers Ltd · RPEL

Sep 2021₹24 Cr

Dec 2021₹23 Cr

Mar 2022₹32 Cr

Jun 2022₹33 Cr

Sep 2022₹36 Cr

Dec 2022₹34 Cr

Mar 2023₹34 Cr

Jun 2023₹30 Cr

Sep 2023₹32 Cr

Dec 2023₹32 Cr

Mar 2024₹39 Cr

Jun 2024₹45 Cr

Sep 2024₹49 Cr

Dec 2024₹55 Cr

Mar 2025₹51 Cr

Jun 2025₹58 Cr

Sep 2025₹64 Cr

Dec 2025₹64 Cr

Mar 2026₹71 Cr

Jun 2026₹87 Cr

RHI Magnesita India Ltd · 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₹1.0K Cr

Vesuvius India Ltd · 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₹536 Cr

Revenue growth · reported quarter history

Foseco Crucible (India) Ltd · 523160

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-3.6%

Mar 202418%

Jun 20240.0%

Sep 2024-2.2%

Dec 202413%

Mar 20255.0%

Jun 20250.0%

Sep 20254.6%

Dec 20252.2%

Mar 2026-12%

Jun 202614%

IFGL Refractories Ltd · IFGLEXPOR⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 202316%

Mar 20247.1%

Jun 2024-2.1%

Sep 2024-9.9%

Dec 20243.6%

Mar 202514%

Jun 20259.4%

Sep 202519%

Dec 202524%

Mar 20267.6%

Jun 202613%

Monolithisch India Ltd · MONOLITH⚠ unverified

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 202542%

Mar 202637%

Jun 202662%

Morganite Crucible (India) Ltd · MORGANITE

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-3.6%

Mar 202417%

Jun 20240.5%

Sep 2024-2.3%

Dec 202412%

Mar 20256.1%

Jun 2025-0.8%

Sep 20253.7%

Dec 20253.2%

Mar 2026—

Jun 2026—

Orient Ceratech Ltd · ORIENTCER

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 202336%

Mar 2024-5.2%

Jun 202435%

Sep 2024-15%

Dec 2024-1.2%

Mar 20252.4%

Jun 2025-1.9%

Sep 202561%

Dec 202526%

Mar 202615%

Jun 20264.6%

Raghav Productivity Enhancers Ltd · RPEL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 202250%

Dec 202248%

Mar 20236.3%

Jun 2023-9.1%

Sep 2023-11%

Dec 2023-5.9%

Mar 202415%

Jun 202450%

Sep 202453%

Dec 202472%

Mar 202531%

Jun 202529%

Sep 202531%

Dec 202516%

Mar 202639%

Jun 202650%

RHI Magnesita India Ltd · RHIM

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202240%

Sep 202239%

Dec 202219%

Mar 202347%

Jun 202354%

Sep 202365%

Dec 202343%

Mar 20247.8%

Jun 2024-5.3%

Sep 2024-12%

Dec 20249.5%

Mar 2025-2.7%

Jun 20259.2%

Sep 202519%

Dec 20258.0%

Mar 20261.5%

Jun 20265.6%

Vesuvius India Ltd · VESUVIUS

Sep 2021—

Dec 2021—

Mar 202225%

Jun 202221%

Sep 202232%

Dec 202234%

Mar 202318%

Jun 202323%

Sep 202317%

Dec 202320%

Mar 202423%

Jun 202414%

Sep 20247.5%

Dec 202422%

Mar 20256.4%

Jun 202513%

Sep 202523%

Dec 20258.3%

Mar 20263.7%

Jun 20262.3%

07 · compare level, then change

Operating Economics & Margin Trend

Foseco Crucible (India) Ltd has the highest OPM among the 8 Refractories companies compared here, at 37%. Morganite Crucible (India) Ltd is next at 30.8%. The same company also holds the highest Margin change, at +16 percentage points. 8 of 8 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Foseco Crucible (India) Ltd leads both opm at 37% and margin change at +16 percentage points.

