India · Delayed Price · Currency is INR RHI Magnesita India Earnings Call Transcripts
Fiscal Year 2026
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Record Q3 FY26 revenue and margins driven by improved product mix, operational excellence, and disciplined capital management. Market share remains strong in steel and cement, with cautious optimism for margin sustainability amid industry overcapacity and competition.
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Record Q2 revenue and shipment growth were driven by strong steel and cement demand, but margins remain under pressure from raw material costs and competition. Full-year EBITDA margin is guided at 13%-14%, with ongoing CapEx and product innovation expected to support future growth.
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Q1 FY26 saw 9% revenue and 13% shipment growth, with improved EBITDA margin and strong cash flow. Margin recovery is expected as input costs normalize and price hikes take effect, while strategic investments and modernization continue to drive market share gains.
Fiscal Year 2025
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Revenue declined 2.8% year-on-year to INR 3,675 crores in FY2025, with EBITDA margin softening to 13.7% due to input cost pressures and market commoditization. Management expects margin and volume growth recovery from Q2 FY2026, supported by CapEx, price increases, and product innovation.
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Achieved record quarterly revenue above INR 1,000 crores, with strong shipment growth and improved working capital metrics despite margin pressure from raw material costs and pricing challenges. Iron-making and refractory management segments showed robust growth, and the company targets a return to 15% EBITDA margin by Q2 FY2026.
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Revenue and margins declined year-over-year due to market and raw material pressures, but operational efficiencies improved EBITDA margin and reduced net debt. Growth is expected in H2 FY25 from new project commissioning, with a sustainable margin target of 15% maintained.
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Q1 FY25 saw record operating margins and strong cash flow, with revenue at INR 878 crore and EBITDA at INR 157 crore. Despite volume declines and supply chain headwinds, sustainable EBITDA margin guidance is raised to 15%+, supported by operational improvements and robust order momentum in ironmaking.