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Research updated
RHI Magnesita India Ltd.
NSE: RHIMIndustrialsMetal Fabrication
- Last close
- ₹348.30
- Day change
- −₹1.70 (−0.49%)vs
- Market cap
- ₹7,644 crIndian rupees
- Research updated
- 1 report
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About RHI Magnesita India
RHI Magnesita India Ltd. is a leading manufacturer and supplier of high-quality refractory products and solutions. These products are critical for high-temperature industrial processes, primarily serving industries such as steel, cement, and glass manufacturing. Refractories are essential for lining furnaces, kilns, incinerators, and reactors due to their ability to withstand extreme heat without degrading. RHI Magnesita India Ltd. plays a crucial role in enhancing efficiency and safety in these sectors by providing durable, efficient thermal management solutions. The company is part of the broader global RHI Magnesita group, which is renowned for its comprehensive approach in delivering tailored refractory solutions worldwide. In the Indian market, the firm impacts the industrial landscape significantly by supporting infrastructure development and ensuring seamless production processes. As industries continue to expand and modernize, RHI Magnesita India Ltd.'s products remain fundamental for operational continuity and longevity in high-temperature environments.
- Sector
- Industrials
- Industry
- Metal Fabrication
- Listing
- NSE: RHIM
- Next results
- Chief executive
- Mr. Pankaj Malhan
- Employees
- 1,641
- Headquarters
- Gurugram, India
- ISIN
- INE743M01012
- Website
- rhimagnesitaindia.com
Public research · Report of
Business model & financial foundation
RHI Magnesita India (NSE: RHIM), Refractory products, systems and services: revenue of ₹4,020 crore in FY26 (+9.4% on FY25), an EBITDA margin of 11.0%, net profit of ₹-382.9 crore and net debt of ₹59.9 crore.
- Revenue, FY26 (₹ crore)
- 4,020
- consolidated
- Revenue growth, FY26
- +9.4%
- on FY25
- EBITDA margin, FY26
- 11.0%
- EBITDA (revenue less cost stack, excl other income) / revenue
- Net profit, FY26 (₹ crore)
- -382.9
- to owners
- Return on equity, FY26
- -10.1%
- on average equity
- Net debt, FY26 (₹ crore)
- 59.9
- Net debt per company (Note 32)
- Market capitalisation (₹ crore)
- 7,508
- at the close of 18 Oct 2026
Company profile
Manufactures and trades refractory products used in steel, ironmaking, cement and other high-temperature processes. Refractory management services bundle consumables and technical support; shipment-linked blended revenue incorporates services and trading, not simply a product price. Acquisitions broadened its Indian footprint but repeated goodwill impairment highlights weaker acquired-business economics.
| Item | Value |
|---|---|
| Legal name | RHI Magnesita India Limited |
| Exchange and ticker | NSE: RHIM; BSE: 534076 |
| ISIN | INE743M01012 |
| CIN | L28113MH2010PLC312871 |
| Sector | Industrials |
| Industry | Refractory products, systems and services |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP (since 2026-08-14) |
| Market capitalisation | ₹7,508 crore (18 Oct 2026) |
| Shares outstanding | 20.65 crore shares (FY26) |
| Price | ₹370.1 (close, 18 Oct 2026) |
| 52-week range | ₹323.0 - ₹499.6 (to 18 Oct 2026) |
| Website | https://www.rhimagnesitaindia.com |
Corporate structure and shareholding
Parent: RHI Magnesita N.V..
