Raghav Productivity Enhancers Limited Earnings Summary — Q4 FY2026

• Delivered a robust 39% YoY growth in quarterly revenue, reaching ₹71 Crores, supported by strong demand in the silica ramming mass segment.
• Quarterly net profit surged by 50% YoY to ₹15 Crores, benefiting from scale efficiencies and a stable 30% operating profit margin.
• The company maintains a healthy balance sheet with minimal debt of ₹5 Crores against total assets of ₹284 Crores.
• Inventory levels remain elevated at 272 days, contributing to a stretched cash conversion cycle of 255 days.
• A significant expansion phase is underway, with fixed assets growing from ₹28 Cr in FY21 to ₹98 Cr in FY26 to capture domestic and export growth.
• Profitability remains superior with ROCE expanding to 30% in the latest fiscal period.
• Management has successfully scaled revenue 4x over the last five years without significant debt-funding or equity dilution.

Management is focused on aggressive capacity expansion to meet rising international demand for silica ramming mass while maintaining a clean, virtually debt-free balance sheet.

Improving

The company has transitioned from a small-scale manufacturer to a dominant player, showing consistent margin improvement and accelerating profit growth (47% TTM profit growth).

The outlook remains strong as RPEL leverages its premium brand positioning and increased capacity to serve the steel industry. High return on equity (24%) and internal accrual-based growth suggest a high-quality compounding trajectory.