IFGL Refractories Limited (IFGLEXPOR)
₹182.96 +3.03% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, IFGL Refractories' revenue was ₹483 Cr (+7.7% year on year, +3.1% on the previous quarter), and net profit ₹14.0 Cr (+66.1% year on year); the operating margin was 8.1%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹483 | +7.7% | +3.1% |
| Operating profit | ₹39.0 | +17.4% | +69.0% |
| Net profit | ₹14.0 | +66.1% | from loss |
| EPS (₹) | 1.98 | +69.2% | from loss |
| Operating margin | 8.1% | — | — |
EPS restated for the 1:1 bonus of Jul 2025: Q4 FY25 ₹2.34 to ₹1.17.
IFGLEXPOR delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 43.55% of the IFGLEXPOR shares traded on NSE were taken to delivery, against the stock's own 20-session average of 53.11%. That is close to its usual level. Turnover was only ₹14 lakh, so a handful of trades can move this figure. Volume was 0.1 times its average, well below normal.
Delivery in the last 5 sessions: 65.0% · 60.2% · 57.3% · 54.6% · 43.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
IFGL Refractories has terminated its Joint Venture Agreement dated October 14, 2024, with Marvels International Group Company Limited and Marvel Refractories (Anshan) Co. Ltd. The JV, IFGL-Marvels Refractories Limited, was originally planned with a 51:49 equity split to manufacture basic fired magnesite bricks in India. Because Marvels never subscribed or contributed capital, 100% of the JV entity's shares remain with IFGL. In parallel, a related Representation Agreement dated December 19, 2023, is set to terminate on November 9, 2026.
- JVA dated October 14, 2024, stands terminated on mutual agreement as of October 14, 2026
- Partner Marvels International held 0% paid-up capital despite envisaged 49% shareholding, leaving IFGL with 100% ownership
- Representation Agreement dated December 19, 2023, will terminate on November 9, 2026, upon notice expiry
- Company reports no material operational or financial impact from the termination
IFGL Refractories Limited announced the results of its Postal Ballot, where shareholders approved a Special Resolution for the appointment of Mr. Mukesh Harshadrai Rawal as Whole-time Director, designated as Director and CEO India. The appointment is for a three-year term effective from August 16, 2026, through August 15, 2029. Out of 61,809,592 total valid votes polled, 99.993% (61,805,406 votes) favored the resolution, while 4,186 votes opposed it. Total voter turnout represented 85.753% of total outstanding shares, largely driven by promoter and institutional participation.
- Appointment of Mukesh Harshadrai Rawal approved for 3 years (16th August 2026 to 15th August 2029)
- Special Resolution passed with 99.993% valid votes cast in favour (61,805,406 votes)
- Voter turnout stood at 85.753% of total outstanding shares (61,809,592 votes polled)
- Public institutional support was 100% in favour among votes cast (9,330,803 votes)
IFGL Refractories Limited announced the transfer of 47,354 equity shares of Rs. 10 each to the Demat Account of the IEPF Authority on September 28, 2026. The transfer covers 229 shareholders who have not claimed dividends for seven consecutive years starting from FY 2018-19. The company has filed Form IEPF-4 with the Ministry of Corporate Affairs in compliance with Section 124(6) of the Companies Act, 2013. This is a standard statutory compliance action with negligible financial impact on the company.
- Transferred 47,354 equity shares of face value Rs. 10 each to the IEPF Authority
- Pertains to 229 shareholders with unclaimed dividends for 7 consecutive years since FY 2018-19
- Form IEPF-4 e-filed with the Ministry of Corporate Affairs
- Transfer executed on September 28, 2026, pursuant to Section 124(6) of the Companies Act, 2013
IFGL Refractories Limited has issued a Postal Ballot notice seeking shareholder approval via special resolution to appoint Mr. Mukesh Harshadrai Rawal as Whole-time Director, designated as Director and Chief Executive Officer India. The appointment is proposed for a 3-year term from August 16, 2026 to August 15, 2029, alongside approval for payment of minimum remuneration in the event of loss or inadequate profits. Mr. Rawal previously served as President of US subsidiary Mono Ceramics Inc and Head of IFGL Group – Americas until August 15, 2026. The remote e-voting window runs from September 9, 2026 to October 8, 2026, with results expected on or before October 12, 2026.