| Entity | Holding | Business |
|---|---|---|
| RHI Magnesita India Refractories Limited | 100% | Refractory manufacturing including merged Seven Refractories operations |
| Ashwath Technologies Private Limited | 100% | Refractory engineering and services; Intermetal merged effective August 2026 |
| RHIM Khemka MINPRO Private Limited | 51% | Recycling venture; control/accounting agreement unavailable |
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 56.07% | 56.07% | 56.07% | 56.07% |
| Promoter holding pledged | 0.00% | 0.00% | ||
| Foreign institutions | 4.65% | 4.38% | 3.98% | 3.09% |
| Domestic institutions | 12.78% | 13.46% | 14.35% | 26.07% |
| of which mutual funds | 12.60% | 13.28% | 14.11% | 23.47% |
| Other | 26.50% | 26.09% | 25.60% | 14.77% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
RHI Magnesita India (NSE: RHIM; BSE 534076) makes and trades refractories, the heat-resistant linings consumed by steel, ironmaking, cement, glass and non-ferrous plants, and runs refractory management (TRM) contracts that bundle supply with on-site service paid per tonne of customer output. It is 56.07% held by RHI Magnesita N.V., which supplies technology, raw materials and IT for a royalty and fees. FY26 revenue was 4,019.9cr: finished goods 2,190.9cr, traded goods 400.5cr, TRM 1,300.7cr; outside India 389.0cr. One operating segment. Shipments run about 1.5x production, so roughly a third of tonnes are traded or drawn from stock. The company controls service execution and product mix; it does not control magnesia/alumina prices, the euro, customers' steel output or parent charges.
| Segment | revenue, FY26 (₹ crore) | Share | revenue contract customers, FY26 (₹ crore) | Share | revenue within india, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Single operating segment (consolidated CODM; Note43(xii)) | 4,020 | 100.0% | 3,975 | 100.0% | 3,586 | 100.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Vesuvius India (VESUVIUS) | Indian steel flow-control refractories; higher-margin product mix |
| IFGL Refractories (IFGLEXPOR) | Steel flow-control refractory products; export-heavy comparator |
| Orient Ceratech (ORIENTCER) | Alumina refractories; mixed proppants analogue |
| RHI Magnesita N.V. | Global refractory parent; scale and regional mix differ |
| Vesuvius plc | Global flow-control refractory comparator |
| Shinagawa Refra | Japanese refractory manufacturer; regional economics differ |
| Chosun Refractories | Korean refractory manufacturer; regional economics differ |
Financial databook
| Profit and loss (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 3,781 | 3,674 | 4,020 |
| Materials consumed + traded purchases + inventory change | 2,238 | 2,184 | 2,456 |
| Employee benefits expense | 374.4 | 383.5 | 376.1 |
| Other expenses | 622.8 | 627.5 | 746.2 |
| EBITDA (revenue less cost stack, excl other income) | 545.9 | 479.1 | 441.9 |
| Other income | 11.0 | 26.1 | 28.6 |
| Depreciation and amortisation | 182.5 | 199.9 | 197.0 |
| Finance costs | 64.2 | 42.6 | 37.0 |
| Exceptional items (signed; negative = charge) | -325.8 | 0.00 | -556.2 |
| Profit/(loss) before tax | -15.5 | 262.7 | -319.8 |
| Total tax expense | 84.6 | 60.1 | 63.2 |
| Profit/(loss) for the year incl NCI | -100.1 | 202.5 | -382.9 |
| Profit attributable to non-controlling interest | 0.34 | 0.00 | 0.00 |
| Share of profit of associates/JVs | 0.00 | 0.00 | 0.00 |
| Profit/(loss) attributable to owners | -100.4 | 202.5 | -382.9 |
| Diluted EPS (₹) | -4.88 | 9.81 | -18.54 |
