The hook
1/10
A 690% revenue explosion in one quarter
Rapicut Carbides' Q1 FY27 revenue hit Rs 82.04 crore, up from Rs 10.37 crore a year earlier. The quarter's net profit of Rs 8.16 crore eclipsed all of FY26.
Rapicut Carbides' Q1 FY27 revenue hit Rs 82.04 crore, up from Rs 10.37 crore a year earlier. The quarter's net profit of Rs 8.16 crore eclipsed all of FY26.
Rapicut Carbides makes hardmetal tools and tungsten powders. Its Ankleshwar plant handles the full value chain, from ore and chemical intermediates to finished inserts used in mining, metal cutting, and industrial wear parts.
China dominates tungsten mining and midstream processing like APT. Recent export restrictions and quotas caused APT prices to surge over 20%, leaving manufacturers worldwide scrambling for secure alternatives.
Revenue from operations jumped 129% to Rs 96.28 crore in FY26, from Rs 41.99 crore. Net profit returned at Rs 2.06 crore after a FY25 loss of Rs 2.33 crore.
Q1 FY27 revenue reached Rs 82.04 crore versus Rs 10.37 crore a year ago. Net profit was Rs 8.16 crore, reversing a Rs 1.41 crore loss and exceeding FY26's full-year profit.
Rapicut pivoted to high-value intermediate powders and export markets. It also deepened tungsten recycling from scrap, cutting reliance on Chinese APT. Inventory built to Rs 38.71 crore as a hedge.
Q1 FY27 revenue from operations was Rs 82.04 crore, up from Rs 10.37 crore in Q1 FY26. The company's net profit margin hit 9.96%.
Rapicut wiped out debt by FY26. Total assets doubled to Rs 65.53 crore, inventories rose to Rs 38.71 crore. The board seeks approval to raise borrowing limit to Rs 100 crore for expansion.
Cost of materials consumed hit Rs 87.70 crore in Q1, exceeding revenue. The Rs 38.71 crore inventory hedge could suffer write-downs if tungsten prices fall. Institutional ownership is nearly zero, leaving price discovery to retail.
Rapicut's export-led turnaround shows how integrated powder metallurgy and recycling can turn a supply-chain crisis into a moat. The full deep dive examines its technology, financials, and the road ahead.
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