RHI Magnesita India Limited (BSE: 534076 | NSE: RHIM)

Quick Facts / Company Snapshot

• Company Name: RHI Magnesita India Limited
• BSE Stock Code: 534076
• NSE Stock Code: RHIM
• ISIN: INE743M01012
• Corporate Identity Number (CIN): L28113MH2010PLC312871
• Consolidated Revenue from Operations (FY25): ₹367,449.50 Lakhs
• Standalone Revenue from Operations (FY25): ₹289,186.01 Lakhs
• Consolidated Profit After Tax (FY25): ₹20,251.28 Lakhs
• Standalone Profit After Tax (FY25): ₹22,300.29 Lakhs
• Consolidated Profit before finance cost, depreciation, amortization, exceptional items and taxes (FY25): ₹50,515.27 Lakhs
• EBITDA Margin: 13.7%
• Adjusted Earnings Per Share (EPS): ₹9.80
• Consolidated Operating Cash Flow: ₹37,308.32 Lakhs
• Capital Expenditure (CAPEX): ₹11,768 Lakhs (₹1,177 Mn.)
• Net Debt to EBITDA Ratio: 0.3x
• Total Assets (Consolidated): ₹517,579.65 Lakhs
• Total Equity (Consolidated): ₹399,861.53 Lakhs
• Total Workforce: Over 6,300 employees
• CSR Investment (FY25): ₹683.62 Lakhs
• Registered Office: Mumbai, Maharashtra, India
• Corporate Office: Gurugram, Haryana, India

Company overview

RHI Magnesita India Limited stands as the undisputed market leader in the Indian refractory industry, controlling an impressive roughly 30% share of the domestic market. The enterprise supplies premium and end-to-end refractory products, systems, and customized solutions that are absolutely essential for high-temperature industrial processes. The company caters to critical core sectors such as iron, steel, cement, non-ferrous metals, glass, copper, aluminium, and minerals. The products manufactured by the company are fundamental to the safe and highly efficient functioning of industries where operating temperatures consistently exceed 1,200°C.

• The business is perfectly aligned with India’s aggressive infrastructure targets, positioning it as a major contributor to national industrial growth.
• Persistent investments in technology, digital solutions, and 4PRO service offerings have transformed traditional refractory supply into comprehensive total management contracts.

Headquartered in Gurugram, Haryana, the organization operates a massive infrastructure footprint that includes eight state-of-the-art manufacturing plants, over 25 critical project sites, and a world-class Research and Development (R&D) center. The entire operation is supported by a dedicated workforce of more than 6,300 employees spread across all Indian legal entities. By prioritizing sustainable business practices, the organization emphasizes circular economy initiatives, achieving a 15% increase in secondary raw material usage, and pursuing ambitious net-zero commitments. Through disciplined execution, the enterprise continuously adapts to shifting market dynamics, geopolitical uncertainties, and raw material inflation, maintaining its overarching vision to remain the most reliable partner for refractory solutions within the domestic and international markets.

Business segments

The enterprise operates through two highly specialized primary divisions, ensuring that deep industry expertise is leveraged to deliver tailored, high-performance solutions that meet the unique operational needs of each sector.

Steel Division

The Steel Division is the dominant revenue driver for the company, accounting for approximately 80% of the entire business operations. This division is tasked with delivering incredibly advanced refractory solutions that are essential for the extremely demanding conditions of steelmaking, where furnace temperatures reach around 1,760°C. The operational scope is vast, covering the complete lifecycle of refractory products and comprehensive solutions tailored for both integrated mini steel plants and induction plants. The division successfully expanded its market share in blast furnace applications and secured new, lucrative projects by optimizing its product range and solution offerings. Furthermore, the division plays a crucial role in the upstream steel value chain, notably participating in the commissioning of India’s first large-scale 5 MTPA pellet plant and securing a Letter of Intent for a second line.

• Refractory management service contracts formed a significant portion of the division’s revenue, contributing approximately 33.33% (one-third) of the revenue during the fiscal year.
• The total consolidated revenue for the enterprise was ₹367,449.50 Lakhs. Based on the 80% stated contribution, the Steel Division generated approximately ₹293,959.60 Lakhs (80.00% of Total Revenue).