LeaderFoseco Crucible (India) Ltd · 37%

Gap20.1% versus #2 · Morganite Crucible (India) Ltd

Persistence6/8 recent comparable periods

Coverage8/8 companies · 146 observations

Investor read: Foseco 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

1Foseco Crucible (India) Ltd 52316037%

2Morganite Crucible (India) Ltd MORGANITE · older report31%

3Raghav Productivity Enhancers Ltd RPEL30%

4Monolithisch India Ltd MONOLITH⚠ unverified28%

5Orient Ceratech Ltd ORIENTCER16%

Margin changefastest expanders

1Foseco Crucible (India) Ltd 523160+16.0 pp

2Orient Ceratech Ltd ORIENTCER+8.0 pp

3Morganite Crucible (India) Ltd MORGANITE · older report+7.3 pp

4Monolithisch India Ltd MONOLITH⚠ unverified+5.0 pp

5RHI Magnesita India Ltd RHIM+3.0 pp

Operating margin · company comparison

8/8 level · 8/8 change

All-company data · latest reported quarter

Company	OPM	Margin change	Reported
Foseco Crucible (India) Ltd 523160	37%	+16.0 pp	Jun 2026
Morganite Crucible (India) Ltd MORGANITE	31%	+7.3 pp	Dec 2025
Raghav Productivity Enhancers Ltd RPEL	30%	+3.0 pp	Jun 2026
Monolithisch India Ltd MONOLITH⚠ unverified	28%	+5.0 pp	Jun 2026
Orient Ceratech Ltd ORIENTCER	16%	+8.0 pp	Jun 2026
Vesuvius India Ltd VESUVIUS	16%	−1.0 pp	Jun 2026
RHI Magnesita India Ltd RHIM	14%	+3.0 pp	Jun 2026
IFGL Refractories Ltd IFGLEXPOR⚠ unverified	7.0%	−1.0 pp	Jun 2026

