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RHI Magnesita India Limited (RHIM) Fair Value & Analysis

Industrials · IN · Market cap ₹83.3B

RM RHI Magnesita India Limited RHIM · NSE
Price₹379.85
Fair Value₹385.76
Upside+1.6%
Quality47/100
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Mixed Growth
Loss-making · -9.5% net margin
Low debt · generates free cash flow
0.64% dividend yield
Mixed vs. peers (5/11)
Narrow moat 13/100
Evidence: High Range ₹282.34 – ₹489.20 Share as image

Fair value as of: Aug 13, 2026

From 15 valuation models · updated yesterday

Fair value updated Aug 13, 2026, revised from ₹192.88 to ₹385.76 (+100.0%) since Aug 8, 2026. Share price −6.4% over the past month.

Below-average quality, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • Our model range runs from ₹282.34 (bear) to ₹489.20 (bull), base ₹385.76. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 47/100 (below-average quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

₹866.09 ₹290.23 Fair Value ₹385.76 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹290.23 – ₹866.09 · fair‑value band ₹282.34 – ₹489.20 · the ₹379.85 price screens below the ₹385.76 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

RHI Magnesita India Limited (RHIM) currently trades at ₹379.85, while our model-based Fair Value estimate is ₹385.76, implying the stock looks roughly 1.6% fairly valued today. The Quality Score stands at 47/100 (below-average quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, RHI Magnesita India Limited generated revenue of ₹40.2B at a net margin of -9.5%. Revenue grew 1.6% year over year. It earns a return on equity of -10.1%. Net debt stands at ₹2.9B. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹282.34 (bear case) to ₹489.20 (bull case); at ₹379.85, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 29% below its 52-week high and 18% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -59% fair-value upside, at 2%, RHIM screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF ₹193.48 ₹371.21 ₹720.54 80
Rev-Margin DCF ₹139.71 ₹272.94 ₹475.92 74
ROIC Compounder ₹84.20 ₹98.66 ₹111.31 72
All 15 models by family
DCF Models
FCF DCF ₹204.52 ₹333.60 ₹723.76 38
5Y Revenue Exit ₹139.71 ₹247.54 ₹460.52 39
5Y EBITDA Exit ₹206.67 ₹389.60 ₹730.70 41
10Y Revenue Exit ₹153.61 ₹306.94 ₹456.26 36
10Y EBITDA Exit ₹205.95 ₹438.73 ₹875.46 37
Earnings-Based
EPV ₹84.20 ₹98.66 ₹111.31 59
Dividend Discount
Gordon GGM ₹22.95 ₹47.73 ₹75.71 70
DDM Multi-Stage ₹22.95 ₹40.24 ₹50.09 61
Multiples
EV/EBIT ₹152.59 ₹204.31 ₹256.02 53
EV/EBITDA ₹209.11 ₹279.67 ₹350.22 54
EV/Revenue ₹108.18 ₹155.63 ₹203.09 43
Asset-Based
NCAV (Graham) ₹86.21 ₹115.52 ₹172.42 50
Growth DCF
Growth DCF ₹193.48 ₹371.21 ₹720.54 80
Rev-Margin DCF ₹139.71 ₹272.94 ₹475.92 74
Economic Profit
ROIC Compounder ₹84.20 ₹98.66 ₹111.31 72

Widest divergence: DCF Models (₹333.60) versus Dividend Discount (₹40.24). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) ₹40.2B
Revenue growth (YoY) +1.6%
Net margin -9.5%
Return on equity -10.1%
Free cash flow ₹2.6B FY2026
Operating margin 3.9%
More key figures
EPS (TTM) ₹-18.53
Dividend yield 0.6%
EPS growth (YoY) +30.0%
Net debt ₹2.9B FY2026

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 47/100

Of which business quality 49 · Market factors (momentum, volatility) 38

Profitability 19
Margins and returns on capital today
Quality Growth 45
Are margins and returns improving?
Cashflow 44
Earnings quality: real cash, not paper profit
Fin. Strength 69
Balance sheet, leverage, solvency risk
Investment 86
Disciplined investing over empire-building
Low Volatility 72
Calm price path (market factor)
Momentum 27
Price trend over the last 3–12 months (market factor)
52W Momentum 18
Distance to the 52-week high (market factor)
Net Issuance 43
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

RHI Magnesita India Limited engages in the manufacture and trading of refractories, monolithics, bricks, and ceramic paper in India and internationally.

