India · Delayed Price · Currency is INR RHI Magnesita India Earnings Call Transcripts
Fiscal Year 2026
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Record FY 2026 revenue and strong cash flow were achieved despite industry headwinds, with EBITDA margin guidance set at 13% for FY 2027. Growth is driven by technology, integrated solutions, and major project wins, while risks include overcapacity and cost inflation.
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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 achieved, but margins remain under pressure from raw material costs and competition. Full-year EBITDA margin is guided at 13%-14%, with margin recovery expected as inventory costs normalize and product mix improves.
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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% amid rising input costs and competitive pressures. Management expects 8%-10% volume growth and margin improvement from Q2 FY2026, supported by cost optimization and price increases.
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Record quarterly revenue above INR 1,000 crores was achieved, driven by shipment growth and market share gains, despite margin pressure from high raw material costs and competitive pricing. Margin recovery to 15% is targeted from Q2 FY2026, with ongoing focus on cost control and strategic expansion.
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Revenue and margins faced pressure from lower realizations and rising raw material costs, but operational efficiencies and a strong order book in iron making supported resilient performance. Management maintains a 15% EBITDA margin guidance and expects volume growth to outpace the industry.
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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.