Full 20-quarter history · every available company

OPM · reported quarter history

Foseco Crucible (India) Ltd · 523160

Sep 202123%

Dec 202124%

Mar 202212%

Jun 202216%

Sep 202218%

Dec 202219%

Mar 202311%

Jun 202327%

Sep 202328%

Dec 202321%

Mar 202414%

Jun 202425%

Sep 202429%

Dec 202423%

Mar 202515%

Jun 202521%

Sep 202528%

Dec 202531%

Mar 202626%

Jun 202637%

IFGL Refractories Ltd · IFGLEXPOR⚠ unverified

Sep 202112%

Dec 202111%

Mar 202210%

Jun 20229.5%

Sep 202211%

Dec 202211%

Mar 202313%

Jun 202313%

Sep 202315%

Dec 2023-1.1%

Mar 20249.0%

Jun 202411%

Sep 20248.0%

Dec 20244.4%

Mar 20257.0%

Jun 20258.0%

Sep 20258.0%

Dec 20254.9%

Mar 20268.0%

Jun 20267.0%

Monolithisch India Ltd · MONOLITH⚠ unverified

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 202421%

Dec 202423%

Mar 202522%

Jun 202523%

Sep 202519%

Dec 202523%

Mar 202628%

Jun 202628%

Morganite Crucible (India) Ltd · MORGANITE

Sep 202123%

Dec 202124%

Mar 202212%

Jun 202216%

Sep 202218%

Dec 202219%

Mar 202311%

Jun 202327%

Sep 202328%

Dec 202321%

Mar 202414%

Jun 202425%

Sep 202429%

Dec 202423%

Mar 202515%

Jun 202521%

Sep 202528%

Dec 202531%

Mar 2026—

Jun 2026—

Orient Ceratech Ltd · ORIENTCER

Sep 20216.0%

Dec 20218.2%

Mar 20223.3%

Jun 20227.6%

Sep 20226.9%

Dec 20228.1%

Mar 202311%

Jun 20239.4%

Sep 202313%

Dec 202311%

Mar 20249.6%

Jun 20248.5%

Sep 202410%

Dec 20248.4%

Mar 202511%

Jun 20258.1%

Sep 202511%

Dec 202512%

Mar 202612%

Jun 202616%

Raghav Productivity Enhancers Ltd · RPEL

Sep 202124%

Dec 202126%

Mar 202221%

Jun 202223%

Sep 202225%

Dec 202228%

Mar 202329%

Jun 202328%

Sep 202330%

Dec 202331%

Mar 202431%

Jun 202427%

Sep 202426%

Dec 202426%

Mar 202528%

Jun 202527%

Sep 202529%

Dec 202530%

Mar 202630%

Jun 202630%

RHI Magnesita India Ltd · RHIM

Sep 202115%

Dec 202120%

Mar 202224%

Jun 202219%

Sep 202217%

Dec 202214%

Mar 20235.0%

Jun 202314%

Sep 202315%

Dec 202313%

Mar 202416%

Jun 202418%

Sep 202412%

Dec 202412%

Mar 202510%

Jun 202511%

Sep 202511%

Dec 202513%

Mar 20269.0%

Jun 202614%

Vesuvius India Ltd · VESUVIUS

Sep 202110%

Dec 20217.8%

Mar 202211%

Jun 202212%

Sep 202214%

Dec 202211%

Mar 202315%

Jun 202317%

Sep 202320%

Dec 202319%

Mar 202421%

Jun 202420%

Sep 202418%

Dec 202416%

Mar 202517%

Jun 202517%

Sep 202517%

Dec 202517%

Mar 202617%

Jun 202616%

Margin change · reported quarter history

Foseco Crucible (India) Ltd · 523160

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+10.2 pp

Dec 2023+1.6 pp

Mar 2024+3.0 pp

Jun 2024−2.0 pp

Sep 2024+1.0 pp

Dec 2024+2.0 pp

Mar 2025+1.0 pp

Jun 2025−4.0 pp

Sep 2025−1.0 pp

Dec 2025+8.0 pp

Mar 2026+11.0 pp

Jun 2026+16.0 pp

IFGL Refractories Ltd · IFGLEXPOR⚠ unverified

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 2023−12.0 pp

Mar 2024−4.0 pp

Jun 2024−2.0 pp

Sep 2024−7.0 pp

Dec 2024+5.5 pp

Mar 2025−2.0 pp

Jun 2025−3.0 pp

Sep 20250.0 pp

Dec 2025+0.5 pp

Mar 2026+1.0 pp

Jun 2026−1.0 pp

Monolithisch India Ltd · MONOLITH⚠ unverified

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 20250.0 pp

Mar 2026+6.0 pp

Jun 2026+5.0 pp

Morganite Crucible (India) Ltd · 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—

Orient Ceratech Ltd · 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 2025−0.4 pp

Sep 2025+1.1 pp

Dec 2025+4.0 pp

Mar 2026+0.9 pp

Jun 2026+8.0 pp

Raghav Productivity Enhancers Ltd · RPEL

Sep 2021+1.1 pp

Dec 2021+3.7 pp

Mar 2022−5.9 pp

Jun 2022−6.1 pp

Sep 2022+0.8 pp

Dec 2022+2.2 pp

Mar 2023+7.8 pp

Jun 2023+5.0 pp

Sep 2023+5.5 pp

Dec 2023+3.0 pp

Mar 2024+2.0 pp

Jun 2024−1.0 pp

Sep 2024−4.0 pp

Dec 2024−5.0 pp

Mar 2025−3.0 pp

Jun 20250.0 pp

Sep 2025+3.0 pp

Dec 2025+4.0 pp

Mar 2026+2.0 pp

Jun 2026+3.0 pp

RHI Magnesita India Ltd · 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+3.0 pp

Vesuvius India Ltd · 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 20260.0 pp

Jun 2026−1.0 pp

08 · compare level, then change

Profit Scale & Acceleration

Vesuvius India Ltd has the highest Net profit among the 8 Refractories companies compared here, at ₹257 crore. Raghav Productivity Enhancers Ltd is next at ₹63 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 ₹257 crore of TTM profit, 307.9% above Raghav Productivity Enhancers Ltd. Orient Ceratech Ltd shows ≥100% on the scoring scale (130.8% uncapped) growth from a ₹26 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderVesuvius India Ltd · ₹257 crore

Gap307.9% versus #2 · Raghav Productivity Enhancers Ltd

Persistence3/8 recent comparable periods

Coverage8/8 companies · 125 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₹257 Cr

