IFGL Refractories Limited has informed the Exchange about Transcript
IFGLEXPOR · price
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IFGL Refractories reported consolidated revenue growth of 23% YoY to INR 470 crores in Q3 FY26, while standalone revenue grew 16% to INR 272 crores. Standalone EBITDA margin dipped to 6.5% (from 11% for 9M) due to higher employee costs, product mix changes, and an exceptional INR 4.8 crores charge for new labour code implementation. India business remained the key driver with 9M revenue of INR 648 crores (up 25% YoY), contributing 78% of standalone revenue. US operations grew 37% YoY on tariff benefits and price adjustments, while Europe grew 39% but remained loss-making. Management guided to gradual margin improvement, stating standalone EBITDA margins will be at least 12% and employee costs will normalize to ~10% of revenue.
Short-term stock sentiment may be weighed down by weak Q3 standalone EBITDA margins and the MD succession (James McIntosh stepping down Feb 28, replaced by Mihir Prakash Bajoria). However, the margin recovery guidance, strong India growth, improving US operations, and disciplined capex pipeline (INR 625 crores across Khordha and Marvel JV) support medium-term growth prospects.