RHIM - RHI Magnesita
📢 Recent Corporate Announcements
RHI Magnesita India Limited has announced a schedule for physical meetings with institutional investors and analysts in Mumbai. The meetings are set to take place on Thursday, March 19, 2026, starting from 9:00 A.M. IST. The engagement will include both group sessions and one-on-one interactions to discuss the company's business landscape. The company has confirmed that no unpublished price sensitive information (UPSI) will be shared during these discussions.
- Physical investor meetings scheduled for March 19, 2026, in Mumbai.
- Interaction format includes both group meetings and one-on-one sessions starting at 9:00 A.M. IST.
- Company explicitly stated that no unpublished price sensitive information (UPSI) will be disclosed.
- Investors are directed to the existing investor presentation available on the company's official website.
RHI Magnesita India Limited has issued a postal ballot notice to seek shareholder approval for the appointment of Mr. Alvaro Martin Rivero as a Non-Executive and Non-Independent Director. Mr. Rivero was initially appointed as an Additional Director effective January 14, 2026, and now requires an ordinary resolution for formal induction. The e-voting period for shareholders is scheduled from March 7, 2026, to April 5, 2026. This is a standard corporate governance procedure to regularize board appointments.
- Proposed appointment of Mr. Alvaro Martin Rivero as a Non-Executive and Non-Independent Director.
- Shareholder voting via remote e-voting to run from March 7, 2026, to April 5, 2026.
- Cut-off date for determining shareholder voting eligibility is March 4, 2026.
- Final voting results to be declared on or before April 7, 2026.
- The resolution is proposed as an Ordinary Resolution liable to retire by rotation.
RHI Magnesita India Limited (RHIM) has announced a series of physical meetings with analysts and institutional investors scheduled for March 2, 2026. The sessions, which include both group and one-on-one formats, will commence at 10:00 AM IST in Mumbai. The company has confirmed that no unpublished price sensitive information (UPSI) will be discussed during these interactions. This event serves as a platform for the management to engage with the investment community regarding existing public data and business strategy.
- Investor and analyst meetings are set for March 2, 2026, at Bandra Kurla Complex, Mumbai.
- The schedule includes both group meetings and one-on-one physical interactions starting at 10:00 AM.
- The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared.
- A link to the latest investor presentation has been provided for stakeholder reference.
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.
- 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
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.
- 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.
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.
- 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
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.
- 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.
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.
- 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.
RHI Magnesita India Limited (RHIM) has announced its conference call to discuss the financial results for the third quarter and nine months ended December 31, 2025. The call is scheduled for Monday, February 16, 2026, at 11:00 AM IST. Senior management, including the CEO and CFO, will be present to discuss the company's performance and future outlook. This is a standard regulatory disclosure following the announcement of quarterly financial results.
- Conference call scheduled for February 16, 2026, at 11:00 AM IST.
- Discussion will focus on Q3 and 9M FY2026 financial results ending December 31, 2025.
- Management representation includes CMD & CEO Parmod Sagar and CFO Azim Sayed.
- The call is being hosted by Batlivala & Karani Securities India Pvt. Ltd.
RHI Magnesita India Limited has appointed Mr. Alvaro Martin Rivero as an Additional Non-Executive Director effective January 14, 2026. Mr. Rivero is currently the Senior VP of Reporting, Finance, and Tax at the global parent company, RHI Magnesita N.V., and brings extensive experience from his previous role as a Partner at EY. In addition to the appointment, the company has reconstituted its Nomination & Remuneration, Risk Management, and CSR committees to streamline governance. This move is expected to strengthen the board's financial oversight and alignment with global group standards.
- Mr. Alvaro Martin Rivero appointed as Non-Executive Director effective January 14, 2026
- Appointee is a former EY Partner and current Senior VP at the parent company RHI Magnesita N.V.
- Board committees including Risk Management and NRC have been reconstituted with revised memberships
- The appointment is subject to shareholder approval as per SEBI listing regulations
RHI Magnesita India Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Skyline Financial Services Private Limited, confirms the processing of dematerialization requests for the quarter ended December 31, 2025. This is a standard regulatory requirement ensuring that share certificates are correctly converted to electronic form and member registers are updated. The filing indicates the company is adhering to routine administrative and secretarial protocols.
- Compliance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 confirmed.
- Reporting period covers the quarter ended December 31, 2025.
- Certificate issued by Registrar and Share Transfer Agent (RTA), Skyline Financial Services Private Limited.
- Confirms that share certificates received for dematerialization were processed and depositories updated.
RHI Magnesita India Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting January 1, 2026. This move is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015. The closure is in anticipation of the upcoming financial results for the quarter and nine-month period ending December 31, 2025. The trading window will remain closed until 48 hours after the financial results are officially declared and submitted to the stock exchanges.
