IFGL Refractories Limited has informed the Exchange about Transcript
IFGLEXPOR · price
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IFGL Refractories reported its highest-ever quarterly standalone revenue of INR 278 crore in Q1 FY26, up 14% year-on-year, driven by a strong 32% growth in domestic business (INR 213 crore), while exports fell 22% to INR 63 crore. However, profitability was hit — standalone EBITDA declined 15% to INR 37.7 crore (13.5% margin) and consolidated EBITDA dropped 26% to INR 39 crore (8.5% margin), mainly due to elevated alumina and other raw material costs and higher employee expenses. Consolidated PAT fell 56% to INR 10.8 crore. Management highlighted that input costs have now stabilised, price hikes have been taken from June/July, and gross margins should improve from Q3. Capex on track with the INR 300–350 crore Khurda Greenfield project (completion FY28) and INR 300 crore Gujarat JV with Marvel (completion FY29), including new non-ferrous refractory capacity. MD James McIntosh confirmed standalone India business can grow 15–20% for the next two years without further capex. The US operations saw strong recovery, aided by steel tariff hikes, and Sheffield technology transfer is on track for Q3 FY26.
Near-term margins remain under pressure from high input costs, but management's commentary on cost stabilisation, price hikes kicking in from Q2/Q3, and continued 15–20% standalone growth provides a positive medium-term outlook. Domestic-focused growth strategy and upcoming non-ferrous capacity expansion are key positives for shareholders, though weak global demand in Germany and exports is a watchpoint.