Industrial Division

The Industrial Division caters to a diversified industrial segment and accounts for approximately 20% of the company’s business. This segment serves sectors including cement, lime, non-ferrous metals, chemicals, energy, and glass. The operational scope here is distinct from the steel division due to the varying replacement cycles of the refractory materials. In the cement and lime industries, the company provides critical materials for annual maintenance shutdowns to replace rotary kiln refractories. Conversely, for the non-ferrous metals and glass sectors, the replacement of refractories for lined equipment is required far less frequently, often only once every decade, due to the extreme longevity and durability of the specialized installations provided by the company.

• The total consolidated revenue for the enterprise was ₹367,449.50 Lakhs. Based on the 20% stated contribution, the Industrial Division generated approximately ₹73,489.90 Lakhs (20.00% of Total Revenue).

History and evolution

The enterprise has built an extraordinary legacy characterized by bold adaptation, strategic foresight, and relentless commitment to immense value creation. Marking its 15th year of operations during the 2024-25 fiscal period, the organization has evolved from a traditional refractory manufacturer into a highly sophisticated, integrated solutions provider. RHI Magnesita India Limited was originally born out of the strategic integration of three Indian subsidiaries belonging to the global RHI Magnesita Group: RHI Clasil, RHI India, and Orient Refractories Ltd.

• The subsequent, highly successful acquisitions of the refractory businesses of Hi-Tech Chemicals and Dalmia Bharat Refractories were pivotal in building the current market leader, enabling the enterprise to serve the end-to-end needs of its diverse customer base.
• The evolution is distinctly marked by a transition from merely producing goods to delivering high-value solutions. Increasing attention on lifecycle management, circular economy practices, and end-to-end supply chain digitization has set entirely new benchmarks for efficiency.

The establishment of state-of-the-art research and development centers, alongside seamless global technology transfers, showcases the ongoing commitment to pioneering next-generation refractory technologies. The foundational culture is deeply embedded with unyielding resilience, allowing the entity to weather global macroeconomic disruptions and effectively transform complex challenges into highly profitable avenues for innovation and expansion.

Products and services

The company’s comprehensive portfolio is meticulously tailored to support the rigorous demands of high-temperature manufacturing.

High-Performance Refractory Products

The foundation of the product portfolio consists of specialized materials designed for extreme thermal and mechanical stress. The extensive product line includes slide gates, Submerged Entry Nozzle (SEN) tubes, tundish linings, purging plugs, tap hole clays, magnesia and alumina-based bricks, and specialized mixes. Furthermore, the portfolio features high-performance specialty items such as isostatic products and slide gate systems, catering directly to a broad base of domestic and global customers.

• Key innovations included the development of specialized products such as SHP stoppers, SEN slag bands, magnesia-spinel-carbon grades, and Solbonded castables.
• The company successfully expanded the use of secondary raw materials by 15%, driven by a strategic focus on prioritizing products with high recycled content.

Total Refractory Management and Digital Services (4PRO)

Complementing the physical product approach, the 4PRO model is the company’s elite, integrated solutions platform that goes far beyond simple refractory product supply. It offers cutting-edge automation, digital tools, and process consultation in critical areas such as connectivity, continuous supervision, CO2 reduction, and the circular economy. This service includes the deployment of advanced solutions like LES scanning for cement rotary kilns and robotics for the steel casting area at Indian Steel Plants. Notably, the company introduced the first robotics in India within the steel casting area of a steel plant, firmly cementing its position as the premier provider of advanced refractory solutions.

• During the fiscal year, the company executed highly complex blast furnace hearth repairs utilizing innovative robotic stack shotcrete methods.
• The service teams achieved milestone results, such as executing rapid 3-month turnkey projects for 12 MW incineration boilers, supplying and installing 550 MT of castable refractories.

(Note: Specific revenue breakdowns for individual products and services beyond the divisional split of 80% Steel and 20% Industrial are not explicitly disclosed as separate monetary values in the provided text.)