- Appointment of Mr. Mukesh Harshadrai Rawal as Whole-time Director and CEO India for a 3-year term from August 16, 2026 to August 15, 2029
- Special resolution requires shareholder and Central Government approval, as the appointee is 71 years old
- Remote e-voting begins on September 9, 2026 at 9:00 AM IST and ends on October 8, 2026 at 5:00 PM IST with cut-off date September 4, 2026
- Document reflects FY26 consolidated total income of Rs 1,90,404 lakhs and net profit of Rs 3,470 lakhs
- Appointee previously headed US operations and holds 525 equity shares in the company
Crisil ESG Ratings & Analytics Limited has assigned an ESG rating of 'CRISIL ESG 54' to IFGL Refractories Limited, placing the company in the 'Adequate' category. The assessment is based on publicly available information for the fiscal year ended March 31, 2026. The company noted that it did not engage Crisil for this rating, and the evaluation was performed voluntarily and independently by the rating agency.
- Assigned an ESG score of 'CRISIL ESG 54' by Crisil ESG Ratings & Analytics Limited
- Classified under the 'Adequate' performance category
- Evaluation based on publicly available disclosures for the financial year ended 31st March, 2026
- Conducted independently and voluntarily by Crisil without company engagement
IFGL Refractories Limited announced that TUV NORD CERT GmbH has renewed its management system certifications across ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018. The certifications cover its manufacturing units (Unit I and Unit II) in Kalunga Industrial Estate, Odisha, and its corporate office in Kolkata. The renewed certificates are valid for a three-year period from 2nd September 2026 to 1st September 2029. This is a routine operational renewal that ensures ongoing compliance with international quality, environmental, and occupational safety standards.
- ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications renewed by TUV NORD CERT GmbH
- Certificates are valid for 3 years from 2nd September 2026 to 1st September 2029
- Scope covers manufacturing facilities at Unit I & Unit II in Kalunga (Odisha) and Kolkata Head Office
- Initial certification for these standards dates back to 2nd September 2017
Rating agency ICRA has reaffirmed IFGL Refractories Limited's credit ratings for total bank facilities amounting to Rs 273.00 crore. Long-term fund-based facilities totaling Rs 248.00 crore (comprising Rs 163.05 crore cash/packing credit and Rs 84.95 crore term loans) have been reaffirmed at [ICRA]AA- with a Stable outlook. Short-term non-fund-based limits of Rs 25.00 crore, alongside interchangeable limits of Rs 61.00 crore, were reaffirmed at [ICRA]A1+. The stable rating reflects the company's modest leverage profile, with total debt at Rs 140 crore against a net worth of Rs 708 crore.
- Total bank facilities rated by ICRA amount to Rs 273.00 crore
- Long-term fund-based limits of Rs 163.05 crore (cash credit) and Rs 84.95 crore (term loan) reaffirmed at [ICRA]AA- (Stable)
- Short-term non-fund-based limits of Rs 25.00 crore reaffirmed at [ICRA]A1+
- Short-term interchangeable limits of Rs 61.00 crore reaffirmed at [ICRA]A1+
IFGL Refractories released its Q1 FY27 earnings conference call transcript, highlighting a 13% YoY consolidated revenue growth and 8% YoY standalone revenue growth to ₹297 crore. Standalone EBITDA dropped 17% YoY to ₹31 crore due to elevated raw material and LPG costs, with management noting that price increases are being passed through with a lag. The company noted that new product additions like mag-carbon bricks and casting flux could add ₹150–200 crore at peak capacity (~8–11% of TTM revenue). Meanwhile, the proposed Chinese joint venture is on hold after authorities advised changing the site location.
- Q1 FY27 standalone revenue grew 8% YoY to ₹297 crore, driven by 7% domestic and 9% export growth.
- Standalone EBITDA fell 17% YoY to ₹31 crore due to higher raw material and LPG energy costs.
- Management estimates mag-carbon brick and casting flux lines can add ₹150–200 crore in peak annual revenue.
- Commenced production of Sheffield Refractories plastic ramming mass at the Vizag facility.
- The planned Chinese JV project remains on hold awaiting government clearance after an advisory to change location.