Full company description

RHI Magnesita India Limited engages in the manufacture and trading of refractories, monolithics, bricks, and ceramic paper in India and internationally. The company offers isostatically pressed continuous casting refractories, slide gate plates, nozzles and well blocks, tundish nozzles, bottom purging refractories and top purging lances, slag arresting darts, castables, and high alumina bricks, and magnesia carbon bricks, as well as spray mass for tundish working linings. It also provides solutions, such as total refractory management/full line service; engineering solutions comprising refractories health inspection, failure analysis, and design optimization; and complete project management solutions, including drawing and engineering, supply, installation, and commissioning, as well as after- sales service and maintenance. In addition, the company offers management services. It serves the steel, cement, nonferrous metals, glass, environment and energy, foundry, and paper and pulp industries. The company was formerly known as Orient Refractories Limited and changed its name to RHI Magnesita India Limited in July 2021. The company was incorporated in 2010 and is based in Gurugram, India. RHI Magnesita India Limited operates as a subsidiary of Veitscher Vertriebsgesellschaft m.b.H.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

RHI Magnesita India Limited reported revenue of ₹40.2B in FY2026 versus ₹20.0B in FY2022, a compound +19.1%/yr. Reported net income was −₹3.8B in FY2026.

Growth Quality 62/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2026)
₹40.2B
Latest YoY
+9.4%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+13.8%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+24.2%
Avg. growth/yr (14Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+20.4%
Revenue +19.1%/yr
FY22 ₹20.0B
FY23 ₹27.3B
FY24 ₹37.8B
FY25 ₹36.7B
FY26 ₹40.2B
Net income
FY22 ₹2.7B
FY23 −₹4.7B
FY24 −₹1.0B
FY25 ₹2.0B
FY26 −₹3.8B

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Cite: Fair Value Calculator (2026). "RHI Magnesita India Limited Fair Value". https://www.fairvalue-calculator.com/stock/RHIM

Peer Group

Metal Fabrication · 251 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 47 · Below median
Fair Value upside +2% · Above median
Return on assets 3% · Above median
Net margin (TTM) -10% · Bottom 25%
Operating margin (TTM) 4% · Below median
Revenue growth 2% · Below median
Dividend yield (TTM) 0.6% · Below median
Debt / equity 0.06× · Lower than median

Valuation Multiples vs Metal Fabrication median · lower = cheaper

P/S (TTM) 0.02× · Cheaper than 75% of peers
P/FCF 0.3× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 35 · sector 0
FUTURE 8 · sector 34
PAST 0 · sector 18
HEALTH 97 · sector 95
DIVIDEND 13 · sector 25

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

Is RHI Magnesita India Limited (RHIM) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹385.76 versus a price of ₹379.85, about +2% (fairly valued).
What is the fair value of RHIM?
Our model-based fair value for RHI Magnesita India Limited is ₹385.76 (as of Aug 13, 2026), built from audited fundamentals. The current price is ₹379.85.
What is the quality score of RHIM?
RHI Magnesita India Limited has a Quality Score of 47/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of RHI Magnesita India Limited (RHIM)?
RHI Magnesita India Limited reported trailing-twelve-month revenue of about ₹40.2B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of RHIM?
The net profit margin of RHI Magnesita India Limited is about -9.5%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does RHI Magnesita India Limited pay a dividend?
RHI Magnesita India Limited currently shows a dividend yield of about 0.64% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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