Raghav Productivity Enhancers Ltd
RPEL is engaged in manufacturing of quartz based ramming mass, quartz powder, and tundish board. It sells its products under the brand name of “Raghav”. [1]
- Market Cap ₹ 4,613 Cr.
- Current Price ₹ 1,005
- High / Low ₹ 1,030 / 450
- Stock P/E 170
- Book Value ₹ 41.4
- Dividend Yield 0.10 %
- ROCE 16.5 %
- ROE 12.2 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
Cons
- Stock is trading at 24.2 times its book value
- The company has delivered a poor sales growth of 11.6% over past five years.
- Dividend payout has been low at 11.4% of profits over last 3 years
- Promoter holding has decreased over last 3 years: -6.70%
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Industrial Products Electrodes & Refractories
Part of BSE SmallCap BSE Allcap BSE Industrials
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 22 | 38 | 46 | 42 | 47 | 56 | 67 | 65 | 101 | 138 | 119 | 115 | 115 | |
| 20 | 35 | 42 | 36 | 37 | 43 | 51 | 50 | 76 | 101 | 83 | 86 | 85 | |
| Operating Profit | 2 | 3 | 5 | 6 | 10 | 13 | 16 | 15 | 25 | 36 | 36 | 29 | 30 |
| OPM % | 7% | 7% | 10% | 14% | 21% | 23% | 23% | 23% | 25% | 26% | 30% | 25% | 26% |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 2 | 1 | 2 | 8 | |
| Interest | 1 | 1 | 2 | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 3 |
| Profit before tax | 1 | 1 | 2 | 4 | 8 | 10 | 13 | 12 | 25 | 35 | 34 | 29 | 35 |
| Tax % | 31% | 32% | 43% | 33% | 26% | 21% | 27% | 25% | 25% | 25% | 26% | 26% | |
| 0 | 1 | 1 | 3 | 6 | 8 | 9 | 9 | 19 | 26 | 25 | 21 | 27 | |
| EPS in Rs | 2.35 | 0.54 | 0.46 | 0.63 | 1.46 | 2.00 | 2.35 | 2.11 | 4.26 | 5.62 | 5.50 | 4.66 | 5.90 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 6% | 6% | 4% | 8% | 21% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 12% |
| 5 Years: | 12% |
| 3 Years: | 5% |
| TTM: | 1% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 39% |
| 5 Years: | 17% |
| 3 Years: | 4% |
| TTM: | 18% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 80% |
| 3 Years: | 63% |
| 1 Year: | 23% |
| Return on Equity | |
|---|---|
| 10 Years: | 18% |
| 5 Years: | 17% |
| 3 Years: | 16% |
| Last Year: | 12% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.34 | 3 | 5 | 7 | 7 | 10 | 10 | 11 | 11 | 11 | 23 | 46 | 46 |
| Reserves | 3 | 5 | 3 | 11 | 17 | 22 | 32 | 54 | 98 | 123 | 136 | 133 | 144 |
| 15 | 14 | 13 | 12 | 10 | 8 | 6 | 0 | 6 | 0 | 0 | 0 | 0 | |
| 3 | 4 | 8 | 7 | 8 | 11 | 12 | 10 | 18 | 18 | 16 | 19 | 16 | |
| Total Liabilities | 23 | 26 | 30 | 38 | 42 | 51 | 60 | 75 | 133 | 152 | 175 | 198 | 206 |
| 1 | 10 | 13 | 12 | 22 | 22 | 28 | 28 | 27 | 26 | 23 | 27 | 26 | |
| CWIP | 7 | 0 | 0 | 7 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 58 | 79 | 99 | 106 |
| 14 | 16 | 16 | 18 | 20 | 27 | 32 | 47 | 104 | 69 | 72 | 72 | 74 | |
| Total Assets | 23 | 26 | 30 | 38 | 42 | 51 | 60 | 75 | 133 | 152 | 175 | 198 | 206 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 4 | -1 | 7 | 1 | 7 | 7 | 8 | 11 | 8 | 20 | 26 | 27 | |
| -6 | -1 | -4 | -7 | -3 | -3 | -5 | -13 | -42 | -14 | -21 | -24 | |
| 4 | 1 | -3 | 7 | -3 | -4 | -2 | 8 | 29 | -7 | -1 | -2 | |
| Net Cash Flow | 1 | -1 | -0 | -0 | -0 | -0 | 0 | 7 | -4 | -1 | 3 | 2 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 131 | 116 | 93 | 102 | 101 | 106 | 113 | 103 | 130 | 98 | 104 | 121 |
| Inventory Days | 38 | 37 | 32 | 52 | 77 | 125 | 114 | 149 | 163 | 155 | 237 | 246 |
| Days Payable | 83 | 53 | 62 | 54 | 53 | 78 | 71 | 75 | 128 | 98 | 97 | 113 |
| Cash Conversion Cycle | 86 | 99 | 63 | 100 | 124 | 153 | 156 | 177 | 165 | 155 | 243 | 254 |
| Working Capital Days | 51 | 37 | -3 | 25 | 43 | 74 | 100 | 130 | 104 | 112 | 143 | 158 |
| ROCE % | 10% | 12% | 19% | 19% | 28% | 31% | 32% | 23% | 27% | 28% | 23% | 16% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
13 Nov - RPEL to attend JM Financial India Conference on Nov 19, 2025; physical group and one-on-one meetings in Mumbai.
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Clarification On Price Movement
11 Nov - 11 Nov 2025: Raghav Productivity says price movement market-driven; all disclosures made.
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Clarification sought from Raghav Productivity Enhancers Ltd
10 Nov - Exchange has sought clarification from Raghav Productivity Enhancers Ltd on November 10, 2025 with reference to significant movement in price, in order to ensure that …
- Announcement under Regulation 30 (LODR)-Newspaper Publication 29 Oct
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
27 Oct - H1 FY26 (Sep 30, 2025): Volume 159K MT, Revenue ₹122 Cr, PAT ₹26 Cr; record sales and profit.
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Key Customers
Key customers for RPEL include R.L. Steel, Mahalakshmi TMT, and Varsana SPA, to whom the company supplies ramming mass, silica ramming mixes, quartz, etc. [1]