View - Increasing production of end-use industries of refractories will positively impact the demand. Refractories demand is estimated to reach approximately 2.1 million tones in FY28. The growth in demand will be backed by India’s vision of becoming a US$5 trillion economy by FY27-28 and a US$7 trillion by 2030. This will boost the infrastructure, building and construction and automotive industries which are the key consumers / end users of refractories. The Company plans to capitalize on its strong global presence, diversified product portfolio, localization of imported products, favorable domestic industry growth and anticipating synergies from inorganic expansion.  Further, with focus on reducing debt, improving margin with diversified product mix, improving profitability with low capex plan, improving return ratio’s from high base, focus on normalizing the working cycle, improving the cash flow and improving its market share from 30% to 40-45% in next 3-4 years period, we believe the Company remains in a sweet spot. We anticipate RHI’s Revenue/EBTDA/OCF to grow at a CAGR of 35/44/18% over FY23-FY25E, we initiate coverage on RHI Magnesita with a “BUY” recommendation with a Target price of Rs 995 (upside of 39%) valuing the Company at 28x historical average on FY25E EBITDA.