RHI Magnesita shares gain over 4% after Dalmia Bharat Refractories stake sale; key details

Shares of RHI Magnesita gained on Wednesday, September 23, after Dalmia Bharat Refractories on Tuesday divested more than an 11% stake in RHI Magnesita India for ₹826 crore through an open market transaction.

The stock rallied as much as 4.66% to ₹396.90 on the NSE.

RHI Magnesita India is one of the leading suppliers of high-grade refractory products. Refractory is a specialised heat-resistant material used in making cement, steel, copper, aluminium, non-ferrous metals and glass.

According to block deal data available on the National Stock Exchange (NSE), Dalmia Bharat Refractories Ltd sold 2,29,41,224 shares, amounting to nearly an 11.11% stake in RHI Magnesita India.

The shares were disposed of at an average price of ₹360 apiece, taking the transaction value to ₹825.88 crore.

After the latest transaction, Dalmia Bharat Refractories' holding in RHI Magnesita India dropped to 1.43% from 12.54%.

Who bought the stake?

Block deal data on the NSE showed that SBI Mutual Fund (MF) bought over 1.66 crore shares, or an 8.07% stake, worth ₹600 crore, emerging as the biggest buyer of RHI Magnesita India's scrip.

Bandhan MF, Nippon India MF and ChrysCapital's affiliate Clarus Capital 1 purchased 62.74 lakh shares at the same price.

Shares of RHI Magnesita India ended over 3% higher at ₹379.20 apiece on the NSE.

Recent updates

In August 2026, RHI Magnesita and Khemka Refractories formed a joint venture to set up a greenfield refractory recycling facility in Odisha.

Jyotirmoy Bhattacharjee was appointed Chief Executive Officer (CEO) of the joint venture named MINPRO.

The new entity will focus on the recovery, processing and repurposing of used refractory materials, thereby supporting in the domestic availability of high-value raw materials for refractories.

The JV will set up a greenfield refractory recycling facility in Odisha, RHI Magnesita said without sharing any further details.

"By combining RHI Magnesita's global recycling expertise with Khemka Refractories' strong local presence, we are creating a trusted platform that will deliver high-quality circular raw materials and strengthen supply security. MINPRO reflects our long-term commitment to investing in innovative circular solutions that create lasting value for our customers, our partners, and the wider industry," said RHI Magnesita MD & CEO Pankaj Malhan.

Due to its special properties, it can handle high temperatures of up to 1,200 degrees, and magnesia and alumina are the key raw materials required to produce it.

About Dalmia Bharat Refractories

The company is a manufacturer of refractory products used primarily in the cement, steel and other high-temperature industries.

The company produces a range of refractory solutions designed to withstand extreme temperatures and harsh operating conditions, making them critical for industrial processes such as furnaces, kilns and other thermal equipment.

Its business is closely linked to the performance of the cement and steel sectors, which are key end-users of refractory products.