Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 30 Sep - Shareholders approved B S R & Co. LLP as statutory auditors for five years through 2031.
Source: Bse
RHI MAGNESITA INDIA LIMITED (RHIM)
Large CapIndustrials stocks · Large cap · NSE
RHI Magnesita India Limited is a leading supplier of high-grade refractory products, systems, and solutions for industrial high-temperature processes (exceeding 1,200°C) in steel, cement, non-ferrous metals, and glass industries. It holds a 30%+ market share in India and operates 8 production plants and 2 mines.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals15 Oct 2026 · screener
Latest result16 Aug, 12:36 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
38Bearishfull bear SMA stack · SMA20 +1.4% / mo · MACD −
Stock trend: 29
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
RHIMD candles · FIT view-10.4%Latest close ₹361.40 on 2026-10-19
Bar
-3.1%
RSI
37
MACD hist
-1.13
52W pos
22%
2026-10-19O ₹373.00H ₹373.00L ₹360.80C ₹361.40Vol 2.7L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
RHIMNifty India ManufacturingNifty 500
- RHIM
- -11.6%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -6.0 pp
Chart stats
19 Oct 2026- From 52W high
- -27.7%
- 52W range position
- 22%
- ATR (14)
- 2.9%
- Volume vs 20D
- 0.25x
- Avg traded value
- ₹42.4 Cr
- 20D price channel
- ₹360.8 - ₹401
₹499.6
₹323.1 - ₹499.6
₹10.6
Latest completed session
20-session average
24.0% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED28
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent80
Revenue +5.6% · PAT +85.7% YoY
Technical
Bearish38
Price trend and sector-relative-strength timing.
Valuation
Legacy model-699.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Mixed Trust68
medium confidence · 3/5 claims checked
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 80/100Rev +6% YoY · PAT +86% YoY · margin expansion · +9% QoQ · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,014 Cr | +5.6% | +8.8% |
| EBITDA | ₹138 Cr | +35.3% | +58.6% |
| Operating margin | 14.0% | +300 bps | +500 bps |
| PAT | ₹65 Cr | +85.7% | NDF |
| PAT margin | 6.4% | +276 bps | +6199 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 41.00
- P/B
- 2.16
- EV/EBITDA
- 11.99
- Market Cap
- 7669.00Cr
Profitability
- ROE
- 2.83%
- ROCE
- 6.46%
- ROA
- -7.32%
- Dividend Y
- 0.67%
Growth (CAGR)
- Revenue 5Y
- 24.00%
- EPS 5Y
- -5.00%
- Revenue 3Y
- 14.00%
- EPS 3Y
- -27.00%
Balance Sheet
- Debt/Equity
- 0.13
- Interest Coverage
- 12.23×
- Altman Z
- 6.07
- Book Value
- 172.00
Cash Flow
- FCF Yield
- 0.91%
- FCF Positive Y
- 5/5
- OCF
- 409.00 Cr
- EPS TTM
- -17.12
Shareholding
- Promoter Hold
- 56.07%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 27%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 1,014+8.8% vs prev
Net Profit
₹ CrLatest: 65.0+112.5% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 37.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 rising (~1.3% over last month) — short-term momentum positive.
- RSI(14) at 37 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 28% off 52W high · 12% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
30
RS percentile
Stage 4 Downtrend
1M return
-2.0%
3M return
-11.6%
6M return
-12.7%
1Y return
-19.2%
RS 1D
-3
RS 20D
+1
Sector rank
#5
Industry rank
-
Stage evidence
- Price is 6.1% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.0%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 84-1.35%
RS vs Nifty 50084
Valuation & peers
U-Score 28 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 28 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation2/30
Growth7/25
Quality0/20
Balance Sheet10/15
Cash Flow4/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
28
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
28/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 7/9.
- Balance sheet contributes 10/15 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Fair-value margin of safety is negative at -699.2%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
41.0
PB
2.2
EV/EBITDA
12.0
ROE
2.8%
ROCE
6.5%
FCF Yield
0.9%
Debt/Equity
0.1
MoS
-699.2%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
28
Previous: 28
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-699.2%
Previous: -699.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
28
28
28
28
28
28
28
28
28
28
28
28
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
—
Growth-justified P/E
5.1
Growth-justified Value
—
-699.2% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
VESUVIUS
Small
Vesuvius India Limited
Refractories
match 81
56
32.0
15.0%
+19%
FAIR VALUE
IFGLEXPOR
Small
IFGL Refractories Limited
Refractories
match 75
32
31.0
3.2%
-760%
WATCHLIST
SPRL
SME
Sp Refractories Ltd.
Refractories
match 69
83
7.1
24.6%
+82%
DEEP VALUE
REFRACTORY
SME
Refractory Shapes Ltd.