2Raghav Productivity Enhancers Ltd RPEL₹63 Cr

3IFGL Refractories Ltd IFGLEXPOR⚠ unverified₹41 Cr

4Monolithisch India Ltd MONOLITH⚠ unverified₹29 Cr

5Orient Ceratech Ltd ORIENTCER₹26 Cr

Profit growthfastest growers

1Orient Ceratech Ltd ORIENTCER100%

2Raghav Productivity Enhancers Ltd RPEL54%

3IFGL Refractories Ltd IFGLEXPOR⚠ unverified41%

4Vesuvius India Ltd VESUVIUS2.8%

5Morganite Crucible (India) Ltd MORGANITE · older report-9.3%

Net profit · company comparison

8/8 level · 7/8 change

All-company data · latest reported quarter

Company	Net profit	Profit growth	Reported
RHI Magnesita India Ltd RHIM	₹65 Cr	86%	Jun 2026
Vesuvius India Ltd VESUVIUS	₹59 Cr	-6.4%	Jun 2026
Raghav Productivity Enhancers Ltd RPEL	₹20 Cr	67%	Jun 2026
IFGL Refractories Ltd IFGLEXPOR⚠ unverified	₹17 Cr	55%	Jun 2026
Foseco Crucible (India) Ltd 523160	₹10 Cr	67%	Jun 2026
Monolithisch India Ltd MONOLITH⚠ unverified	₹10 Cr	150%	Jun 2026
Orient Ceratech Ltd ORIENTCER	₹9 Cr	99%	Jun 2026
Morganite Crucible (India) Ltd MORGANITE	₹6 Cr	-29%	Dec 2025

Full 20-quarter history · every available company

Net profit · reported quarter history

Foseco Crucible (India) Ltd · 523160

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₹-1 Cr

Jun 2026₹10 Cr

IFGL Refractories Ltd · IFGLEXPOR⚠ unverified

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₹17 Cr

Monolithisch India Ltd · MONOLITH⚠ unverified

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

Morganite Crucible (India) Ltd · 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—

Orient Ceratech Ltd · 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₹9 Cr

Raghav Productivity Enhancers Ltd · RPEL

Sep 2021₹7 Cr

Dec 2021₹4 Cr

Mar 2022₹6 Cr

Jun 2022₹5 Cr

Sep 2022₹6 Cr

Dec 2022₹7 Cr

Mar 2023₹7 Cr

Jun 2023₹6 Cr

Sep 2023₹6 Cr

Dec 2023₹6 Cr

Mar 2024₹8 Cr

Jun 2024₹8 Cr

Sep 2024₹9 Cr

Dec 2024₹10 Cr

Mar 2025₹10 Cr

Jun 2025₹12 Cr

Sep 2025₹14 Cr

Dec 2025₹14 Cr

Mar 2026₹15 Cr

Jun 2026₹20 Cr

RHI Magnesita India Ltd · 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₹65 Cr

Vesuvius India Ltd · 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₹59 Cr

Profit growth · reported quarter history

Foseco Crucible (India) Ltd · 523160

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 202319%

Mar 2024-50%

Jun 20240.0%

Sep 202413%

Dec 202414%

Mar 2025200%

Jun 2025-25%

Sep 20250.0%

Dec 2025-25%

Mar 2026-133%

Jun 202667%

IFGL Refractories Ltd · IFGLEXPOR⚠ unverified

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 20258.3%

Dec 2025—

Mar 202675%

Jun 202655%

Monolithisch India Ltd · MONOLITH⚠ unverified

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 202550%

Mar 2026100%

Jun 2026150%

Morganite Crucible (India) Ltd · MORGANITE

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 202313%

Mar 2024-65%

Jun 20241.3%

Sep 20247.3%

Dec 202418%

Mar 2025311%

Jun 2025-27%

Sep 2025-1.6%

Dec 2025-29%

Mar 2026—

Jun 2026—

Orient Ceratech Ltd · ORIENTCER

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023110%

Mar 2024-27%

Jun 2024-31%

Sep 2024-65%

Dec 2024-68%

Mar 2025-19%

Jun 202548%

Sep 2025305%

Dec 2025159%

Mar 202663%

Jun 202699%

Raghav Productivity Enhancers Ltd · RPEL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022-14%

