Rhi Magnesita India Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Rhi Magnesita India Ltd filed with BSE on 03 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
RHI Magnesita India reported FY26 revenue crossing INR 4,000 crores for the first time, up 9% year-on-year, with shipments growing 5% to 523 kilotons. Full-year adjusted EBITDA margin came in at 11.9%, down from 13.7% in FY25, while Q4 revenue was INR 932 crores with a 12.1% EBITDA margin, partly reflecting a goodwill impairment related to RHIM IR. Management described plans for FY27 including price increases, a large coke oven order, and continued 4PRO platform expansion.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue from operations: INR 4,000 crores (FY26)
p. 6
“Revenue from operations increased 9% year-on-year to INR 4,000 crores, while shipments grew 5% to 523 kilotons.”
Azim Syed, page 6 of the filed PDF · View the filing
Shipments: 523 kilotons (FY26)
p. 6
“Revenue from operations increased 9% year-on-year to INR 4,000 crores, while shipments grew 5% to 523 kilotons.”
Azim Syed, page 6 of the filed PDF · View the filing
Q4 Revenue: INR 932 crores (Q4 FY26)
p. 7
“For this quarter, revenue stood at INR 932 crores, reflecting the impact of geopolitical disruption and a softer cement demand cycle, broadly in line with the guidance we had provided earlier.”
Azim Syed, page 7 of the filed PDF · View the filing
Q4 Adjusted EBITDA: INR 113 crores (Q4 FY26)
p. 7
“Adjusted EBITDA for the quarter was INR 113 crores with EBITDA margins of 12.1%.”
Azim Syed, page 7 of the filed PDF · View the filing
Q4 EBITDA margin: 12.1% (Q4 FY26)
p. 7
“Adjusted EBITDA for the quarter was INR 113 crores with EBITDA margins of 12.1%.”
Azim Syed, page 7 of the filed PDF · View the filing
Q4 Adjusted profit after tax before exceptional items: INR 39 crores (Q4 FY26)
p. 7
“Adjusted profit after tax before exceptional items stood at INR 39 crores.”
Azim Syed, page 7 of the filed PDF · View the filing
Full year Adjusted EBITDA: INR 477 crores (FY26)
p. 7
“For the full year, adjusted EBITDA stood at INR 477 crores with EBITDA margins of 11.9%, compared to 13.7% in FY '25.”
Azim Syed, page 7 of the filed PDF · View the filing
Full year EBITDA margin: 11.9% (FY26)
p. 7
“For the full year, adjusted EBITDA stood at INR 477 crores with EBITDA margins of 11.9%, compared to 13.7% in FY '25.”
Azim Syed, page 7 of the filed PDF · View the filing
FY25 EBITDA margin comparison: 13.7% (FY25)
p. 7
“For the full year, adjusted EBITDA stood at INR 477 crores with EBITDA margins of 11.9%, compared to 13.7% in FY '25.”
Azim Syed, page 7 of the filed PDF · View the filing
Full year Adjusted profit after tax: INR 180 crores (FY26)
p. 7
“Adjusted profit after tax for FY '26 was INR 180 crores.”
Azim Syed, page 7 of the filed PDF · View the filing
Capital expenditure: approximately INR 135 crores (FY26)
p. 7
“For FY '26, we have earmarked approximately INR 135 crores of capital expenditure focused on operational excellence, product innovation, selective capacity enhancement, automation and sustainability initiatives.”
Azim Syed, page 7 of the filed PDF · View the filing
Cash flow from operations: INR 409 crores (FY26)
p. 7
“Cash flow from operations increased 9% year-on-year to INR 409 crores, supported by disciplined working capital management and improved cash conversion across the business.”
Azim Syed, page 7 of the filed PDF · View the filing
Net debt-to-EBITDA: net cash positive at 0.1x (FY26)
p. 7
“As a result, we further strengthened our balance sheet and ended the year in a net cash position, with net debt-to-EBITDA entering to net cash positive at 0.1x.”
Azim Syed, page 7 of the filed PDF · View the filing
Dalmia asset revenue: INR 1,153 crores (FY26)
p. 13
“So, we grew in Dalmia asset by 14%. Revenue was INR 1,153 crores as against INR 1,013 crores of FY '25, so it is a 14% growth in that particular segment and revenue has gone up to 10.8% against 11.5%.”
Parmod Sagar, page 13 of the filed PDF · View the filing
Dalmia asset EBITDA margin: 10.8% (FY26)
p. 14
“At 10.8%. Yes.”
Azim Syed, page 14 of the filed PDF · View the filing
Cement as percentage of revenue: 11% (FY26)
p. 14
“Our cement as a percentage of revenue from FY '25 to '26 also dropped because of this over competition. So, in FY '25, we had about 13%. Now it's at about 11%, just to give you a full year flavour because we choose to do only the business that makes sense for us.”
Azim Syed, page 14 of the filed PDF · View the filing
Dalmia capex spent: INR 100 crores (FY26)
p. 14
“We spent about INR 100 crores in FY'26 and the capex for FY'27 is around INR 150 crores or so.”
Parmod Sagar, page 14 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
EBITDA margin — 13% · FY27
stated firmly by Parmod Sagar
p. 12
“We are projecting for next year 13% EBITDA.”
Parmod Sagar, page 12 of the filed PDF · View the filing
Q1 FY27 performance — Q1 FY27
stated as an aspiration by Parmod Sagar
p. 12
“But Q1, we believe it should be a strong quarter.”
Parmod Sagar, page 12 of the filed PDF · View the filing
Capital expenditure — around INR 150 crores · FY27
stated firmly by Parmod Sagar
p. 14
“We spent about INR 100 crores in FY'26 and the capex for FY'27 is around INR 150 crores or so.”
