Monolithisch India Ltd, manufacturer of premixed ramming mass, is aiming for up to 30 per cent share of the market in the next couple of years, according to its Managing Director Harsh Tekriwal.
The premixed ramming mass is expected to grow to nearly 5 lakh tonnes a month, Tekriwal said.
The company, which went public in June this year, is embarking on a capacity expansion drive targetting around 5.74 lakh tonnes per annum (TPA) of ramming mass in the next one year, Tekriwal told PTI.
Premixed ramming mass is used for lining induction furnaces mostly used in secondary steel sector and alloy melting applications, acting as insulation material between the furnace and the molten metal, which is being melted.
"The growth opportunity looks very optimistic because the secondary steel sector in India is booming at a very good pace. The reason being that they are economical, their product quality is quite good and gradually they are scaling up to very big levels," he said when asked about the outlook for the sector.
About the market that the company is operating, Tekriwal said, "The market right now is somewhere around 2 lakh tonnes a month. It is expected to expand to 4-5 lakh tonnes a month in the next 2-3 years. Currently, we are at somewhere around 8-9 per cent of market share, and we want to reach at least 25-30 per cent in the next couple of years." In line with its ambitions, he said the company is on a capacity expansion drive.
The company recently commissioned the first phase of its ongoing expansion at its manufacturing plant in Purulia, West Bengal, expanding its installed manufacturing capacity to 206,000 TPA.
"The final target where we see ourselves in the next one year is around 5.74 lakh TPA of ramming mass per annum," he said.
In terms of revenue, Tekriwal said the company expects "a good increase in the overall revenue as it has been doing in the last 3-4 years", without giving any guidance.
He said, "We scaled up from Rs 68 crore turnover in 2023-24 to Rs 97 crore in 2024-25." The company is utilising the 82.02 crore raised in its IPO for revamping of old machineries with new ones, a greenfield project at Purulia, about 120 kilometers from the existing unit, and meeting working capital requirements, he noted.