Dec 202275%

Mar 202317%

Jun 202320%

Sep 20230.0%

Dec 2023-14%

Mar 202414%

Jun 202433%

Sep 202450%

Dec 202467%

Mar 202525%

Jun 202550%

Sep 202556%

Dec 202540%

Mar 202650%

Jun 202667%

RHI Magnesita India Ltd · RHIM

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202264%

Sep 202267%

Dec 2022-22%

Mar 2023-779%

Jun 2023-43%

Sep 20230.0%

Dec 2023-34%

Mar 2024—

Jun 202455%

Sep 2024-36%

Dec 202423%

Mar 2025—

Jun 2025-52%

Sep 2025-17%

Dec 202529%

Mar 2026-1,539%

Jun 202686%

Vesuvius India Ltd · VESUVIUS

Sep 2021—

Dec 2021—

Mar 202250%

Jun 202253%

Sep 202289%

Dec 2022115%

Mar 202379%

Jun 202379%

Sep 202367%

Dec 2023104%

Mar 202460%

Jun 202429%

Sep 202413%

Dec 20245.3%

Mar 2025-14%

Jun 2025-6.0%

Sep 2025-8.8%

Dec 202533%

Mar 2026-5.1%

Jun 2026-6.4%

09 · compare level, then change

Return On Capital Employed

Monolithisch India Ltd has the highest ROCE among the 8 Refractories companies compared here, at 34.8%. Foseco Crucible (India) Ltd is next at 33.2%. Raghav Productivity Enhancers Ltd has the highest ROCE change at +6.5 percentage points, so level and change sit with different companies. 8 of 8 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Monolithisch India Ltd leads ROCE at 34.8%, 1.6 percentage points above Foseco Crucible (India) Ltd. Raghav Productivity Enhancers Ltd has the strongest latest improvement at +6.5 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%

Gap4.8% versus #2 · Foseco Crucible (India) Ltd

Persistence1/3 recent comparable periods

Coverage8/8 companies · 66 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%

2Foseco Crucible (India) Ltd 52316033%

3Morganite Crucible (India) Ltd MORGANITE · older report30%

4Raghav Productivity Enhancers Ltd RPEL30%

5Vesuvius India Ltd VESUVIUS21%

ROCE changefastest improvers

1Raghav Productivity Enhancers Ltd RPEL+6.5 pp

2Orient Ceratech Ltd ORIENTCER+5.0 pp

3Foseco Crucible (India) Ltd 523160+3.0 pp

4Morganite Crucible (India) Ltd MORGANITE · older report+2.0 pp

5RHI Magnesita India Ltd RHIM−0.4 pp

Return on capital · company comparison

8/8 level · 8/8 change

All-company data · latest reported quarter

Company	ROCE	ROCE change	Reported
Raghav Productivity Enhancers Ltd RPEL	35%	+6.5 pp	Jun 2026
Monolithisch India Ltd MONOLITH⚠ unverified	23%	−33.4 pp	Jun 2026
Vesuvius India Ltd VESUVIUS	22%	−2.7 pp	Jun 2026
IFGL Refractories Ltd IFGLEXPOR⚠ unverified	6.7%	−0.5 pp	Jun 2026
RHI Magnesita India Ltd RHIM	6.2%	−0.4 pp	Jun 2026

Full 20-quarter history · every available company

ROCE · reported quarter history

IFGL Refractories Ltd · IFGLEXPOR⚠ unverified

Sep 202115%

Dec 2021—

Mar 202212%

Jun 2022—

Sep 202211%

Dec 2022—

Mar 202311%

Jun 2023—

Sep 202315%

Dec 202311%

Mar 202410%

Jun 20248.8%

Sep 20245.7%

Dec 20246.7%

Mar 20257.2%

Jun 20254.8%

Sep 20256.3%

Dec 20254.8%

Mar 20266.7%

Jun 2026—

Monolithisch India Ltd · MONOLITH⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 202415%

