Financial Performance Highlights

Q2 FY27 vs Q2 FY26 Comparison:

  • Revenue from Operations: ₹1,030 crore (-0.5% YoY)
  • EBITDA: ₹144 crore (+30% YoY)
  • EBITDA Margin: 14.0% (+330 basis points YoY)
  • Profit After Tax (PAT): ₹62 crore (+62% YoY)
  • Earnings Per Share (EPS): ₹3.0 (+63% YoY)
  • Shipment Volume: 118 KT (-16% YoY)
  • Average Realization/MT: ₹87,245 (vs ₹73,237 in Q2 FY26)
  • Operating Cash Flow: ₹18 crore
  • Working Capital Intensity: 38% (+57 basis points)
  • Net Cash/EBITDA: 0.25x

H1 FY27 vs H1 FY26 Comparison:

  • Revenue from Operations: ₹2,044 crore (+2% YoY)
  • EBITDA: ₹291 crore (+36% YoY)
  • EBITDA Margin: 14.2% (+350 basis points YoY)
  • Profit After Tax (PAT): ₹127 crore (+72% YoY)

Expense Breakdown (Q2 FY27):

  • Material Cost: ₹598 crore (58.1% of revenue)
  • Employee Benefits Expense: ₹107 crore (10.4% of revenue)
  • Other Expenses: ₹188 crore (18.3% of revenue)
  • Depreciation: ₹29 crore (2.8% of revenue)
  • Amortization: ₹21 crore (2.0% of revenue)
  • Finance Cost: ₹9 crore (0.9% of revenue)
  • Tax: ₹23 crore (2.2% of revenue)

Operational and Strategic Updates

Market Context:

  • Indian refractory industry supported by steady demand from steel and industrial sectors
  • Indian steel sector remained resilient with robust infrastructure spending and capacity additions
  • Indian cement industry witnessed significant capacity expansion during the quarter

Strategic Achievements:

  • Strengthened market share in flow control at Integrated Steel Plants
  • Secured new 4PRO wins in the Steel segment
  • Expanded dealer footprint to strengthen market penetration
  • Commenced MINPRO trading operations for mineral reprocessing of recyclable refractories
  • Merged Intermetal & Ashwath for smooth operations and improved efficiency

Operational Updates:

  • Successfully conducted trials of Tap hole clay with concrete order conversion
  • Deployed various machines in steel-making to ensure safer, faster, and more productive operations
  • Product development particularly in Thin Slab SEN is in trial stage

Safety Performance:

  • Loss Time Injury Frequency Rate (LTIFR): 0.05
  • Total Recordable Injury Frequency Rate (TRIFR): 0.05
  • 28,000+ manhours of safety trainings conducted
  • Advanced Safety Culture Transformation journey across manufacturing plants
  • Conducted specialized Train-the-Trainer program for Internal Coaches
  • RHI Magnesita achieved 5 Star Customer Safety Management Rating at one of the PSUs

ESG and Corporate Initiatives

Environmental:

  • RHIM benefits from the Group's strong sustainability framework and global ESG recognition
  • EcoVadis Gold Medal (ranking top 5% globally for ESG performance)
  • Circular economy initiatives through MINPRO operations

Social:

  • Healthcare: Strengthened VRD Trust Hospital laboratory infrastructure since 2019
  • Empowerment: Partnered with NAB India Centre for Blind Women & Disability Studies for training programs
  • Education: Renovated classrooms and improved library facilities
  • Environment: "Say no to single use Plastic" campaign across 26 districts in Andhra Pradesh, benefiting ~5,000 women

Diversity & Inclusion:

  • Female leadership representation strengthened from 11% to 16.2%
  • Female representation in young talent from campus hiring rose from 12% to 31%
  • +1% YoY improvement in female workforce representation

Governance:

  • Board comprises 50% Independent directors
  • Diverse expertise across manufacturing, finance, strategy and compliance
  • 100% committee oversight structure in place
  • ESG oversight integrated into Board governance
  • Regular Board and Committee evaluations

Company Overview

Business Profile:

  • Leading supplier of high-grade refractory products, systems and solutions for industrial high-temperature processes exceeding 1,200°C
  • Serves steel, cement, non-ferrous metals and glass industries
  • FY 2026 revenue: ₹4,020 crore
  • 6,000+ skilled workforce (employees, workers & contingent workers)
  • 850+ customers project sites
  • 30%+ market share in India

Operational Footprint:

  • 8 production plants across Jamshedpur, Katni, Bhiwadi, Khambhalia, Dalmiapuram, Visakhapatnam, Cuttack, Rajgangpur
  • 2 quartzite mines in Raigarh and Bhikampali
  • 1 mineral reprocessing plant (MINPRO) in Orissa
  • Corporate office in Gurugram, Registered office in Mumbai
  • Sales office in Kolkata
  • World Class R&D Centre in Bhiwadi, Rajasthan

Refractory Applications Overview

The presentation detailed refractory applications across customer industries:

  • Steel: Basic oxygen furnace, Electric arc furnace, ladles, flow control (20 minutes to 2 months lifetime, 3% of customers' costs)
  • Ironmaking: Blast Furnace, DRI and Pellet (45 days to 36 months lifetime, 2% of customers' costs)
  • Cement and Lime: Rotary kiln (Annually, 0.5% of customers' costs)
  • Non-ferrous materials: Copper flash smelter (1 to 10 years lifetime, 0.2% of customers' costs)
  • Glass and Energy, Environmental chemicals: Glass furnace (Up to 10 years lifetime, 1% of customers' costs)

Forward-Looking Statements

The document contains forward-looking statements regarding the evolution of macro-economic environment, conditions of the mining and refractories industries, company performance and financial results. These statements involve several risks and uncertainties and are subject to change without notice.

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