RHI Magnesita India Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Published 4 Aug 2026 | Industrial Products | Market Cap: ₹8.4K Cr

Targeting 80%-85% capacity utilization in the next 2 years without major new plant expansions; only minor additions to specific product lines planned. The company aims to achieve 80-85% capacity utilization in the next 2 years without major new plant expansions, focusing on add-on equipment upgrades.

From RHI Magnesita India Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Price

₹375

Market Cap

₹8.4K Cr

P/E Ratio

76.7

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RHI Magnesita India Ltd — Quarterly revenue & net profit

Revenue Net Profit

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Reported quarterly figures (₹ Cr). Latest: revenue ₹1.1K Cr, net profit ₹62 Cr.

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📊 Revenue & Sales Performance

→Targeting 80%-85% capacity utilization in the next 2 years without major new plant expansions; only minor additions to specific product lines planned.
→Expecting gradual demand growth post-monsoon in steel and cement sectors, with market share gains in flow control segment since July.
→Dalmia plant volume grew 26% quarter-on-quarter, with margins improving from 8.7% to 11.4%; further growth expected with product transfers to this plant in next 6 months.
→Flow control, about 28% of revenue, shows margin stability (21%-23%) and market share gains (8%-10% expected in second half FY ’26).
→Export contribution stable around 10% of total revenue, with plans for gradual growth through semi-commercial trials internationally.
→New green product lines (eco-grade bricks) in early trial stage; material contribution expected only in next 2-3 years.
→Overall revenue growth driven by better product mix, market share gains, and operational efficiencies.

📈 Profitability & Margins

→The company aims to achieve 80-85% capacity utilization in the next 2 years without major new plant expansions, focusing on add-on equipment upgrades.
→EBITDA margin for FY '26 is expected to be around 13-14%, similar to FY '25, driven by raw material cost decreases, product optimization, and productivity improvements.
→Revenue growth is anticipated via market share gains, better product mix (high-margin industrial orders), and expanding flow control business (28-30% revenue contribution).
→The Dalmia acquisition is expected to improve profitability over 2-3 years, with tax credit benefits post 5 years.
→The company targets steady margin improvement from price hikes in flow control contracts and cost benefits via localization of tech (e.g., UREX, green bricks).
→Capex spend supports efficiency gains and increased productivity; INR 150 crores planned for FY '26 with INR 90-100 crores expected next year.
→Overall outlook is gradual earnings growth aligned with industrial demand and operational improvements.

See what RHI Magnesita India Ltd said on profitability & margins — free account, 30 seconds.

🏗️ Capital Expenditure Plans

→Capex budget for current year is INR 150 crores; INR 60 crores spent in H1, balance expected in H2; some spillover to next year.
→Next year's capex expected around INR 90-100 crores.
→Focus is on refurbishments and adding press, mixers, dryers, kilns rather than new plant expansions.
→New machines (e.g., SACMI press with 14 months lead time) will improve productivity, reduce labor cost, and rejection levels.
→Investments have strict ROIC criteria: minimum 3-year payback, double-digit returns aimed.
→No major capacity expansion planned; target capacity utilization of 80-85% in next 2 years.
→Strategic technology transfers (e.g., for high-margin products like UREX, Resistal, eco-grade bricks) planned to improve margins and working capital efficiency.
→No plans to bulk up alumina/raw material inventory currently; capital deployed judiciously given supply and price outlook.

💰 Fundraising & Capital Structure

→There is no explicit mention of any current or planned fundraising through new debt or equity in the provided excerpts.
→The company is focusing on internal capacity utilization improvement (aiming for 80%-85% in 2 years) rather than major capacity expansions.
→Capital expenditure (capex) plans include around INR 150 crores budgeted for the current year, with INR 60 crores spent in H1 and the rest planned for H2; next year's capex is expected around INR 90-100 crores.
→Capex is focused on refurbishment and efficiency improvements (e.g., SACMI press with a 14-month lead time).
→There is no mention of new fundraising linked to these capex plans; spending appears to be funded from existing resources.
→Financing cost improvements are expected from FX gains, but no new borrowing plans are disclosed.

See what RHI Magnesita India Ltd said on fundraising & capital structure — free account, 30 seconds.

📋 Order Book & Pipeline

→There is mention of industrial orders, which are naturally higher margin percentage orders, expected to come in the upcoming quarters.
→The company expects better product mix and performance bonuses linked to gained market share, particularly in ladle business.
→The flow control business, contributing around 28% of revenue, is expected to see a substantial uptick next year, with about 5%-6% increase in revenue contribution for standalone.
→Market share gains in Flow Control from July onwards are noted, with 8%-10% market share gain anticipated in the second half of the year.
→No specific numeric value of current or expected order book/pending orders is provided.
→The company focuses on long-term relationships, a diverse portfolio, and end-to-end solutions, suggesting ongoing order flow aligned with strategic growth.

Key Metrics

What RHI Magnesita's management said in earlier quarters

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Frequently Asked Questions

What were RHI Magnesita India Ltd Q2 FY26 results?

What is RHI Magnesita India Ltd share price analysis?

RHI Magnesita India Ltd currently shows a neutral. The stock trades at a P/E of 76.7 with a market cap of ₹8,446 Cr. Investors should review the full earnings analysis for detailed insights.

Is RHI Magnesita India Ltd planning capital expenditure?

Capex budget for current year is INR 150 crores; INR 60 crores spent in H1, balance expected in H2; some spillover to next year.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.