External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Positive end-user Industry outlook: With the growth in India’s steel, non-ferrous and cement sectors, RHIM is well-positioned to cater to the demand, being a market leader in refractories (30% market share in India).</li><li>India is the highest growth market for refractories globally, with a 6-8% CAGR forecast. India's refractory market is projected to reach $4.5 Bn by 2030, faster than earlier estimates, driven by material innovations and organic growth.</li><li>The medium-term demand fundamentals remain intact, with domestic steel capacity poised to expand (300 MT target by 2030) and infrastructure-led cement demand expected to recover in FY26 (6-8% YoY growth expected in FY26).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Positive end-user Industry outlook: With the growth in India’s steel, non-ferrous and cement sectors, RHIM is well-positioned to cater to the demand, being a market leader in refractories (30% market share in India).India is the highest growth market for refractories globally, with a 6-8% CAGR forecast. India's refractory market is projected to reach $4.5 Bn by 2030, faster than earlier estimates, driven by material innovations and organic growth.The medium-term demand fundamentals remain intact, with domestic steel capacity poised to expand (300 MT target by 2030) and infrastructure-led cement demand expected to recover in FY26 (6-8% YoY growth expected in FY26).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Punch: RHI Magnesita India Ltd - 16th June, 2025