- Trading window closure effective from January 1, 2026
- Closure pertains to financial results for the quarter and nine months ended December 31, 2025
- Window to reopen 48 hours after the dissemination of financial results to BSE and NSE
- Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015
Financial Performance
Revenue Growth by Segment
Total revenue reached a record INR 1,035.36 Cr in Q2 FY26, growing 8% QoQ and 19% YoY. The Steel segment (including Flow Control) contributes 80% of revenue, while the Cement segment contributes 14%. The Dalmia business segment saw revenue growth of 26.9% from INR 208 Cr to INR 264 Cr QoQ.
Geographic Revenue Split
The company focuses on the Indian market to support the $5 trillion economic vision; specific regional percentage splits within India or exports were not disclosed in the available documents.
Profitability Margins
Operating EBITDA margin stood at 10.7% in Q2 FY26, a slight decline from 10.8% in Q1 FY26 and 14.1% in Q2 FY25. Profit After Tax (PAT) was INR 38 Cr, representing a 3.7% net margin and a 9% sequential growth from INR 35 Cr.
EBITDA Margin
EBITDA margin was 10.7% in Q2 FY26. While absolute EBITDA grew 7% QoQ to INR 111 Cr, the YoY margin dropped from 14.1% due to a one-time warranty provision release in the previous year and elevated magnesia costs.
Capital Expenditure
The company reported an 18% increase in Capex activities during the quarter to support strategic initiatives and automation; specific total INR Cr for the full year was not disclosed.
Credit Rating & Borrowing
Net Debt/EBITDA ratio increased to 0.45x from 0.25x QoQ due to higher working capital requirements. Management expects interest expenses to trend downward following previous debt reduction efforts.
Operational Drivers
Raw Materials
Key raw materials include Alumina (costs decreased but inventory lag delayed impact) and Magnesia, specifically Fused Magnesia and Dead Burned Magnesia (DBM), which saw price increases.
Import Sources
The company faces exposure to the US Dollar and Euro, indicating significant imports from these currency zones; specific countries were not listed.
Capacity Expansion
Shipment volumes reached 141,370 MT in Q2 FY26, a 9% increase over Q1 FY26. The company is utilizing silica project orders at full capacity.
Raw Material Costs
Raw material costs remained flat QoQ despite lower alumina prices due to a shift in product mix toward higher-cost magnesia-based materials and unfavorable FX movements.
Manufacturing Efficiency
Shipment volume grew 9% QoQ, outpacing revenue growth of 8%, indicating a slight shift in volume-value mix. Automation and robotics are being deployed to enhance safety and productivity.
Strategic Growth
Expected Growth Rate
19%
Growth Strategy
Growth is driven by reclaiming market share in the steel ladle business (PSUs and Integrated Steel Plants), expanding cement market share from 17% to 43% via acquisitions, and executing high-margin silica project orders. The company is also implementing single-digit price hikes in its Flow Control business.
Products & Services
Refractory products for steel ladles, converters, and cement kilns; Flow Control systems; Total Refractory Management (TRM/4PRO) solutions; and refractories for DRI and Coke Ovens.
Brand Portfolio
RHI Magnesita, Dalmia (acquired business), 4PRO, TRM.
New Products/Services
TRM/4PRO solutions and specialized Flow Control products; Flow Control currently contributes 28% of total revenue.
Market Expansion
Targeting increased penetration in Public Sector Undertakings (PSUs) and Integrated Steel Plants to gain market share and unlock performance bonuses.
Market Share & Ranking
The company holds a 43% market share in the Indian cement refractory segment.
Strategic Alliances
The acquisition of the Dalmia refractory business has been a key driver, increasing cement market share to 43%.
External Factors
Industry Trends
The refractory industry is facing a general decline in EBITDA margins due to raw material headwinds. RHIM is positioning itself through 'Total Refractory Management' to move from a product supplier to a solution provider.
Competitive Landscape
Intense competition exists in the 'commodity' or non-specialty business where many small players are entering the market.
Competitive Moat
Moat is built on high-margin Flow Control technology (23% margins) and a dominant 43% market share in the cement sector. Switching costs are high in 'Total Refractory Management' contracts.
Macro Economic Sensitivity
Highly sensitive to the Indian steel sector, which saw 4% QoQ production growth, and the national $5 trillion GDP vision.
Consumer Behavior
Steel producers are increasingly looking for performance-based contracts (bonuses for refractory life) rather than just product procurement.
Geopolitical Risks
India remains a net importer of steel; safeguard tariffs on steel imports are a critical factor supporting domestic production and refractory demand.
Regulatory & Governance
Industry Regulations
Benefiting from safeguard tariffs on steel imports which boost domestic steel production volumes.
Environmental Compliance
The company is investing in safety automation and robotics; specific ESG costs in INR were not disclosed.
Risk Analysis
Key Uncertainties
Volatility in Magnesia prices and the timing of Alumina cost reductions are primary uncertainties impacting the 13% EBITDA margin target.
Geographic Concentration Risk
Heavy concentration in the Indian industrial sector, specifically steel (80%) and cement (14%).
Third Party Dependencies
Dependency on global magnesia suppliers; the company noted that some suppliers cancelled contracts to seek higher prices during market spikes.
Technology Obsolescence Risk
Mitigated by shifting to Flow Control and automation/robotics in manufacturing.