Brand portfolio

The organization operates under the globally recognized and highly respected “RHI Magnesita” brand architecture, which represents unmatched quality, unseen innovation, and unyielding resilience. While the company manufactures a vast array of specific refractory mixtures and products, the overarching brand strategy emphasizes total, integrated solutions.

4PRO

The “4PRO” service brand represents the absolute pinnacle of digital and automated refractory management. It is an integrated solutions platform designed to take a holistic approach covering ‘Planet, People, Partnership, and Performance.’ Due to the massive potential benefits captured by improving refractory performance through 4PRO, the company approaches customers with a much higher level of strategic engagement, rather than just acting as a supplier of commoditized consumable items.

The Supermarket of Refractories

This conceptual brand approach highlights the incredibly diverse and comprehensive range of available innovations. It was prominently featured at major industry events like METEC India 2024, captivating visitors by showcasing the sheer breadth of the company’s product and digital solution capabilities.

Geographical presence

The enterprise maintains a truly formidable domestic footprint, meticulously designed to ensure strategic proximity to key industrial hubs, alongside a strategic international export presence.

Domestic Manufacturing Network (India)

The manufacturing infrastructure spans multiple states, strategically located near major steel and cement production centers. This ‘Local-for-Local’ manufacturing strategy emphasizes domestic value creation and supply chain resilience. The company operates eight modern manufacturing plants with a total installed capacity of 512 kt.

• Bhiwadi Plant: Located at SP-148 A+B, RIICO Industrial Area, Bhiwadi, Rajasthan – 301019. This plant houses the state-of-the-art Research and Development Center.
• Jamshedpur Plant: Positioned at M-20 (P), VIth Phase, Industrial Area, Gamharia, Jamshedpur, Jharkhand – 832108. A newly established Centre of Excellence is located here, equipped with highly automated taphole clay and castable lines.
• Visakhapatnam Plant: Located at Survey No. 255, 256, 303, 305, Venkatapuram, Munagapaka Mandal, Visakhapatnam, Andhra Pradesh – 531021.
• Cuttack Plant: Situated at Village-Bainchua, Damaka Village Road, Thana-Tangi, Cuttack, Odisha – 754022.
• Rajgangpur Plant: Located in Sundargarh, Rajgangpur, Odisha – 770017.
• Katni Plant: Positioned at Plot No. 8 and 13, Lamtara Phase III Industrial Area, Chaka Bypass, Lamtara, Katni, Madhya Pradesh – 483501.
• Dalmiapuram Plant: Located at Dalmiapuram, Lalgudi P.O. Kallakudi, Dist. Tiruchirapalli, Tamil Nadu – 621651.
• Khambalia Plant: Situated at P.O. Box 10, Jam-Khambalia, Dist. Devbhumi Dwarka, Gujarat – 361305.

Corporate and Regional Offices

• Registered Office: Unit No. 705, 7th Floor, Lodha Supremus, Kanjurmarg Village Road, Kanjurmarg (East), Mumbai, Maharashtra – 400 042.
• Corporate Office: 19th & 20th Floor, DLF Square, M-Block, Phase II, Jacaranda Marg, DLF City, Gurugram, Haryana – 122002.
• New Regional Office: Recently inaugurated in Kolkata to enhance regional accessibility and customer service, featuring the latest accessibility, safety, and sustainability features.

Financial performance analysis

The 2024-25 fiscal year demonstrated exceptional financial resilience and a massive turnaround in profitability amidst a highly challenging macroeconomic environment characterized by input cost inflation and commoditization pressures.

• The Consolidated Revenue from Operations reached ₹367,449.50 Lakhs for the fiscal year.
• The company achieved a massive 302% turnaround in profitability, recording a consolidated Profit After Tax (PAT) of ₹20,251.28 Lakhs, compared to a loss in the previous year.

Through highly disciplined working capital management, the organization successfully reduced its net debt by an impressive 53%. This strategic deleveraging brought the net debt to EBITDA ratio down to a highly comfortable 0.3x. The consolidated operating profit stood strong at ₹47,908.22 Lakhs, while the profit before finance cost, depreciation, amortization, exceptional items, and taxes reached ₹50,515.27 Lakhs. The operating margins softened slightly to 13.7% from 14.7% in the previous fiscal year, directly reflecting the impact of raw material inflation and realization pressures. However, through robust cost optimization measures, the absolute profitability was protected and significantly enhanced.

