RHI Magnesita India Refractories Limited (RHIM) AI Stock Analysis

• Market Cap: ₹91.98B
• Dividend Yield: 0.55%
• Average Volume (3M): 141.56K
• Price to Earnings (P/E): 58.5
• Beta (1Y): 1.09
• Revenue Growth: 8.65%
• EPS Growth: N/A
• Country: IN
• Employees: 1,592
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Manufacturing - Metal Fabrication
• EPS (TTM): 1.90
• Shares Outstanding: 206,501,420
• 10 Day Avg. Volume: 405,884
• 30 Day Avg. Volume: 141,564
• PEG Ratio: -0.18
• Price to Book (P/B): 2.76
• Price to Sales (P/S): 3.00
• P/FCF Ratio: 50.68
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 59 Neutral
• Price Target: ₹465.00 ▲(2.06% Upside)

The score is primarily supported by strong balance sheet strength and solid cash-flow conversion, but is held back by a weak technical backdrop (negative MACD and below key moving averages) and an expensive valuation (P/E 54.1 with low dividend yield).

Positive Factors

Low Leverage / Strong Balance Sheet

Very low leverage and a high equity ratio provide durable financial resilience. This lowers default and refinancing risk during industry cycles, preserves capacity for capital spending or working-capital needs, and supports long-term contracting with industrial customers.

Strong Cash Generation

Consistent free cash flow growth and strong conversion of net income into operating cash underpin financial flexibility. Reliable cash enables reinvestment in product solutions, maintenance capex, and working capital, supporting sustained operations across cycles.

Healthy Operating Margins

Robust gross and EBITDA margins indicate pricing power and operational efficiency in refractory manufacturing. Durable margins help absorb input cost swings, fund technical services and R&D, and sustain profitability even when end-market volumes are cyclical.

Negative Factors

Revenue Volatility

Revenue fluctuations and a recent decline reflect exposure to cyclical end markets like steel and cement and to relining cycle variability. Persistent top-line variability reduces visibility, pressures capacity utilization, and complicates long-range investment and hiring plans.

Modest Return on Equity

A modest ROE signals limited effectiveness in converting equity into profits versus capital-intensive peers. Over time this can constrain shareholder returns and reduce room for aggressive reinvestment, especially if revenue growth remains uneven.

Limited Public Guidance / Investor Visibility

Absence of guidance and empty earnings highlights reduce transparency about near-term strategy and expectations. For a cyclical industrial supplier this limits investor visibility into demand trends, capital plans and margin outlook over the coming quarters.

RHI Magnesita India Refractories Limited Business Overview & Revenue Model

Company Description

RHI Magnesita India Limited manufactures and trades in refractories, monolithics, bricks, and ceramic paper for the iron and steel industry primarily in India. The company offers isostatically pressed continuous casting refractories; slide gate plate; nozzles and well blocks; tundish nozzles; and bottom purging refractories and top purging lances, as well as rendering management services. It also provides slag arresting darts; basic spray mass for tundish working linings; castables; alumina bricks; and magnesia carbon bricks. In addition, the company serves steel, cement, nonferrous metals, glass, environment and energy, foundry, and paper and pulp industry. It also exports its products to approximately 70 countries. The company was formerly known as Orient Refractories Limited and changed its name to RHI Magnesita India Limited in July 2021. The company was incorporated in 2010 and is based in Gurugram, India. RHI Magnesita India Limited is a subsidiary of Dutch US Holding B.V.

How the Company Makes Money

RHI Magnesita India Refractories Limited generates revenue primarily through the sale of refractory materials and solutions to various industries, including steel manufacturing, cement production, and glass making. The company has established key revenue streams from both the domestic market and exports, capitalizing on its extensive product portfolio and customer base. Significant partnerships with major industrial players and long-term contracts contribute to stable earnings. Additionally, RHIM invests in research and development to innovate and enhance product offerings, which enables it to meet evolving customer demands and maintain a competitive edge in the refractory market.

