RHI Magnesita India - Excellent Performance | Q1FY27 Company Update
13 Aug 2026
Companies Updates
RHIM’s 1QFY27 performance was beat to our estimates due to better than expected price surcharge and operating efficiencies, leading to robust margins, despite ongoing input cost inflation. RHIM has also gained market share at steel plants and added new 4PRO contracts. Increasing traction in coke oven projects will further add revenue visibility in 9MFY27E. This, along with benefits of internal cost control, new product localization, recycling of RM due to the JV with Khemka Refractories and start of Quartz mines should result in cost savings. The release of working capital due to tighter inventory and lower receivables has led to a net cash balance sheet of Rs 1.4bn as of Jun’26, ensuring future capex through internal accruals. The margin expansion and growth are largely in-line to meet our full year estimates. Therefore, we have maintained our revenue and EBITDA estimates but have marginally increased interest expenses, leading to a 3%/2% cut in earnings for FY27E/ FY28E. We value RHIM at average of 15x Jun’28E EV/EBITDA (unchanged) and 28x Jun’28E PER (unchanged) to arrive at a TP of Rs 522/share (previously Rs 500). Remain positive on RHIM and maintain BUY rating due to attractive valuations.
RHI Magnesita India Ltd. Stock Price Chart
Strong value growth offsets weak offtake:
RHIM reported 6% yoy growth in consolidated revenues at Rs 10.1bn in 1QFY27 (miss to our estimates) impacted by a 6% yoy decline in offtake, more than offset by 12% jump in realization. Rise in realization was mainly due to price surcharge received from customers (mainly from the flow control refractories).
Margins surged due to price hikes and internal efficiencies:
RHIM reported a 293bps yoy surge in consol. margins at 13.6%, supported by price surcharge and operational efficiencies, partially offset by rising Magnesite and gas cost. This translated into 35% yoy growth in consol. EBITDA at Rs 1.4bn. Adj. PAT grew by 83% yoy to Rs 646mn.
Price hikes and market share gains to aid performance:
The market share gains in steel & iron making and new 4PRO contracts are sustainable and should aid growth in upcoming quarters. RHIM has doubled its wallet share at one of the largest steel plants. Traction in coke oven projects has improved substantially with new projects signed, and expected to be executed in 9MFY27E. Additionally, price hikes implemented in 1QFY27 and more expected in the ongoing quarter are expected to enhance value growth in FY27E. This, along with benefits of internal cost control, new product localization, recycling of RM due to the JV with Khemka Refractories and start of Quartz mines should result in cost savings. The release of working capital due to tighter inventory and lower receivables has led to a net cash balance sheet of Rs 1.4bn as of Jun’26, ensuring future capex through internal accruals. The margin expansion and growth are largely in-line to meet our full year estimates. Therefore, we have maintained our revenue and EBITDA estimates but have marginally increased interest expenses, leading to a 3%/2% cut in earnings for FY27E/ FY28E. Remain positive on RHIM.
Valuation and rating:
We value RHIM at average of 15x Jun’28E EV/EBITDA (unchanged) and 28x Jun’28E PER (unchanged) to arrive at a TP of Rs 522/share (previously Rs 500). We maintain BUY rating due to attractive valuations. Upward revision in TP is mainly due to valuation roll forward. Key risks: Over-capacity and price cutting in domestic market, RM cost pressure.
Company website: https://www.rhimagnesitaindia.com/
| Rating | BUY |
|---|---|
| CMP* | INR 386 |
| Target Price | INR 522 |
| Upside | 35% |
*CMP is as per report published date
Click to download the full RHI Magnesita India Ltd Q4FY26 Company Update
Analyst:
- Sahil Sanghvi - Research Analyst, Institutional Equities (NISM-201900004744)
- Uvais Khatri - Research Associate, Institutional Equities (NISM-202300049054)
FAQs on RHI Magnesita India Ltd Q1FY27 Company Update
These FAQs highlight key takeaways from MNCL’s institutional equity research on RHI Magnesita India, covering performance trends, growth drivers and risk factors relevant for long-term investors.
What is the target price for RHI Magnesita India?
The supplied research sets a target price of ₹522 per share, compared with the reported CMP of ₹386. The target is based on the research firm's valuation methodology and is not a guaranteed return.
What is the rating on RHI Magnesita India?
The supplied research maintains a BUY rating on RHI Magnesita India, citing attractive valuations, margin expansion, market-share gains and growth opportunities.
How did RHI Magnesita India perform in 1QFY27?
Consolidated revenue increased 6% year-on-year to ₹10.1 billion, while EBITDA rose 35% to ₹1.4 billion. Adjusted PAT increased 83% year-on-year to ₹646 million.
What supported RHI Magnesita India's margins?
Margins were supported by price surcharges and operating efficiencies, partly offset by higher Magnesite and gas costs. Consolidated margins increased 293 basis points year-on-year to 13.6%.
What are the key growth drivers for RHI Magnesita India?
