# semiconductor guidance — X 热门讨论 (2026-09-30 11:30 UTC)
## @sachprat07 (STR) · 09-30 07:22 · ♥30 ↻0 💬0 #SME #Monolithish #MonolithishIndia #MonolithishIndiaLimited
Monolithish India Limited Investor Call Highlights:
👉Future Outlook : ▫️FY28 revenue target of ~₹500-550 Cr 💠Comes mainly from the existing 5.76 lakh TPA ramming mass capacity and the Nawada mine 💠New plants add only 2-5 months of output in FY28 💠Spare mine material will be sold as silica sand and other silica products 💠Policy is not to guide two years out, so FY29 guidance will come after 1-2 more quarters
▫️EBITDA margin to be at least 4-5% above the current ~28% for the full FY28 (an expectation, not formal guidance) 💠Raw material cost is fully fixed after the mining contract, royalty and transport are locked 💠Margin now varies only with realization 💠Mine operations start Jan-Feb 2027, so FY27 sees little impact
▫️Illustrative math: ~₹570-580 Cr revenue at 80% utilization of ~8.76 lakh TPA, excluding mine trading revenue 💠EBITDA margin of ~32% or higher is a "modest" working number
▫️Working capital to fall 60-70% 💠Inventory drops from 90-120 days to 10-15 days 💠Stone inventory of ~₹20-30 Cr goes to ~₹4-5 Cr
▫️No equity raise or preferential issue planned; expansion is self-funded
👉Order book / projects and pipeline: ▫️Mine block, Bihar (won via government tender): 💠Sanctioned capacity ~7 lakh TPA, enough for eastern raw material needs at 90% run-rate 💠Mine starts Jan-Feb 2027 💠Raw material cost hedged for 5 years 💠Regional peers face a cost rise of ~₹200-250/MT per year, on a 3-year average 💠Expected saving of ~₹1,300-1,500/MT on current procurement cost, quoted as ~40% raw material cost reduction 💠The mine is treated as a prepayment, not capex 💠Royalty is paid ~60 days ahead, against ~15 days of vendor credit earlier 💠Operated through a contractor at a fixed ₹200-400/MT loaded rate, with 90-95% production commitment 💠No mining capex or subleasing 💠Further mines will follow the same contractor model 💠More raw material security announcements expected in the coming weeks/months
▫️Karnataka (South): 💠Initial capacity 1.25 lakh TPA, capex ~₹20 Cr (land ~₹7 Cr, balance plant & machinery) 💠Commercial production by July 2027 💠Uses equipment removed from the existing Monolithish plant, so faster commissioning and lower capex 💠Site has boundary already in place 💠Focus on Hospet, Goa and Middle East/South Africa exports
▫️Rajasthan (West): 💠Initial capacity 1.75 lakh TPA, capex ~₹25 Cr (land ~₹6 Cr, balance plant & machinery) 💠Commercial production by Nov 2027 💠Rajasthan has 40-50 manufacturers; the plan is to fill gaps in the market
▫️Combined new capacity 3 lakh TPA for ~₹45 Cr 💠Total capacity reaches ~8.76 lakh TPA from 5.76 lakh TPA 💠At ₹8.4/kg and 85-90% utilization, implied revenue is ~₹215-225 Cr 💠Both plants should fill within ~1 year 💠EBITDA margin not guided; management expects similar economics to existing plants 💠Both will use local raw material, not stone from the Bihar mine 💠Sourcing details to be disclosed later 💠Greenfield project commissioned earlier is in trial runs
▫️Demand pull: 💠Queries for the last 5-6 months from Maharashtra, Bangalore and Punjab belts 💠Existing customers are setting up plants near Maharashtra and Hospet 💠Approach is to start small and scale up, as done in the 2018 move from Ranchi to West Bengal ▫️Target radius of 250-300 km around each new plant, where prices beat competitors without lowering margins
👉Q&A : ▫️Freight economics: 💠East-made material costs ~₹6/kg plus ₹4-5/kg freight to the South, which makes it uncompetitive 💠Freight in and freight out largely decide EBITDA margin in this industry 💠New plants sit near ports, helping Middle East and Africa exports
▫️Demand visibility in the East: 💠20-25,000 MT/month consumption expected within 30 km of the plant over 1-2 years 💠A 100 km radius could absorb 70-80% of the company's utilization 💠₹30-40,000 Cr of secondary steel investment committed in the Purulia-Raghunathpur belt
▫️Competition: 💠Closest listed peer has also announced ~8 lakh TPA capacity 💠Management did not comment on peer plans and says its western/southern plan was flagged in calls and presentations for 7-8 months 💠Southern market is ~4-5 lakh TPA 💠2-3 private players operate in Bangalore, Chennai and Hyderabad, on a different belt from the Hospet focus
▫️Customer base: 💠90-95% of customers are integrated steel units 💠6 of the top 10 secondary steel makers are customers 💠Last quarter volume ~50,000 MT (equal to ~15 lakh MT of steel melting) 💠Customer retention 60-80% in some quarters
▫️Margin maths (via analysts): 💠₹1,300-1,400/MT saving on a 28% base was calculated to lift margin toward 35-40% 💠Management called this correct at today's realizations, since raw material cost is fully fixed 💠It advised a conservative view of +4-5%, because realization can move ₹200-300/MT either way 💠Freight, transport and other costs apart from additives are fixed
▫️Mine payment obligation: 💠Fixed 5-year payment to government, paid regardless of volume 💠Management does not expect to under-produce, since payment is per quantity raised
▫️Specialty silica (HPQ, solar/semiconductor crucibles, silica bricks, adhesives): 💠Development is in 3 phases 💠Timelines to be shared once strategic and material milestones pass
▫️Integrated model for new belts: 💠Every new location will be set up with raw material integration
👉 Others : ▫️Capacity has grown from ~36,000 TPA (2018) to 5.76 lakh TPA
▫️Current ramming mass realization ₹8.6-8.7/kg; ₹8.2/kg on 5.76 lakh TPA implies ~₹470 Cr
▫️Mine funding: 💠Security deposit of ₹6-7 Cr held by government for 5 years 💠Bid money already paid 💠Balance refund from unsuccessful bids expected in 2-3 days 💠~₹17-18 Cr due Jan-Feb 2027 after clearances, as part of a 3-instalment plan 💠First tranche funded from inventory release 💠Mine expected to be self-funding within 7-8 months
▫️Capex and funding: 💠FY27 capex ~₹10-15 Cr for land and site development at the two plants 💠Balance capex falls in FY28 💠Funding from IPO general corporate purpose balance of ~₹2-4 Cr, internal accruals and a possible ₹5-10 Cr short-term loan for 1-2 months at commissioning 💠Company intends to stay debt-free
▫️Spare mine material may be traded in silica sand, glass and ceramics segments, with details in 5-6 months 💠Further capex will be disclosed as it is planned https://x.com/sachprat07/status/2105196504348823742