RHI Magnesita logo

RHI Magnesita

RHIM NSE

Key Fundamentals

MicrocapElectrodes & RefractoriesIndustrial Products
Market Cap
₹7,706 Cr
Volatility
Moderate
P/E Ratio
-22.1
EBITDA
₹471 Cr
Return on Equity
-10.76%
Debt to Equity
0.13
Book Value
₹172.42
EPS
₹6.58
52W High
₹508.3
52W Low
₹323.05

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Weaknesses

1
  • Company has a low return on equity of 5.72% over last 3 years.

Growth Rate

Revenue Growth
9.4% lower than 3Y
Net Income Growth
-289% lower than 3Y
Cash Flow Change
9.65% lower than 3Y
ROE
-313% lower than 3Y
ROCE
-203% higher than 3Y
EBITDA Margin (Avg.)
-14.87% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 43d ago
AI opinion · based on fundamentals
Risk high

RHI Magnesita India Ltd is the leading refractory products supplier in India with approximately 30% domestic market share and a promoter holding of 56.07%. The company trades at a negative P/E of -21 with a market cap of ₹8,071 crore, reflecting a TTM profit decline of 46% despite 9% TTM revenue growth. Its 3-year compounded sales CAGR of 14% contrasts sharply with a 3-year profit CAGR of -26%, indicating margin compression.

Bull Case 8
  • Dominant market position with approximately 30% refractory market share in India, providing pricing power and scale advantages in a consolidated industry
  • Strong revenue growth trajectory with 5-year compounded sales CAGR of 24% and TTM sales growth of 9%, indicating sustained demand from steel and cement sectors
  • Backed by RHI Magnesita NV (global leader in refractories) with high promoter holding of 56.07%, ensuring technology transfer and strategic support
  • 10-year stock price CAGR of 16% demonstrates long-term wealth creation track record despite recent underperformance
  • Q3 FY26 net profit rose 29.5% YoY to ₹61.5 crore, signalling a potential earnings recovery from the recent trough
  • India's steel production capacity expansion targets (from ~160 MTPA to 300 MTPA by 2030) provide a structural tailwind for refractory demand
  • Annual revenue reached ₹40.20 billion in FY26 (9.4% growth), showing the business continues to scale even during a profit downturn
  • Price-to-book ratio of 2.26x is relatively modest for a market leader, suggesting valuation has corrected from prior peaks after the 22% one-year stock decline
Bear Case 8
  • TTM profit declined 46% and 3-year compounded profit CAGR is -26%, indicating sustained earnings deterioration despite revenue growth
  • Negative P/E of -21 confirms the company is currently loss-making on a trailing basis, raising questions about margin sustainability
  • Return on equity has deteriorated to just 3% in the last year and averages only 5.75% over 3 years, well below cost of equity
  • Stock price has declined 22% over 1 year and shows a negative 3-year CAGR of -17%, reflecting persistent de-rating by the market
  • 5-year compounded profit CAGR of -4% shows that even over a longer cycle, earnings growth has been negative despite 24% sales CAGR — a severe margin squeeze
  • Dividend yield of only 0.64% provides minimal income cushion during the period of capital erosion
  • Q1 FY27 reported a net loss of ₹518 crore, a dramatic sequential decline from ₹61.5 crore profit in Q3 FY26, indicating earnings volatility remains extreme
  • Refractory business is cyclically tied to steel and cement capex cycles; any slowdown in these sectors directly impacts volumes and pricing

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 42d ago
Positives 1
  • New JV for minerals/recycling Jul 17

    RHI Magnesita India incorporated JV RHIM Khemka Minpro Private Ltd on 16 July 2026, bundling industrial minerals and refractory recycling activities to expand value chain.

