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RHI Magnesita India (534076) investor relations material

RHI Magnesita India Q2 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 25/26 earnings summary12 Nov, 2025

Executive summary

  • Achieved record quarterly revenue of INR 1,035 crore (₹103,536 lakh) in Q2 FY26, up 8% sequentially and 19% year-over-year, driven by higher volumes and market share gains in steel and cement sectors.

  • Shipment volume reached 141 kilotons, up 9% quarter-on-quarter and 18% year-over-year, reflecting strong demand and successful strategic initiatives.

  • Margins remained under pressure due to competitive environment, higher raw material costs, and FX impacts, but cost optimization and automation investments are expected to drive recovery.

  • Integration of Ashwath Technologies and transfer of ANKRAL and RADEX cement bricks to India completed, expanding group structure and product portfolio.

  • Safety performance remained strong with zero lost time injuries and enhanced safety management systems.

Financial highlights

  • Revenue from operations reached ₹103,536 lakh in Q2 FY26, up 8% sequentially and 14% year-over-year; operating EBITDA was ₹11,053 lakh with a margin of 10.7%, up 7% quarter-over-quarter.

  • Profit after tax stood at ₹4,174.09 lakh, up 9% from Q1 FY26.

  • Net debt-to-EBITDA ratio at 0.45x, reflecting higher working capital and acquisition outflows.

  • CapEx for the quarter was ₹3,279 lakh, supporting automation, efficiency, and productivity improvements.

  • Dalmia subsidiary showed improved performance: EBITDA margin rose from 8.7% to 11.4% quarter-on-quarter, with revenue up from INR 208 crore to INR 264 crore and shipments from 35,000 to 42,000 tons.

Outlook and guidance

  • Full-year FY26 EBITDA margin expected at 13%-14%, in line with FY25, supported by lower raw material prices, product and recipe optimization, and performance bonuses.

  • Strong domestic demand in steel and positive cement sector outlook with capacity expansion and GST rationalization anticipated.

  • Strategic focus on expanding market share, leveraging acquisitions, and reaching 80%-85% utilization with selective add-ons.

  • Gradual margin improvement anticipated as high-cost alumina inventory is replaced and magnesia cost pressures are mitigated.

Ashwath acquisition: strategic rationale
Reasons for H1 2025 operating cash flow decline
Why was Ashwath Technologies' data not reviewed?
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Q3 25/2611 Feb, 2026
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