Profit and loss analysis

The following tables detail the comprehensive Profit and Loss performance on both a Standalone and Consolidated basis for the financial year ended March 31, 2025.

Standalone Statement of Profit and Loss

Particulars	Year ended March 31, 2025 (₹ in Lakhs)	Year ended March 31, 2024 (₹ in Lakhs)
Income
Revenue from operations	289,186.01	282,409.45
Other income	525.54	742.89
Total income	289,711.55	283,152.34
Expenses
Cost of materials consumed	105,997.58	99,328.07
Purchases of stock-in-trade	86,412.08	64,491.48
Changes in inventories of finished goods, stock-in-trade and work-in-progress	(11,380.14)	11,072.11
Employee benefits expense	24,961.99	23,059.01
Finance costs	1,071.77	1,603.10
Depreciation and amortisation expense	7,715.33	6,814.85
Other expenses	44,846.60	42,406.30
Total expenses	259,625.21	248,774.92
Profit before exceptional items and tax	30,086.34	34,377.42
Exceptional item (Impairment of investment in a subsidiary)	–	30,936.00
Profit before tax	30,086.34	3,441.42
Total tax expense	7,786.05	8,978.94
Profit/(Loss) for the year	22,300.29	(5,537.52)
Total comprehensive income/(loss) for the year	22,269.78	(5,543.24)
Basic earnings/(loss) per equity share (₹)	10.80	(2.69)

Consolidated Statement of Profit and Loss

Particulars	Year ended March 31, 2025 (₹ in Lakhs)	Year ended March 31, 2024 (₹ in Lakhs)
Income
Revenue from operations	367,449.50	378,110.40
Other income	2,607.05	1,096.26
Total income	370,056.55	379,206.66
Expenses
Cost of materials consumed	151,675.53	141,876.93
Purchases of stock-in-trade	78,413.71	68,984.61
Changes in inventories of finished goods, stock-in-trade and work-in-progress	(11,651.44)	12,932.82
Employee benefits expense	38,353.82	37,437.36
Finance costs	4,257.25	6,415.32
Depreciation and amortisation expense	19,992.21	18,248.56
Other expenses	62,749.66	62,284.02
Total expenses	343,790.74	348,179.62
Profit before exceptional items and tax	26,265.81	31,027.04
Exceptional item (Impairment loss of Goodwill)	–	32,577.63
Profit / (Loss) before tax	26,265.81	(1,550.59)
Total tax expense	6,014.53	8,460.35
Profit / (Loss) for the year	20,251.28	(10,010.94)
Total comprehensive income/(loss) for the year	20,172.82	(10,143.46)
Basic earnings/(loss) per share (₹)	9.81	(4.88)

• The Consolidated EBITDA Margin was recorded at 13.7% for the fiscal year.
• The Adjusted Earnings Per Share (EPS) stood at ₹9.80.

Balance sheet analysis

The Balance Sheet exhibits a highly robust and solvent financial position, characterized by a massive asset base and a conservative liability profile.

Standalone Balance Sheet

Particulars	As at March 31, 2025 (₹ in Lakhs)	As at March 31, 2024 (₹ in Lakhs)
Assets
Total non-current assets	295,694.88	295,308.63
Total current assets	178,352.09	166,965.08
Total assets	474,046.97	462,273.71
Equity and liabilities
Total Equity	407,545.86	390,159.45
Total non-current liabilities	6,550.29	5,735.42
Total current liabilities	59,950.82	66,378.84
Total liabilities	66,501.11	72,114.26
Total equity and liabilities	474,046.97	462,273.71