TL;DR: RHIM is expanding its operational footprint through a new joint venture focused on industrial minerals and refractory recycling, signaling strategic diversification. No negative catalysts are visible in the current news flow. With limited data points, the near-term outlook hinges on execution of the JV and broader industrial demand trends.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
928
987
923
943
879
867
1,011
918
960
1,035
1,092
932
1,014
Expenses
795
839
806
795
725
760
886
825
858
926
949
845
876
Operating Profit
133
148
117
148
154
107
125
93
102
109
143
87
138
OPM %
14%
15%
13%
16%
18%
12%
12%
10%
11%
11%
13%
9%
14%
Other Income
3
3
1
-322
3
15
7
1
1
1
2
-531
9
Interest
26
9
16
13
11
10
13
9
8
9
11
8
10
Depreciation
46
44
48
44
48
50
55
47
47
49
49
51
50
PBT
64
98
54
-231
98
62
64
38
48
52
84
-503
87
Tax %
26%
27%
27%
12%
26%
26%
26%
4%
26%
26%
26%
3%
26%
Net Profit
47
72
39
-258
73
46
48
36
35
38
62
-518
65
EPS in Rs
2.26
3.45
1.91
-12.49
3.53
2.22
2.3
1.75
1.71
1.86
2.98
-25.09
3.13
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
748
1,388
1,370
1,999
2,726
3,781
3,674
4,020
4,074
Expenses
619
1,172
1,161
1,610
2,365
3,227
3,192
3,576
3,596
Operating Profit
129
215
209
390
361
555
482
443
477
OPM %
17%
16%
15%
19%
13%
15%
13%
11%
12%
Other Income
18
10
12
5
-646
-322
24
-529
-519
Interest
1
14
7
3
40
65
43
38
39
Depreciation
9
26
30
34
71
182
200
197
200
PBT
138
186
185
357
-396
-16
263
-320
-280
Tax %
35%
27%
26%
25%
18%
545%
23%
20%
—
Net Profit
90
136
137
269
-466
-100
203
-383
-354
EPS in Rs
7.48
11.31
11.37
16.71
-24.79
-4.86
9.81
-18.54
-17.12
Div. Payout %
33%
22%
22%
15%
-10%
-51%
25%
-13%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
12
12
12
16
19
21
21
21
Reserves
364
691
794
1,013
2,872
3,825
3,978
3,540
Borrowings
0
71
62
65
1,589
487
380
448
Other Liabilities
132
278
391
581
1,400
765
776
825
Total Liabilities
508
1,052
1,260
1,674
5,881
5,097
5,155
4,834
Fixed Assets
60
228
243
282
3,258
2,805
2,730
2,128
CWIP
3
9
46
34
39
49
63
48
Investments
103
0
0
0
0
0
0
231
Other Assets
342
816
970
1,358
2,583
2,244
2,362
2,428
Total Assets
508
1,052
1,260
1,674
5,881
5,097
5,155
4,834
Figures in ₹ Crores

Cash Flow

Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
54
173
165
27
238
271
373
409
Investing
-5
26
-79
-70
-1,150
-312
-113
-339
Financing
-35
-118
-54
-50
1,172
-231
-213
-9
Net Cash Flow
14
81
33
-93
260
-272
47
61
Free Cash Flow
37
90
80
-35
196
191
255
274
CFO/OP
79
103
103
29
93
64
92
107
Figures in ₹ Crores

Ratios

Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
77
87
87
89
101
79
73
64
Inventory Days
96
117
151
186
204
148
179
163
Days Payable
92
99
148
161
180
94
104
101
Cash Conversion Cycle
82
105
90
114
125
132
148
126
Working Capital Days
87
102
108
119
-39
122
139
114
ROCE %
—
35%
23%
37%
11%
9%
7%
6%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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63 extracted metrics + investor summaries across FY11–FY26.

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Shareholding Pattern

FIIs3.98%Promot.56.07%Public9.23%DIIs14.35%Others16.37%As ofJun 2026

Documents

Frequently Asked Questions about RHI Magnesita

What does RHI Magnesita India Ltd do?
RHI Magnestia India ltd earlier known as Orient Refractories Limited (ORL) is in the business of manufacturing and marketing special refractory products, systems and services to the steel industry in India and Globally. It is a market leader for special refractories in India and has many global c...
Where is RHI Magnesita India Ltd (RHIM) listed?
RHI Magnesita India Ltd trades as RHIM on the NSE and under code 534076 on the BSE.
Which sector does RHI Magnesita India Ltd belong to?
RHI Magnesita India Ltd is classified under the Industrial Products sector, in the Electrodes & Refractories industry.
What is the market capitalisation of RHI Magnesita India Ltd?
RHI Magnesita India Ltd has a market capitalisation of ₹7,706 Cr, which places it in the Mid Cap band.
What is the PE ratio of RHI Magnesita India Ltd?
RHI Magnesita India Ltd trades at a PE ratio of -22.10, on earnings per share of ₹6.58, against a book value of ₹172.42 per share.
What is the 52-week high and low of RHI Magnesita India Ltd?
Over the last 52 weeks RHI Magnesita India Ltd has traded between ₹323.05 and ₹508.3.
Does RHI Magnesita India Ltd pay dividends?
RHI Magnesita India Ltd has a dividend yield of 0.66%.
What is the Return on Equity (ROE) of RHI Magnesita India Ltd?
RHI Magnesita India Ltd reported a return on equity of -10.76%. Its debt-to-equity ratio is 0.13.

Company Information

RHI Magnestia India ltd earlier known as Orient Refractories Limited (ORL) is in the business of manufacturing and marketing special refractory products, systems and services to the steel industry in India and Globally. It is a market leader for special refractories in India and has many global customers for its international quality products.[1]

Website rhimagnesitaindia.com
CEO Mr. Parmod Sagar
Employees 1,623
Listed 2012-03-12
Face Value ₹ 1
Issued Size 20,65,01,426

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