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RHI Magnesita India

RHIM NSE
₹363.85 +8.20 (+2.31%)
P/E
Not meaningful: loss-making over the last twelve months
View as Markdown
MCP
Close 4 Nov 2026 ₹363.85 −106.15 −22.6% 1Y
Start ₹470.00

Key Fundamentals

MicrocapIndustrial ProductsCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
6.46%
Debt to Equity
0.13
EPS (TTM)
−₹17.12
Book Value
₹172.42
Market Cap
—
P/E (TTM)
Not meaningful: loss-making over the last twelve months
P/B
2.11
ROE
2.83%
Dividend Yield
0.70%
EBITDA
₹471 Cr
52W High
₹499.60
52W Low
₹323.05
Day Range
₹352.40 – ₹368.60
Volume
2,13,996

Peer Comparison

Industrials › Industrial Products › Electrodes & Refractories

RHI Magnesita peer comparison
Graphite
₹741.4568.02₹14,021 Cr2.420.93%3.11%4.58%₹3,029 Cr₹209 Cr
HEG
₹288.1815.49₹8,779 Cr1.991.41%7.42%8.35%₹2,639 Cr₹358 Cr
Raghav Productivity Enhancers
₹1,808.80117.84₹8,033 Cr29.500.06%24.30%30.30%₹315 Cr₹71 Cr
Vesuvius
₹370.3029.37₹7,540 Cr4.300.41%15.00%21.30%₹2,134 Cr₹257 Cr
RHI Magnesita (this company)
₹363.85—₹7,413 Cr2.110.70%2.83%6.46%₹4,074 Cr−₹353 Cr
Monolithisch
₹1,336.90100.97₹2,745 Cr19.120.00%27.80%34.80%₹154 Cr₹29 Cr
IFGL Refractories
₹172.5430.38₹1,228 Cr1.061.29%3.22%4.92%₹1,953 Cr₹41 Cr
Median 7 companies₹370.3049.20₹7,540 Cr2.420.70%7.42%8.35%₹2,134 Cr₹71 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

50 Average

Data confidence 91/100

Category scores

Quality
35
Poor
Returns, margins, earnings quality 22% weight
Valuation
83
Strong
Cheap vs sector & own history 24% weight
Growth
32
Poor
Sales & profit trajectory 9% weight
Financial Health
39
Weak
Solvency, leverage, coverage 9% weight
Momentum
26
Poor
Trend strength, vol-adjusted 12% weight
Ownership
52
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

Weaknesses

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

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish865
OscillatorsBearish261
Moving AveragesStrong Bearish604

Key readings

RSI (14)
50.49
Neutral
MACD (12,26,9)
−5.24
Bullish
SMA (50)
369.29
Bearish
SMA (200)
393.14
Bearish

As of

Analyst Rating

Based on 2 analysts
BUY100%

2 of 2 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
2
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+24.02%
3Y+13.82%
1Y+9.42%
TTM+8.44%

Net profit

Net profit growth by window
5YTurned to loss
3YLoss narrowed by ₹83 Cr
1YTurned to loss
TTMTurned to loss

Operating cash flow

Operating cash flow growth by window
5Y+19.91%
3Y+19.78%
1Y+9.65%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y−4.24 pp
3Y−2.22 pp
1Y−2.10 pp
TTM+0.34 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2019₹748 Cr
Mar 2020₹1,388 Cr
Mar 2021₹1,370 Cr
Mar 2022₹1,999 Cr
Mar 2023₹2,726 Cr
Mar 2024₹3,781 Cr
Mar 2025₹3,674 Cr
Mar 2026₹4,020 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2019₹90.00 Cr
Mar 2020₹136 Cr
Mar 2021₹137 Cr
Mar 2022₹269 Cr
Mar 2023−₹466 Cr
Mar 2024−₹100 Cr
Mar 2025₹203 Cr
Mar 2026−₹383 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹145 Cr −1.6% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 1 Aug 2026
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

94d ago

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.

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.

Quarterly Results

₹ Cr
RHIM quarterly results, ₹ crore
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 (₹)
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

Profit & Loss

₹ Cr
RHIM profit and loss, annual, ₹ crore
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
37
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 (₹)
7.48
11.31
11.37
16.71
−24.79
−4.86
9.81
−18.54
−17.12
Div. Payout %
33%
22%
22%
15%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
25%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
—

Balance Sheet

₹ Cr
RHIM balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
RHIM cash flow, annual, ₹ crore
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/EBITDA
79
103
103
29
93
64
92
107

Ratios

RHIM financial ratios, annual
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

Log in to view RHI Magnesita insights

64 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 56.07%
  • DIIs 26.07%
  • Public 10.52%
  • Others 4.18%
  • FIIs 3.16%

No promoter shares pledged as of Jun 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about RHI Magnesita India

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.
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 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 ₹499.6 as of 4 Nov 2026.
Does RHI Magnesita India Ltd pay dividends?
RHI Magnesita India Ltd has a dividend yield of 0.70%.
What is the Return on Equity (ROE) of RHI Magnesita India Ltd?
RHI Magnesita India Ltd reported a return on equity of 2.83%. 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.

Website rhimagnesitaindia.com
CEO Mr. Parmod Sagar
Employees 1,623
Listed 12 Mar 2012
Face Value ₹1

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