Consolidated Balance Sheet

Particulars	As at March 31, 2025 (₹ in Lakhs)	As at March 31, 2024 (₹ in Lakhs)
Assets
Property, plant and equipment	63,938.75	65,062.70
Right-of-use assets	21,691.32	21,955.51
Capital work-in-progress	6,333.39	4,875.94
Goodwill	86,717.12	86,717.12
Other intangible assets	100,621.68	106,777.57
Financial assets & Deferred tax assets	5,151.42	3,292.61
Other non-current assets	2,712.91	3,055.39
Total non-current assets	287,166.59	291,736.84
Inventories	107,355.08	90,531.84
Trade receivables	73,297.27	81,690.50
Cash and cash equivalents	9,674.80	5,003.29
Bank balances other than above	245.52	322.71
Other financial assets	516.54	169.54
Contract assets	24,652.83	25,219.68
Other current assets	14,671.02	16,879.31
Total current assets	230,413.06	219,816.87
Total assets	517,579.65	511,553.71
Equity and liabilities
Equity share capital	2,065.01	2,065.01
Other equity	397,796.52	382,507.07
Total Equity	399,861.53	384,572.08
Non-current Borrowings	21,548.24	23,707.56
Lease liabilities	12,465.64	11,491.22
Provisions	288.64	1,331.75
Deferred tax liabilities (net)	2,099.79	1,813.04
Other non-current liabilities	270.82	190.77
Total non-current liabilities	36,673.13	38,534.34
Current Borrowings	3,035.33	12,550.91
Lease liabilities	924.81	915.95
Trade payables	62,165.38	57,781.47
Other financial liabilities	4,637.97	6,374.75
Contract liabilities	1,131.08	797.72
Other current liabilities	5,136.79	7,311.54
Provisions	4,013.63	2,712.30
Current tax liabilities	–	2.65
Total current liabilities	81,044.99	88,447.29
Total liabilities	117,718.12	126,981.63
Total equity and liabilities	517,579.65	511,553.71

The consolidated balance sheet structure clearly indicates a highly solvent entity. The significant reduction in short-term current borrowings, dropping from ₹12,550.91 Lakhs to ₹3,035.33 Lakhs, highlights the monumental success of the organization’s internal cash generation strategies and working capital management.

Cash flow analysis

The cash flow statement illustrates a highly cash-generative business model, immensely capable of funding its own aggressive growth trajectory while simultaneously rewarding shareholders.

• Operating Cash Flow: The operating cash flow witnessed a robust improvement, reaching ₹37,308.32 Lakhs for the fiscal year.
• Cash Returned to Shareholders: The company returned ₹5,162.54 Lakhs (₹516 Mn.) to its shareholders through consistent dividend payments.
• Investing Activities: The net cash outflow from investing activities reflects the company’s continuous investments in capacity expansion, research, and property, plant, and equipment, demonstrating a clear focus on future growth.
• Financing Activities: The financing activities underscore a strict commitment to debt reduction, with significant repayments of current borrowings executing a 53% reduction in net debt.

Board of directors and leadership team

The governance framework is steered by a highly distinguished Board of Directors, bringing together decades of unparalleled industry expertise, strategic vision, and rigorous operational acumen.

• Parmod Sagar (Chairman, Managing Director & CEO): With more than three decades of extensive experience serving the steel and refractory industry, he initiated his career as a mechanical engineer in the steel sector. Joining the organization in 1992 as Manager – Technical Marketing, he ascended to his current role where he orchestrates the overarching strategic direction. He is also the Regional President of the India, West Asia, Africa Business Unit. His total remuneration for FY25 was ₹555.02 Lakhs.
• Azim Syed (Whole Time Director & Chief Financial Officer): Appointed as Head of Finance for India in April 2024, he brings profound expertise in global supply chain management, integrated business planning, and expansive digital transformation. He leverages his detailed knowledge of financial planning and operations to drive competitive advantage. His total remuneration for FY25 was ₹439.23 Lakhs.
• Nazim Sheikh (Independent Director): A metallurgical engineer possessing over 44 years of varied experience in ferroalloys, manganese, and iron ore mining operations. He previously served as the Managing Director of Sandur Manganese & Iron Ores Ltd., playing a key role in strategizing massive capacity expansions.
• Sonu Chadha (Independent Director): An entrepreneur with over 25 years of vast experience in managing all aspects of expansive business operations. She is the Founder Director of Impressions Services Pvt. Ltd.
• Kamal Sarda (Independent Director): A prominent figure in the manufacturing industry with approximately 35 years of professional experience, primarily within the refractory sector. He has previously held roles including CEO, COO, and CFO in leading manufacturing entities.
• Priyabrata Panda (Independent Director): A distinguished veteran of the refractory industry bringing over four decades of unparalleled expertise. He previously served as Managing Director of TRL Krosaki Refractories Limited until his retirement in 2024.
• Gustavo Lucio Goncalves Franco (Non-Executive Director): Having joined Magnesita in 2001, he possesses vast international experience across South America, North America, and Europe. Since 2022, he has served as Regional President, responsible for regional P&Ls and Global Business Units.
• Ticiana Kobel (Non-Executive Director): An Executive Vice President, Legal & Digital Transformation in RHI Magnesita N.V. She boasts extensive legal experience in a wide range of global businesses, leading legal departments in complex manufacturing and aviation sectors.
• Sanjay Kumar (Company Secretary): Serving as the key compliance officer, overseeing statutory compliance and corporate governance. His total remuneration for FY25 was ₹44.37 Lakhs.

