RHI MAGNESITA INDIA LIMITED — PPTs, 10-11-2025: Investor Presentation

**1. Business Performance:**

RHI Magnesita India achieved record revenues for Q2 FY26, reaching ₹1,035.36 Cr, an 8% increase quarter-on-quarter (QoQ). Profit after Tax also rose 9% QoQ to ₹38.35 Cr, with Operating EBITDA growing 7% to ₹110.53 Cr. This strong performance was driven by a 9% QoQ volume growth and market share gains in steel ladles, converters, and seasonal cement orders. However, half-year profit for FY26 (₹73.61 Cr) was lower compared to H1 FY25 (₹118.79 Cr).

**2. Growth Drivers or Strategy:**

The company is doubling down on its 'Make in India' and 'local for local' manufacturing strategy, aiming to capture India's robust 6-8% CAGR in the refractories market. A key growth driver is its TRM/4PRO model, which includes India's first complete robotic solution for caster operations, significantly boosting safety and productivity.

**3. Recent Developments:**

Notable developments include the acquisition of Ashwath Technologies for ₹14.12 Cr, enhancing steel flow control machinery capabilities. RHIM also secured a substantial 13,000-tonne silica order and is progressing with ceramic welding for coke oven maintenance. R&D efforts continue, introducing new offerings like high-quality magnesia chrome and eco-grade cement kiln bricks.

**4. Key Financial Metrics:**

Q2 FY26 reported an EPS of ₹1.9, up 9% QoQ, with an EBITDA margin of 10.7%. The Net Debt to EBITDA ratio increased to 0.45x from 0.25x in Q1 FY26, primarily due to higher working capital supporting the strong revenue growth.

**5. Management Commentary / Outlook:**

Management highlighted the record revenue achievements, attributing consistent growth to expanding market share and strategic project orders. They remain committed to maintaining resilient margins, leveraging India's growth trajectory and innovative solutions like 4PRO to further strengthen their market position.