RHI Magnesita India Limited (RHIM.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+17.5%

₹410.42

vs ₹349.25 price

Levered DCF

₹626.59

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-18.22×	54.45×	-117.91×	-22.63×	36.68×	26.57×	13.88×	32.46×
P/B	1.96×	2.76×	3.08×	3.65×	9.59×	4.51×	2×	7.75×
P/S	1.74×	3×	3.13×	3.87×	4.94×	2.67×	1.02×	3.94×
EV / EBITDA	16.21×	22.4×	52.29×	-40.73×	25.02×	16.03×	6.05×	21.36×
Gross margin	24.8%	24.7%	16.3%	18.3%	35.5%	34.3%	18.6%	21.2%
Operating margin	6.3%	7.6%	10.3%	11.5%	18.2%	13.4%	14.3%	17.0%
Net margin	-9.5%	5.5%	-2.7%	-17.1%	13.5%	10.0%	9.9%	12.1%
Current ratio	2.75×	2.84×	2.49×	1.01×	2.21×	2.44×	2.78×	3.37×
Debt / equity	0.13×	0.09×	0.13×	0.55×	0.06×	0.08×	0.1×	0×
Interest coverage	6.79×	6.56×	6.92×	8.84×	84.97×	28.42×	15.95×	108.73×
Dividend yield	0.7%	0.5%	0.4%	0.4%	0.4%	0.9%	2.2%	1.0%
Payout ratio	-13.5%	25.5%	-51.4%	-8.6%	15.0%	25.2%	22.3%	32.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-10.8%	5.1%	-2.6%	-16.1%	26.1%	17.0%	19.3%	23.9%
Return on invested capital	6.2%	4.9%	9.0%	6.7%	24.9%	15.5%	18.5%	21.7%
Return on assets	-7.9%	3.9%	-2.0%	-7.9%	16.1%	10.8%	12.9%	17.7%
Free cash flow yield	3.8%	2.0%	1.6%	1.8%	-0.4%	2.2%	6.4%	1.2%
Earnings yield	-5.5%	1.8%	-0.8%	-4.4%	2.7%	3.8%	9.7%	3.1%
Enterprise value	₹72.7B	₹113.1B	₹122.7B	₹118.2B	₹98.7B	₹35.4B	₹13.6B	₹29B
Net debt / EBITDA	0.64×	0.56×	1.86×	-4.37×	0.01×	-0.42×	-0.23×	-0.16×
Cash conversion cycle (days)	143	157	140	169	127	106	110	90