Stock Price, Intraday Move and 52-Week Context
RHI Magnesita India Ltd (NSE: RHIM) shares traded at approximately ₹640 following the Q3 FY26 earnings release, moving slightly negative to flat intraday as investors reacted to the results. The stock fluctuated within an estimated ₹630–₹650 band during the session, indicating limited volatility.
Over the past year, the share price has traded between a 52-week high of ~₹780 and a 52-week low of ~₹520. The stock remains below peak levels but above yearly lows, reflecting consolidation amid cyclical steel sector demand and cost pressures.
No analyst upgrades, downgrades, or price-target revisions were reported immediately after the earnings announcement.
Q3 FY26 Earnings Highlights
RHI Magnesita India reported record quarterly revenue for the period ended 31 December 2025. Revenue from operations stood at ₹1,09,201 lakh (₹1,092 crore), rising 5.5% quarter-on-quarter. Adjusted EBITDA rose to ₹14,996 lakh, up 36% QoQ. EBITDA margin expanded to 13.7%, versus 10.7% in the preceding quarter. Margin expansion was supported by pricing discipline, performance bonuses, operational efficiencies and softer alumina input costs.
Profitability and Earnings
Profit Before Tax (before exceptional items) came at ₹8,909 lakh. Reported Profit Before Tax stood at ₹5,178 lakh. Profit After Tax rose to ₹6,156 lakh, compared with ₹3,835 lakh in Q2 FY26. Finance cost was ₹1,140 lakh, impacted by foreign-exchange losses on external commercial borrowings. An exceptional charge of ₹554 lakh was recorded due to higher employee costs linked to the new wage code.
Operational Performance
- Production: 82,493 MT
- Shipments: 80,410 MT
- Shipments declined 4% sequentially but increased 8% over the nine-month period.
- Revenue growth was driven by 4PRO service contracts, OEM iron-making orders and improved product mix.
Cost Structure
Total expenses were ₹92,593 lakh.
Break-up:
- Material cost: ₹66,377 lakh
- Employee benefits: ₹9,162 lakh
- Other expenses: ₹18,821 lakh
- Depreciation stood at ₹2,848 lakh and amortisation at ₹2,099 lakh.
Nine-Month FY26 Financial Performance
For the nine months ended December 2025:
- Revenue from operations: ₹3,08,769 lakh
- Adjusted EBITDA: ₹36,383 lakh
- Profit Before Tax: ₹18,325 lakh
- Profit After Tax: ₹13,517 lakh
- Revenue increased 12% year-on-year over the nine-month period.
Balance Sheet and Cash Flow
- Net Debt / EBITDA: -0.1x (net cash)
- Operating cash flow: Up 627%
- Capex: ₹3,593 lakh
- Leverage improvement marked the company’s first negative net-debt position post-acquisition.
Sector and Demand Indicators
India turned a net steel exporter during the quarter, while infrastructure and real-estate activity supported cement demand, providing structural tailwinds for refractory consumption.
Conclusion
RHI Magnesita India delivered record revenue, strong EBITDA growth and margin expansion in Q3 FY26. Improved cash flows and negative leverage underscored balance-sheet strength despite shipment softness.