RHI Magnesita India (534076) Q2 26/27 earnings summary

Executive summary

• Q2 consolidated revenue eased YoY while net profit increased; H1 revenue and net profit rose on both standalone and consolidated bases.

• Q2 EBITDA rose 30% to ₹144 crore, supported by improved steel product mix, pricing discipline and operational efficiencies amid cost and competitive pressure.

• The Board approved unaudited results for the quarter and half year ended September 30, 2026; auditors issued limited review conclusions with no material misstatement identified.

Financial highlights

• Consolidated Q2 revenue was ₹103,029.23 lakh vs ₹103,535.65 lakh YoY; net profit was ₹6,209.73 lakh vs ₹3,834.57 lakh.

• Standalone Q2 revenue was ₹87,815.11 lakh vs ₹86,212.85 lakh; net profit was ₹7,097.42 lakh vs ₹4,129.34 lakh.

• Consolidated H1 revenue was ₹204,425.97 lakh vs ₹199,567.21 lakh; net profit was ₹12,670.51 lakh vs ₹7,361.36 lakh.

• Standalone H1 revenue was ₹174,160.36 lakh vs ₹166,739.77 lakh; net profit was ₹14,916.16 lakh vs ₹8,783.37 lakh.

• Q2 shipments were 118 kt, down 16% YoY, and average realization was ₹87,245/MT vs ₹73,237/MT; EBITDA margin was 14.0%, up 332 bps.

Operating performance and outlook

• Steel performance benefited from improved product mix and market-share gains; flow-control share strengthened at integrated steel plants.

• New 4PRO steel wins were secured; tap-hole clay trials converted to an order, while thin-slab SEN remained in trials.

• Growth priorities include flow control, ironmaking, DRI and pellets, 4PRO contracts, customer-specific solutions, localization and regional exports from the India manufacturing hub.

• India’s refractory market is forecast to grow at 6–8% CAGR.

• MINPRO trading began for mineral reprocessing of recyclable refractories; the dealer footprint expanded to strengthen market penetration.