| Profit before exceptional items and tax | 310.3 | 262.7 | 236.5 |
| Cost of materials consumed | 1,419 | 1,517 | 1,631 |
| Purchases of stock-in-trade | 689.8 | 784.1 | 862.1 |
| Changes in inventories (expense signed) | 129.3 | -116.5 | -37.5 |
| Current tax on year profit | 90.8 | 78.8 | 62.0 |
| Current tax relating to prior periods | -1.26 | -1.11 | -0.15 |
| Deferred tax expense/(benefit) | -4.94 | -17.6 | 1.30 |
| Balance sheet (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Cash and cash equivalents | 50.0 | 96.7 | 157.6 |
| Bank balances other than cash equivalents | 3.23 | 2.46 | 2.18 |
| Current investments (liquid/overnight debt MFs, FVTPL) | 0.00 | 0.00 | 231.0 |
| Total borrowings (current + non-current, excl leases) | 362.6 | 245.8 | 321.8 |
| Lease liabilities (current + non-current) | 124.1 | 133.9 | 126.7 |
| Net debt per company (Note 32) | 436.6 | 283.0 | 59.9 |
| Trade receivables (net) | 816.9 | 733.0 | 703.1 |
| Contract assets (unbilled TRM revenue) | 252.2 | 246.5 | 314.3 |
| Inventories | 905.3 | 1,074 | 1,099 |
| Trade payables (MSME + others) | 582.8 | 621.7 | 678.1 |
| Equity attributable to owners (= total equity) | 3,846 | 3,999 | 3,560 |
| Goodwill | 867.2 | 867.2 | 324.5 |
| Equity shares outstanding (FV INR 1) (crore shares) | 20.65 | 20.65 | 20.65 |
| Non-current investments (pledged NSC) | 0.01 | 0.01 | 0.01 |
| Non-current borrowings | 237.1 | 215.5 | 212.5 |
| Current borrowings (includes current maturities) | 125.5 | 30.4 | 109.2 |
| Non-current lease liabilities | 114.9 | 124.7 | 117.6 |
| Current lease liabilities | 9.16 | 9.25 | 9.03 |
| Trade payables: MSME | 84.4 | 72.2 | 58.4 |
| Trade payables: others | 498.4 | 549.4 | 619.6 |
| Total assets | 5,116 | 5,176 | 4,861 |
| Cash flow (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net cash from operating activities (after tax) | 270.6 | 373.1 | 409.1 |
| Capex: cash purchase of PPE and intangibles (outflow, positive) | 82.1 | 119.1 | 136.1 |
| Payment for acquisition of business, net (outflow, positive) | 236.7 | 4.13 | 13.0 |
| Dividends paid (outflow, positive) | 51.6 | 51.6 | 51.6 |
| FCF = CFO - capex | 188.5 | 254.0 | 273.0 |
| Proceeds from sale of PPE/intangibles | 2.10 | 1.44 | 1.19 |
| Other reported lines (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Company EBITDA before exceptional (incl other income) | 556.9 | 505.2 | 470.5 |
| Company Adjusted EBITDA (MD&A) | 578.3 | 505.2 | 476.9 |
| Company adjusted EPS (MD&A) (₹) | 11.99 | n.r. | 8.40 |
| Identified non-recurring pre-tax items in operating lines (net gain +) | n.d. | 18.8 | 13.6 |
| PBT ex impairment and selected one-offs (not fully clean) | 331.6 | 243.9 | 222.8 |
| PAT to owners excluding goodwill impairment only | 225.3 | 202.5 | 173.3 |
| Net debt excluding leases (net cash negative) | 312.6 | 149.1 | -66.8 |
| Weighted average diluted shares (crore shares) | 20.57 | 20.65 | 20.65 |
| One-off incremental labour-code employee cost | 6.40 | ||
| One-off lease termination gain (other income) | 13.8 | ||
| One-off mining-rights relinquishment gain (other income) | 6.24 | ||
| Contract-asset allowance release (other-expense credit) | 8.75 | ||
| Cash capex net of PPE/intangible disposal proceeds | 80.0 | 117.7 | 134.9 |
| COGS / revenue (x) | 0.59x | 0.59x | 0.61x |
| Employee cost / revenue (x) | 0.10x | 0.10x | 0.09x |
| Other expenses / revenue | 0.16x | 0.17x | 0.19x |
| Actual tax / pre-exceptional PBT | 0.27x | 0.23x | 0.27x |
| Receivables plus contract assets days | 103 | 97 | 92 |
