RHI Magnesita India (534076) Q4 25/26 earnings summary

Executive summary

• Achieved record annual revenue exceeding INR 4,000 crores (₹401,995 Lakhs) for FY 2026, up 9% year-over-year, driven by strong steel and ironmaking segments.

• Demonstrated resilience amid pricing pressure, inflation, overcapacity, and competition, while strengthening customer relationships and operational reliability.

• Maintained robust cash flow and disciplined capital allocation, with a focus on technology leadership and integrated solutions.

• Recognized for CSR, safety, and environmental excellence by state governments.

• Audited standalone and consolidated financial results for FY26 were approved with unmodified opinions from auditors.

Financial highlights

• FY 2026 consolidated revenue grew 9% year-over-year to INR 4,000 crores (₹401,995 Lakhs); shipments up 5% to 523 kt.

• Adjusted EBITDA for FY 2026 was INR 477 crores (₹47,689 Lakhs), margin at 11.9% (down from 13.7% in FY 2025).

• Adjusted profit after tax for FY 2026 was INR 180 crores; adjusted EPS at 8.4, up 38% year-over-year.

• Net cash inflow from operating activities (consolidated) was ₹40,910 Lakhs, up 9% year-over-year.

• Standalone and consolidated net losses after exceptional items were Rs. 62,441.94 lakhs and Rs. 51,810.80 lakhs, respectively, due to large impairment charges.

Outlook and guidance

• Projecting FY 2027 EBITDA margin of 13%, with Q1 expected to be particularly strong.

• Anticipates outgrowing the market by 1-2% in volume terms, targeting 9% volume growth versus 6-7% market growth.

• Focus on cost competitiveness, innovation, and expanding 4PRO contracts for sustainable growth.

• The proposed dividend reflects confidence in future cash flows despite the current year’s losses.