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Swing Capital

RHI Magnesita India Ltd

NSE: RHIM BSE: 534076Metal

RHI Magnestia India ltd earlier known as Orient Refractories Limited (ORL) is in the business of manufacturing and marketing special refractory products, systems and services to the steel industry in India and Globally. It is a market leader for special refractories in India and has many global customers for its international quality products.[1]

₹380
52W: ₹323 — ₹538
PE 40.6 · Book ₹199 · +91% vs book
Market Cap₹7,848 Cr
Stock P/E40.6Price to Earnings
ROCE7.71%Return on Capital
ROE5.62%Return on Equity
Div. Yield0.67%Face Value ₹1

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company's median sales growth is 16.3% of last 10 years

Weaknesses

  • −Company has a low return on equity of -0.39% over last 3 years.
  • −Promoter holding has decreased over last 3 years: -4.04%
  • −Working capital days have increased from 90.2 days to 140 days

Shareholding Pattern

Promoters56.07%
FIIs4.38%
DIIs13.46%
Public26.08%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters56.07%56.07%56.07%56.07%56.07%56.07%56.07%56.07%
FIIs4.74%5.16%▲0.45.01%▼0.24.99%▼0.05%▲0.05.01%▲0.04.64%▼0.44.38%▼0.3
DIIs12.8%12.35%▼0.512.65%▲0.312.97%▲0.312.54%▼0.412.39%▼0.112.78%▲0.413.46%▲0.7
Public26.4%26.43%▲0.026.27%▼0.225.96%▼0.326.37%▲0.426.52%▲0.126.5%▼0.026.08%▼0.4

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales718692736701661774755805862903
Expenses616603609573574678683723785789
Operating Profit102901281288797738277114
OPM %14%13%17%18%13%12%10%10%9%13%
Net Profit6451-23082495636474169
EPS ₹3.082.49-11.143.952.362.721.762.2523.34

AI Insights

Revenue Trend

TTM revenue at ₹3,326Cr, up 15% YoY. OPM at 10%.

Debt Position

Borrowings at ₹64Cr. Debt-to-equity ratio: 0.02x. Healthy balance sheet.

Capex Cycle

CWIP at ₹44Cr (4% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 13.46% (-0.62pp change). FIIs: 4.38% (+0.59pp change). Promoters hold 56.07%.

Margin & Efficiency

ROCE declining from 64% (Mar 2014) to 8% (Mar 2025). Working capital days: 140.

Valuation

PE 40.6x with 7.71% ROCE. Price is 91% above book value of ₹199. Dividend yield: 0.67%.

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