Mcon Rasayan India Limited — Investor Meet, 26-06-2025: Analysts/Institutional Investor Meet/Con. Call Updates

MCON Rasayan operates in construction chemicals with 100+ products across powders, liquids, admixtures, paints, and waterproofing. Key revenue drivers are tile adhesives (26%) and growing admixture division (7%+). They have a 50,000 Cr Indian addressable market, with Maharashtra contributing 50% to sales. Capacity utilization was ~55% in FY25 with 80-85% achievable. The franchise-operated manufacturing model adds ~9,500 MT capacity, improving logistics and cash flow without margin loss. FY26 revenue guidance is a conservative 70Cr+, targeting 15%+ EBITDA margin supported by higher-value product mix. Inventory and working capital rose due to stocking for growth and franchise expansion but normalizing with channel financing and inventory control. Strong R&D with chemists and civil engineers drives product innovation and customization. Management is confident on growth, capacity, and cash flow, with no major internal constraints or bad debts.