RHI Magnesita India (534076) Q3 25/26 earnings summary

Executive summary

• Achieved record quarterly revenue of INR 1,092 crore (₹1,092 Cr) in Q3 FY26, reflecting resilience amid macroeconomic headwinds and strong market leadership in refractories.

• Recognized for exemplary safety performance at multiple customer sites and awarded by major steel clients, including Tata Steel.

• Strategic focus on expanding 4PRO/TRM contracts, strengthening ironmaking, and advancing R&D for recycling and product innovation.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved by the Board on February 13, 2026.

• Statutory auditors issued limited review reports with no material misstatements identified.

Financial highlights

• Consolidated revenue from operations reached INR 1,092 crore (₹109,201 L), up 5.5% sequentially and up to 12% year-over-year for Q3 FY26.

• Adjusted EBITDA at INR 150 crore (₹14,996 L), up 36% sequentially and 14% year-over-year; EBITDA margin improved to 13.7% from 10.7% in Q2.

• Profit after tax stood at INR 62 crore, up 61% quarter-on-quarter and 29% year-over-year.

• Standalone net profit for the quarter was Rs. 6,889.98 lakhs; consolidated net profit was Rs. 6,155.66 lakhs.

• Highest ever operating cash flow at INR 289 crore, a 627% increase quarter-on-quarter.

Outlook and guidance

• Cautiously optimistic outlook, targeting sustainable EBITDA margins of 14%-15% in coming quarters, supported by robust order book and pricing discipline.

• Growth expected in cement and steel industries, driven by higher capex, real estate projects, and government infrastructure spending.

• Expectation of stable or slightly better margins in Q4, with continued focus on cost optimization and product mix.

• No significant raw material cost advantage expected in the near term; alumina prices at bottom, magnesia stable.

• Dividend of Rs. 2.50 per share (250% of par value) approved at the AGM held on September 26, 2025.