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IFGL Refractories Launches Plastic Refractories Production with 10,000 MT Capacity
IFGL Refractories has commenced production of Plastic Refractories at its Visakhapatnam facility using technical know-how from its UK subsidiary, Sheffield Refractories Ltd. The expansion involves a capital outlay of Rs 2.10 crores, which has been funded primarily through internal accruals. The new line adds an annual capacity of 10,000 MT, targeting high demand from the ferrous and non-ferrous industrial sectors. This move is strategically aimed at import substitution and strengthening the company's existing monolithic product portfolio.
Key Highlights
Commenced production of Plastic Refractories at Visakhapatnam facility on February 19, 2026
Installed capacity of 10,000 MT per annum for the new product line
Capital expenditure of Rs 2.10 crores financed largely through internal accruals
Technical know-how sourced from material subsidiary Sheffield Refractories Ltd, UK
Aims to reduce reliance on imports with few domestic manufacturers in this segment
💼 Action for Investors
Investors should monitor the utilization rates of this new capacity as it strengthens IFGL's position in the high-growth monolithic refractories market. The low-capex nature of this expansion and focus on import substitution are positive indicators for long-term margins.
IFGL Refractories Appoints Mihir Prakash Bajoria as MD for 3 Years; James McIntosh to Step Down
IFGL Refractories has announced a leadership transition where Mr. Mihir Prakash Bajoria will take over as Managing Director for a three-year term starting March 1, 2026. He succeeds Mr. James Leacock McIntosh, who will conclude his tenure as MD on February 28, 2026, but will remain as a consultant for three years to ensure a smooth transition. Mr. Bajoria, the son of the Executive Chairman, brings experience from the company's UK subsidiary where he served as Chairman until 2025. This move follows a succession plan previously announced in February 2025.
Key Highlights
Mr. Mihir Prakash Bajoria appointed as MD for a 3-year term from March 1, 2026, to February 28, 2029.
Outgoing MD Mr. James Leacock McIntosh to serve as a Consultant for 3 years starting March 1, 2026.
Mr. Bajoria previously served as Chairman of the UK subsidiary, Monocon International Refractories, from 2015 to 2025.
The appointment is subject to shareholder approval and follows the succession plan announced on February 27, 2025.
💼 Action for Investors
Investors should monitor the transition and the company's performance under the new leadership, though the retention of the outgoing MD as a consultant provides a degree of stability.
IFGL Refractories Reports Q3 Net Loss of ₹3.56 Cr Impacted by Exceptional Labour Code Costs
IFGL Refractories reported a consolidated net loss of ₹3.56 crore for the quarter ended December 31, 2025, compared to a profit of ₹5.02 crore in the same period last year. While revenue from operations grew 16.3% YoY to ₹270.76 crore, profitability was severely impacted by a one-time exceptional charge of ₹4.82 crore related to the New Labour Codes. Additionally, employee benefit expenses surged to ₹35 crore from ₹26.01 crore YoY. The company is also navigating significant tax litigations regarding goodwill depreciation and export benefits.
Key Highlights
Revenue from operations increased 16.3% YoY to ₹270.76 crore from ₹232.72 crore.
Reported a net loss of ₹3.56 crore in Q3 FY26 versus a profit of ₹5.02 crore in Q3 FY25.
Recognized an exceptional item of ₹4.82 crore due to the incremental impact of New Labour Codes.
Employee benefit expenses rose 34.5% YoY to ₹35 crore.
Ongoing tax disputes involve potential liabilities for Assessment Years 2018-19 to 2020-21 regarding goodwill depreciation.
💼 Action for Investors
Investors should exercise caution as the company has slipped into a loss despite revenue growth, driven by rising operational costs and legal contingencies. Monitor the impact of the New Labour Codes on future margins and the outcome of pending tax litigations.
IFGL Refractories Shareholders Approve Re-appointment of Top Management with 99%+ Majority
IFGL Refractories Limited has successfully passed two special resolutions via postal ballot for the re-appointment of its top leadership. Mr. Shishir Kumar Bajoria will continue as Executive Chairman for a three-year term starting April 2026, while Mr. Rajesh Agarwal continues as Director - General Counsel until November 2028. Both resolutions received near-unanimous support from shareholders, with over 99.9% votes in favor for each. This move ensures management stability and continuity in the company's strategic direction.
Key Highlights
Mr. Shishir Kumar Bajoria re-appointed as Executive Chairman for 3 years from April 2026 to March 2029.
Mr. Rajesh Agarwal re-appointed as Director - General Counsel for 3 years from November 2025 to November 2028.
Executive Chairman's re-appointment received 99.977% votes in favor from 5.84 crore valid votes.
Director - General Counsel's re-appointment received 99.995% votes in favor from 6.21 crore valid votes.
💼 Action for Investors
The overwhelming shareholder support indicates strong confidence in the existing leadership. Investors should view this as a positive sign of management stability and continuity.
IFGL Refractories Shareholders Approve Re-appointment of Executive Chairman and Director
Shareholders of IFGL Refractories have overwhelmingly approved the re-appointment of Mr. Shishir Kumar Bajoria as Executive Chairman for a three-year term starting April 2026. Additionally, the re-appointment of Mr. Rajesh Agarwal as Director-General Counsel was approved for a three-year period effective from November 2025. Both special resolutions received over 99.9% support from voting members, ensuring leadership continuity for the company. The voting process was conducted via postal ballot and concluded on February 5, 2026.
Key Highlights
Re-appointment of Shishir Kumar Bajoria as Executive Chairman approved with 99.977% votes in favor
Re-appointment of Rajesh Agarwal as Director-General Counsel approved with 99.995% votes in favor
Executive Chairman's new term will run for 3 years from April 1, 2026, to March 31, 2029
Director-General Counsel's term is set for 3 years from November 12, 2025, to November 11, 2028
A total of 58.48 million valid votes were cast in favor of the Chairman's re-appointment
💼 Action for Investors
The approval ensures management stability and continuity of the current leadership team, which is a positive signal for long-term strategy execution. Investors should view this as a routine but necessary confirmation of the company's governance structure.
IFGL Refractories Subsidiary SRL to Appoint New Auditor Following Current Firm's Insolvency
IFGL Refractories' UK-based material subsidiary, Sheffield Refractories Ltd (SRL), has reported that its auditor, C J Woodhead & Co Ltd, entered insolvency on October 28, 2025. SRL was informed of this development on January 19, 2026, resulting in an immediate vacancy in the auditor position. The subsidiary is currently in the process of appointing a new audit firm to ensure compliance. This administrative change is expected to be resolved shortly with further disclosures to follow regarding the new appointment.
Key Highlights
Material subsidiary Sheffield Refractories Ltd (SRL) reported auditor vacancy due to insolvency
Auditor C J Woodhead & Co Ltd entered insolvency/liquidation effective October 28, 2025
SRL became aware of the auditor's status on January 19, 2026
A new audit firm will be appointed soon to fill the vacancy at the UK subsidiary
💼 Action for Investors
Monitor the appointment of the new auditor for the UK subsidiary to ensure there are no delays in consolidated financial reporting. This appears to be an external issue with the audit firm rather than the company itself.