Capacity Utilization
64%
+9pp YoY
Consolidated capacity utilization improved from 55-60% in prior periods.
RHIMAGNESITAINDIA
Other
10 Feb 2026
Rhi Magnesita India Ltd — Q3 FY26
RHI Magnesita India delivered a record quarterly revenue of ₹1,092 crore (+8% YoY) and EBITDA of ₹150 crore (+14% YoY), with EBITDA margin expanding to 13.7% (+300 bps YoY).
✓ Verified against BSE filing
2-Min Summary
RHI Magnesita India delivered a record quarterly revenue of ₹1,092 crore (+8% YoY) and EBITDA of ₹150 crore (+14% YoY), with EBITDA margin expanding to 13.7% (+300 bps YoY). PAT surged 29% YoY to ₹62 crore. Growth was driven by strong project deliveries in iron making, flow control, and fourpro wins, along with improved product mix and operational efficiencies. The company turned net cash (₹35 crore) from net debt of ₹200 crore in Q2. Management guided for sustainable margins of 14-15% and expects Q4 to be similar or slightly better. Key risks include intense competition from imports and domestic overcapacity, which may limit pricing power. The company is focusing on localization, recycling, and cost optimization to protect margins.
Key Numbers
Realization per Metric Ton
₹80,410
+9.8% QoQ
Average realization improved sequentially from ₹73,237 due to better product mix and performance bonuses.
Market Share in Steel
32%
flat
Steel market share remained stable at 32% as per management commentary.
Market Share in Cement
41%
flat
Cement market share stood at approximately 41%.
Management Guidance
Sustainable EBITDA margin of 14-15%
Management targets a sustainable EBITDA margin of 14-15% in the medium term, driven by cost optimization and product mix improvements.
marginsQ4 FY26 margins similar or slightly better than Q3
Management expects Q4 margins to be on similar lines as Q3 or slightly better, barring market headwinds.
marginsNew fourpro contract to add ₹50-60 crore revenue next fiscal
A new fourpro contract signed in January with a greenfield steel plant in Punjab is expected to generate ₹50-60 crore additional revenue from next fiscal.
revenueRecycling rate target above 20%
The company aims to increase its recycling rate from 19% to over 20% in the coming year.
otherKey Risks
Intense competition and pricing pressure
Domestic overcapacity and aggressive pricing by competitors, including imports, limit the company's ability to pass on cost increases.
high · management_commentaryRaw material cost volatility
While alumina prices have bottomed out, magnesia and other inputs may see upside, potentially squeezing margins.
medium · management_commentaryDependence on performance bonuses for margin improvement
Analyst raised concern that margin improvement partly stems from one-time performance bonuses, which may not recur at the same level.
medium · analyst_questionPSU receivables risk
Although improved, the company still has significant receivables from PSUs, which could stress working capital if collection slows.
low · analyst_questionNotable Quotes
We are not into that race of getting the order at any cost. We have our internal strategy up to what level we will go for a order or if it is below that we will not go we will leave it.
We have signed some new contract with one of the biggest industrial integrated steel plants somewhere in Punjab. So first time in group strategy they have given from the commissioning stage fourpro contract to any refractory industry in the world.
We don't give out these material. We have never done that historically. We will not start to do that now.