Key drivers identified in the research include market-share gains in steel and iron-making, new 4PRO contracts, coke oven projects, price hikes, product localization and cost-saving initiatives.
What are the key risks for RHI Magnesita India?
The research highlights over-capacity and price cutting in the domestic market, along with pressure from raw-material costs, as key risks.
Should investors buy RHI Magnesita India shares?
The supplied research maintains a BUY rating. However, this represents the research firm's view and should not be treated as personalized investment advice or a guarantee of future performance. Investors should conduct independent due diligence and consult a SEBI-registered investment adviser where appropriate.
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We upgrade Ratnamani Metals to BUY (from Accumulate earlier); though revise our target price lower to Rs 2,460 given miss to our estimates and consequently the cut in our earnings. Q3FY26 saw core pipes business witness a sharp decline due to delayed...
Carysil Ltd: Crafting the future of modern kitchens - Company Update
We retain our BUY rating on Carysil Ltd with a revised target price of Rs 1,190 (earlier Rs 1,140), factoring in a rollover to Q3FY28E and a ~4% trim to FY27E–FY28E earnings. Strong traction in quartz and stainless-steel sinks, upcoming capacity ex...
Wonderla Holidays: Chennai Takes The Baton As Mature Parks Plateau - Company Update
We upgrade Wonderla Holidays to BUY from HOLD, as we revise earnings estimates upward by ~5% and roll forward our valuation to Q3FY28E. The company continued to deliver ARPU-led growth at mature parks during the quarter, while footfall growth remaine...
Rashi Peripherals Ltd: Stellar quarter - Company Update
We retain "BUY" rating and raise our target price to Rs. 610 (vs Rs 505 earlier). Rashi reported topline growth of 42.6% YoY in a seasonally weak quarter, on the back of strong sales volume & prices across PES segment (56% of revenue) and LIT (44...
Triveni Turbine: Worst likely behind, recovery pending - Company update
We upgrade our rating on Triveni Turbine to BUY, supported by improving execution visibility and a gradual recovery in order inflows. While new applications such as CO₂-based energy storage, MVR, and turbine servicing are likely to be incrementally...
The Anup Engineering: Through the Trough, Recovery in the offing - Company Update
We upgrade our rating on The Anup Engineering to BUY (previously HOLD) and revise our target price to Rs 2,515. The company is not yet out of the woods, with the market awaiting clear signs of a recovery in order inflows. That said, we believe the wo...
Saksoft Ltd: Temporary headwinds, normalization in sight - Company Update
We maintain our "BUY" rating with a revised target price of Rs 285 (vs 325). Saksoft delivered weak results – a) topline growth saw a de-growth of 3% despite the favourable currency mix, b) Top 2 clients have cut spends in Q3, the pain co...
Mayur Uniquoters: Riding export momentum - Company Update
We maintain our BUY rating on Mayur Uniquoters with a revised target price of Rs. 825 (earlier Rs. 770), as we roll forward our valuation to Q3 FY28E and upgrade our FY27E/FY28E earnings estimates by ~4%. The company delivered a robust operating perf...
Scoda Tubes Ltd.: Slight miss; structural thesis intact - Company Update
We retain BUY rating on Scoda Tubes but upward revise target price of Rs 250 (previously Rs 240). Increase in target price is mainly due to valuation rollover. Q3FY26 was a strong performance on offtake, marginally offset by pricing weakness and dela...
TD Power Systems: Global demand fuelling growth visibility - Company Update
We upgrade TD Power to BUY / revise our target price upwards to Rs 875 (vs. Rs 840 earlier). Q3-FY26 results were a tad lower than our expectations and reflect timing issues rather than demand or competitive weakness. Going ahead, the Tumkur facility...
SJS Enterprises Ltd - Premiumisation and Export-led Outperformance - Company Update
We revise our target price on SJS Enterprises upwards to Rs2,190 to account for an increase in revenue/ margin estimates, and valuation roll-forward to Dec’27E. SJS delivered another quarter of strong industry outperformance, with record profitabil...
Sundram Fasteners Ltd.: Exports spoil the show - Company Update
We lower target price to Rs 1035 (previously Rs 1085) and maintain Accumulate rating for Sundram Fasteners Ltd. (SFL). We downward revise our multiple to account for extended weakness on exports including delay in EV order to North America, in turn l...
ASK Automotive Ltd. - Firing on all cylinders - Company Update
We upgrade ASK Automotive to BUY rating on attractive valuation and increase our TP to Rs590 (Rs525 previously). The increase in TP is largely driven by valuation rollover. ASK delivered a strong Q3, materially ahead of our expectations, led by broad...
Kirloskar Ferrous Ind. - Casting and tubes outperform, spreads spoil the show | Company Update
We lower our target price to Rs 620 (previously Rs690) and retain BUY rating for Kirloskar Ferrous Industries Ltd. (KFIL). The decrease in TP is mainly to account for weak commodity spreads and realization across end products . KFIL’s 2QFY26 perfor...
