RHI Magnesita India Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹7,195 Cr
- P/E
- 38.42
- ROE
- 2.83%
- PEG
- -1.41
- Price to sales
- 1.78
- Debt to equity
- 0.13
- 52W high / low
- ₹492 / ₹334
- Sales growth (5Y)
- 24.02%
- EBITDA margin
- 11.72%
- Net profit margin
- 2.66%
- Promoter holding
- 56.07%
- Sales (last year)
- ₹4,074 Cr
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]
Guidance scorecard · Q1 FY27 call
What RHI Magnesita India Ltd's management guided
and where it ranks in Industrial Products
RevenueQ1 FY27 call
0–10%- The company aims to outpace market growth, focusing on customer engagement, technology adoption (4PRO model), digitalization, and structural cost improvements.
- Indian steel sector is growing strongly (~7-8% growth in H1), positioning the company well for growth aligned with steel demand.
- Steel sector capex is expected at INR50,000-60,000 crores this financial year, providing significant headroom for refractory industry growth.
- Volume growth guidance is around 7-8% for FY27; 9% is seen as a stretch.
- Expansion into services and solutions beyond product sales is planned, moving towards automation, digital solutions, and AI to add customer value over the next 3-5 years.
- The company expects contributions from project orders (coke oven and glass projects) starting from H2 FY27, supporting growth.
2 more points from RHI Magnesita India Ltd's call on revenue
Create a free account to keep reading this call
MarginsQ1 FY27 call
FlatSee what RHI Magnesita India Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Planned capex for FY27 remains INR 80-100 crores, including modernization of Dalmia plants, 4PRO machinery, robotic solutions, and maintenance projects.
- INR 35 crores initial investment planned for MINPRO JV over next 2 years; expected EBITDA of 8-10% with payback under 3 years. Funding split: 51% RHI Magnesita India, 49% JV partner Khemka.
- Quartzite mining projects (Chiraipani and Bhikampali mines) to start by end of current quarter, providing cost and supply resilience benefits.
2 more points from RHI Magnesita India Ltd's call on capex
Create a free account to keep reading this call
FundraisingQ1 FY27 call
See what RHI Magnesita India Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- No project orders impacted Q1 FY27 revenue; mainly steel operations contributed.
- Project orders anticipated in second half of the year, specifically silica and glass projects expected in Q3 and Q4.
- Coke oven project negotiation is at final stage; production expected to start next month, spanning 14-16 months.
- Order book visibility is emphasized as these are long-term projects supporting market growth.
- Focus remains on expanding business with public sector, leveraging captive mines for supply resilience.
- New products and technology transfers are planned to enhance market offering in India within a year.
2 more points from RHI Magnesita India Ltd's call on the order book
Create a free account to keep reading this call
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
Portfolio builder
Build your portfolio
from the top-ranked stocks
- 1. Pick 3–15 stocks
- 2. Choose large, mid or small cap and your sectors
- 3. Get a portfolio built from the rankings
Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹532 Cr | 21.2 | |
| 2 | 40%+ | Up 2%+ | ₹450 Cr | 13.2 | |
| 3 | 40%+ | Up 2%+ | ₹371 Cr | 26.1 | |
| 4 | 40%+ | Up 0–2% | ₹1,340 Cr | 32.9 | |
| 5 | 40%+ | Up 0–2% | ₹1,196 Cr | 14.1 | |
| 6 | 40%+ | Flat | ₹966 Cr | 25.0 |
Sign up free to see every company in the sector ranking and track RHI Magnesita India Ltd.
Pro shows every company guiding 40%+ revenue growth →Full Industrial Products rankingRHI Magnesita India Ltd announcements
All announcements →- Board / shareholder meeting outcomeNotableRHI Magnesita India Ltd announces 16th AGM voting results and scrutinizer report
Financials of RHI Magnesita India Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of RHI Magnesita India Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 645 | 875 | 928 | 987 | 923 | 943 | 879 | 867 | 1,011 | 918 | 960 | 1,035 | 1,092 |
| Expenses + | 553 | 828 | 795 | 839 | 806 | 795 | 725 | 760 | 886 | 825 | 858 | 926 | 949 |
| Operating Profit | 92 | 47 | 133 | 148 | 117 | 148 | 154 | 107 | 125 | 93 | 102 | 109 | 143 |
| OPM % | 14% | 5% | 14% | 15% | 13% | 16% | 18% | 12% | 12% | 10% | 11% | 11% | 13% |
| Other Income + | 4 | -654 | 3 | 3 | 1 | -322 | 3 | 15 | 7 | 1 | 1 | 1 | 2 |
| Interest | 7 | 34 | 26 | 9 | 16 | 13 | 11 | 10 | 13 | 9 | 8 | 9 | 11 |
| Depreciation | 10 | 42 | 46 | 44 | 48 | 44 | 48 | 50 | 55 | 47 | 47 | 49 | 49 |
| Profit before tax | 79 | -683 | 64 | 98 | 54 | -231 | 98 | 62 | 64 | 38 | 48 | 52 | 84 |