Sep 202431%

Dec 2024—

Mar 202556%

Jun 202518%

Sep 202520%

Dec 202536%

Mar 202623%

Jun 2026—

Raghav Productivity Enhancers Ltd · RPEL

Sep 202118%

Dec 2021—

Mar 202220%

Jun 2022—

Sep 202221%

Dec 2022—

Mar 202323%

Jun 2023—

Sep 202322%

Dec 202325%

Mar 202421%

Jun 202424%

Sep 202422%

Dec 202426%

Mar 202523%

Jun 202528%

Sep 202525%

Dec 202531%

Mar 202627%

Jun 202635%

RHI Magnesita India Ltd · RHIM

Sep 202129%

Dec 2021—

Mar 202233%

Jun 2022—

Sep 202237%

Dec 2022—

Mar 20239.2%

Jun 2023—

Sep 20236.8%

Dec 2023-14%

Mar 20249.1%

Jun 20241.8%

Sep 20248.3%

Dec 20240.9%

Mar 20256.6%

Jun 20255.9%

Sep 20255.5%

Dec 20255.9%

Mar 20266.2%

Jun 2026—

Vesuvius India Ltd · VESUVIUS

Sep 2021—

Dec 20217.9%

Mar 2022—

Jun 2022—

Sep 2022—

Dec 202214%

Mar 2023—

Jun 202317%

Sep 202324%

Dec 202321%

Mar 202428%

Jun 202423%

Sep 202428%

Dec 202421%

Mar 202525%

Jun 2025—

Sep 202523%

Dec 202518%

Mar 202622%

Jun 2026—

ROCE change · reported quarter history

IFGL Refractories Ltd · IFGLEXPOR⚠ unverified

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—

Monolithisch India Ltd · MONOLITH⚠ unverified

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—

Raghav Productivity Enhancers Ltd · RPEL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+2.8 pp

Dec 2022—

Mar 2023+2.7 pp

Jun 2023—

Sep 2023+1.3 pp

Dec 2023—

Mar 2024−2.1 pp

Jun 2024—

Sep 2024−0.3 pp

Dec 2024+1.9 pp

Mar 2025+2.3 pp

Jun 2025+3.7 pp

Sep 2025+3.3 pp

Dec 2025+4.3 pp

Mar 2026+3.7 pp

Jun 2026+6.5 pp

RHI Magnesita India Ltd · 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—

Vesuvius India Ltd · 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—

10 · compare level, then change

Valuation Against Growth & Quality

Raghav Productivity Enhancers Ltd has the lowest PEG among the 8 Refractories companies compared here, at 2.31×. Vesuvius India Ltd is next at 6.32×. Orient Ceratech Ltd has the lowest P/E at 16.6×, so level and change sit with different companies. 2 of 8 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Raghav Productivity Enhancers Ltd has the lowest comparable PEG at 2.31×, 63.4% below Vesuvius India Ltd. Only 2 of 8 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderRaghav Productivity Enhancers Ltd · 2.31×

Gap63.4% versus #2 · Vesuvius India Ltd

Persistence0/8 recent comparable periods

Coverage2/8 companies · 26 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

PEGlowest PEG

1Raghav Productivity Enhancers Ltd RPEL2.3

2Vesuvius India Ltd VESUVIUS6.3

P/Elowest P/E

1Orient Ceratech Ltd ORIENTCER16.6

2Foseco Crucible (India) Ltd 52316027.4

3Morganite Crucible (India) Ltd MORGANITE · older report30.2

4Vesuvius India Ltd VESUVIUS30.8

5IFGL Refractories Ltd IFGLEXPOR⚠ unverified32.8

Valuation · company comparison

2/8 level · 8/8 change

All-company data · latest reported quarter

Company	PEG	P/E	Reported
Vesuvius India Ltd VESUVIUS	6.3	36.5	Jun 2026
Raghav Productivity Enhancers Ltd RPEL	2.3	101.0	Jun 2026
RHI Magnesita India Ltd RHIM	0.9	49.4	Jun 2026
Foseco Crucible (India) Ltd 523160	—	22.7	Jun 2026
Monolithisch India Ltd MONOLITH⚠ unverified	—	72.9	Jun 2026
IFGL Refractories Ltd IFGLEXPOR⚠ unverified	—	36.5	Jun 2026
Morganite Crucible (India) Ltd MORGANITE	—	34.0	Dec 2025
Orient Ceratech Ltd ORIENTCER	—	17.8	Jun 2026

