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La Opala RG Ltd

LAOPALA
NSE
178.91
0.24%
Last Updated:
29 Apr '26, 4:00 PM
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La Opala RG Ltd

LAOPALA
NSE
178.91
0.24%
29 Apr '26, 4:00 PM
Company Overview
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6M
Price
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Quick Ratios

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Mkt Cap
Market Capitalization
1,986Cr
Close
Close Price
178.91
Industry
Industry
Opalware
PE
Price To Earnings
19.53
PS
Price To Sales
6.25
Revenue
Revenue
318Cr
Rev Gr TTM
Revenue Growth TTM
-5.78%
PAT Gr TTM
PAT Growth TTM
7.69%
Peer Comparison
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Quarterly Results

Standalone
Numbers
Percentage
QuarterMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Revenue
RevenueCr
10986891078373919177659185
Growth YoY
Revenue Growth YoY%
21.45.0-33.9-15.2-24.2-15.51.5-14.8-6.6-10.40.3-7.5
Expenses
ExpensesCr
695155675746616650415653
Operating Profit
Operating ProfitCr
403534412627292627243532
OPM
OPM%
36.940.938.637.931.036.632.328.134.637.038.737.4
Other Income
Other IncomeCr
711101211111510121466
Interest Expense
Interest ExpenseCr
221211121111
Depreciation
DepreciationCr
666555455555
PBT
PBTCr
393938453132392933323531
Tax
TaxCr
101061781567787
PAT
PATCr
292931442424242326252724
Growth YoY
PAT Growth YoY%
56.343.0-20.227.5-19.0-17.6-22.9-47.58.67.111.33.6
NPM
NPM%
26.833.335.041.228.732.526.625.433.338.829.528.4
EPS
EPS
2.62.62.84.02.12.12.22.12.32.32.42.2

Profit & Loss

Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue
RevenueCr
223249263259278270211323452365332318
Growth
Revenue Growth%
25.611.65.5-1.47.3-2.9-21.852.740.2-19.3-9.1-4.3
Expenses
ExpensesCr
157163176152166166143200280229224200
Operating Profit
Operating ProfitCr
66868710711210568122172136108118
OPM
OPM%
29.634.733.241.240.438.732.437.938.137.332.637.0
Other Income
Other IncomeCr
11113171781222444839
Interest Expense
Interest ExpenseCr
111111047655
Depreciation
DepreciationCr
10912141616121422221820
PBT
PBTCr
56787510511310564117165152132131
Tax
TaxCr
141920323920142942243629
PAT
PATCr
425955737484508712312897102
Growth
PAT Growth%
39.340.7-6.433.60.813.8-41.276.340.83.9-24.45.4
NPM
NPM%
18.723.620.928.326.631.223.527.127.235.029.132.0
EPS
EPS
3.85.35.66.66.77.64.57.911.111.58.79.2

Balance Sheet

Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
Equity CapitalCr
111111222222222222222222
Reserves
ReservesCr
174221263481507523644718753829802780
Current Liabilities
Current LiabilitiesCr
344035363739456063303434
Non Current Liabilities
Non Current LiabilitiesCr
101213373527314659464345
Total Liabilities
Total LiabilitiesCr
229284322577601611742846897927901880
Current Assets
Current AssetsCr
148167205280337365375427536605614595
Non Current Assets
Non Current AssetsCr
81117117296264247367419360322287286
Total Assets
Total AssetsCr
229284322577601611742846897927901880

Cash Flow

Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating Cash Flow
Operating Cash FlowCr
476169805173839910968112
Investing Cash Flow
Investing Cash FlowCr
-97-49-50-69-32-45-79-75-69-253
Financing Cash Flow
Financing Cash FlowCr
42-11-19-10-18-29-4-24-40-43-115
Net Cash Flow
Net Cash FlowCr
-90110-100000
Free Cash Flow
Free Cash FlowCr
39165745344039588760103
CFO To PAT
CFO To PAT%
111.9103.9125.8109.368.486.8168.0113.888.953.4116.2
CFO To EBITDA
CFO To EBITDA%
70.770.679.275.145.170.0121.881.363.550.1103.6

