RHI Magnesita India Limited announced its financial results for the fourth quarter and full financial year ended March 31, 2026. The company achieved its highest-ever annual revenue, surpassing ₹4,000 crore for the first time in its history and in the Indian refractory industry. Revenue from operations increased by 9% year-on-year to ₹4,000 crore, with shipments growing 5% to 523 kilotons. This growth was driven by strong performance in ladle solutions, electronic arc furnace projects, tundish and ladle slide gate solutions, and increased demand in the iron making segment. Despite facing industry headwinds such as excess capacity, aggressive pricing, rising raw material costs, and elevated freight and energy expenses, the company maintained a focus on protecting market share and strengthening customer relationships. For the fourth quarter of FY26, revenue stood at ₹932 crore, with Adjusted EBITDA at ₹113 crore and EBITDA margins of 12.1%. Adjusted profit after tax before exceptional items was ₹39 crore. The company recognized an impairment of goodwill relating to RHIM IR due to reassessed growth expectations, weaker export demand, currency depreciation, increased industry capacity, and heightened competition. For the full year FY26, Adjusted EBITDA was ₹477 crore with EBITDA margins of 11.9%, and Adjusted profit after tax was ₹180 crore. The company earmarked approximately ₹135 crore for capital expenditure in FY26, focusing on operational excellence, product innovation, capacity enhancement, automation, and sustainability initiatives. Cash flow from operations increased by 9% to ₹409 crore, leading to a net cash positive position with net debt-to-EBITDA at 0.1x. Looking ahead to FY27, RHI Magnesita India expects improved demand, progressive price increases, continued cost optimization, expansion into new industrial segments, greater penetration of its 4PRO platform, and improved fixed cost absorption. The company projects an EBITDA margin of 13% for the full year FY27. The company also plans capital expenditure of around ₹150 crore for FY27, including maintenance capex and investments in 4PRO robotics and structural growth initiatives. The company stated that all restructuring activities are complete.