Full 20-quarter history · every available company

PEG · reported quarter history

Raghav Productivity Enhancers Ltd · RPEL

Sep 20217.8

Dec 20217.6

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 20231.6

Jun 20231.2

Sep 20231.4

Dec 20233.4

Mar 20244.8

Jun 2024—

Sep 202410.2

Dec 2024—

Mar 20251.8

Jun 20252.0

Sep 20253.1

Dec 20252.8

Mar 2026—

Jun 20262.3

RHI Magnesita India Ltd · RHIM

Sep 2021—

Dec 2021—

Mar 20222.0

Jun 2022—

Sep 20220.8

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 20243.3

Dec 20243.2

Mar 20250.9

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

Vesuvius India Ltd · VESUVIUS

Sep 2021—

Dec 20211.6

Mar 20221.1

Jun 20220.8

Sep 2022—

Dec 20220.7

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 20240.8

Dec 20240.9

Mar 20251.5

Jun 20256.3

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

P/E · reported quarter history

Foseco Crucible (India) Ltd · 523160

Sep 2021—

Dec 2021—

Mar 202217.3

Jun 202212.9

Sep 202213.8

Dec 202213.7

Mar 202312.3

Jun 202334.6

Sep 202338.9

Dec 202337.1

Mar 202430.3

Jun 202433.2

Sep 202436.7

Dec 202433.5

Mar 202525.1

Jun 202529.8

Sep 202535.6

Dec 202534.0

Mar 202626.8

Jun 202622.7

IFGL Refractories Ltd · IFGLEXPOR⚠ unverified

Sep 202115.4

Dec 202115.7

Mar 202218.4

Jun 202211.9

Sep 202212.3

Dec 202212.8

Mar 202310.7

Jun 202315.7

Sep 202318.2

Dec 202325.5

Mar 202419.9

Jun 202428.6

Sep 202428.3

Dec 202431.1

Mar 202526.8

Jun 202543.9

Sep 202563.0

Dec 202549.2

Mar 202631.0

Jun 202636.5

Monolithisch India Ltd · MONOLITH⚠ unverified

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 202531.9

Sep 202549.7

Dec 202552.6

Mar 202639.1

Jun 202672.9

Morganite Crucible (India) Ltd · MORGANITE

Sep 2021—

Dec 2021—

Mar 202217.3

Jun 202212.9

Sep 202213.8

Dec 202213.7

Mar 202312.3

Jun 202334.6

Sep 202338.9

Dec 202337.1

Mar 202430.3

Jun 202433.2

Sep 202436.7

Dec 202433.5

Mar 202525.1

Jun 202529.8

Sep 202535.6

Dec 202534.0

Mar 2026—

Jun 2026—

Orient Ceratech Ltd · ORIENTCER

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202248.1

Sep 202242.2

Dec 202237.9

Mar 202326.0

Jun 202324.1

Sep 202333.9

Dec 202336.7

Mar 202432.1

Jun 202436.9

Sep 202439.1

Dec 202450.1

Mar 202533.8

Jun 202542.4

Sep 202540.5

Dec 202531.3

Mar 202621.0

Jun 202617.8

Raghav Productivity Enhancers Ltd · RPEL

Sep 202190.8

Dec 202188.8

Mar 202236.7

Jun 202230.0

Sep 202231.1

Dec 202246.9

Mar 202338.7

Jun 202345.6

Sep 202343.2

Dec 202365.2

Mar 202453.7

Jun 202467.5

Sep 202487.6

Dec 2024104.2

Mar 202569.3

Jun 202586.2

Sep 202582.4

Dec 2025121.1

Mar 202676.2

Jun 2026101.0

RHI Magnesita India Ltd · RHIM

Sep 202127.4

Dec 202128.3

Mar 202243.7

Jun 202228.8

Sep 202235.8

Dec 202240.9

Mar 202332.4

Jun 202353.2

Sep 202380.4

Dec 202397.4

Mar 202484.5

Jun 202466.3

Sep 202456.0

Dec 202452.9

Mar 202550.3

Jun 202549.4

Sep 202555.5

Dec 202559.1

Mar 202640.2

Jun 202649.4

Vesuvius India Ltd · VESUVIUS

Sep 202136.9

Dec 202131.0

Mar 202229.9

Jun 202227.6

Sep 202237.1

Dec 202232.0

Mar 202328.5

Jun 202335.7

Sep 202339.7

Dec 202339.7

Mar 202431.6

Jun 202442.9

Sep 202445.5

Dec 202436.5

Mar 202535.0

Jun 202544.1

Sep 202541.2

Dec 202540.1

Mar 202635.0

Jun 202636.5

11 · 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 8 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: Valuation have fewer than three usable current readings.

12 · evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 8 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 2026-09-25. 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 2026-09-25 · weekly price and relative-strength history

Derived metricsGrowth, changes and PEG 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 standing3 cross-checked · 5 unverified · 0 withheld, of 8 graded companies.

How a second data feed is admitted, and what happens when it disagrees

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.

13 · questions investors ask, short speakable answers

Refractories company comparison FAQs

