RHI MAGNESITA INDIA LTD

Makes refractory products and provides refractory management services for India's steel, cement, and iron-making industries. Customers include integrated steel producers such as Tata Steel (with a new 4PRO contract at Tata Steel Ludhiana expected to add Rs 50-60 crores of annual revenue from commissioning in March 2026) and Jindal Steel, along with cement players. Operates 9 refractory service locations, recognized for safety by the World Refractory Association in Q3 FY26. The 4PRO service offering — Total Refractory Management with sustainability — is being expanded across cement, steel and iron-making (DRI, coke oven, blast furnace). Capacity utilization sat at 64% consolidated in Q3 FY26, with a stated target of 75%+ through localization of imported products. Realization rose to Rs 80,410/MT in Q3 FY26 from Rs 73,237/MT. Raw materials are the largest cost at Rs 1,631.15 crore (40.6% of FY26 revenue), followed by other opex at Rs 746.21 crore (18.6%) and employee cost at Rs 376.09 crore (9.4%). FY26 consolidated revenue of Rs 4,019.95 crore grew 9.4% YoY. The company is setting up a 51:49 JV with Khemka Refractories for a greenfield refractory recycling facility in Odisha, targeting a recycling rate beyond 20%.