IFGL Refractories Ltd. - Domestic focus continues to payoff; overseas improving gradually | Company Update
We decrease target price to Rs 280 (previously Rs 300) but maintain BUY rating. The change in TP is mainly due to cut of earnings estimates. IFGL delivered another quarter of strong standalone growth as its domestic-focused strategy continues to gain...
Borosil Ltd. - Glassware ignites growth; levers to power margins | Company Update
We reiterate our BUY on Borosil Ltd and revise our target price upwards to Rs. 460 (vs. Rs. 420 earlier), driven by strong demand momentum and emerging structural growth and margin levers. The company continues to deliver robust growth in its glasswa...
Venus Pipes & Tubes Ltd. - Export and welded drives confidence | Company Update
We increase Target Price to Rs 2040 (previously Rs1,950) and retain BUY for Venus Pipes & Tubes (VENUS) due to attractive valuations. Increase in TP is primarily due to valuation roll forward. Revenue in 2QFY26 was strong, supported by a sharp re...
ESAB India - Encouraging quarter; growth in focus | Company Update
We retain Buy on ESAB India with TP revised upwards to Rs 6,850 (vs Rs 6,554 earlier) on valuation rollover. The company delivered a strong quarter, with overall growth hinting at signs of recovery supported by margin gains. ESAB continues to o...
The Anup Engineering - All eyes on cash conversion | Company Update
We maintain our HOLD rating on Anup Engineering but increase TP to Rs 2,475 (vs Rs 2,375 earlier) considering steady operational performance and an unchanged growth outlook coupled with valuation rollover. The impact from higher taxes was anticipated...
Rashi Peripherals Ltd – Turns cashflow positive
We retain "BUY" rating with a Target Price of Rs. 505 (vs Rs 525 earlier). Rashi Peripherals ltd reported decent topline growth, on the back of strong sales from the PES segment (PCs, Desktops). Our dealer checks suggest demand is improving for AI-en...
Wonderla Holidays - Chennai on Track; Expansion Visibility Low | MNCL Research Update
We reiterate our HOLD rating on Wonderla Holidays Ltd while revising our target multiple downwards to 18x (from ~20x) and rolling forward our valuation to Q2FY28E. In a seasonally weak quarter, the company delivered a better-than-expected topline, pr...
R Systems International - Strong growth tempered by higher SG&A & RSU costs | MNCL Research Update
We maintain our "BUY" and retain our target price to Rs 620. R Systems delivered higher than expected topline growth (7.9% vs our estimate of 3.5% in INR terms). EBITDA was in line with our estimates / margins dipped 70bps QoQ on the back of higher R...
SJS Enterprises Ltd - Designed to outperform | MNCL Research Update
We revise our target price on SJS Enterprises upwards to Rs1,930 to account for an increase in revenue/ margin estimates, valuation roll-forward to Sept’27E and target multiple expansion. SJS delivered another quarter of strong industry outperforma...
Channel checks - Opalware and Glassware - Borosil Sets the Benchmark in Opalware Retail
We conducted channel checks across key markets in Western and Northern India to gauge demand trends (qualitative aspects) in the Opalware and Glassware categories. We also analysed balance sheet / profitability trends (quantitative parts) across key ...
Goldiam International - LGD Momentum builds; ORIGEM scaling | Company Update
We reiterate our BUY rating on Goldiam International with a target price of Rs. Rs.470. Despite near-term uncertainty around U.S. tariff implications, the company has delivered an exemplary performance driven by robust topline growth and increasing w...
ASK Automotive Ltd – Meets Expectations; ALPS & Aftermarket to Drive Growth | MNCL Research Company Update
We retain ACCUMULATE on ASK Automotive while lowering our target price to Rs 525. The lowering of TP follows downward revision in our revenue and margin estimates, partially offset by valuation rollover. ASK delivered a strong Q2, broadly in line wit...
Sundram Fasteners Ltd. - Steady Domestic Momentum Offsets Export Weakness; upgrade to Accumulate - Company Update
We increase target price to Rs 1085 (previously Rs1030) and upgrade our rating to Accumulate for Sundram Fasteners Ltd. (SFL) due to steep correction in share price. Increase in TP is mainly due to valuation roll forward. SFL’s performance in 2QFY2...
JNK India Ltd – End of Overhang, Execution to Drive Growth | Q2FY26
Our interaction with JNK India led to the following conclusions: JNK India’s legacy low-margin orders (NRL, IOCL) delayed by site and client issues are expected to conclude largely by Q2FY26, with minor spillover into Q3FY26. From Q3FY26, high-marg...
Ratnamani Metals and Tubes Ltd. - Subsidiaries outperform | Company Update
We increase target price to Rs 2710 (previously 2690) and upgrade to Accumulate rating. Increase in target price is due to valuation roll forward. In 2QFY26, the core pipes business saw modest growth as strong offtake was offset by weak realizations....
