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
| ₹ 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) |
| ₹ 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 |
| 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| GRAPHITE INDIA LTD | 16,146 | 46.5 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 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 | — | — |
| 8 Sept 2026 · Postal ballot seeks approval for Mukesh Rawal as CEO India | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Postal Ballot: Appointment of Mukesh Rawal as Whole-time Director, CEO India | board shareholder meetings | low | — | — |
| 29 Aug 2026 · IFGL Refractories assigned CRISIL ESG rating of 54 in Adequate category | credit debt | medium | — | — |
| 27 Aug 2026 · IFGL Refractories gets ISO 9001, 14001 and 45001 certifications renewed | business updates | low | — | — |
| 19 Aug 2026 · IFGL Refractories gets ICRA rating reaffirmation across all facilities | credit debt | medium | — | — |
| 17 Aug 2026 · Q1 FY27 earnings call transcript filed with exchanges | investor communications | medium | — | — |
| 10 Aug 2026 · IFGL Refractories Q1FY27 investor presentation filed with exchanges | investor communications | medium | — | — |
| 10 Aug 2026 · IFGL Refractories publishes Q1 FY27 results in newspapers | compliance | minimal | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 2.76 |
| 45.3 |
| 2.9 |
| 4.0 |
| 7.8 |
| 28.6 |
| RAGHAV PRODUCTIVITY ENH L | 8,450 | 134.7 | 34.56 | 109.2 | 22.4 | 27.4 | 31.8 | 30.8 |
| VESUVIUS INDIA LTD | 8,423 | 32.9 | 4.82 | — | 6.5 | 8.6 | — | 18.0 |
| RHI MAGNESITA INDIA LTD | 7,757 | — | 2.18 | — | (10.8) | (8.2) | 24.0 | 14.5 |
| HEG LIMITED | 4,578 | 12.8 | 0.96 | 9.9 | 7.2 | 5.9 | 15.4 | 28.5 |
| IFGL REFRACTORIES LIMITED ◆ | 1,480 | 36.2 | 1.26 | 11.6 | 3.0 | 3.6 | 13.1 | 7.8 |
| FOSECO CRUCIBLE INDIA LIMITED | 1,101 | 51.2 | 7.85 | — | 13.4 | 18.8 | — | (1.0) |
| ORIENT CERATECH LIMITED | 545 | 20.9 | 1.80 | 11.2 | 7.2 | 8.4 | — | 17.8 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 36.2 | 33.6 | 7 of 10 | 33% |
| P/B | 1.3 | 2.5 | 3 of 10 | 78% |
| ROCE | 3.6 | 8.6 | 10 of 11 | 10% |
| ROE | 3.0 | 7.2 | 9 of 11 | 20% |
| Debt / Equity | 0.2 | 0.0 | 10 of 11 | 10% |
| 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 | 1480 | 1480 | 6 of 11 | 50% |
| 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 |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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