RHI Magnesita India Ltd(RHIM)

NSE: RHIMBSE: 534076

₹ 350-0.86%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 7,228 crWebsite: www.rhimagnesitaindia.comUpdated: 24 Oct 2026

About

RHI Magnesita India Ltd supplies high-grade refractory products, systems and solutions to steel, cement, non-ferrous metals, glass, petrochemicals and other core sectors, and is a listed subsidiary of the global RHI Magnesita group. Its FY26 annual report describes it as the largest refractory manufacturer in India, serving more than 850 customers, including customers in 60+ countries. It runs 8 manufacturing plants with 512 kt of installed capacity, and reported record FY26 revenue from operations of ₹4,020 crore, up 9% year on year.^[1][2][3]

Business segments

Steel was about 80% of revenue in Q3 FY26. This covers steelmaking (ladle, converter, RH degasser, flow control) and ironmaking (blast furnace, coke oven, DRI, pellet) applications.^[4]
Cement was about 11% of FY26 revenue, down from about 13% in FY25, as the company pulled back from business priced below economic levels.^[3]
Industrial (non-ferrous, glass, aluminium) makes up the rest. It was weak in Q1 FY27 with no project revenue, and a glass/silica project pipeline is building for Q3 - Q4 FY27.^[5]
The Dalmia/Hi-Tech subsidiary (RHIM IR) had FY26 revenue of ₹1,153 Cr, up 14% from ₹1,013 Cr in FY25.^[3]

Products and solution contracts

The 4PRO platform bundles end-to-end refractory management under long-term contracts. In FY26 the company commissioned India's first complete robotic solution in caster operations, followed by a second one at another customer's plant.^[3][1]
Flow control products were about 28% of revenue in Q2 FY26.^[6]
Global group products, including magnesia spinel bricks for cement and magnesia chrome products for non-ferrous metals and steel, were moved to local plants in FY26.^[1]
As of Q1 FY27, 4 - 5 more group products were expected to be made in India within one year.^[6]
As of Q3 FY26, the ironmaking range had added a revamped tap-hole clay line at Jamshedpur, the first large-scale 5 MTPA pellet plant order and two new DRI products.^[4]

Operations and capacity

As of FY26 the company runs 8 manufacturing plants, 2 mines and 2 mechanism plants, with installed manufacturing capacity of 512 kt.^[1]
The plants are at Visakhapatnam, Bhiwadi, Cuttack, Dalmiapuram, Jamshedpur, Katni, Rajgangpur and Khambhalia.^[1]
In FY26 the Bhiwadi R&D Centre added a porosimeter, a thermal conductivity analyser and other testing equipment.^[1]
Key raw materials are magnesite, bauxite, zirconia, dolomite, graphite and alumina, with significant reliance on imports from China (FY26).^[1]
The Chiraipani and Bhikampali quartzite mines received all operating licences, and both were expected to open by the end of Q2 FY27 (as of Q1 FY27).^[5]
A SACMI press was ordered for the Rajgangpur plant, with commissioning expected by the end of calendar 2026.^[6]

Key operating numbers

Shipments were 122 KT in Q1 FY27, down 6% from Q1 FY26. FY26 shipments were 523 KT, up 5% year on year.^[5]
Average realisation was ₹83,175 per MT in Q1 FY27, against ₹79,948 in Q4 FY26 and ₹76,805 for FY26.^[5]
Production was 81 KT in Q1 FY27, down 5% from Q1 FY26.^[5]
Capacity utilisation was 64% in Q3 FY26. Management targets 80 - 85% within two years.^[4]
4PRO/core-contract revenue share was 35% in Q1 FY27, against 33.1% in Q3 FY26 and 31.3% in FY24.^[5]
Energy use was 888 kWh/MT in Q1 FY27, about 7% lower than in Q1 FY26.^[5]

Customers and distribution

As of FY26 the company serves more than 850 customers, including international customers in 60+ countries.^[1]
Tata Steel gave the company its Agile Partner of the Year 2025 award for its work in electric arc furnace operations. Tata Steel Ludhiana signed the Tata Group's first 4PRO contract in January 2026.^[1][4]
Consolidated exports were about 11% of revenue in Q3 FY26 and about 10% for 9M FY26, mainly flow control.^[4]
Export trial conversions are targeted in West Asia, East Asia and Africa.^[4]

Expansion and capex

About ₹150 crore of capex is earmarked (FY26 annual report), of which ₹40 - 50 crore is for maintenance and the rest for sales-driven and growth projects.^[1]
MINPRO is a 51:49 joint venture with Khemka Refractories for a greenfield mineral processing facility in Dhenkanal, Odisha. The initial investment is about ₹35 Cr, and production is targeted for Q4 FY27.^[5]
In FY26 the company won a 30,000+ tonne coke oven order (2 batteries), giving 15 - 18 months of order book.^[3]
As of Q1 FY27, a coke oven project with a public-sector (PSU) steel maker was at final negotiation, with production expected from September 2026 for 14 - 16 months.^[5]
Stated growth areas include ironmaking, DRI and pellets, flow control, coke ovens and hydrocarbon processing (FY26).^[1]

Recent developments

On 1 August 2025 the company acquired 100% of Ashwath Technologies for ₹14.12 Cr. Ashwath adds slide gate systems, spare parts and refractory resale, and expands reach into mini mills.^[1][6]
In FY26 the step-down subsidiary RHI Magnesita Seven Refractories merged into RHI Magnesita India Refractories, the material subsidiary.^[1]
Pankaj Malhan was appointed Managing Director and CEO effective Q1 FY27, and Parmod Sagar became Chairman.^[5]
In Q4 FY26 the company recognised a ₹556 Cr goodwill impairment on the Dalmia (RHIM IR) assets.^[3]

Market Cap

₹7,228 Cr

High / Low

₹502 / 323

Stock P/E

-20.4

Price / Book

2.0

Book Value

₹172

EPS

₹-18.5

No. of Shares

20.65 Cr

ROCE

6.5%

ROE

-10.1%

OPM

6.8%

Debt / Equity

0.09

Sales

₹4,020 Cr

Net Profit

₹-383 Cr

Promoter holding

56.1%

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