| Tax % | 26% | -1% | 26% | 27% | 27% | 12% | 26% | 26% | 26% | 4% | 26% | 26% | 26% |
| Net Profit + | 59 | -679 | 47 | 72 | 39 | -258 | 73 | 46 | 48 | 36 | 35 | 38 | 62 |
| EPS in Rs | 3.64 | -36.11 | 2.26 | 3.45 | 1.91 | -12.49 | 3.53 | 2.22 | 2.30 | 1.75 | 1.71 | 1.86 | 2.98 |
Financials of RHI Magnesita India Ltd
Profit & Loss
Annual income statement trend
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 748 | 1,388 | 1,370 | 1,999 | 2,726 | 3,781 | 3,674 | 4,006 |
| Expenses + | 619 | 1,172 | 1,161 | 1,610 | 2,365 | 3,227 | 3,192 | 3,558 |
| Operating Profit | 129 | 215 | 209 | 390 | 361 | 555 | 482 | 447 |
| OPM % | 17% | 16% | 15% | 19% | 13% | 15% | 13% | 11% |
| Other Income + | 18 | 10 | 12 | 5 | -646 | -322 | 24 | 5 |
| Interest | 1 | 14 | 7 | 3 | 40 | 65 | 43 | 39 |
| Depreciation | 9 | 26 | 30 | 34 | 71 | 182 | 200 | 193 |
| Profit before tax | 138 | 186 | 185 | 357 | -396 | -16 | 263 | 221 |
| Tax % | 35% | 27% | 26% | 25% | 18% | 545% | 23% | |
| Net Profit + | 90 | 136 | 137 | 269 | -466 | -100 | 203 | 171 |
| EPS in Rs | 7.48 | 11.31 | 11.37 | 16.71 | -24.79 | -4.86 | 9.81 | 8.30 |
| Dividend Payout % | 33% | 22% | 22% | 15% | -10% | -51% | 25% |
Financials of RHI Magnesita India Ltd
Balance Sheet
Capital structure and asset base
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 12 | 12 | 12 | 16 | 19 | 21 | 21 | 21 |
| Reserves | 364 | 691 | 794 | 1,013 | 2,872 | 3,825 | 3,978 | 3,999 |
| Borrowings + | 0 | 71 | 62 | 65 | 1,589 | 487 | 380 | 415 |
| Other Liabilities + | 132 | 278 | 391 | 581 | 1,400 | 765 | 776 | 938 |
| Total Liabilities | 508 | 1,052 | 1,260 | 1,674 | 5,881 | 5,097 | 5,155 | 5,373 |
| Fixed Assets + | 60 | 228 | 243 | 282 | 3,258 | 2,805 | 2,730 | 2,729 |
| CWIP | 3 | 9 | 46 | 34 | 39 | 49 | 63 | 47 |
| Investments | 103 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets + | 342 | 816 | 970 | 1,358 | 2,583 | 2,244 | 2,362 | 2,597 |
| Total Assets | 508 | 1,052 | 1,260 | 1,674 | 5,881 | 5,097 | 5,155 | 5,373 |
Financials of RHI Magnesita India Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 54 | 173 | 165 | 27 | 238 | 271 | 373 |
| Cash from Investing Activity + | -5 | 26 | -79 | -70 | -1,150 | -312 | -113 |
| Cash from Financing Activity + | -35 | -118 | -54 | -50 | 1,172 | -231 | -213 |
| Net Cash Flow | 14 | 81 | 33 | -93 | 260 | -272 | 47 |
| Free Cash Flow | 37 | 90 | 80 | -35 | 196 | 191 | 255 |
| CFO/OP | 79% | 103% | 103% | 29% | 93% | 64% | 92% |
Financials of RHI Magnesita India Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 77 | 87 | 87 | 89 | 101 | 79 | 73 |
| Inventory Days | 96 | 117 | 151 | 186 | 204 | 148 | 179 |
| Days Payable | 92 | 99 | 148 | 161 | 180 | 94 | 104 |
| Cash Conversion Cycle | 82 | 105 | 90 | 114 | 125 | 132 | 148 |
| Working Capital Days | 87 | 102 | 108 | 119 | -39 | 122 | 139 |
| ROCE % | 35% | 23% | 37% | 11% | 9% | 7% |
Guidance history
How RHI Magnesita India Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 0–10% | Flat | Planned | — | — |
| Q4 FY26 call → | 0–10% | Flat | Planned | — | Rising |
| Q3 FY26 call → | 0–10% | Flat | Planned | — | — |
| Q2 FY26 call → | 10–20% | Flat | None planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
17 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −26.2% | 30% |
| Last 6 months | −13.8% | 32% |
| Last 3 months | −10.4% | 44% |
The price is 59.8% below its all-time high of ₹865.4 (13 Jan 2023). Stocks more than 20% below their peak have their score halved, so 34 became 17.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For RHI Magnesita India Ltd: 0.4 × 30 + 0.4 × 32 + 0.2 × 44 = 34, halved to 17 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What RHI Magnesita India Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q3 FY25 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q4 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
Others in Industrial Products this season
- Captain Polyplast Ltd (Q2 FY27)
32.9% increase . Key results statement takeaways from Captain Polyplast Ltd's Q2 FY27 results statement — and how it ranks against sector peers.
- Shyam Metalics & Energy Ltd (Q2 FY27)
Q2 FY27 Revenue:** ₹5,960.2 crore, up 33.4% YoY (Page 38) . Key investor presentation takeaways from Shyam Metalics & Energy Ltd's Q2 FY27 investor presentation
- Ratnaveer Precision Engineering Ltd (Q2 FY27)
Q2 FY27 Revenue: ₹3,872.37 million . Key investor presentation takeaways from Ratnaveer Precision Engineering Ltd's Q2 FY27 investor presentation — and how it r
- HEG Advanced Materials Ltd (Q2 FY27)
For the quarter ended September 30, 2026, HEG Limited reported total revenue from operations of ₹1,520.64 crores. Key results statement takeaways from HEG Advan