RHI Magnesita India Limited announced robust financial results for the third quarter of the fiscal year ending December 31, 2025. Revenue from operations hit a record ₹1,092 Cr, marking a 5.5% QoQ growth. Adjusted EBITDA saw a significant surge of 36% QoQ to ₹150 Cr. Key drivers included strong 4PRO contract momentum, improved realization rates, and operational excellence, resulting in the company achieving a first-time negative Net Debt/EBITDA leverage of -0.1x.
Q3 FY26: A Quarter of Resilience and Record Financials
RHI Magnesita India reported outstanding results for the third quarter (Q3 FY26), emphasizing a “Growth trajectory with strong financials, market leadership and strategic wins driven by resilience”. The company successfully crossed ₹1,000 crore in revenue for consecutive quarters.
Financial Highlights (Q3 FY26 vs. Q2 FY26)
- Revenue from Operations: Increased by 5.5% QoQ to ₹109,201 Lakhs.
- Adjusted EBITDA: Improved by 36% QoQ to ₹14,996 Lakhs, with the margin standing at 13.7%.
- Operating Cash Flow: Exploded by 627% QoQ to ₹28,926 Lakhs.
- Profit Before Tax: Increased by 72% QoQ to ₹8,909 Lakhs.
- Net Debt/EBITDA: Achieved a first-time negative leverage of -0.1x (down from 0.5x in Q2 FY26).
- EPS: Rose by 62% to 3.0x.
Sectoral and Operational Updates
Sectoral Performance
The steel sector showed signs of recovery. India emerged as a net steel exporter in Q3 FY26 after six quarters. Crude steel output grew 7% QoQ, although overall consumption slightly declined by 2%, aligning with a broader price recovery.
Strategic & Operational Wins
The company leveraged several strategic initiatives:
- Strategy Update: Secured 4PRO contracts across integrated steel plants and mini mills. Iron-making solutions progressed via OEM orders, supported by localizing recipes under the ‘Make in India’ initiative.
- Operation Update: Revamped the tap hole clay line in Jamshedpur to meet rising demand. Enhanced cost discipline and structured operational excellence led to improved inventory management and cash flow efficiencies.
- Product Development: Continued R&D momentum included new product transfers like High quality Magnesia Chrome bricks and the development of the Next-Generation Slag Conditioner, supporting circular economy goals.
Customer Validation and Industry Recognition
The quarter was marked by significant customer validation, reinforcing RHIM’s role as a key strategic partner:
- Safety: 9 customer site locations were recognized by the World Refractories Association (WRA) for exemplary safety performance. Safety metrics remained strong with LTIF of 0.01 and TRIF of 0.16 in Q3 FY26.
- Productivity Milestones: Achieved a national benchmark at SAIL Rourkela Steel Plant by supporting a single ladle to complete 210 heats. EAF productivity also hit a record of 756 heats at a customer site.
- Awards: Recognized as Agile Partner of the Year – 2025 by TATA Steel and honored with the SAIL Award for Social Governance Excellence in FY26.
Corporate Social Responsibility (CSR) Focus
CSR initiatives demonstrated measurable impact across 8 locations, benefiting over 10k+ beneficiaries through 20 projects. Key focus areas included:
- Education: Upgrading infrastructure and supporting inclusive education.
- Skills Development: Empowering visually impaired women through vocational training.
- Environment: Improving water security via RO plants and canal restoration.
RHIM India at a Glance
RHI Magnesita India remains the market leader with a Skilled Workforce of 6,000+, serving over 700 customers in India. The company operates 8+2 Production Plants and maintains a dedicated World Class R&D Centre in Bhiwadi, Rajasthan, committed to their mission: “we take innovation to 1200 °C and beyond.”
Source: BSE
