Just when steelmakers are crying about Chinese dumping and cement guys are blaming the monsoon, RHI Magnesita India Limited decided to casually post its highest-ever quarterly revenue. ₹1,035 crore in Q2FY26—because why not flex when everyone else is tightening belts?
Management opened the call with safety sermons, macro optimism, and enough confidence to suggest margins will “come back soon.” Of course, margins are currently under pressure, competition is brutal, and customers are squeezing suppliers like lemons—but don’t worry, “recipe optimization” is on the way.
Steel is struggling, cement is weather-dependent, imports are annoying, and pricing power is selective at best. Yet, RHI claims it’s gaining market share everywhere that matters. Is this genuine resilience or just good storytelling backed by volume growth?
Stick around. The optimism sounds expensive, the numbers tell a mixed story, and the real drama unfolds once analysts start poking holes.
2. At a Glance
Revenue ₹1,035 Cr (+19% YoY) – Highest ever, volumes did the heavy lifting.
Shipment Volume 141 KT (+18% YoY) – More trucks, same margin headaches.
EBITDA ₹111 Cr (10.7%) – Grew QoQ, still far from glory days.
PAT ₹38 Cr (+9% QoQ) – Profits moving, but at walking speed.
Net Debt/EBITDA 0.45x – Balance sheet calm, working capital noisy.
Steel + Cement = ~94% revenue – Diversification still aspirational.
3. Management’s Key Commentary
“We achieved the highest-ever quarterly revenue of ₹1,035 crore.” (Volumes saved the day; margins politely stayed out of the photo 😏)
“Market share gains across all business segments.” (Everyone is fighting on price, but RHI brought better armor)
“Margins are under pressure due to industry-wide headwinds.” (Translation: competitors are selling at ‘please buy’ prices)