| Inventory days | 148 | 179 | 163 |
| Payable days | 95 | 104 | 101 |
| Historical diluted shares driver (crore shares) | 20.57 | 20.65 | 20.65 |
| Historical revenue rounding correction (x) | 1.00x | 1.00x | 1.00x |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 867.1 | 1,011 | 918.0 | 960.3 | 1,035 | 1,092 | 932.3 | 1,014 |
| Cost of revenue (vendor classification) * | 524.5 | 632.1 | 692.6 | 600.5 | 649.0 | 663.8 | 542.5 | 589.6 |
| Other operating costs (vendor classification) * | 144.2 | 162.3 | -146.0 | 170.7 | 186.5 | 188.2 | 200.8 | 185.3 |
| EBITDA (vendor classification) * | 122.5 | 131.9 | 103.7 | 103.3 | 110.5 | 144.4 | -444.0 | 147.0 |
| EBIT * | 72.2 | 77.1 | 47.2 | 56.3 | 61.2 | 95.0 | -495.2 | 97.3 |
| Finance costs | 9.79 | 12.8 | 9.36 | 8.33 | 9.45 | 11.4 | 7.82 | 9.85 |
| Profit before tax (after exceptional) | 62.4 | 64.3 | 37.8 | 47.9 | 51.8 | 83.5 | -503.0 | 87.4 |
| Total tax expense | 16.5 | 16.8 | 1.65 | 12.7 | 13.4 | 22.0 | 15.1 | 22.8 |
| Profit for period | 45.9 | 47.5 | 36.2 | 35.3 | 38.3 | 61.6 | -518.1 | 64.6 |
| Diluted EPS, not annualised (₹) | 2.22 | 2.30 | 1.75 | 1.71 | 1.85 | 2.99 | -25.09 | 3.13 |
| Materials consumed + purchases of stock-in-trade + change in inventories | 524.5 | 632.1 | 545.9 | 600.5 | 649.0 | 663.8 | 542.5 | 589.6 |
| Employee benefits expense | 91.2 | 91.3 | 105.9 | 86.8 | 90.5 | 97.2 | 101.7 | 101.4 |
| Other expenses | 144.2 | 162.2 | 173.2 | 170.7 | 186.5 | 188.2 | 200.8 | 185.3 |
| EBITDA = revenue less cogs, employee and other expenses (excl. other income) | 107.1 | 125.1 | 93.0 | 102.2 | 109.4 | 142.9 | 87.4 | 137.7 |
| Other income | 15.4 | 6.78 | 0.89 | 1.11 | 1.10 | 1.55 | 24.8 | 9.28 |
| Depreciation and amortisation (incl. acquired-intangible amortisation) | 50.3 | 54.8 | 46.7 | 47.1 | 49.3 | 49.5 | 51.2 | 49.7 |
| Exceptional items (signed; negative is charge) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -556.2 | 0.00 |
| Profit attributable to owners | 45.9 | 47.5 | 36.2 | 35.3 | 38.3 | 61.6 | -518.1 | 64.6 |
| Non-controlling interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of associates / JV | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue growth | -2.8% | 9.4% | |
| EBITDA margin | 14.4% | 13.0% | 11.0% |
| Net margin | -2.7% | 5.5% | -9.5% |
| Return on equity | -2.6% | 5.2% | -10.1% |
| Return on assets | -2.0% | 3.9% | -7.6% |
| Net debt (₹ crore) | 436.6 | 283.0 | 59.9 |
| Net debt / EBITDA | 0.80x | 0.59x | 0.14x |
| Asset turnover | 0.74x | 0.71x | 0.80x |
| Receivable days | 79 | 73 | 64 |
| Inventory days (on revenue) | 87 | 107 | 100 |
| Payable days (on revenue) | 56 | 62 | 62 |
| Cash conversion | -2.69x | 1.84x | -1.07x |
| Capex intensity | 2.2% | 3.2% | 3.4% |
| Free cash flow (₹ crore) | 188.5 | 254.0 | 273.0 |
| Dividend payout | -51.4% | 25.5% | -13.5% |
| EPS, diluted (₹) | -4.88 | 9.81 | -18.54 |
| Book value per share (₹) | 1,86,23,21,667 | 1,93,63,62,076 | 1,72,41,75,454 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less cost stack, excl other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt per company (Note 32); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (revenue less cost stack, excl other income).
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 18 Oct 2026); market data at the close of 18 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
Reports on RHI Magnesita India
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 18 Oct 2026; page updated 2 Nov 2026.
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