IFGL Refractories has appointed Mr. Ashok Kumar Kedia and Mr. Frank Mitchell as Co-Presidents of its material US subsidiary, Mono Ceramics Inc (MCI), effective August 16, 2026. The appointments follow the cessation of Mr. Mukesh Harshadrai Rawal as President of MCI on August 15, 2026. Both appointees are long-tenured insiders, with Mr. Kedia having over 28 years with IFGL Group and Mr. Mitchell possessing over 37 years with the company. The leadership transition ensures continuity for IFGL's North American refractory business within its ₹1,895 Cr TTM revenue base.
- Ashok Kumar Kedia and Frank Mitchell appointed Co-Presidents of US subsidiary Mono Ceramics Inc effective August 16, 2026.
- Follows the cessation of Mukesh Harshadrai Rawal as President of MCI on August 15, 2026.
- Ashok Kumar Kedia brings over 28 years of tenure with IFGL Group and 34 years of manufacturing industry experience.
- Frank Mitchell brings over 37 years of tenure with the company and 40 years of manufacturing experience.
IFGL Refractories has published the audio recording of its Q1 FY27 earnings conference call held on August 11, 2026. The company currently reports a TTM revenue of Rs 1,895 Cr with an operating margin of 7.2%, reflecting a period of margin pressure compared to FY24 levels (9.42%). Investors can access the recording to evaluate management's commentary on the Odisha greenfield project and the recovery of overseas subsidiaries in the UK and Germany. The stock is currently valued at a P/E of 45.4 with a market capitalization of Rs 1,576 Cr.
- Earnings conference call for 1QFY27 was conducted on August 11, 2026, at 5:30 PM IST.
- Company reported TTM revenue of Rs 1,895 Cr against a market cap of Rs 1,576 Cr.
- Operating Profit Margin (OPM) for the TTM period stands at 7.2%.
- Promoter holding remains stable and high at 72.43% as of June 2026.
- Audio recording is now publicly accessible via the company's official website.
IFGL Refractories has appointed Mr. Mukesh Harshadrai Rawal as Whole-time Director and CEO India for a three-year term effective August 16, 2026. Mr. Rawal, a metallurgy engineer who joined the group in 1983, currently serves as the President of the company's US subsidiary, Mono Ceramics Inc. This leadership transition aligns with the company's strategy to achieve 18% growth through massive capacity expansions in Odisha and Vizag. The appointment is subject to shareholder and Central Government approvals.
- Appointment of Mr. Mukesh Harshadrai Rawal as CEO India for a 3-year term starting August 16, 2026.
- Mr. Rawal has been with the IFGL Group since 1983, providing over 40 years of experience in the refractories and steel industry.
- He will transition from his current role as President of the US subsidiary, Mono Ceramics Inc, and Head of Americas.
- The company is currently managing a TTM revenue of ₹1,895 Cr with a focus on domestic market share expansion.
- Appointment is subject to necessary approvals from shareholders and the Central Government.
IFGL Refractories reported a 7.7% YoY revenue growth to ₹296.58 Cr for Q1 FY27. Net profit increased 7% YoY to ₹15.78 Cr, significantly aided by the cessation of a ₹6.67 Cr quarterly goodwill amortization charge that concluded in FY26. The company faced a regulatory hurdle as its proposed Gujarat Joint Venture project was closed by authorities due to location concerns, necessitating a fresh application. Post-quarter, the company expanded its global footprint by incorporating a new subsidiary in Saudi Arabia in July 2026.
- Revenue from operations grew 7.7% YoY to ₹296.58 Cr compared to ₹275.47 Cr in Q1 FY26.
- Net Profit increased to ₹15.78 Cr, up from ₹14.74 Cr YoY, reflecting improved margins as goodwill amortization dropped to zero.
- Goodwill amortization of ₹6.67 Cr per quarter, which impacted previous years, has ended as the carrying value reached nil in March 2026.
- Incorporated a new wholly-owned subsidiary, IFGL Monocon Saudi Company Ltd, in Saudi Arabia on July 11, 2026.
- Contingent tax liabilities totaling approximately ₹40.28 Cr remain under dispute regarding goodwill depreciation claims.
IFGL Refractories has scheduled a conference call for August 11, 2026, at 5:30 PM IST to discuss its 1QFY27 financial results. The call, organized by Monarch Networth Capital, will feature key management including the Director and CFO. This follows a TTM revenue performance of Rs 1,895 Cr and a PAT of Rs 35 Cr. Investors will likely seek updates on the Odisha greenfield project and the recovery of overseas subsidiaries which impacted FY25/26 profitability.
