their M&A has created situation where they may lose business from SAIL and other large steel makers as now it is one combined business bidding for refractories as opposed to RHIM, DOCL, Hitech being three different bidders and this impact is likely going to show up from June, as per the latest earnings call.
Besides refractory space in general is under pressure, see fall in IFGL also (#2 by sales). And the high PE in RHIM (albeit one time due to M&A hit to bottomline) is probably causing some stress.
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