Subsidiaries, associates, joint ventures

The organizational structure is bolstered by highly strategic subsidiaries that contribute significantly to the consolidated performance, localized manufacturing capabilities, and extended market reach.

RHI Magnesita India Refractories Limited

A highly crucial wholly-owned subsidiary (100% ownership) acting as a massive operational arm. This entity manages substantial critical assets and contributes heavily to the overarching manufacturing capabilities of the entire group.

• Total Assets as of March 31, 2025: ₹230,440.14 Lakhs.
• Total Turnover: ₹87,370.73 Lakhs (23.77% of Total Consolidated Revenue).
• Total Liabilities: ₹54,970.72 Lakhs.

RHI Magnesita Seven Refractories Limited

A critical step-down wholly-owned subsidiary (100% ownership through RHI Magnesita India Refractories Limited) that significantly expands the specialized product portfolio and market penetration capabilities.

• Total Assets as of March 31, 2025: ₹6,927.11 Lakhs.
• Total Turnover: ₹12,726.25 Lakhs (3.46% of Total Consolidated Revenue).
• Total Liabilities: ₹3,573.59 Lakhs.

Intermetal Engineers (India) Private Limited

A wholly-owned subsidiary (100% ownership) providing highly specialized engineering support and custom component manufacturing, absolutely essential for executing comprehensive, end-to-end refractory installations.

• Total Assets as of March 31, 2025: ₹1,750.20 Lakhs.
• Total Turnover: ₹611.76 Lakhs (0.16% of Total Consolidated Revenue).
• Total Liabilities: ₹90.19 Lakhs.

Physical properties (offices, plants, factories, etc.)

The corporate infrastructure is meticulously designed to support expansive manufacturing, cutting-edge research, and seamless administrative functions across the nation.

• Registered Office: Unit No. 705, 7th Floor, Lodha Supremus, Kanjurmarg Village Road, Kanjurmarg (East), Mumbai, Maharashtra – 400 042.
• Corporate Office: 19th & 20th Floor, DLF Square, M-Block, Phase II, Jacaranda Marg, DLF City, Gurugram, Haryana – 122002.
• New Regional Office (Kolkata): Recently inaugurated to enhance regional accessibility.
• Bhiwadi Plant & R&D Center: SP-148 A+B, RIICO Industrial Area, Bhiwadi, Dist.-Alwar, Rajasthan – 301019.
• Jamshedpur Plant: M-20 (P), VIth Phase, Industrial Area, Gamharia, Jamshedpur, Jharkhand – 832108.
• Visakhapatnam Plant: Survey No. 255, 256, 303, 305, Venkatapuram, Munagapaka Mandal, Visakhapatnam, Andhra Pradesh – 531021.
• Cuttack Plant: Village-Bainchua, Damaka Village Road, Thana-Tangi, Cuttack, Odisha – 754022.
• Rajgangpur Plant: Sundargarh, Rajgangpur, Odisha – 770017.
• Katni Plant: Plot No. 8 and 13, Lamtara Phase III Industrial Area, Chaka Bypass, Lamtara, Katni, Madhya Pradesh – 483501.
• Dalmiapuram Plant: Dalmiapuram, Lalgudi P.O. Kallakudi, Dist. Tiruchirapalli, Tamil Nadu – 621651.
• Khambalia Plant: P.O. Box 10, Jam-Khambalia, Dist. Devbhumi Dwarka, Gujarat – 361305.

