RHIM
Rhi Magnesita India share price & financials
- Price
- ₹409
- Market cap
- ₹7.9k Cr
- Sector
- Capital Goods
- Calls analysed
- 6
Rhi Magnesita India Limited Q1 FY27
What went well
- Revenue from operations stood at INR1,014 crores, representing 6% year-on-year growth.
- EBITDA for the quarter was at INR147 crores, reflecting a strong 42% year-on-year increase.
- EBITDA margin improved significantly to 14.5% compared to 10.8% in Q1 FY26.
What to watch
- Refractory industry continued to operate in a competitive environment characterized by pricing pressure, rising input costs and increasing competition.
- Cement industry experienced margin pressures due to elevated fuel, energy and raw material costs.
What Rhi Magnesita India Limited does
RHI Magnesita India manufactures and supplies refractory bricks, monolithics and integrated lining systems that withstand industrial high-temperature processes above 1,200°C, mainly for steel, cement, non-ferrous metal and glass producers. It runs 8 production plants plus 2 mechanism units across India, supported by 2 captive quartzite mines and a dedicated R&D centre in Bhiwadi, Rajasthan. Rather than selling only bricks, it increasingly bundles service, digital monitoring and robotics into long-term contracts under its '4PRO' solutions model, serving 850+ customers including major steel and cement producers. It is the Indian arm of the global RHI Magnesita group and holds a 30%+ share of the domestic refractory market.
Segments
- Steel
- Ironmaking
- Cement
- Industrial / Flow control
- Production plants
- 8 (plus 2 mechanism units)
- Customers
- 850+
- Skilled workforce (employees, workers & contingent workers)
- 6,000+
- Market position
- Market leader with 30%+ share of the Indian refractory market
- Captive mines
- 2 quartzite mines (Raigarh and Bhikampali)
- R&D centres
- 1 dedicated world-class R&D centre (Bhiwadi, Rajasthan)
Guidance record · Q1 FY27
what the last two calls moved 21 tracked 3 delivered 2 missed 16 open- Capital Expenditure delivered said Q4 FY25 Promised: ₹150 crores in CAPEX for the coming year Q1 FY27: Target period (FY26) has ended. No new update.
- Volume Growth missed said Q4 FY25 Promised: 8% to 10% volume growth in coming days Q1 FY27: Target period (FY26) has ended. No new update.
- Export Revenue Share at risk said Q4 FY25 Promised: ambition is to take it to 30% Q1 FY27: Management confirmed that export performance has 'actually reduced from last quarter to this quarter' due to geopolitical issues, while reaffirming focus on the domestic market.
All 21 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 7.2%, net profit up 66.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 661 | 774 | 755 | 805 | 862 +30% | 903 +17% | 786 +4% | 863 +7% |
| EBITDA | 87 | 97 | 73 | 82 | 77 −11% | 114 +18% | 71 −3% | 120 +46% |
| Net profit | 49 | 56 | 36 | 47 | 41 −16% | 69 +23% | -624 −1833% | 78 +66% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −20.9% 1Y
1Y: ₹475.15 on 10 Sept 2025 → ₹375.8. High ₹492.05 (13 Nov 2025), low ₹334.1 (27 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −7.1%
- 12 Aug
- Q4 FY26
- −10.2%
- 30 May
- Q3 FY26
- +5.9%
- 16 Feb
- Q2 FY26
- −1.9%
- 18 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 10.5% a year over 3 years, FY23 to FY26. Operating margin narrowed to 10.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.5k Cr | ₹2.8k Cr | ₹2.9k Cr | ₹3.4k Cr |
| Operating profit | ₹363 Cr | ₹421 Cr | ₹385 Cr | ₹344 Cr |
| Operating margin | 14.6% | 14.9% | 13.3% | 10.3% |
| Interest | ₹20 Cr | ₹16 Cr | ₹11 Cr | ₹6 Cr |
| Depreciation | ₹41 Cr | ₹68 Cr | ₹76 Cr | ₹84 Cr |
| Net profit | ₹-426 Cr | ₹-55 Cr | ₹223 Cr | ₹-467 Cr |
| Net margin | -17.1% | -1.9% | 7.7% | -13.9% |
| Cash from operations | ₹351 Cr | ₹87 Cr | ₹259 Cr | ₹312 Cr |
| Free cash flow | ₹304 Cr | ₹35 Cr | ₹173 Cr | ₹219 Cr |
| ROCE | 15.0% | 10.0% | 8.0% | 7.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹12 Cr | ₹16 Cr | ₹19 Cr | ₹21 Cr | ₹21 Cr | ₹21 Cr |
| Reserves | ₹793 Cr | ₹1.0k Cr | ₹2.9k Cr | ₹3.9k Cr | ₹4.0k Cr | ₹3.5k Cr |
| Borrowings | ₹62 Cr | ₹65 Cr | ₹618 Cr | ₹111 Cr | ₹415 Cr | ₹98 Cr |
| Other liabilities | ₹391 Cr | ₹580 Cr | ₹890 Cr | ₹610 Cr | ₹938 Cr | ₹695 Cr |
| Total liabilities | ₹1.3k Cr | ₹1.7k Cr | ₹4.4k Cr | ₹4.6k Cr | ₹5.4k Cr | ₹4.3k Cr |
| Fixed assets | ₹239 Cr | ₹278 Cr | ₹1.0k Cr | ₹1.0k Cr | ₹2.7k Cr | ₹1.0k Cr |
| Capital work in progress | ₹46 Cr | ₹34 Cr | ₹27 Cr | ₹34 Cr | ₹47 Cr | ₹39 Cr |
| Investments | ₹10 Cr | ₹10 Cr | ₹1.7k Cr | ₹1.9k Cr | ₹0 Cr | ₹1.4k Cr |
| Other assets | ₹964 Cr | ₹1.4k Cr | ₹1.7k Cr | ₹1.7k Cr | ₹2.6k Cr | ₹1.9k Cr |
| Total assets | ₹1.3k Cr | ₹1.7k Cr | ₹4.4k Cr | ₹4.6k Cr | ₹5.4k Cr | ₹4.3k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +1.80 pp while FIIs trimmed −1.02 pp. The shareholder count shrank 9% to 63,783.