- Conference call scheduled for August 11, 2026, at 5:30 PM IST.
- Management participation includes Mr. Mukesh H. Rawal (Director) and Mr. Amit Agarwal (CFO).
- Agenda focused on 1QFY27 earnings update following a TTM OPM of 7.2%.
- Company maintains a strong promoter holding of 72.43% as of June 2026.
IFGL Refractories held its 19th Annual General Meeting on August 5, 2026, where shareholders approved a final dividend of Rs 2.15 per share (21.50% of face value) for FY 2025-26. The company reported FY26 revenue of Rs 1,894.65 Cr and a net profit of Rs 34.73 Cr, reflecting a challenging year with margins at 7.18%. Management reiterated its focus on capacity expansions in Odisha and Vizag to drive a targeted 18% growth rate. The dividend payment is scheduled to commence on or after August 10, 2026.
- Final dividend of Rs 2.15 per equity share approved for the financial year ended March 31, 2026.
- Dividend payment to be processed on or after August 10, 2026, for shareholders on record as of July 29, 2026.
- FY26 annual revenue confirmed at Rs 1,894.65 Cr with a net profit of Rs 34.73 Cr.
- A total of 48 members attended the meeting conducted via Video Conferencing.
- Ratification of remuneration for Cost Auditors, M/s. Mani & Co., for FY 2026-27 was approved.
Shareholders of IFGL Refractories Limited have approved a final dividend of Rs 2.15 per equity share (21.5% of face value) for FY 2025-26 at the Annual General Meeting held on August 5, 2026. This dividend represents a payout ratio of approximately 44.7% relative to the FY26 EPS of Rs 4.81. The eligibility for this dividend was determined by the record date of July 29, 2026. Payments are scheduled to be disbursed starting from August 10, 2026.
- Final dividend of Rs 2.15 per equity share approved for FY 2025-26
- Dividend rate fixed at 21.5% of the face value
- Record date for eligibility was Wednesday, July 29, 2026
- Payment of dividend to commence on or after Monday, August 10, 2026
- Dividend payout ratio stands at ~44.7% based on FY26 EPS of Rs 4.81
Financial Performance
Revenue Growth by Segment
Consolidated revenue reached INR 1,653.03 Cr in FY2025, representing a modest 1% YoY growth. Standalone domestic revenue was INR 997.64 Cr. In Q2 FY2026, consolidated revenue grew 18% YoY, while standalone total income rose 12% YoY to INR 288 Cr, driven by strong traction in key markets.
Geographic Revenue Split
Revenues are diversified across India, China, Germany, the UK, and the US. Domestic operations are more profitable than overseas units. In FY2025, UK operations were adversely impacted by steel plant shutdowns. The top five customers account for 30-40% of total sales in Indian operations.
Profitability Margins
Consolidated Net Profit Margin stood at 2.60% in FY2025, down from 5.77% in the previous year. Standalone operating profit margins reached a peak of 20.4% in FY2021 but moderated to 13.2% in H1 FY2026 due to volatile input costs and lower export offtake.
EBITDA Margin
Consolidated EBITDA margin was 8.7% in FY2025. Standalone EBITDA for Q2 FY2026 was INR 37.4 Cr with a 13% margin. Margins have been pressured by raw material price increases and sea freight inflation, which caused a drop from the 15.5% seen in H1 FY2022.
Capital Expenditure
The company is executing a large-scale capex program, including a completed greenfield project in Vizag and a newly announced greenfield project in the Khordha district of Odisha. Standalone liquidity of INR 1,071 Cr as of September 2023 supports these plans.
Credit Rating & Borrowing
ICRA maintains a Stable outlook. Interest coverage ratio was 9.35x (Consolidated) and 17.35x (Standalone 9M FY2024). Gearing remains conservative at 0.2x as of March 31, 2025, with negative net debt (cash exceeds total debt).
Operational Drivers
Raw Materials
Key inputs include specialized refractory raw materials and sea freight services. Raw material costs and freight inflation are primary drivers, with H1 FY2022 margins dropping 4.9% specifically due to these factors.
Import Sources
Sourced globally to support manufacturing facilities in India, China, Germany, the UK, and the US. Specific import countries are not disclosed, but the company utilizes global supply chains to mitigate regional disruptions.