Founders

The current formidable corporate entity represents a highly sophisticated amalgamation of legacy refractory businesses, deeply integrated into a massive global corporate framework. The foundational roots stem from strategic, high-value acquisitions and the successful unification of premier domestic refractory manufacturers, such as Orient Refractories Limited and the refractory divisions of Dalmia Bharat. This evolutionary genesis underscores a foundation built on consolidated, multi-generational industry expertise rather than singular individual proprietorship.

Shareholding pattern

The ownership structure reflects a massive backing from international corporate promoters, coupled with a well-diversified public and institutional shareholder base. The total number of issued, subscribed, and fully paid-up equity shares stands at 206,501,426.

• Promoters and Promoter Group Holding: 115,792,526 shares, representing a formidable 56.07% of the total equity.
• Dutch US Holding B.V., Netherlands: Holds 82,667,832 shares (40.03%).
• Dalmia Bharat Refractories Limited: Holds 27,020,000 shares (13.08%).
• Dutch Brasil Holding B.V., Netherlands: Holds 20,620,887 shares (9.99%).
• VRD Americas B.V., Netherlands: Holds 12,503,807 shares (6.06%).
• Mutual Funds: Hold 26,074,061 shares (12.62%).
• Bodies Corporate / Trust: Hold 29,228,758 shares (14.15%).
• Indian Public, HUF and Others: Hold 19,566,472 shares (9.48%).

Parent

The ultimate strategic direction, financial backing, and high-level technological support are derived from the broader global corporate network. The immediate promoter entities, including Dutch US Holding B.V., Dutch Brasil Holding B.V., and VRD Americas B.V., act as the primary holding structures, operating under the ultimate holding company RHI Magnesita N.V., Austria. These entities flawlessly facilitate seamless integration with global research, development, and massive supply chain networks, providing the Indian entity with unparalleled access to international best practices and highly advanced material science formulations.

Investments and capital expenditure plans

The strategic, highly disciplined deployment of capital is rigorously focused on expanding capacity, dramatically enhancing technological capabilities, and driving sustainability initiatives.

• During the fiscal year, a robust capital expenditure (CAPEX) of ₹11,768 Lakhs (₹1,177 Mn.) was aggressively executed.
• The company successfully increased its Research and Development (R&D) spending by an impressive 40%, directly facilitating advanced technology transfer from global operations.

Investments are heavily directed toward the establishment of new Centres of Excellence, such as the facility in Jamshedpur equipped with highly automated taphole clay and castable lines. Significant capital is also continually earmarked for modernizing existing facilities to optimize energy consumption and automate complex supply chain processes, ensuring long-term operational superiority.

Future strategy

The management’s strategic roadmap for the upcoming fiscal periods is characterized by a highly aggressive, balanced focus on massive market expansion, operational agility, and long-term stakeholder value creation.

• Segment Expansion: Aggressively expanding the presence in high-growth verticals such as iron making, Direct Reduced Iron (DRI), and pellet applications.
• Service Scaling: Rapidly expanding the highly successful 4PRO comprehensive refractory management models to significantly deepen customer lifecycle engagement and secure long-term, high-value contracts.
• Product Innovation: Launching a comprehensive, advanced pipeline of new offerings, specifically including next-generation magnesia-spinel-carbon grades tailored for evolving industrial needs.
• Sustainability Integration: Achieving the ambitious goal of becoming the first refractories company to entirely disclose the CO2 footprint of over 2,000,000 products, while aggressively increasing the use of secondary raw materials to 15%.

Key strengths

The organization possesses an incredible array of formidable strengths that absolutely solidify its market leadership and ensure sustained, massive profitability.

