NSE: RHIM · BSE: 534076
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%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Refractory products, 4PRO Total Refractory Management. Asset-heavy industrial refractories manufacturer with cyclical exposure to steel, cement and iron-making end-markets
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,995 | 2,726 | 3,781 | 3,674 | 4,020 |
| EBITDA (ex other income) | 384 | (301) | 220 | 479 | (114) |
| margin % | 19.2 | (11.0) | 5.8 | 13.0 | (2.8) |
| Owners' profit | 269 | (466) | (100) | 203 | (383) |
| EPS, as reported (₹) | 16.71 | (27.85) | (4.88) | 9.81 | (25.09) |
| ROE % · ROCE % | 26.1 · 33.7 | (15.6) · (10.6) | (2.6) · 1.1 | 5.1 · 7.0 | (10.8) · (7.2) |
| Debt / equity (x) | 0.06 | 0.50 | 0.09 | 0.06 | 0.09 |
| Cash from operations | 27 | 238 | 271 | 373 | 409 |
| Capex | (62) | (45) | (82) | (119) | (136) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 867 | 1,011 | 918 | 960 | 1,035 | 1,092 | 932 | 1,014 |
| Profit before tax | 62 | 64 | 38 | 48 | 52 | 84 | (503) | 87 |
| Net profit | 46 | 48 | 36 | 35 | 38 | 62 | (518) | 65 |
| EPS (₹) | 2.22 | 2.30 | 1.75 | 1.71 | 1.85 | 2.99 | (25.09) | 3.13 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| GRAPHITE INDIA LTD | 14,490 | 41.8 | 2.47 | 40.8 | 2.9 | 4.0 | 7.8 | 28.6 |
| RAGHAV PRODUCTIVITY ENH L | 8,124 | 129.5 | 33.22 | 105.0 | 22.4 | 27.4 | 31.8 | 30.8 |
| VESUVIUS INDIA LTD | 7,788 | 30.4 | 4.45 | — | 6.5 | 8.6 | — | 18.0 |
| RHI MAGNESITA INDIA LTD ◆ | 7,434 | — | 2.09 | — | (10.8) | (8.2) | 24.0 | 14.5 |
| HEG ADVANCED MATERIAL LTD | 4,146 | 11.6 | 0.87 | 9.1 | 7.2 | 5.9 | 15.4 | 28.5 |
| IFGL REFRACTORIES LIMITED | 1,207 | 29.5 | 1.03 | 9.6 | 3.0 | 3.6 | 13.1 | 7.8 |
| FOSECO CRUCIBLE INDIA LIMITED | 1,030 | 55.0 | 7.35 | — | 13.4 | 18.8 | — | (1.0) |
| ORIENT CERATECH LIMITED | 470 | 18.0 | 1.56 | 9.8 | 7.2 | 8.4 | — | 17.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 2.1 | 2.3 | 5 of 10 | 56% |
| ROCE | (8.2) | 8.6 | 11 of 11 | 0% |
| ROE | (10.8) | 7.1 | 10 of 10 | 0% |
| Debt / Equity | 0.1 | 0.0 | 7 of 10 | 33% |
| EBITDA margin | 14.5 | 18.0 | 8 of 11 | 30% |
| Revenue growth | 5.6 | 5.6 | 6 of 11 | 50% |
| Profit growth | 83.2 | 57.8 | 4 of 11 | 70% |
| Market cap | 7434 | 1207 | 4 of 11 | 70% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Compliance certificate for share dematerialization filed with exchanges | compliance | minimal | — | — |
| 30 Sept 2026 · Shareholders approve Pankaj Malhan as MD and CEO of RHI Magnesita India | management changes | high | — | — |
| 30 Sept 2026 · B S R & Co. LLP appointed as Statutory Auditor for 5 years | management changes | medium | — | — |
| 30 Sept 2026 · RHI Magnesita India 16th AGM: all 10 resolutions passed with over 98% approval | board shareholder meetings | medium | — | — |
| 30 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 29 Sept 2026 · RHI Magnesita India 16th AGM held; final dividend, auditor change, MD reappointment proposed | board shareholder meetings | medium | — | — |
| 24 Sept 2026 · SBI Mutual Fund crosses 5% in RHI Magnesita India via market purchase | ownership changes | medium | — | — |
| 23 Sept 2026 · Reg 29(2) SAST disclosure by Dalmia Bharat Refractories in RHI Magnesita India | ownership changes | high | — | — |
| 22 Sept 2026 · Analyst/Institutional Investor Meeting on 28 Sept 2026 - Rising Stars Conference | board shareholder meetings | low | — | — |
| 9 Sept 2026 · Management to attend investor roadshow in Mumbai on 16 September | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.