Ratios

Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
2,0933,2932,9863,1492,4011,6572,4603,8393,7703,3032,355
Price To Earnings
Price To Earnings
50.256.148.042.932.419.749.644.030.625.924.4
Price To Sales
Price To Sales
9.413.212.712.18.66.111.611.98.39.07.1
Price To Book
Price To Book
11.314.26.96.34.53.03.75.24.93.92.9
EV To EBITDA
EV To EBITDA
31.838.234.229.521.415.935.931.521.924.421.8
Profitability Ratios
Profitability Ratios
GPM
GPM%
81.784.080.681.586.084.273.080.482.586.176.0
OPM
OPM%
29.634.733.241.240.438.732.437.938.137.332.6
NPM
NPM%
18.723.620.928.326.631.223.527.127.235.029.1
ROCE
ROCE%
29.333.127.720.921.419.19.616.021.918.416.5
ROE
ROE%
22.525.320.114.614.015.57.511.815.915.011.7
ROA
ROA%
18.320.717.112.712.313.86.710.313.713.810.7
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
### **Overview** La Opala RG Limited is India’s largest and most prominent manufacturer of opalware and premium crystalware, with a legacy of innovation spanning over three decades. Founded in 1987 as La Opala Glass Private Limited, the company pioneered the introduction of **opal glass technology** in India and has since evolved into the country's leading lifestyle tableware brand. It operates under three primary brands — **La Opala** (entry-level), **Diva** (premium opalware), and **Solitaire** (handcrafted 24% lead crystalware) — offering one of the widest product portfolios in the Indian tableware segment. The company is recognized not only for its market leadership but also for transforming consumer habits by repositioning tableware from utilitarian to aspirational, aligning with growing home pride and modern Indian lifestyles. --- ### **Manufacturing & Capacity** As of November 2025, La Opala operates **three manufacturing facilities** with a total production capacity of **32,000 metric tons per annum (MTPA)**: 1. **Sitarganj Unit 1 (Uttarakhand):** 31,000 MTPA of opalware 2. **Sitarganj Unit 2 (Uttarakhand):** 31,000 MTPA of opalware - *Note: The combined operational opalware capacity is effectively consolidated at Sitarganj, amounting to 31,000 MTPA.* 3. **Madhupur Unit (Jharkhand):** 1,000 MTPA of **crystalware** exclusively; **opalware operations here have been suspended** and production centralized in Sitarganj to improve efficiency. - The Sitarganj plant in Uttarakhand is one of **India’s largest single-location opalware manufacturing facilities**, equipped with **state-of-the-art, fully automated European technology**. - A major greenfield expansion adding 12,000 MTPA was commissioned in 2022 — the **largest single opalware capacity increase in Indian industry history** — fully funded through internal accruals. - This strategic consolidation improves operating efficiency, reduces costs, and strengthens economies of scale. --- ### **Product Portfolio** La Opala offers the **most comprehensive range of tableware in India**, catering to diverse consumer segments from everyday use to premium gifting and HORECA applications. #### **Branded Product Lines:** **1. La Opala (Entry-Level & Affordable):** - **MELODY Collection:** Original, budget-friendly tea & coffee ware ideal for daily use and gifting. - **NOVO Collection:** Whiter, lighter, and stronger opalware produced using European automated technology. Positioned as aspirational yet affordable. **2. Diva (Premium Opalware)** Launched in 2008 at the Sitarganj fully automated plant, this premium line includes sophisticated, design-led collections: - **CLASSIQUE:** First in the brand’s lineup to feature delicate fluted and floral designs; meets international quality standards. - **IVORY:** Soft milky glaze with global aesthetic appeal; widely adopted across households worldwide. - **PEARL:** Elegant, timeless dinnerware combining visual softness and tactile luxury. - **COSMO:** Pristine white finish with increased eating surface; **most sought-after in HORECA sector**. - **QUADRA:** Square-shaped dining ware offering a contemporary, modern look. - **SOVRANA:** Royal-inspired designs evoking nobility and prestige. - **VELVETT:** Embossed patterns with velvety sheen, designed for luxurious dining experiences. - **TEA & COFFEE Collection:** Made from **tempered extra-strong glass**, break-resistant and micro-oven friendly. **3. Solitaire Crystal (Premium Handcrafted Crystalware):** - India’s