• Expansive Manufacturing Footprint: Dominant market leadership with a ~30% share, supported by eight strategically located plants and an installed capacity of 512 kt, providing immense logistical advantages.
• 4PRO Business Model: A highly strategic, integrated solutions platform that completely transforms traditional supply models into high-margin, automated, end-to-end management contracts.
• Unmatched Innovation Pipeline: A massive 40% increase in R&D investment ensures continuous delivery of advanced, localized refractory solutions, heavily supported by the global expertise of the parent group.
• Operational Excellence: Industry-leading safety metrics (LTIF of 0.05 and TRIF of 0.15) and highly disciplined working capital management resulting in a 53% reduction in net debt.

Key challenges and risks

Operating within a highly dynamic, immensely resource-intensive sector, the organization proactively identifies and rigorously manages a massive spectrum of inherent risks.

• Raw Material Volatility: The continuous, aggressive fluctuation in global raw material costs (like magnesite and bauxite) poses a persistent, severe threat to operating margins.
• Import and Pricing Pressure: The domestic market experiences significant, intense pressure from cheaper international imports, particularly from China, necessitating extremely aggressive strategic pricing and cost control mechanisms.
• Cyclical Nature of Business: The entire business remains highly vulnerable to macroeconomic demand fluctuations in core sectors like cement and steel, which are tied directly to capital expenditure cycles.
• Policy Gaps: The critical lack of dedicated government policies or sector-specific incentives for the refractory industry severely limits external support for R&D and raw material security.

Conclusion and strategic outlook

RHI Magnesita India Limited has conclusively and overwhelmingly demonstrated its incredible capacity to thrive amidst extreme complexity. The 2024-25 fiscal year stands as an undeniable testament to the organization’s unyielding resilience, highlighted by a massive 302% profitability turnaround, record cash flows of ₹37,308.32 Lakhs, and significantly strengthened, highly robust balance sheet metrics. By continuously integrating cutting-edge digital solutions with absolutely unparalleled material science expertise, the enterprise is flawlessly positioned to capitalize on the massive anticipated growth within the domestic infrastructure and industrial sectors. The steadfast, unyielding commitment to a ‘safety first’ culture, coupled with incredibly aggressive sustainability and circular economy initiatives, guarantees that the organization will continue to generate immense, sustainable value for all stakeholders while unquestionably spearheading the evolution of the global refractory industry.

FAQ section

1. What is the primary business of RHI Magnesita India Limited?

The company specializes in manufacturing and trading highly advanced refractory products, monolithics, bricks, and providing incredibly comprehensive total refractory management services essential for high-temperature industrial processes.

2. Where is the corporate office located?

The corporate office is situated at the 19th & 20th Floor, DLF Square, M-Block, Phase II, Jacaranda Marg, DLF City, Gurugram, Haryana – 122002.

3. What was the consolidated revenue for FY 2024-25?

The consolidated revenue from operations reached a massive ₹367,449.50 Lakhs for the fiscal year.

4. What was the net debt reduction achieved during the year?

Through highly disciplined working capital management, the company successfully reduced its net debt by an impressive 53%, achieving a ratio of 0.3x.

5. How much did the company invest in capital expenditure (CAPEX)?

The company aggressively executed a robust capital expenditure of ₹11,768 Lakhs (₹1,177 Mn.) during the fiscal year.

6. What is the “4PRO” service?

4PRO is the company’s elite, advanced service offering that provides total refractory management solutions utilizing cutting-edge digital technologies, automation, and predictive maintenance.

7. Who is the Chairman and Managing Director?

Mr. Parmod Sagar serves as the Chairman, Managing Director & CEO of the company.

8. What was the total amount spent on Corporate Social Responsibility (CSR)?

The company invested exactly ₹683.62 Lakhs in various high-impact CSR initiatives during the fiscal year.

9. How did the company perform in terms of Profit After Tax (PAT)?

The company achieved a massive 302% turnaround, recording a consolidated Profit After Tax (PAT) of ₹20,251.28 Lakhs.

10. Is the company investing in sustainability?

Absolutely, the company is heavily investing in circular economy initiatives, successfully increasing the use of secondary raw materials by 15%, and pursuing incredibly ambitious net-zero commitments.

Official Site: https://www.rhimagnesitaindia.com/

Source: Content on FirmsWorld.com is based on publicly available corporate filings, regulatory disclosures, annual reports, SEC 10-K filings, investor relations materials, and, where applicable, direct communications with the company.