Rhi Magnesita India Ltd

RHI Magnesita India Limited announced that its Board of Directors has accepted the resignation of M/s. Price Waterhouse Chartered Accountants LLP as Statutory Auditors for the company and its subsidiary, RHIMIRL. The resignation is effective immediately and is intended to align the company's auditors with its ultimate holding company. Concurrently, based on the Audit Committee's recommendation, the Board approved the appointment of M/s. BSR & Co. LLP as the new Statutory Auditors to fill the casual vacancy. BSR & Co. LLP has been recommended for a five-year term, subject to shareholder approval.

RHI Magnesita India Limited announced that its Board of Directors has accepted the resignation of Price Waterhouse Chartered Accountants LLP as Statutory Auditor for the company and its subsidiary, RHIMIRL. The resignation is effective immediately and is intended to align the company's auditor with its ultimate holding company. Concurrently, based on the Audit Committee's recommendation, the Board approved the appointment of BSR & Co. LLP as the new Statutory Auditor to fill the casual vacancy. BSR & Co. LLP has been recommended for a five-year term, subject to shareholder approval.

Rhi Magnesita India Ltd announced the resignation of its statutory auditors, M/s Price Waterhouse Chartered Accountants LLP, and its wholly-owned subsidiary, RHI Magnesita India Refractories Limited (RHIMIRL), effective August 14, 2026. The resignation was to align the statutory auditor with the ultimate holding company. Concurrently, the Board approved the appointment of M/s. B S R & Co. LLP as the new statutory auditors for both companies, subject to member approval. B S R & Co. LLP is recommended for a five-year term for both entities, commencing from the conclusion of their respective 2026 Annual General Meetings.

Rhi Magnesita India Ltd announced that its Board of Directors, in a meeting held on August 11, 2026, approved the Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026. The company's statutory auditors, Price Waterhouse Chartered Accountants LLP, have issued limited review reports on these financial results. The board meeting commenced at 3:15 p.m. and concluded at 4:10 p.m.

RHI Magnesita India Limited reported unaudited consolidated financial results for Q1 FY27, showcasing strong growth momentum. Revenue from operations stood at ₹1,014 crore, a 6% year-on-year increase. Operating EBITDA surged by 42% YoY to ₹147 crore, with EBITDA margin improving to 14.5%. Profit After Tax (PAT) saw a significant jump of 83% YoY to ₹65 crore. The company highlighted its robust 4PRO business model, deep customer partnerships, and solution-led approach as key drivers for its performance amidst a challenging operating environment. The quarter also saw a leadership transition with Pankaj Malhan taking over as Managing Director & Chief Executive Officer.

RHI Magnesita India's consolidated revenue rose 5.6% YoY to ₹1,013.97 Cr (+8.8% QoQ) in Q1 FY27 (quarter ended June 30, 2026), while consolidated net profit jumped 83.2% YoY to ₹64.61 Cr from ₹35.27 Cr a year ago — both figures clean of one-off items on either side of the comparison, so the growth is organic. Standalone PAT grew a slower 68.0% YoY to ₹78.19 Cr on 7.2% revenue growth to ₹863.45 Cr; the wider consolidated gain implies the group's subsidiaries, including RHI Magnesita India Refractories Ltd (RHIMIRL, whose carrying value was written down at the standalone level last quarter), contributed disproportionately to the improvement — Intermetal Engineers and Ashwath Technologies alone added ₹6.78 Cr revenue and ₹1.03 Cr PAT to the consolidated numbers this quarter. The operating margin (EBITDA excluding other income) expanded to roughly 13.6% of revenue from 10.65% a year ago, and net margin rose to 6.37% from 3.67%. Sequentially the quarter is a clean bounce-back from Q4 FY26's reported net loss, but that loss was entirely a function of the ~Rs.556 Cr consolidated goodwill impairment taken against RHIMIRL and is not a like-for-like base; on an adjusted basis Nuvama had pegged Q4 FY26 adjusted EBITDA margin at 12.1% (against its own estimate of a higher print), so this quarter's ~13.6% still marks genuine sequential margin improvement, consistent with price hikes flowing through. On the street side, no discrete Q1 FY27 PAT estimate was found, but Nuvama's post-Q4 note explicitly expected margin recovery in Q1 FY27 on price hikes and a robust order book, modelling 13%/13.5% EBITDA margins for FY27E/28E — the actual ~13.6% op margin already clears that full-year bar in the first quarter, a beat on trajectory even without a hard PAT comparison. Management gives no formal quarter-specific guidance on record for Q1 FY27 itself; the only prior guidance in our records (from the Q3 FY26 call) targeted Q4 FY26 margins near 13.7%, a bar that quarter missed on an adjusted basis (~12.1%), so this print is a partial recovery toward, not a return to, that earlier level. No press release commentary was available for this filing, so framing rests on the reported figures alone. The quarter also carries governance overhang: statutory auditor Price Waterhouse Chartered Accountants LLP signed this quarter's limited review on August 11, 2026 but has separately tendered resignation from both the company and RHIMIRL effective August 14, 2026, and Pankaj Malhan took over as the parent's MD & CEO from July 1, 2026 (just after quarter-end) under a broader leadership rejig, with Parmod Sagar continuing as Chairman. Neither event has a financial bearing on this quarter's numbers. Subsequent to quarter-end, the company also incorporated a 51:49 JV with Khemka Refractories (RHI Khemka Minpro) for mineral processing on July 16, 2026, which the company states has no financial impact on the Q1 FY27 results.

RHI Magnesita India Refractories Limited, a wholly-owned material subsidiary of Rhi Magnesita India Ltd, announced a significant management change. In a Board Meeting held on August 10, 2026, Mr. Pankaj Malhan was appointed as the Chairman of RHIMIRL. Effective the same date, his role has expanded to include Chairman, Managing Director & CEO of the subsidiary. This appointment is effective immediately and has been duly recorded.

Rhi Magnesita India Ltd has provided an update regarding the resignation of Price Waterhouse Chartered Accountant LLP as its Statutory Auditor and that of its wholly-owned subsidiary, RHI Magnesita India Refractories Limited. This move is intended to align the statutory auditor with the Ultimate Holding Company, RHI Magnesita N.V. The company stated that detailed disclosures will be submitted once signed resignation letters are received. This intimation is in continuation of their letter dated 10 August 2026.

RHI Magnesita India Ltd and its subsidiary RHI Magnesita India Refractories Limited (RHIMIRL) have received letters from their statutory auditors, Price Waterhouse Chartered Accountant LLP, indicating their intention to resign on August 14, 2026. The company will provide detailed disclosures as required by listing regulations once signed resignation letters are received. This information is also being uploaded to the company's website.

RHI Magnesita India Ltd. has announced the successful completion of its joint venture with Khemka Refractories Pvt. Ltd., launching a new company named MINPRO. This joint venture is dedicated to refractory recycling and advancing circular mineral solutions in India's industrial markets. MINPRO combines RHI Magnesita's global expertise in recycling with Khemka Refractories' regional capabilities and network. The new entity, headquartered in Odisha, aims to recover, process, and reuse spent refractory materials, creating a sustainable supply chain for high-value circular minerals. This initiative aligns with RHI Magnesita's global sustainability strategy and supports resource efficiency and supply chain resilience for high-temperature industries.