first 24% lead **hand-cut, hand-blown, and polished crystalware** brand. - Products include **tumblers, beer mugs, vases,** and more — positioned as premium gifting and lifestyle products. - Globally acclaimed for clarity, brilliance, and craftsmanship; exported to over 40 countries. **4. COOK SERVE STORE Range:** - 100% **borosilicate glass** containers, lunch boxes, and bakeware. - Heat-resistant, durable, and safe for storage, microwave, oven, and freezer — tapping into the growing demand for multi-functional kitchenware. --- ### **Market Position & Strategy** - **Market Leadership:** Dominant player in India’s organised opalware market with significant market share. - **Brand Equity:** The La Opala name has achieved **generic-like recall** — consumers often refer to any opalware as “La Opala,” reflecting deep brand penetration. - **Consumer Shift:** Successfully transitioned consumer preference from **steel/metal to opalware**, especially in semi-urban and rural India, leveraging hygiene, aesthetics, and pride in home dining. #### **Strategic Growth Drivers:** - **Distribution-Led Growth:** Management emphasizes expansion into **Tier 2, 3 cities and rural markets**, where penetration remains low but potential high. - **Omnichannel Reach:** Strong presence across: - 250+ distributors - 23,000+ dealers and 12,000+ retail outlets - Over **600 Indian towns** with populations >100,000 - Leading **e-commerce platforms** and **large-format retail chains** - **Export Footprint:** Products exported to **over 40 countries**, with growing global recognition for Solitaire crystal and Diva collections. - **Digital Transformation:** Investing in data analytics for real-time sales insights, consumer feedback, and improved collaboration with trade partners. --- ### **Innovation & Consumer Trends** - Capitalized on post-pandemic **hygiene awareness**, positioning opalware as **non-porous, safe, and easy-to-clean**. - Aligned with rising **social media trends** around food presentation and home pride (“shelfies”, Instagrammable kitchens). - Exploiting structural shifts: - Rise in per capita income → increase in discretionary spending (grows 5–10x with income doubling) - Urbanization trend (India to become most populous nation) - Shift from gifting to **self-purchase** of tableware for personal lifestyle enhancement. - Entered **borosilicate cookware segment**, competing with imported alternatives — a strategic diversification opportunity. --- ### **Financial & Operational Strength** - **Debt-Free Model:** Maintains a **net cash position** with surplus reserves (₹350+ crore historically). All expansions **self-funded via internal accruals**. - **Capital Efficiency:** Focuses on investments with **short payback periods**, ensuring robust cash flow and reinvestment capacity. - **Controlled Growth:** Pursues sustainable, long-term growth — reinvesting net worth incrementally while protecting margins. - Employed **777–900+ professionals** as of mid-2025, with expertise across R&D, design, manufacturing, marketing, and sustainability. --- ### **Historical Milestones** | Year | Key Development | |------|-----------------| | **1987** | Incorporated; commissioned India’s first opal glass plant in Madhupur, Bihar | | **1988** | Started production with technical support from **Hosan Glass (South Korea)** | | **1989** | Launched opal glass products commercially in India | | **1991** | Became **first Indian exporter of opalware** | | **1995** | Introduced **crystal glass technology**; launched first 24% lead crystalware line | | **1996** | Launched **Solitaire Crystal**, built India’s first crystalware plant in Madhupur | | **1997** | First Indian company to **export crystalware** internationally | | **1999** | Merged with Radha Glass & Industries Ltd. → **became La Opala RG Ltd** | | **2005** | Recognized as **Export House** by Government of India | | **2007** | Commissioned fully automated plant in **Sitarganj**, launched **Diva** premium brand; became supplier to **Rosenthal (Germany)** | | **2008** | Launched Diva brand nationally | | **2022** | Completed **12,000 MTPA greenfield expansion** — India’s largest opalware capacity addition ever | | **2023–24** | Majority of revenue from **retail & online channels**; continued focus on cash-and-carry and direct consumer reach |