RHI MAGNESITA INDIA LIMITEDCapital Goods & EngineeringRHIM
Q1 FY27 concall · earnings callRHI MAGNESITA INDIA LIMITED
The company delivered strong revenue growth and a significant improvement in profitability driven by steel business performance and favorable realizations.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue from Operations | ₹1,014 Cr | 6% YoY | |
| EBITDA | ₹147 Cr | 42% YoY | |
| EBITDA Margin | 14.5% | improved vs 10.8% in Q1 FY26 | |
| Profit After Tax | ₹65 Cr | nearly doubled from ₹35 Cr | |
| Cash & Equivalents | ₹452 Cr | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹1,010.70 Cr+9.5% YoY+16.6% QoQ | ₹47.54 Cr+20.7% YoY+3.6% QoQ | ₹2.30+19.8% YoY+3.6% QoQ |
| Q2 FY25 | ₹867.07 Cr-12.1% YoY-1.3% QoQ | ₹45.91 Cr-35.9% YoY-37% QoQ | ₹2.22-35.8% YoY-37.1% QoQ |
| Q1 FY25 | ₹878.76 Cr-5.3% YoY-6.8% QoQ | ₹72.88 Cr+55.7% YoYTurned profitable QoQ | ₹3.53+53.5% YoYTurned positive QoQ |
| Q4 FY24 | ₹943.29 Cr+7.8% YoY+2.2% QoQ | ₹-257.90 CrLoss narrowed YoYTurned loss-making QoQ | ₹-12.49Loss/share narrowed YoYTurned negative QoQ |
| Q3 FY24 | ₹922.94 Cr+43.1% YoY-6.5% QoQ | ₹39.38 Cr-32.9% YoY-45% QoQ | ₹1.92-47.3% YoY-44.5% QoQ |
TL;DR
- Revenue grew 6% year-on-year to INR1,014 crores.
- EBITDA increased 42% year-on-year to INR147 crores, with margin improving to 14.5%.
- Profit after tax nearly doubled to INR65 crores.
- Growth was driven by steel business and favorable product mix/price realization.
- Management reiterated full-year EBITDA margin guidance of 13%.
- Key strategic initiatives include quartzite mining, the MINPRO JV, and expanding the 4PRO model.
Said on the call
“We delivered a strong start to financial year '27 with revenue growth and a significant improvement in profitability despite a volatile operating environment.”
From the Q&A
| Topic | What management said |
|---|---|
| Margin Sustainability and Guidance | Management stated they have given a guidance of 13% EBITDA margin and remain firm with that guidance. |
| Volume Growth Outlook | Management clarified they guide for 7% to 9% volume growth, and currently believe 7%-8% is achievable but 9% is a stretch. |
| Project Order Pipeline | No project orders impacted Q1 results; however, coke oven and glass projects are in advanced stages and expected to contribute in H2 FY27. |
| Raw Material Cost Pressures | Magnesite prices have gone up 6% to 8% recently; the company is working on cost optimization and potential price adjustments with customers. |
| Strategic Initiatives (Mining, MINPRO JV) | Quartzite mines (Chiraipani and Bhikampali) are close to opening, expected to provide structural cost benefits. The MINPRO JV requires ~INR35 crores initial investment over 2 years, with expected EBITDA of 8-10% and payback under 3 years. |
| Flow Control Contribution | Approximately 35% of total revenue comes from the core (flow control) business, and market share has increased significantly in one major group. |
| 4PRO Business Model Shift | The shift to 4PRO involves long-term solution partnerships (including automation/robotics) which elongate sales cycles but aim to build deeper customer relationships. |
| Export Focus | Export performance has reduced recently; primary focus remains on the domestic market ('local for local'), though efforts continue on selective exports like isostatic products. |
Guidance
- Full-year EBITDA margin guidance of 13% is maintained.
- Volume growth guidance of 7% to 9%.
- Annual capex guidance of INR80 crores to INR100 crores.
- Expect to start production at the MINPRO JV facility in Q4 FY27.
- Quartzite mines expected to open towards the end of Q2 FY27, with benefits starting next quarter.
Source
Summary written from the transcript filed by RHI MAGNESITA INDIA LIMITED for the call held on 12 Aug 2026; published 18 Aug 2026, 21:07 IST.
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