Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹1,986Cr
Rev Gr TTM
Revenue Growth TTM
-5.78%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

LAOPALA
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 21.4 | 5.0 | -33.9 | -15.2 | -24.2 | -15.5 | 1.5 | -14.8 | -6.6 | -10.4 | 0.3 | -7.5 |
| 69 | 51 | 55 | 67 | 57 | 46 | 61 | 66 | 50 | 41 | 56 | 53 |
Operating Profit Operating ProfitCr |
| 36.9 | 40.9 | 38.6 | 37.9 | 31.0 | 36.6 | 32.3 | 28.1 | 34.6 | 37.0 | 38.7 | 37.4 |
Other Income Other IncomeCr | 7 | 11 | 10 | 12 | 11 | 11 | 15 | 10 | 12 | 14 | 6 | 6 |
Interest Expense Interest ExpenseCr | 2 | 2 | 1 | 2 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 1 |
Depreciation DepreciationCr | 6 | 6 | 6 | 5 | 5 | 5 | 4 | 5 | 5 | 5 | 5 | 5 |
| 39 | 39 | 38 | 45 | 31 | 32 | 39 | 29 | 33 | 32 | 35 | 31 |
| 10 | 10 | 6 | 1 | 7 | 8 | 15 | 6 | 7 | 7 | 8 | 7 |
|
Growth YoY PAT Growth YoY% | 56.3 | 43.0 | -20.2 | 27.5 | -19.0 | -17.6 | -22.9 | -47.5 | 8.6 | 7.1 | 11.3 | 3.6 |
| 26.8 | 33.3 | 35.0 | 41.2 | 28.7 | 32.5 | 26.6 | 25.4 | 33.3 | 38.8 | 29.5 | 28.4 |
| 2.6 | 2.6 | 2.8 | 4.0 | 2.1 | 2.1 | 2.2 | 2.1 | 2.3 | 2.3 | 2.4 | 2.2 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| 25.6 | 11.6 | 5.5 | -1.4 | 7.3 | -2.9 | -21.8 | 52.7 | 40.2 | -19.3 | -9.1 | -4.3 |
| 157 | 163 | 176 | 152 | 166 | 166 | 143 | 200 | 280 | 229 | 224 | 200 |
Operating Profit Operating ProfitCr |
| 29.6 | 34.7 | 33.2 | 41.2 | 40.4 | 38.7 | 32.4 | 37.9 | 38.1 | 37.3 | 32.6 | 37.0 |
Other Income Other IncomeCr | 1 | 1 | 1 | 13 | 17 | 17 | 8 | 12 | 22 | 44 | 48 | 39 |
Interest Expense Interest ExpenseCr | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 4 | 7 | 6 | 5 | 5 |
Depreciation DepreciationCr | 10 | 9 | 12 | 14 | 16 | 16 | 12 | 14 | 22 | 22 | 18 | 20 |
| 56 | 78 | 75 | 105 | 113 | 105 | 64 | 117 | 165 | 152 | 132 | 131 |
| 14 | 19 | 20 | 32 | 39 | 20 | 14 | 29 | 42 | 24 | 36 | 29 |
|
| 39.3 | 40.7 | -6.4 | 33.6 | 0.8 | 13.8 | -41.2 | 76.3 | 40.8 | 3.9 | -24.4 | 5.4 |
| 18.7 | 23.6 | 20.9 | 28.3 | 26.6 | 31.2 | 23.5 | 27.1 | 27.2 | 35.0 | 29.1 | 32.0 |
| 3.8 | 5.3 | 5.6 | 6.6 | 6.7 | 7.6 | 4.5 | 7.9 | 11.1 | 11.5 | 8.7 | 9.2 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 11 | 11 | 11 | 22 | 22 | 22 | 22 | 22 | 22 | 22 | 22 | 22 |
| 174 | 221 | 263 | 481 | 507 | 523 | 644 | 718 | 753 | 829 | 802 | 780 |
Current Liabilities Current LiabilitiesCr | 34 | 40 | 35 | 36 | 37 | 39 | 45 | 60 | 63 | 30 | 34 | 34 |
Non Current Liabilities Non Current LiabilitiesCr | 10 | 12 | 13 | 37 | 35 | 27 | 31 | 46 | 59 | 46 | 43 | 45 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 148 | 167 | 205 | 280 | 337 | 365 | 375 | 427 | 536 | 605 | 614 | 595 |
Non Current Assets Non Current AssetsCr | 81 | 117 | 117 | 296 | 264 | 247 | 367 | 419 | 360 | 322 | 287 | 286 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 47 | 61 | 69 | 80 | 51 | 73 | 83 | 99 | 109 | 68 | 112 |
Investing Cash Flow Investing Cash FlowCr | -97 | -49 | -50 | -69 | -32 | -45 | -79 | -75 | -69 | -25 | 3 |
Financing Cash Flow Financing Cash FlowCr | 42 | -11 | -19 | -10 | -18 | -29 | -4 | -24 | -40 | -43 | -115 |
|
Free Cash Flow Free Cash FlowCr | 39 | 16 | 57 | 45 | 34 | 40 | 39 | 58 | 87 | 60 | 103 |
| 111.9 | 103.9 | 125.8 | 109.3 | 68.4 | 86.8 | 168.0 | 113.8 | 88.9 | 53.4 | 116.2 |
CFO To EBITDA CFO To EBITDA% | 70.7 | 70.6 | 79.2 | 75.1 | 45.1 | 70.0 | 121.8 | 81.3 | 63.5 | 50.1 | 103.6 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 2,093 | 3,293 | 2,986 | 3,149 | 2,401 | 1,657 | 2,460 | 3,839 | 3,770 | 3,303 | 2,355 |
Price To Earnings Price To Earnings | 50.2 | 56.1 | 48.0 | 42.9 | 32.4 | 19.7 | 49.6 | 44.0 | 30.6 | 25.9 | 24.4 |
Price To Sales Price To Sales | 9.4 | 13.2 | 12.7 | 12.1 | 8.6 | 6.1 | 11.6 | 11.9 | 8.3 | 9.0 | 7.1 |
Price To Book Price To Book | 11.3 | 14.2 | 6.9 | 6.3 | 4.5 | 3.0 | 3.7 | 5.2 | 4.9 | 3.9 | 2.9 |
| 31.8 | 38.2 | 34.2 | 29.5 | 21.4 | 15.9 | 35.9 | 31.5 | 21.9 | 24.4 | 21.8 |
Profitability Ratios Profitability Ratios |
| 81.7 | 84.0 | 80.6 | 81.5 | 86.0 | 84.2 | 73.0 | 80.4 | 82.5 | 86.1 | 76.0 |
| 29.6 | 34.7 | 33.2 | 41.2 | 40.4 | 38.7 | 32.4 | 37.9 | 38.1 | 37.3 | 32.6 |
| 18.7 | 23.6 | 20.9 | 28.3 | 26.6 | 31.2 | 23.5 | 27.1 | 27.2 | 35.0 | 29.1 |
| 29.3 | 33.1 | 27.7 | 20.9 | 21.4 | 19.1 | 9.6 | 16.0 | 21.9 | 18.4 | 16.5 |
| 22.5 | 25.3 | 20.1 | 14.6 | 14.0 | 15.5 | 7.5 | 11.8 | 15.9 | 15.0 | 11.7 |
| 18.3 | 20.7 | 17.1 | 12.7 | 12.3 | 13.8 | 6.7 | 10.3 | 13.7 | 13.8 | 10.7 |
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 |