Refractories
match 44
50
18.1
10.0%
+63%
FAIR VALUE
JWL
Large
Jupiter Wagons Limited
Railway Equipment
match 19
29
48.5
6.4%
-28%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-03T18:27:54.858Z
Management commentary snapshot
RHIM achieved record annual revenue of ₹4,020 Cr in FY26, up 9% YoY, driven by market share gains in Steel and Iron-making. Adjusted EBITDA declined 6% YoY to ₹477 Cr, with margins at 11.9% (vs 13.7% in FY25), impacted by rupee devaluation and input costs. Net Debt/EBITDA turned to Net Cash Positive.
While RHIM delivered record revenue and strong cash generation, margin compression due to input costs and rupee depreciation, coupled with a significant goodwill impairment, raises concerns. The company's strategic focus on 4PRO contracts, localization, and R&D-driven innovation is positive, but execution on margin recovery and working capital management will be key.
Growth engines
Expansion in Ironmaking, DRI & Pellets
Driving growth in a strong industry with new coke oven and DRI projects, and increased market share in blast furnace runner management.
Expand 4PRO Contracts
Securing new 4PRO contracts, evolving from product supply to strategic partnerships and customer-tailored solutions, including robotic solutions in caster operations.
R&D-driven Innovation and Product Harmonization
Developing new products like Magnesia Chrome bricks for RH Degasser and High Chrome bricks for petrochemical use, alongside product standardization for cost efficiency.
Becoming a Preferred OEM Supplier
Executing strong Ironmaking project orders through OEM orders in DRI, coke ovens & Pellets, and strengthening supply capabilities for coke oven batteries.
Capacity and execution
Quartzite Mines Commissioning
Quartzite mines acquired through M&A completely transferred legally to RHIMIR, with operations set to commence in Q1 FY27.
Silica Bricks Manufacturing Capability
Developed a fully local automatic press in Rajgangpur, enhancing Silica Bricks manufacturing capabilities.
Ceramic Welding Operations
Initiated ceramic welding operations for coke oven maintenance in India, technology transferred from RESCO USA.
Tap Hole Clay Line
Commissioned a new semi-automatic tap hole clay line in Jamshedpur to meet rising demand from large blast furnaces.
Tailwinds
Steel Industry Acceleration
Steel industry is accelerating on the back of infrastructure and manufacturing growth, driven by strong domestic consumption, expanding capacity, and strengthening exports.
Cement Industry Demand
Cement industry delivered improved Q4 margins on higher production, with demand fueled by infrastructure spending and urbanization.
Government Infrastructure Spending
Strong government spending on railways, roads, water infrastructure, housing, and industrial capex continues to support long-term pig iron demand.
Headwinds
Global Market Challenges
Global industrial markets remain challenged by geopolitical volatility, rupee depreciation, and elevated input costs in raw materials and energy.
Refractory Industry Margin Pressures
Refractory industry continues to face margin pressures from rising raw material and energy costs, with intensified competition from capacity buildup.
Cement Sector Market Share Loss
Market share loss in cement sector in alumina bricks & mixes due to commoditization and competition behavior.
Export Volume Impact
Export volumes impacted by geopolitical disruptions in key markets.
Risk radar
Margin Compression
Margins were impacted by Rupee devaluation and increase in key input cost of Tabular Alumina, Fused Magnesia and Quartzite.
Intensified Competition
Refractory industry faces intensified competition from capacity buildup, making cost management and strategic differentiation critical.
Goodwill Impairment
Recognition of Impairment of Goodwill on acquired Assets of ₹55,624 Lakhs in FY26.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is essential for assessing overall annual performance and strategic direction in a seasonal business. QoQ comparison is useful for tracking sequential momentum, margin trends, and working capital changes in a dynamic market.
Sector KPIs management disclosed
Revenue from Operations
₹40,199.5 Lakhs in FY26, +9.4% YoY (FY25: ₹36,745.0 Lakhs).
Adjusted EBITDA
₹4,768.9 Lakhs in FY26, -5.6% YoY (FY25: ₹5,051.5 Lakhs).
Adjusted EBITDA Margin
11.9% in FY26, down from 13.7% in FY25.
Shipment
523 KT in FY26, +5% YoY (FY25: 500 KT).
Management forward view
Outgrow the Market
Drive above industry growth through expansion in Ironmaking, DRI & Pellets, flow control, and industrial applications, and becoming a preferred OEM Supplier.
Expand 4PRO Contracts
Evolve from product supply to strategic partnerships by moving beyond product-led solutions to customer-tailored solutions and securing long-term contracts.
Drive Cost Competitiveness
Drive efficiency and margin improvement through product transfers for 'Make in India' initiative, recipe optimization, and operational excellence programs.