Key Suppliers
Not disclosed in available documents; however, the company maintains long-term relationships with global suppliers to support its multi-country manufacturing base.
Capacity Expansion
Current expansion includes the Odisha greenfield project and recently commissioned Vizag capacity. These projects are large relative to the current balance sheet size and aim to capture rebounding steel demand.
Raw Material Costs
Raw material costs significantly impact profitability; for instance, volatile input costs and product mix changes were cited as the primary reasons for margin pressure in Q2 FY2026.
Manufacturing Efficiency
Capacity utilization is supported by repeat orders from reputed customers. Working capital limit utilization was low at approximately 38-39% during CY2023 and CY2024, indicating high liquidity headroom.
Logistics & Distribution
Distribution is heavily impacted by sea freight inflation, which was a key factor in the margin moderation from 20.4% to 15.5% in the FY2021-2022 period.
Strategic Growth
Expected Growth Rate
18%
Growth Strategy
Growth is targeted through massive capacity expansion (Odisha and Vizag), restructuring and optimizing overseas subsidiaries in the UK and US, and leveraging the technical partnership with Krosaki Harima Corporation (Japan) to secure repeat orders in the flow-control refractory segment.
Products & Services
Specialized refractories and operating systems for flow control in steel teeming and continuous casting of steel.
Brand Portfolio
IFGL Refractories, S. K. Bajoria Group, and joint venture IFGL-Marvels Refractories Limited.
New Products/Services
Expansion into various refractory sub-segments and total solutions for steel flow control, expected to support medium-term revenue growth as new capacities become operational.
Market Expansion
Targeting increased market share in India and the US. The Odisha greenfield project is a key pillar for domestic expansion over the next 2-3 years.
Market Share & Ranking
Not disclosed as a specific percentage, but the company is an established leader in the specialized flow-control refractory segment with over four decades of operations.
Strategic Alliances
Joint venture with Marvels Refractories (IFGL-Marvels Refractories Limited) and a long-standing technical/promoter relationship with Krosaki Harima Corporation, Japan.
External Factors
Industry Trends
The industry is shifting toward total refractory solutions and higher-quality flow control systems. IFGL is positioning itself by expanding capacity in India to meet the growing domestic steel demand.
Competitive Landscape
Competes with global refractory players; maintains edge through an efficient cost structure and established relationships with top-tier steel manufacturers.
Competitive Moat
Moat is built on 40+ years of experience, technical collaboration with Krosaki Harima, and a strong track record of repeat orders from global steel majors, which is sustainable due to high switching costs in steel casting.
Macro Economic Sensitivity
Highly sensitive to global steel production volumes. A rebound in steel production ex-China is viewed as a favorable medium-term driver for the business.
Consumer Behavior
Demand is driven by steel manufacturers' shift toward continuous casting and higher efficiency in steel teeming processes.
Geopolitical Risks
Global uncertainty and volatility in the steel market, particularly in Europe (UK/Germany), pose risks to the profitability of overseas subsidiaries.
Regulatory & Governance
Industry Regulations
Operations are subject to environmental and safety norms across multiple jurisdictions (India, UK, US, Germany, China). Compliance is managed through a 'People First' HR initiative and local regulatory adherence.
Environmental Compliance
Subsidiaries in the UK, Germany, and the US adhere to local labor and safety regulations with no reported material non-compliances.
Taxation Policy Impact
Effective tax rate for FY2025 was approximately 27.8% (INR 165.64 million tax on INR 595.41 million PBT).
Legal Contingencies
No specific pending court cases or values were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
The primary uncertainty is the timing of the steel cycle; if new capacity commissioning (Odisha) coincides with a downturn, it could impact ROI by 15-20%.
Geographic Concentration Risk
While globally spread, the UK operations represent a concentration risk as seen by their recent underperformance affecting consolidated margins.
Third Party Dependencies
Significant dependency on the global shipping industry for export revenues, which previously caused a 5% margin contraction due to freight inflation.
Technology Obsolescence Risk
Low risk due to the essential nature of refractories in steel making, but the company mitigates this through its technical partnership with Krosaki Harima.
Credit & Counterparty Risk
Receivables quality is high, reflected in a Debtors Turnover Ratio of 4.83x, supported by a customer base of large, reputed steel manufacturing companies.
