RHI Magnesita India FY26 Revenue Crosses ₹4,000 Cr

Production: 339,717 MT in FY26 vs 326,481 MT in FY25
Shipment: 523,396 MT in FY26, a 5% increase from 499,965 MT in FY25
Average realization per MT: ₹76,805 in FY26 vs ₹73,495 in FY25
Key drivers: Market share gains in Steel and Iron-making segments, new 4PRO contract wins, export trials in flow control
Safety: Awarded "Best Safety Performance" by several clients including SAIL, JSPL and JSW

Steel Segment: Delivered strong growth from Tundish ISO, Tundish Slide Gate, steel ladles and electric furnace projects
Ironmaking Segment: Uplift driven by new coke oven and DRI projects
Cement Segment: Market share loss in alumina bricks & mixes due to commoditization and competition behavior
Export volumes impacted by geopolitical disruptions in key markets

Revenue: ₹4,019.95 Cr (FY26) vs ₹3,674.50 Cr (FY25), +9% YoY
Adjusted EBITDA: ₹476.89 Cr (FY26) vs ₹505.15 Cr (FY25), -6% YoY
EBITDA Margin: 11.9% (FY26) vs 13.7% (FY25)
PAT: -₹382.94 Cr (FY26) vs ₹202.51 Cr (FY25), impacted by exceptional items
EPS: ₹8.4 (adjusted, excluding impairment impact)
Margins impacted by Rupee devaluation and increase in key input costs of Tabular Alumina, Fused Magnesia and Quartzite
Exceptional Item: Recognition of Impairment of Goodwill on acquired Assets of ₹556.24 Cr, Additional Impact of Labor code ₹8.6 Cr in Q4 FY26 and ₹64 Cr in FY26

Capital Expenditure: ₹134.90 Cr in FY26, 15% of previous year
Operating Cash Flow: ₹409.10 Cr in FY26, +9% YoY
Working Capital Intensity: 38% in FY26 vs 37% in FY25
Record cash generation of ₹409 Cr during the year strengthened the balance sheet

4PRO Contracts: Secured new wins, strengthening long-term customer relationships
Product Transfers: Transfer of Basic cement bricks production to India, reinforcing Make in India initiative
Localization: Developed fully local automatic press in Rajgangpur, enhancing Silica Bricks manufacturing capabilities
Technology Transfer: Initiated ceramic welding operations for coke oven maintenance in India, technology transferred from RESCO USA
Mining: Quartzite mines acquired through M&A completely transferred legally to RHIMIR, operations to commence in Q1 FY27
Robotics: Deployment gaining interest from major customers, feasibility studies underway across multiple sites

Refractory industry faces margin pressures from rising raw material and energy costs
Intensified competition from capacity buildup
Indian Refractory market for Iron making including DRI & Pellet is ~₹1,800 Cr
Iron ore market projected to reach ~US$29.1 billion by 2030 with CAGR of ~4.7% between 2025–2030
Strong government spending on railways, roads, water infrastructure, housing, and industrial capex supports long-term pig iron demand

Strategy focused on building higher-quality, less commoditized industrial solutions business
Expansion in Ironmaking, DRI & Pellets, flow control and industrial applications
Become a preferred OEM Supplier
Drive cost competitiveness through product transfers, recipe optimization, and operation excellence programs
India is the highest growth major market for refractories globally, with 6-8% CAGR forecast

Safety Culture Transformation program rolled out across all manufacturing facilities, customer sites, and warehouses
New IT-enabled Safety Management System completely deployed for real-time monitoring
Awarded Silver Award Certificate under TNPCB Voluntary Green Rating Initiative
CSR budget of ₹6.47 Cr impacting 30,000+ people through 21 projects
Honored with CSR award from Chief Minister of Andhra Pradesh for contributions to inclusive development
Female leadership representation strengthened from 11% to 15%

#RHI Magnesita India Limited