RHI Magnesita India (534076) Q2 25/26 earnings summary

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 segments.

• Shipment volume reached 141 kilotons, up 9% quarter-on-quarter and 18% year-over-year, with strong demand in steel and cement sectors.

• Strategic focus on long-term contracts, product innovation, automation (4PRO), and integration of new technologies and products to enhance value and market position.

• Board approved unaudited consolidated and standalone financial results for Q2 and H1 FY26, with no material misstatements per auditor review.

• Group structure expanded with the acquisition of Ashwath Technologies Private Limited, now a wholly owned subsidiary.

Financial highlights

• Revenue from operations for Q2 FY26 was ₹103,536 lakh, up 8% QoQ and 19% YoY; half-year consolidated revenue reached ₹199,787.93 lakh.

• Operating EBITDA for Q2 FY26 was ₹11,053 lakh (INR 111 crore), margin at 10.7%, up 7% sequentially but lower YoY due to one-time items in the prior year.

• Profit after tax for Q2 FY26 was ₹4,174.09 lakh, up 9% QoQ; EPS increased 9% QoQ to 1.9.

• Net debt-to-EBITDA ratio at 0.45x, slightly higher due to working capital and dividend payout.

• Basic and diluted EPS for the consolidated half-year was ₹5.75.

Outlook and guidance

• Full-year FY26 EBITDA margin expected at 13%-14%, supported by lower raw material costs, product mix improvement, and performance bonuses.

• Strong order book, especially in steel and cement, with major CapEx plans by customers and upcoming high-margin industrial orders.

• Continued focus on automation, product innovation, and market expansion.