RHI Magnesita India Refractories Limited Financial Statement Overview

Summary

Solid overall fundamentals supported by low leverage (debt-to-equity 0.09), strong equity ratio (77.3%), and healthy EBIT/EBITDA margins (7.6%/13.7%). Offsetting this is modest profitability (net margin 5.5%, ROE 5.1%) and a recent revenue decline (-2.8%). Cash generation is a strength with strong conversion (operating cash flow to net income 1.7) and free cash flow growth (15.5%).

Income Statement

The company exhibits a strong gross profit margin of 24.7% for the most recent year, but net profit margin is moderate at 5.5%. Revenue has fluctuated, with a decline of 2.8% from the previous year. EBIT and EBITDA margins are healthy at 7.6% and 13.7% respectively, indicating efficient core operations despite some net income volatility in prior years.

Balance Sheet

The balance sheet is robust with a low debt-to-equity ratio of 0.09, highlighting low leverage. The equity ratio is strong at 77.3%, suggesting solid financial stability. Return on equity is moderate at 5.1%, reflecting decent profitability on shareholder equity.

Cash Flow

The company shows consistent free cash flow with a recent growth rate of 15.5%. The operating cash flow to net income ratio is 1.7, indicating effective conversion of net income into cash flows. Free cash flow to net income ratio is strong at 1.1, showcasing solid cash generation capabilities.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	37.56B	36.74B	37.81B	27.26B	19.99B	13.61B
Gross Profit	13.00B	9.07B	6.16B	4.99B	7.10B	4.67B
EBITDA	4.52B	5.05B	2.35B	-2.90B	3.94B	2.21B
Net Income	1.65B	2.03B	-1.00B	-4.66B	2.69B	1.37B
Balance Sheet
Total Assets	0.00	51.76B	51.16B	58.81B	16.74B	12.60B
Cash, Cash Equivalents and Short-Term Investments	992.03M	974.80M	507.92M	3.23B	628.10M	1.57B
Total Debt	0.00	3.80B	4.87B	15.89B	647.06M	623.86M
Total Liabilities	-39.99B	11.77B	12.70B	29.00B	6.46B	4.54B
Stockholders Equity	39.99B	39.99B	38.46B	28.91B	10.29B	8.06B
Cash Flow
Free Cash Flow	0.00	2.18B	1.88B	1.93B	-351.87M	796.12M
Operating Cash Flow	0.00	3.37B	2.71B	2.38B	272.61M	1.65B
Investing Cash Flow	0.00	-1.18B	-3.12B	-11.50B	-699.10M	-787.62M
Financing Cash Flow	0.00	-1.72B	-2.31B	11.72B	-502.83M	-536.84M

RHI Magnesita India Refractories Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 455.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:RHIM, the sentiment is Positive. The current price of 455.6 is above the 20-day moving average (MA) of 443.61, above the 50-day MA of 449.00, and below the 200-day MA of 465.50, indicating a neutral trend. The MACD of -8.53 indicates Positive momentum. The RSI at 51.95 is Neutral, neither overbought nor oversold. The STOCH value of 46.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:RHIM.

RHI Magnesita India Refractories Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VESUVIUS	65 Neutral	₹102.49B	42.04	―	0.30%	16.07%	-6.83%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
RHIM	59 Neutral	₹91.98B	58.46	―	0.55%	8.65%	―
IFGLEXPOR	56 Neutral	₹13.15B	47.69	―	1.66%	11.62%	-72.86%

RHI Magnesita India Refractories Limited Corporate Events

RHI Magnesita India Announces Director Resignation

RHI Magnesita India Refractories Limited announced the resignation of Ms. Ticiana Kobel from her position as Non-Executive Director, effective November 17, 2025, due to her new role on the Supervisory Board of RHI Magnesita GmbH. This change necessitates updates in the company’s board committees, and the company expressed appreciation for Ms. Kobel’s contributions. The resignation is part of regulatory compliance under SEBI’s disclosure requirements.