IFGLEXPOR - IFGL Refractori.
📢 Recent Corporate Announcements
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.
- 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
IFGL Refractories Limited has released the audio recording of its Q3 FY26 earnings conference call held on February 17, 2026. The call was organized by Monarch Networth Capital to discuss the company's financial performance for the quarter ended December 2025. This disclosure is a routine regulatory requirement under SEBI Listing Obligations. Investors can access the full recording via the company's official website to understand management's perspective on recent results.
- Audio recording of Q3 FY26 earnings call made available on February 17, 2026
- Conference call was organized by Monarch Networth Capital
- Disclosure follows the initial notification sent on February 12, 2026
- Recording is accessible through the company's investor relations portal
- Compliance maintained under Regulation 30 of SEBI LODR Regulations
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.
- 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.
IFGL Refractories has announced the reconstitution of three major board committees: Corporate Social Responsibility (CSR), Risk Management, and Investment. These changes are scheduled to take effect from March 1, 2026. Mr. Debal Kumar Banerji, an Independent Director, will chair both the CSR and Risk Management committees. The Investment Committee will be chaired by the Executive Chairman, Mr. Shishir Kumar Bajoria. The company has explicitly stated that there will be no changes to the roles, responsibilities, or functioning of these committees.
- Reconstitution of CSR, Risk Management, and Investment Committees effective from March 1, 2026
- Independent Director Mr. Debal Kumar Banerji to chair the CSR and Risk Management Committees
- Executive Chairman Mr. Shishir Kumar Bajoria to lead the Investment Committee
- Company confirms no changes in the roles, responsibilities, or functioning of the reconstituted committees
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.
- 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.
IFGL Refractories Limited has scheduled a conference call for February 17, 2026, at 4:00 PM IST to discuss its 3QFY26 financial performance. The call will be hosted by Monarch Networth Capital and will feature the company's CEO, Arasu Shanmugam, and CFO, Amit Agarwal. This interaction provides a platform for analysts and investors to seek clarity on the company's quarterly results and future outlook. The disclosure is made in compliance with SEBI Listing Obligations and Disclosure Requirements.
- Conference call scheduled for February 17, 2026, at 4:00 PM IST.
- Agenda focused on the discussion of 3QFY26 earnings update.
- Management representation includes the CEO and CFO of the company.
- Organized by Monarch Networth Capital with international dial-in options available.
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.
- 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.
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.
- 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
IFGL Refractories Limited has announced the resignation of Mr. Abhay Kapoor from the position of Chief Human Resource Officer (CHRO). The resignation is effective from the close of working hours on January 27, 2026. Mr. Kapoor cited personal reasons and other commitments for his departure. The company has processed this change in accordance with SEBI Listing Obligations and Disclosure Requirements.
- Mr. Abhay Kapoor resigned as Chief Human Resource Officer (CHRO) effective January 27, 2026.
- The resignation was submitted via email citing personal reasons and commitments.
- The transition is immediate, with the effective date being the same as the announcement date.
- Disclosure was made under Regulation 30 of the SEBI (LODR) Regulations, 2015.
IFGL Refractories Limited has announced that its material UK-based subsidiary, Sheffield Refractories Ltd, has appointed Hebblethwaites as its new Statutory Auditors effective January 26, 2026. This appointment follows a previous disclosure made by the company on January 20, 2026. Hebblethwaites is an established firm based in Sheffield, UK, providing audit, tax, and advisory services. This move ensures the subsidiary remains compliant with the applicable laws and regulations of the United Kingdom.
- Material subsidiary Sheffield Refractories Ltd (UK) appointed Hebblethwaites as Statutory Auditors on January 26, 2026.
- The appointment is in accordance with the applicable laws, rules, and regulations of the United Kingdom.
- Hebblethwaites is a South Yorkshire-based firm specializing in audit, accounting, and business advisory.
- This update follows a prior communication from the company dated January 20, 2026.
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.
- 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
IFGL Refractories Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Maheshwari Datamatics Pvt Ltd, confirms the dematerialization of shares for the period from October 1, 2025, to December 31, 2025. It verifies that physical share certificates received for dematerialization were processed and destroyed as per regulatory requirements. This is a standard administrative filing and does not impact the company's financial performance or operations.
- Compliance certificate submitted for the quarter ended December 31, 2025
- Issued by Registrar and Share Transfer Agent, Maheshwari Datamatics Pvt Ltd
- Confirms dematerialization of shares processed between October 1, 2025, and December 31, 2025
- Confirms destruction of physical certificates after dematerialization within stipulated timelines
IFGL Refractories Limited has received a favorable judgment from the Supreme Court of India regarding a long-standing subsidy claim against Orissa State Financial Corporation. The court has allowed the company's claim of ₹11,14,750 along with 9% annual interest effective from 2003. While the total recovery amount is relatively small for a listed entity, it marks the successful conclusion of a legal battle spanning over two decades. The company is currently awaiting the detailed written judgment to understand the full scope of reliefs accorded.
- Supreme Court allowed Special Leave Petition (Civil) No. 7013 of 2019 in favor of the company.
- Principal subsidy amount awarded is ₹11,14,750 (approximately ₹11.15 lakhs).
- Interest granted at the rate of 9% per annum calculated from the year 2003.
- The litigation involved a dispute with the Orissa State Financial Corporation and other respondents.
IFGL Refractories has issued a postal ballot notice to seek shareholder approval for the re-appointment of two key executive leaders. Mr. Shishir Kumar Bajoria is proposed for a three-year term as Executive Chairman starting April 1, 2026, while Mr. Rajesh Agarwal is proposed for a three-year term as Director - General Counsel starting November 12, 2025. The resolutions include provisions for remuneration, including 'minimum remuneration' clauses in the event of inadequate profits. Shareholders can cast their votes electronically between January 7 and February 5, 2026.
- Proposed re-appointment of Mr. Shishir Kumar Bajoria as Executive Chairman for 3 years (2026-2029)
- Proposed re-appointment of Mr. Rajesh Agarwal as Director - General Counsel for 3 years (2025-2028)
- Remuneration terms include minimum payment provisions under Schedule V of the Companies Act, 2013
- E-voting period is set from January 7, 2026, to February 5, 2026
- Cut-off date for voting eligibility was December 31, 2025
Bajoria Financial Services Pvt Ltd, a promoter group entity, has acquired 4,37,490 equity shares representing a 0.61% stake in IFGL Refractories Limited. The shares were acquired from Mr. Mihir Prakash Bajoria, another member of the promoter group, as an inter-se transfer. The transaction was executed at a price of Rs. 212 per share, which is notably lower than the 60-day volume-weighted average market price of Rs. 293.88. Following this transfer, the acquirer's individual holding in the company has increased from 71.82% to 72.43%.
- Inter-se transfer of 4,37,490 equity shares (0.61% stake) within the promoter group.
- Acquisition price set at Rs. 212 per share, totaling approximately Rs. 9.27 crore.
- Bajoria Financial Services Pvt Ltd's stake increased from 71.82% to 72.43%.
- Transaction price is well within SEBI limits, being lower than the 60-day VWAP of Rs. 293.88.
- The transfer was conducted under SEBI (SAST) Regulation 10(1)(a)(ii) exemptions.
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.