RHI MAGNESITA INDIA LTD has informed the Exchange about Transcript
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RHI Magnesita India reported its highest-ever quarterly revenue of INR 1,092 crores in Q3 FY26, up 5.5% sequentially and 8% year-on-year, driven by strong iron-making project orders, 4PRO wins and improved product mix. Average realisation rose sharply to INR 80,410 per MT from INR 73,237 per MT in Q2, pushing EBITDA margin to 13.7% (highest in FY26) with adjusted EBITDA of INR 150 crores, up 36% QoQ. Profit after tax stood at INR 62 crores, up 61% QoQ. The company turned net cash positive (net cash of INR 35 crores versus net debt of INR 200 crores in Q2) with operating cash flow hitting a record INR 289 crores. Management guided for sustainable margins in the 14-15% range and said Q4 should be on similar or slightly better lines. A new 4PRO contract with Tata Steel Ludhiana is expected to add INR 50-60 crores in annualised revenue. Revenue mix stands at 80% steel and 20% industrial (with cement at ~10%); market share is 32% in steel and 40-41% in cement.
Strong quarterly beat on both revenue and margins, along with the shift to net cash, signals operational strength and pricing discipline, likely positive for the stock. Management's confidence in sustaining 14-15% EBITDA margins and visibility on new project wins support the growth narrative, though weak domestic industry conditions and competitive intensity remain near-term watchpoints.