Parmod Sagar, page 14 of the filed PDF · View the filing
Price increases — 1% - 3% · starting May
stated conditionally by Azim Syed
p. 19
“So, let's put it like this that vis-a-vis our cost increases, we are asking for 1% - 3% of price increases depending on the categories or the segments that we are operating.”
Azim Syed, page 19 of the filed PDF · View the filing
Coke oven order continuity — at least 2 more of 5 coke oven batteries · next 2-3 years
stated conditionally by Parmod Sagar
p. 11
“So, we believe that we will get at least 2 more out of the 5, very conservative approach.”
Parmod Sagar, page 11 of the filed PDF · View the filing
Restructuring status — no further restructuring
stated firmly by Azim Syed
p. 10
“It is complete. No further restructuring is required, and we say this with utmost confidence.”
Azim Syed, page 10 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management stated all restructuring is complete and expressed confidence in outperforming market growth by 1-2% with improving margins, citing a strong coke oven order book and 4PRO contracts.
Answered by Azim Syed
Asked by Gaurav Khanna: Is the restructuring complete and what is the outlook for FY27/FY28 growth and margins?
p. 10
“It is complete. No further restructuring is required, and we say this with utmost confidence.”
Azim Syed, page 10 of the filed PDF · View the filing
Management explained the coke oven order does not require capex on their part, involves mines now transferred to their name, and expects continued orders for the next 3-4 years.
Answered by Parmod Sagar
Asked by Praveen Jayaraman: Is the coke oven project a one-time capex order or an ongoing operational supply?
p. 10
“Coke oven is always a project, but there is not any capex required. This is a normal production process, and we received a 30,000 plus tonne order, it's a huge tonnage.”
Parmod Sagar, page 10 of the filed PDF · View the filing
Management said high-cost alumina inventory had been consumed but magnesia-based product costs rose due to energy and freight increases in China, though customers agreed to price increases to offset this.
Answered by Parmod Sagar
Asked by Praveen Jayaraman: Did high-cost inventory continue to affect margins in Q4?
p. 11
“It's offset by high-cost inventory, which is coming up for our basic refractory, primarily fused magnesia and DBM.”
Parmod Sagar, page 11 of the filed PDF · View the filing
Management reported Dalmia revenue grew 14% to INR 1,153 crores with 10.8% EBITDA margin, and cement segment faced intense competition leading to a shift toward solution-oriented business.
Answered by Parmod Sagar
Asked by Sahil Sanghvi: What is the Dalmia asset revenue and margin performance, and what is happening in the cement segment?
p. 13
“So, we grew in Dalmia asset by 14%. Revenue was INR 1,153 crores as against INR 1,013 crores of FY '25, so it is a 14% growth in that particular segment and revenue has gone up to 10.8% against 11.5%.”
Parmod Sagar, page 13 of the filed PDF · View the filing
Management said the conflict raised raw material and freight costs, some of which are continuous due to 4PRO contract start-up costs, plus one-off legal costs related to mine transfer.
Answered by Azim Syed
Asked by Kunal Kothari: Did the West Asia conflict cause one-off cost increases, and will these continue?
p. 15
“I will say that, yes, West Asia conflict has increased our input cost, but it's mostly reflecting in raw material or material costs.”
Azim Syed, page 15 of the filed PDF · View the filing
Management attributed margin guidance reductions to a dynamic and competitive market, but expressed confidence in returning to 13% through order book strength, mining ownership, and 4PRO contracts.
Answered by Parmod Sagar
Asked by Rajesh Majumdar: Why has EBITDA margin guidance been declining over recent quarters, and where does it stabilize?
p. 17
“So, we are taking a lot of initiatives to maintain our margins from 13.7% to now it is 12.1%, and then we are saying we will go back to 13%, it's challenging, but we know we have order book.”
Parmod Sagar, page 17 of the filed PDF · View the filing
Risks flagged
Industry overcapacity and aggressive pricing behaviour
p. 6
“The refractory market continued to face excess capacity, aggressive pricing behaviour, rising raw material costs, elevated freight and energy expenses with increased commoditization.”
Azim Syed, page 6 of the filed PDF · View the filing
Goodwill impairment driven by weaker export demand, currency depreciation, capacity additions, import competition, and inflation
p. 7
“This was driven by a reassessment of medium- to long-term growth expectations, considering a combination of factors, including weaker export demand amid geopolitical uncertainties, persistent currency depreciation impacting raw material costs, increasing industry capacity additions, heightened competition from imports and continued inflationary pressures across key cost categories.”
Azim Syed, page 7 of the filed PDF · View the filing
Geopolitical disruption from Middle East conflict impacting input costs
p. 15
“I will say that, yes, West Asia conflict has increased our input cost, but it's mostly reflecting in raw material or material costs.”
Azim Syed, page 15 of the filed PDF · View the filing
Increased competition in cement segment from smaller players filling capacity
p. 14
“For example, our competition, Calderys, IFGL, smaller players, they try to fill up their plant at any cost. So that put a lot of pressure on us also.”
Parmod Sagar, page 14 of the filed PDF · View the filing
Rising magnesia-based raw material costs due to energy and freight increases in China
p. 11
“But these magnesia-based products have gone up because of energy cost increase in China, freight increase, etcetera, which impacted Feb and March shipments.”
Parmod Sagar, page 11 of the filed PDF · View the filing
Currency volatility between INR and USD affecting raw material purchases
p. 10
“And as you know that INR and USD have the highest amount of volatility.”
Azim Syed, page 10 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.