- Promoters
- 56.1%
- FIIs
- 4.0%
- DIIs
- 14.3%
- Public
- 25.6%
Since Jun 2025
- DIIs +1.80 pp
- FIIs −1.02 pp
- Public −0.77 pp
How it drifted, 12 quarters
Over this window the public fell from 26.6% to 25.6% — −1.1 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 56.1%, FIIs 3.7%, DIIs 13.6%, Public 26.6%.Dec '23: Promoters 56.1%, FIIs 3.7%, DIIs 13.8%, Public 26.5%.Mar '24: Promoters 56.1%, FIIs 3.8%, DIIs 13.3%, Public 26.9%.Jun '24: Promoters 56.1%, FIIs 4.7%, DIIs 12.8%, Public 26.4%.Sep '24: Promoters 56.1%, FIIs 5.2%, DIIs 12.3%, Public 26.4%.Dec '24: Promoters 56.1%, FIIs 5.0%, DIIs 12.7%, Public 26.3%.Mar '25: Promoters 56.1%, FIIs 5.0%, DIIs 13.0%, Public 26.0%.Jun '25: Promoters 56.1%, FIIs 5.0%, DIIs 12.5%, Public 26.4%.Sep '25: Promoters 56.1%, FIIs 5.0%, DIIs 12.4%, Public 26.5%.Dec '25: Promoters 56.1%, FIIs 4.6%, DIIs 12.8%, Public 26.5%.Mar '26: Promoters 56.1%, FIIs 4.4%, DIIs 13.5%, Public 26.1%.Jun '26: Promoters 56.1%, FIIs 4.0%, DIIs 14.3%, Public 25.6%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Bandhan Small Cap Fund Mutual fund newly disclosed 1.76% held
- Investor Education And Protection Fund Authority Ministry Of - 2 newly disclosed 1.53% held
- ICICI Prudential Manufacturing Fund Mutual fund +0.22 pp 3.10% held
- Bajaj Finserv Flexi Cap Fund Mutual fund +0.20 pp 1.33% held
The same filing shows 3 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Rhi Magnesita India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Dutch Us Holding Bv | 40.03% | unchanged |
| Dalmia Bharat Refractories Limited | 12.54% | −0.54 pp |
| Dutch Brasil Holding B.V. | 9.99% | unchanged |
| Vrd Americas B.V. | 6.06% | unchanged |
| ICICI Prudential Manufacturing Fund Mutual fund | 3.10% | +0.22 pp |
| Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Ax Mutual fund | 2.37% | −0.07 pp |
| Bandhan Small Cap Fund Mutual fund | 1.76% | newly disclosed |
| Investor Education And Protection Fund Authority Ministry Of - 2 | 1.53% | newly disclosed |
| HDFC Trustee Company Ltd. A/C HDFC Balanced Advantage Fund Mutual fund | 1.44% | −0.09 pp |
| Bajaj Finserv Flexi Cap Fund Mutual fund | 1.33% | +0.20 pp |
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund | 1.02% | unchanged |
| Investor Education and Protection Fund | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in RHIM
Filings to Aug 2026
0 new, 4 added, 1 trimmed, 0 sold out — net +0.02 L shares (+0.0%).
- Held by funds
- ₹169 Cr
- 9 schemes
- Biggest holder
- Nippon India Small Cap Fund
- ₹74 Cr · 0.1% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹74 Cr | held | Jun '22 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹38 Cr | held | Apr '23 |
| HDFC Dividend Yield Fund HDFC Mutual Fund | ₹37 Cr | held | Apr '23 |
| HDFC Business Cycle Fund HDFC Mutual Fund | ₹14 Cr | held | Apr '23 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹4 Cr | +0.01 L | Oct '20 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹2 Cr | +0.01 L | Oct '22 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Sep '24 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹0 Cr | −0.00 L | Sep '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
4 added, 1 trimmed — net +1,742 shares (+0.0%)
- Funds are sitting on
- -35%
- vs est. average cost
- Held by funds
- ₹169 Cr
- 9 schemes · ≈ 2.3% of the company
- Biggest holder
- Nippon India Small Cap Fund
- ₹74 Cr · 0.1% of that fund
- Longest holder
- Nippon India Nifty Smallcap 250 Index Fund
- 5y 11m · since Oct '20
Shares held by these funds +9%
Aug '23 44.37 L shares Jul '26
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Rhi Magnesita India Limited
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