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
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| GRAPHITE INDIA LTD | 16,146 | 46.5 | 2.76 | 45.3 | 2.9 | 4.0 | 7.8 | 28.6 |
| RAGHAV PRODUCTIVITY ENH L | 8,450 | 134.7 | 34.56 | 109.2 | 22.4 | 27.4 | 31.8 | 30.8 |
| VESUVIUS INDIA LTD | 8,423 | 32.9 | 4.82 | — | 6.5 | 8.6 | — | 18.0 |
| RHI MAGNESITA INDIA LTD ◆ | 7,757 | — | 2.18 | — | (10.8) | (8.2) | 24.0 | 14.5 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · Management to attend investor roadshow in Mumbai on 16 September | board shareholder meetings | low | — | — |
| 9 Sept 2026 · RHI Magnesita India to hold physical roadshow in Mumbai on Sep 16, 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · RHI Magnesita India publishes AGM and e-voting notice | compliance | minimal | — | — |
| 4 Sept 2026 · Letter to shareholders sharing AGM notice and Annual Report weblink for FY 2025-26 | compliance | minimal | — | — |
| 4 Sept 2026 · Business Responsibility and Sustainability Report for FY 2025-26 filed with stock exchanges | compliance | low | — | — |
| 4 Sept 2026 · RHI Magnesita India files AGM notice and FY 2025-26 annual report | board shareholder meetings | medium | — | — |
| 4 Sept 2026 · RHI Magnesita India files FY26 Annual Report, 16th AGM on Sep 29 2026 | compliance | minimal | — | — |
| 2 Sept 2026 · RHI Magnesita informs BSE about 16th AGM newspaper notice | compliance | minimal | — | — |
| 1 Sept 2026 · TDS Communication to Shareholders for Final Dividend FY26 | compliance | low | — | — |
| 1 Sept 2026 · Record date 14 Sep 2026 fixed for final dividend FY26 | corporate actions | high | — | — |
| 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 |
| HEG LIMITED | 4,578 | 12.8 | 0.96 | 9.9 | 7.2 | 5.9 | 15.4 | 28.5 |
| IFGL REFRACTORIES LIMITED | 1,480 | 36.2 | 1.26 | 11.6 | 3.0 | 3.6 | 13.1 | 7.8 |
| FOSECO CRUCIBLE INDIA LIMITED | 1,101 | 51.2 | 7.85 | — | 13.4 | 18.8 | — | (1.0) |
| ORIENT CERATECH LIMITED | 545 | 20.9 | 1.80 | 11.2 | 7.2 | 8.4 | — | 17.8 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 2.2 | 2.5 | 5 of 10 | 56% |
| ROCE | (8.2) | 8.6 | 11 of 11 | 0% |
| ROE | (10.8) | 7.2 | 11 of 11 | 0% |
| Debt / Equity | 0.1 | 0.0 | 8 of 11 | 30% |
| 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 | 7757 | 1480 | 4 of 11 | 70% |
| 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 |
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.
