NSE: IFGLEXPOR · BSE: 540774
IFGL REFRACTORIES LIMITED
Makes refractories — heat-resistant ceramic products that line steel-making furnaces, ladles and continuous-casting equipment — and sells them to steel producers in India, Europe, the Americas and Asia. India is the largest market, contributing ₹1,101.91 cr (58.2% of FY26 segment revenue) and growing 25% YoY in 9M FY26. The Total Refractories Management (TRM) service model — under which the company supplies and manages refractories on the customer's site — now contributes 35-40% of monthly revenue. Europe (₹429.03 cr) is loss-making at the EBIT level, dragged by the UK Monocon business; America (₹337.87 cr) is profitable at ₹29.06 cr EBIT. Major capex is underway: a ₹325 cr greenfield plant at Khordha (target FY28) and a ₹300 cr JV plant in Gujarat with Marvel Refractories (target FY29). Materials account for 48.5% of revenue and employees 17.1%; FY26 EBITDA margin was 7.42% on ₹1,894.25 cr of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. India (58%), Europe (23%), America (18%), Asia (excluding India) (1%). Cyclical, asset-heavy refractories manufacturer exposed to global steel demand
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,260 | 1,387 | 1,639 | 1,653 | 1,894 |
| EBITDA (ex other income) | 143 | 153 | 154 | 129 | 131 |
| margin % | 11.3 | 11.0 | 9.4 | 7.8 | 6.9 |
| Owners' profit | 77 | 79 | 82 | 43 | 35 |
| EPS, as reported (₹) | 21.50 | 21.98 | 22.66 | 11.93 | 4.81 |
| ROE % · ROCE % | 8.3 · 10.7 | 7.9 · 9.9 | 7.6 · 9.2 | 3.9 · 6.1 | 3.0 · 4.9 |
| Debt / equity (x) | 0.11 | 0.16 | 0.15 | 0.18 | 0.17 |
| Cash from operations | 4 | 6 | 152 | 28 | 63 |
| Capex | (66) | (137) | (135) | (73) | (64) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 411 | 379 | 449 | 454 | 489 | 469 | 483 | 512 |
| Profit before tax | 15 | (2) | 13 | 15 | 17 | (4) | 17 | 23 |
| Net profit | 12 | (2) | 8 | 11 | 13 | (3) | 14 | 17 |
| EPS (₹) | 3.35 | (0.60) | 2.34 | 1.50 | 1.76 | (0.43) | 1.98 | 2.37 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| India | 1,102 | 58.2 |
| Asia (excluding India) | 19 | 1.0 |
| Europe | 429 | 22.6 |
| America | 338 | 17.8 |
| Asia excluding India | 7 | 0.3 |
| Total, before eliminations | 1,894 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| GRAPHITE INDIA LTD | 14,304 | 41.2 | 2.44 | 40.3 | 2.9 | 4.0 | 7.8 | 28.6 |
| RAGHAV PRODUCTIVITY ENH L | 8,101 | 129.1 | 33.13 | 104.7 | 22.4 | 27.4 | 31.8 | 30.8 |
| VESUVIUS INDIA LTD | 7,765 | 30.3 | 4.44 | — | 6.5 | 8.6 | — | 18.0 |
| RHI MAGNESITA INDIA LTD | 7,310 | — | 2.05 | — | (10.8) | (8.2) | 24.0 | 14.5 |
| HEG ADVANCED MATERIAL LTD | 4,404 | 12.3 | 0.93 | 9.6 | 7.2 | 5.9 | 15.4 | 28.5 |
| IFGL REFRACTORIES LIMITED ◆ | 1,226 | 29.9 | 1.04 | 9.7 | 3.0 | 3.6 | 13.1 | 7.8 |
| FOSECO CRUCIBLE INDIA LIMITED | 1,086 | 58.0 | 7.75 | — | 13.4 | 18.8 | — | (1.0) |
| ORIENT CERATECH LIMITED | 471 | 18.1 | 1.56 | 9.8 | 7.2 | 8.4 | — | 17.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 29.9 | 30.3 | 4 of 9 | 63% |
| P/B | 1.0 | 2.3 | 3 of 10 | 78% |
| ROCE | 3.6 | 8.6 | 10 of 11 | 10% |
| ROE | 3.0 | 7.1 | 8 of 10 | 22% |
| Debt / Equity | 0.2 | 0.0 | 9 of 10 | 11% |
| EBITDA margin | 7.8 | 18.0 | 9 of 11 | 20% |
| Revenue growth | 12.8 | 5.6 | 4 of 11 | 70% |
| Profit growth | 57.8 | 57.8 | 6 of 11 | 50% |
| Market cap | 1226 | 1226 | 6 of 11 | 50% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · IFGL Refractories terminates JV agreement with Marvels International | strategic transactions | high | — | — |
| 12 Oct 2026 · Filing of compliance certificate under SEBI Regulation 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 8 Oct 2026 · IFGL Refractories: Postal Ballot approves new CEO India appointment | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · 47,354 shares of 229 holders transferred to IEPF Authority | compliance | low | — | — |
| 23 Sept 2026 · IFGL Refractories sends PAN and KYC update reminder to physical shareholders | compliance | minimal | — | — |
| 22 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 22 Sept 2026 · Trading window closed for Q2 FY27 unaudited results | compliance | minimal | — | — |
| 14 Sept 2026 · Special window opened for transfer and demat of old physical shares | compliance | minimal | — | — |
| 11 Sept 2026 · IFGL Refractories seeks MCA approval for appointment of Mukesh Rawal as CEO India | compliance | minimal | — | — |
| 9 Sept 2026 · Postal ballot for CEO India appointment - e-voting till 8 Oct 2026 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.