Build Sustainability Edge
Advance long-term resilience and differentiation by implementing circular economy initiatives and embedding an ESG-aligned operating model.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Adjusted EBITDA Margin | 11.9% (FY26) | Improvement from current levels, indicating successful cost management and pricing power amidst input cost pressures. |
| Working Capital Intensity | 38% (Mar-26) | Further reduction in intensity, indicating better cash conversion and efficient inventory management. |
| 4PRO Contract Deployments | Successfully operating 2 robots at largest Integrated Steel Plant of India. | Expansion discussions translating into new deployments and increasing revenue contribution from advanced solutions. |
| Quartzite Mines Operations | Legal transfer complete, operations set to commence Q1 FY27. | Timely commissioning and contribution to raw material cost competitiveness and supply chain resilience. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
sector recoverynot yet verifiablequantified
India is forecast to be the highest growth major market for refractories globally, with a 6-8% CAGR.
Direction: increaseConfidence: forecast
"India is the highest growth major market for refractories globally, with 6-8% CAGR forecast"
sector recoverynot yet verifiablequantified
India is forecast to be the highest growth major market for refractories globally, with a 6-8% CAGR.
Direction: increaseConfidence: forecast
"India is the highest growth major market for refractories globally, with 6-8% CAGR forecast"
margin outlooknot yet verifiable
Margins are expected to uplift in upcoming quarters.
Timeframe: upcoming quartersDirection: increaseConfidence: expected
"uplift expected in upcoming quarters"
margin outlookdelivered
Margins are expected to uplift in upcoming quarters.
Timeframe: upcoming quartersDirection: increaseConfidence: expected
"uplift expected in upcoming quarters"
Outcome check: OPM moved from 11.0% to average 12.0% (+1.0 pp).
margin outlookcontradicted
Recipe optimization, productivity initiatives with lower input cost shall boost profitability in the upcoming quarters.
Timeframe: upcoming quartersDirection: increaseConfidence: shall
"shall boost profitability in the upcoming quarters"
Outcome check: OPM moved from 11.0% to average 12.0% (+1.0 pp).
margin outlooknot yet verifiable
Recipe optimization, productivity initiatives with lower input cost shall boost profitability in the upcoming quarters.
Timeframe: upcoming quartersDirection: increaseConfidence: shall
"shall boost profitability in the upcoming quarters"
margin outlooknot yet verifiable
Profitability momentum is expected in upcoming quarters due to secured key price increases.
Timeframe: upcoming quartersDirection: increaseConfidence: expected
"profitability momentum expected in upcoming quarters"
margin outlookdelivered
Profitability momentum is expected in upcoming quarters due to secured key price increases.
Timeframe: upcoming quartersDirection: increaseConfidence: expected
"profitability momentum expected in upcoming quarters"
Outcome check: OPM moved from 11.0% to average 12.0% (+1.0 pp).
Trust Score
68Mixed Trust · medium confidenceClaim-tested Trust
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Management has 67% delivered/partly-delivered outcomes on 3 checked claims, with 1 adverse claim outcome. It ranks around the 56th percentile of the scored universe and 52nd percentile within Industrials. Main check: financial discipline is weak at 28/100.
Healthy Trust: 3/5 extracted management claims have outcome checks; 67% were fully delivered and 0 were partially delivered. 1 claim(s) were contradicted or failed.
Computed 20 Oct 2026
management-trust-v1
27 extracted concalls · 3/5 claims matched
Score band
Mixed Trust
Usable, but needs evidence. Treat guidance with a margin of safety.
Relative rank
56th percentile
overall median 67 · Industrials: 52nd pctile, median 68 · Large: 32nd pctile, median 73
Evidence depth
Early sample
3/5 claims checked. Use as directional, not final.
Claim delivery
67% delivered or partly delivered
3/5 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Mixed Trust · medium confidenceWhat it measures
Reliability of management and financial delivery, using management claims matched with later outcomes.
Confidence
Useful directional evidence exists, but still verify the latest filings.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
28
weak · capital discipline
Results
68
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 56.1%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.9%.
- ▸5 years of positive FCF.
Trust risks
- ▸ROCE is low at 6.5%.
- ▸ROE is low at 2.8%.
- ▸Revenue CAGR is 14% but EPS CAGR is -27%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Continue researching RHI MAGNESITA INDIA LIMITED
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 22 Sep - RHI Magnesita India schedules analyst meeting on 28 September 2026 at 3:00 PM IST.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Sep - Management to meet investors and analysts, with plant visit, on 30 September 2026 in Visakhapatnam.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 9 Sep - Management will attend a physical investor roadshow in Mumbai on 16-17 September 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 9 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Sep
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 19 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 14 Aug - Price Waterhouse resigned; B S R & Co. LLP appointed as statutory auditor for five years, subject to approval.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 25 Jun - Board approved JV with Khemka to form recycling facility in Odisha; RHIM to hold 51%.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Joint Venture 25 Jun - RHIM approved 51:49 JV with Khemka to set up a refractory recycling facility in Odisha.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.