RHI Magnesita India Q1 FY27 EBITDA Up 30% QoQ

Production: 81 KT (Q1 FY27), +2% vs Q4 FY26 (79 KT), -5% vs Q1 FY26 (85 KT)
Shipment: 122 KT (Q1 FY27), +5% vs Q4 FY26 (117 KT), -6% vs Q1 FY26 (129 KT)
Average Realization/MT: ₹83,175 (Q1 FY27), vs ₹79,948 (Q4 FY26), vs ₹74,317 (Q1 FY26)

Revenue from Operations: ₹1,014 (Q1 FY27), vs ₹932 (Q4 FY26), vs ₹960 (Q1 FY26)
Other Income: ₹9 (Q1 FY27), vs ₹25 (Q4 FY26), vs ₹1 (Q1 FY26)
Total Income: ₹1,023 (Q1 FY27), vs ₹957 (Q4 FY26), vs ₹961 (Q1 FY26)
Material Cost: ₹590 (58.2% of revenue), vs ₹542 (58.2%), vs ₹601 (62.5%)
Employee Benefits Expense: ₹101 (10.0% of revenue), vs ₹101 (10.8%), vs ₹87 (9.0%)
Other Expenses: ₹185 (18.3% of revenue), vs ₹201 (21.5%), vs ₹171 (17.8%)
EBITDA: ₹147 (14.5% margin), +30% vs Q4 FY26 (₹113, 12.1% margin), +42% vs Q1 FY26 (₹103, 10.8% margin)
Depreciation: ₹29 (2.9% of revenue), vs ₹30 (3.2%), vs ₹26 (2.7%)
EBITA: ₹118 (11.6% margin), vs ₹83 (8.9%), vs ₹77 (8.0%)
Amortization: ₹21 (2.0% of revenue), vs ₹21 (2.3%), vs ₹21 (2.2%)
EBIT: ₹97 (9.6% margin), vs ₹62 (6.6%), vs ₹56 (5.9%)
Finance Cost: ₹10 (1.0% of revenue), vs ₹8 (0.8%), vs ₹8 (0.9%)
Profit Before Exceptional Items: ₹87 (8.6% margin), vs ₹54 (5.8%), vs ₹48 (5.0%)
Exceptional Items: None (Q1 FY27), vs ₹557 (59.8% of revenue) in Q4 FY26 (recognition of impairment of goodwill on acquired assets of ₹556 crores + additional impact of labor code ₹0.9 crores)
Profit Before Tax: ₹87 (8.6% margin), vs (₹503) (-54.0% margin), vs ₹48 (5.0%)
Tax: ₹23 (2.2% of revenue), vs ₹15 (1.6%), vs ₹13 (1.3%)
Profit After Tax: ₹65 (6.4% margin), vs (₹518) (-55.6% margin), vs ₹35 (3.7%)

Working Capital Intensity: 36% in Q1 FY27, driven by inventory build-up to support future growth outlook in FY27
Net Cash to EBITDA: Improved from 0.1x to 0.3x through cash conversion efficiency

LTIF (Loss Time Injury Frequency): 0.13 in Q1 FY27
TRIF (Total Recordable Injury Frequency): 0.20 in Q1 FY27
Safety Training: 27,000+ manhours of safety trainings conducted
Safety Recognition: Secured 3rd position at Safety Excellence Awards 2026 by Government of Odisha for Rajgangpur plant

Refractory industry facing pricing pressure and rising competition from global and regional entrants
Steel producers reported strong operational quarter with ongoing capacity expansions and higher utilization
Cement industry demonstrated robust growth with significant capacity additions but under margin pressure

4PRO Contracts: Scaling as per plan with positive customer sentiment
Market Share Gains: Gained flow control market share, secured future pellet orders, and drove growth across non-cement industrial segments (Oil & Gas and Glass)
MINPRO Joint Venture: Launched RHIM Khemka MINPRO, a 51:49 strategic mineral processing JV with Khemka Refractories to create circular refractory ecosystem
Backward Integration: Advancement in quartzite mines
Energy Diversification: Diversified energy sourcing to improve supply security and minimize business disruption
Automation: Advanced automated drying technology implemented to improve capacity, productivity and product quality
Sustainability: Achieved ~7% reduction in energy consumption and ~6% reduction in CO₂ emissions year-on-year

New Product Transfers: High quality Magnesia Chrome bricks for RH Degasser; Magnesia spinel bricks for Cement industry; IBOS in Steel Ladle; Thin Slab ISO products; High Chrome bricks for petrochemical use; Resistal for blast furnace stove; Chimney Block Lining (Durital) for Glass Industry; CARSIT for KR Impeller
Cost Optimization: RUBINAL for cost optimization benefits; MGU brick bat for BOF repair
Harmonization: Alumina monolithics across seven plants; Alumina bricks across three plants; Slide plate, nozzles, and ISO products across two plants

Indian refractory market for iron making including DRI & Pellet is ~₹1,800 crores
Record number of blast furnace hearth repair projects completed
Increased YoY market share in blast furnace runner management
Successfully launched advanced new DRI products and secured one big order

Robotic Solutions: Successfully operating 2 robots at largest integrated steel plant in India (India's first complete robotic solution in caster operation)
Lining Evaluation Scan (LES): Digitalizing kiln inspections across 24 locations in India

Board of Directors:

Parmod Sagar (Chairman, 40+ years experience)
Nazim Sheikh (Metallurgical engineer with 44+ years experience, former MD of Sandur Manganese & Iron Ores Ltd.)
Pankaj Malhan (MD & CEO, 30+ years experience in steel and infrastructure, former executive Director-Odisha at Jindal Steel)
Sonu Chadha (Independent Director, 25+ years business leadership, Founder Director of Impressions Services Pvt. Ltd.)
Gustavo Franco (Non-executive Director, global leadership across RHIM group)
Kamal Sarda (Independent Director, ~35 years manufacturing experience, formerly with IFGL Refractories Limited)
Priyabrata Panda (Independent Director, 40+ years experience in refractory, primarily with TRL Krosaki)
Alvaro Martin (Non-executive Director, Group Head of Reporting, Finance, and Tax at RHIM)

Board Committees:

Workforce: 6,000+ skilled employees, workers & contingent workers
FY 2026 Revenue: ₹4,020 crore
Customers: 850+
Production Facilities: 8 production plants + 2 mechanism units
Other Facilities: Project sites, mines, dedicated R&D Centre in Bhiwadi, Rajasthan
Geographic Presence: Manufacturing plants in Jamshedpur (Jharkhand), Katni (MP), Bhiwadi (Rajasthan), Khambhalia (Gujarat), Dalmiapuram (Tamil Nadu), Visakhapatnam (AP), Cuttack (Orissa), Rajgangpur (Orissa); Corporate office in Gurugram (Haryana); Sales office in Kolkata (WB); Registered office and mechanism units in Mumbai (MH); Quartzite mines in Raigarh (Chhattisgarh) and Bhikampali (Orissa); Khemka plant in Orissa

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