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RHIM · price
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RHI Magnesita India reported record annual revenue crossing ₹4,000 Crore (₹401,995 Lakhs), up 9% YoY, driven by market share gains in Steel and Ironmaking. FY26 margins stood at 12%, though the refractory industry continues to face margin pressures from rising raw material and energy costs. Record cash generation of ₹409 Crore strengthened the balance sheet, with Net Debt/EBITDA turning negative to -0.1x (net cash positive) for the first time post-acquisition. Q4 saw a sequential decline — revenue dropped 15% vs Q3 due to temporary phasing in steelmaking and geopolitical disruptions in export markets. The company highlighted strong order pipeline in steel ladles and converters, while the 4PRO long-term partnership model and robotics deployment in steel plants are key differentiators. New products were transferred to India under the Make in India initiative, and quartzite mines acquired via M&A will commence operations in Q1 FY27.
While FY26 revenue hit a record high and the balance sheet turned net cash positive, the Q4 sequential miss and persistent margin pressure from input costs signal near-term headwinds. The strong steel pipeline and robotics differentiation could support medium-term growth, but investors should monitor raw material cost inflation and cement segment competition.