These 24 answers restate the Refractories comparison above in question form. Every one is computed from the same 8 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-09-25. Nothing here is estimated, and none of it is a recommendation.

Is the Refractories sector outperforming NIFTY 500?

Refractories has outperformed NIFTY 500 by 37.7% over 52 weeks and 26.7% over 13 weeks. 5 of 8 covered companies beat NIFTY on Mansfield relative strength, while 3 of 8 beat the sector itself.

Which Refractories company is largest by revenue?

RHI Magnesita India Ltd leads with revenue of ₹4,073 crore, based on 8 of 8 comparable companies through Jun 2026.

Which Refractories company is growing fastest?

Raghav Productivity Enhancers Ltd has the fastest current revenue growth at 34.3%, across 7 of 8 comparable companies.

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

Orient Ceratech Ltd ranks first at 73.7/100 with 81% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Refractories company has the lowest comparable PEG?

Raghav Productivity Enhancers Ltd has the lowest comparable PEG at 2.31, among 2 of 8 companies whose earnings and growth are steady enough for the ratio to mean anything.

How much history does this Refractories comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

Is there a Nifty Refractories index?

NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Refractories, this page builds its own equal-weight basket of 8 listed Refractories companies — one company, one vote, regardless of market value — so no single large company dominates the reading. 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 8 listed Refractories companies, followed by Raghav Productivity Enhancers 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 8 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 ₹4,073 crore, ahead of Vesuvius India Ltd at ₹2,134 crore. That covers 8 of 8 companies with comparable reporting through Jun 2026.

Which Refractories company has the best profit margins?

Foseco Crucible (India) Ltd has the highest operating margin at 37%, from 8 of 8 comparable companies. Foseco Crucible (India) Ltd shows the biggest recent improvement, at +16 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 ₹257 crore of trailing-twelve-month net profit, from 8 of 8 comparable companies. Orient Ceratech Ltd has the fastest profit growth at the ≥100% scoring cap, 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 8 of 8 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 PEG — where a LOWER number is cheaper — Raghav Productivity Enhancers Ltd screens cheapest at 2.31×. Only 2 of 8 companies have earnings and growth steady enough for the ratio to mean anything, 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.

Is the Refractories sector beating the market?

Refractories has outperformed NIFTY 500 by 37.7% over the last 52 weeks and 26.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 5 of 8 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

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 73.7 out of 100 with 81% evidence confidence, from 31.5 points on growth and earnings, 13.3 on capital efficiency, 15 on valuation and 13.9 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 8 listed companies over up to 20 reported quarters of fundamentals, 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 8 Refractories companies on this page carry ₹30,235 crore of combined market value. RHI Magnesita India Ltd is the largest at ₹7,980 crore, about 26% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-09-28.

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

The median price-to-earnings ratio across the 8 Refractories companies on this page is 32.8×, measured on the 8 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 2026-09-28.

How is the Refractories sector performing?

5 of the 8 covered Refractories companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 37.7% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-09-28.

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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