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RHIM Q3 FY26: Record ₹1,092 Cr Revenue and Shift to Net Cash Position
RHI Magnesita India reported its highest-ever quarterly revenue of INR 1,092 crores, an 8% YoY increase driven by strong project orders and 4PRO solutions. EBITDA margins improved significantly to 13.7% from 10.7% in the previous quarter, aided by a better product mix and performance-linked bonuses. A major financial milestone was achieved as the company moved from a net debt of INR 200 crores to a net cash position of INR 35 crores. Operating cash flow reached a record INR 289 crores, reflecting disciplined working capital management and improved collections.
Key Highlights
Highest ever quarterly revenue of INR 1,092 crores, up 5.5% QoQ and 8% YoY
EBITDA margins expanded to 13.7% with average realization rising to INR 80,410 per MT
Achieved net cash position of INR 35 crores, improving from INR 200 crores net debt in Q2
Record operating cash flow of INR 289 crores, a 627% sequential increase
Consolidated capacity utilization stood at 64%, leaving room for volume growth
💼 Action for Investors
Investors should note the significant balance sheet strengthening and margin recovery as a sign of operational resilience. The company's transition to a net cash position provides ample room for future growth investments without over-leveraging.
RHIM Q3 FY26: Record Revenue of ₹1,092 Cr; EBITDA Jumps 36% QoQ with Negative Net Debt
RHI Magnesita India (RHIM) reported a strong Q3 FY26 with record revenues of ₹1,092 crore, a 5.5% QoQ growth. Adjusted EBITDA surged 36% QoQ to ₹150 crore, with margins expanding to 13.7% driven by pricing discipline and operational excellence. Crucially, the company achieved a negative Net Debt/EBITDA ratio of -0.1x for the first time post-acquisition, signaling a very strong balance sheet. Operating cash flow witnessed a massive 627% QoQ increase to ₹289 crore due to disciplined working capital management.
Key Highlights
Revenue reached a record ₹1,092 crore, up 5.5% QoQ and 12% for the 9-month period ended Dec 2025.
Adjusted EBITDA grew 36% QoQ to ₹150 crore, with margins improving from 10.7% to 13.7%.
Achieved negative leverage (Net Debt/EBITDA of -0.1x) and a 627% surge in operating cash flow to ₹289 crore.
Secured strategic 4PRO contracts and OEM orders in iron-making, maintaining a dominant 30% market share in India.
Reported record-setting performance at SAIL Rourkela with 210 heats on a single steel ladle using RHIM products.
💼 Action for Investors
Investors should note the significant margin recovery and the transition to a net-cash position as indicators of high operational efficiency. The company's focus on high-margin 4PRO contracts and localization makes it a strong play on the Indian steel and cement infrastructure cycle.
RHIM Q3 FY26 Results: PAT Surges 61% QoQ to ₹62 Cr, Achieves Negative Net Debt
RHI Magnesita India reported a strong sequential performance for Q3 FY26, with Revenue from operations growing 5.5% to ₹1,092 crore. Profit After Tax (PAT) saw a significant jump of 61% QoQ to ₹62 crore, while Adjusted EBITDA rose 36% to ₹150 crore. A major milestone was achieved as the company reached a negative Net Debt/EBITDA ratio of -0.1x for the first time since its recent acquisitions. Despite a 4% dip in shipment volumes, strategic wins in iron making and flow control segments through 4PRO contracts drove the financial improvement.
Key Highlights
Revenue from operations increased by 5.5% QoQ to ₹1,092 crore
Adjusted EBITDA grew by 36% QoQ to ₹150 crore, reflecting improved operational efficiency
PAT surged 61% QoQ to ₹62 crore despite a 4% decline in shipment volumes to 136 KT
Successfully achieved a negative Net Debt/EBITDA ratio of -0.1x for the first time post-acquisition
Growth driven by strategic 4PRO contracts in iron making and flow control segments
💼 Action for Investors
Investors should take note of the significant margin improvement and successful deleveraging as signs of strong operational execution. While the outlook remains cautiously optimistic due to market capacity issues, the company's shift to negative net debt strengthens its balance sheet for future growth.
RHIM Q3 FY26 Standalone PAT Jumps 67% QoQ to ₹68.9 Cr; Revenue Up 17% YoY
RHI Magnesita India reported a strong sequential recovery in Q3 FY26, with standalone revenue reaching ₹903.5 crore, a 16.7% increase year-on-year. Net profit for the quarter stood at ₹68.9 crore, marking a significant 66.8% growth compared to the previous quarter. While 9-month PAT is down 16% YoY at ₹156.7 crore due to higher operating costs earlier in the year, the current quarter shows improved margins with PBT rising to ₹92.2 crore. The company also successfully integrated Ashwath Technologies through its subsidiary during this period.
Key Highlights
Standalone Revenue from operations grew 16.7% YoY to ₹90,347.99 lakhs in Q3 FY26.
Net Profit (PAT) increased 66.8% sequentially to ₹6,889.98 lakhs from ₹4,129.34 lakhs in Q2.
9-month revenue stands at ₹2,570.87 crore, representing a 20.3% growth compared to the previous year.
Profit Before Tax (PBT) for the quarter rose to ₹9,221.42 lakhs, up from ₹5,559.86 lakhs in the preceding quarter.
Completed investment of ₹24,971 lakhs in subsidiary IEIPL to finance the acquisition of Ashwath Technologies.
💼 Action for Investors
Investors should take note of the sharp sequential recovery in margins and profitability, which suggests that the company is effectively managing input costs. The stock remains a strong long-term play in the industrial refractory space given its recent acquisitions and market leadership.
RHIM Q3 FY26 Standalone PAT Rises 22.6% YoY to ₹68.9 Cr; Revenue Up 16.7%
RHI Magnesita India (RHIM) reported a strong quarterly performance for Q3 FY26, with standalone revenue growing 16.7% YoY to ₹903.48 crore. Standalone Profit After Tax (PAT) saw a significant jump of 22.6% YoY to ₹68.90 crore, up from ₹56.17 crore in the same period last year. While the quarterly results show robust growth, the nine-month PAT of ₹156.73 crore remains lower than the previous year's ₹186.61 crore due to higher cumulative expenses. The company also completed the strategic acquisition of Ashwath Technologies through its subsidiary during this period.
Key Highlights
Standalone Revenue for Q3 FY26 increased to ₹903.48 crore from ₹774.31 crore in Q3 FY25.
Standalone Net Profit for the quarter grew 22.6% YoY to ₹68.90 crore.
Quarterly Earnings Per Share (EPS) rose to ₹3.34 from ₹2.72 in the previous year's corresponding quarter.
Invested ₹24.97 crore in subsidiary IEIPL to facilitate the acquisition of Ashwath Technologies.
Nine-month standalone revenue reached ₹2,570.88 crore, representing a 20.3% growth over the previous year's nine-month period.
💼 Action for Investors
Investors should take note of the strong quarterly recovery in margins and revenue growth. The stock remains a key play in the refractory segment, though the decline in nine-month cumulative profits warrants a close watch on full-year cost management.