GURUGRAM: RHI Magnesita India announced on Friday, November 13, 2026, that Abhishek Bajaj will become its chief financial officer and chief investor relations officer from January 1, 2027. The company, whose corporate address is DLF Square in DLF Phase II, also reported quarterly profit after tax of about Rs 62 crore, up 62% from a year earlier, in its latest results release.

The leadership change and the earnings disclosure were part of the same November 13 update. The board meeting began at 2:30 pm IST and ended at 5:10 pm IST. Its formal filing records the approval of unaudited standalone and consolidated results for the quarter and half year ended September 30, along with the finance leadership transition.

Finance handover starts in January

Bajaj will succeed Azim Syed in the two roles. The board accepted Syed's resignation with effect from the close of business on December 31, 2026. The company says Syed is moving to a senior leadership role elsewhere within the wider RHI Magnesita group. Its accompanying release identifies that next assignment as a global role in Vienna.

The incoming finance chief already works within the group. According to the release, Bajaj is currently chief financial officer of RHI Magnesita India Refractories Limited and head of finance and financial planning and analysis for the group's India region. The company attributes more than two decades of financial leadership experience to him. This is therefore a transition involving an existing group finance executive.

The November 13 board filing also sets out the change in key managerial personnel. From January 1, 2027, its revised list comprises managing director and chief executive Pankaj Malhan, chief financial officer Abhishek Bajaj and company secretary Sanjay Kumar. Syed will cease to be key managerial personnel of the listed company with effect from December 31.

For employees and others following the Gurugram corporate office, the announcement supplies a clear handover date. The office is on the 19th and 20th floors of DLF Square, M Block, on Jacranda Marg. The company's official contact page confirms the address. The disclosure concerns leadership of the listed Indian business, rather than a separate appointment limited to a Gurugram branch.

Profit improves while quarterly revenue edges lower

The company's results release puts consolidated revenue from operations at Rs 1,030 crore for the July to September quarter, a decline of 0.5% from the corresponding period a year earlier. Profit after tax rose despite that small fall in sales. The revenue and profit figures refer to the consolidated business, rather than revenue generated within Gurugram.

  • Quarter covered: July to September 2026, the second quarter of financial year 2026-27.
  • Consolidated revenue from operations: Rs 1,030 crore.
  • EBITDA: Rs 144 crore, up 30% from a year earlier.
  • EBITDA margin: 14%, an improvement of 332 basis points.
  • Profit after tax: Rs 62 crore, up 62% from a year earlier.
  • Shipment volume: 118,000 tonnes.

EBITDA measures earnings before interest, tax, depreciation and amortisation. It is different from the profit after tax figure. The reported margin improvement of 332 basis points corresponds to 3.32 percentage points. The release also gives a net cash to EBITDA ratio of 0.25 times, providing a separate balance sheet indicator alongside revenue and profitability.

Managing director and chief executive Pankaj Malhan attributed the profitability performance to the business model, operational execution and work with customers. He also pointed to rising costs and continuing volatility. Those comments describe management's assessment of the quarter and its outlook; the disclosed results do not establish what profits will be in a future quarter.

What the company makes and what changes next

RHI Magnesita India supplies refractory materials used in industrial processes above 1,200 degrees Celsius. Its November 13 release identifies steel, iron, cement, nonferrous metals and glass among the industries served. Products include magnesia and alumina bricks and mixes, together with specialised items such as slide gates. The business supplies industrial customers, rather than selling the quarterly output as a local consumer service.

The dated release describes a skilled workforce exceeding 6,000, eight manufacturing plants, two mines, two mechanism units, three main offices, 35 site offices and a mineral processing unit. These are companywide figures. It also identifies a research centre at Bhiwadi. None of those totals should be read as a count of employees or production sites in Gurugram.

The scheduled next change is the finance handover at the start of January. For separate context on the city's corporate activity, earlier reporting covers Scooter and bike price guide, Gurugram based Zuari reports Rs 261.72 crore quarterly income and Gurugram based TCI Express adds 10 branches as revenue rises 8.9%. Those developments concern different employers and do not form part of this leadership announcement.