Ifgl Refractories Limited (IFGLEXPOR)

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Ifgl Refractories Limited (IFGLEXPOR) · mywealthgrid

About

IFGL Refractories manufactures electrodes and refractories for industrial applications. With a market cap of ₹1,624.49 Cr and recent quarterly revenues ranging ₹270–512 Cr, it is a promoter-led company (72.43% holding) in a niche industrial products segment.

Face value: ₹10

Market cap

₹1,367 Cr

P/E

33.4×

P/B

1.2×

Dividend yield

1.1%

ROE

ROCE

5.4%

Debt / equity

0.17

OPM

7.2%

EPS (TTM)

₹5.7

Book value

₹163.0

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation disconnect: PE 39.67 vs. ROE 3.04% — verify whether market expects margin recovery or if returns are sustainable at current levels.
Profit volatility: net profit fell to ₹-3.56 Cr (Dec 2025, standalone) and ₹-3.08 Cr (consolidated), then recovered to ₹17.06 Cr (Jun 2026, consolidated) — determine if losses were one-off or recurring.
Margin compression: OPM fell to 4.92% (Dec 2025, consolidated) from 12.48% (Sep 2025, standalone) — assess whether cost inflation or weak pricing is structural.
Institutional absence: FII 0.03%, DII 13.01% — limited institutional participation may indicate weak visibility into earnings or illiquidity concerns.

Generated analysis · source review pending

Growth drivers

Profit recovery: consolidated net profit rebounded to ₹17.06 Cr (Jun 2026) from ₹-3.08 Cr (Dec 2025) — if sustained, demonstrates operational turnaround.
Balance sheet capacity: D/E ratio of 0.17 is very low, providing room to leverage for capex if refractories/electrodes demand warrants expansion — verify sector capex plans.
Cash generation: regular dividends and a bonus (Jul 2025) suggest operating cash flow is available — monitor if retained earnings can fund organic growth.

Generated analysis · source review pending

2,190 historical price candles were omitted because the exchange source has not been verified.

₹189.6-0%1Y

Quick read

rule-based

Pros

+Dividend payout of 37.9% of profit
+High promoter holding of 72.4% with no pledge

Cons

−Low return on equity of 5% (3-yr avg)
−Thin operating margin of 7.2%
−Profit declined 12% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

46/100

Business quality: 25
Growth: 51
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	839	839	940	917	1,022	1,260	1,387	1,639	1,653	1,894
COGS	421	421	473	459	474	615	723	831	827	989
Gross profit	418	418	467	458	548	645	664	808	826	905
	312	312	358	367	393	502	511	654	697	769
	106	106	109	92	155	143	153	154	129	136
OPM %	12.6%	12.6%	11.6%	10%	15.2%	11.3%	11%	9.4%	7.8%	7.2%
Depreciation	44	44	46	48	49	51	56	64	73	80
Interest	4	4	4	4	3	3	5	11	14	16
	4	4	6	-10	21	16	13	19	17	5
Profit before tax	63	63	64	30	124	104	106	98	60	45
Tax	15	15	14	11	59	26	26	16	17	10
Tax %	24.7%	24.7%	21.2%	35.1%	47.2%	25.5%	25.1%	16.5%	27.8%	23.1%
	47	47	50	19	66	77	79	82	43	35
PAT margin %	5.6%	5.6%	5.4%	2.1%	6.4%	6.2%	5.7%	5%	2.6%	1.8%
EPS (₹)	13.1	13.1	14	5.4	18.2	21.5	22	22.7	11.9	4.8
EPS adjusted (₹)	—	6.5	7	—	9.1	10.8	11	11.3	6	4.8
	15.3%	15.3%	17.9%	46.3%	54.9%	32.6%	31.8%	30.9%	8.4%	169.4%
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2018	Mar 2019	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	36	36	36	36	36	36	36	72
Reserves	716	759	854	898	969	1,036	1,071	1,103
	106	85	48	84	160	163	202	196
	140	140	245	268	261	255	309	302
Total equity & liabilities	999	1,019	1,184	1,286	1,426	1,490	1,619	1,673
	461	454	395	400	500	517	573	576
CWIP	8	6	22	25	46	104	27	41
Investments	13	46	148	157	132	126	126	101
	516	512	618	704	748	743	893	955
Total assets	999	1,019	1,184	1,286	1,426	1,490	1,619	1,673

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
India	1,101.91	66.98	953.27	303.67	649.6	10.31
Europe	429.03	-25.8

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	49.7%	50%	53.6%	51.2%	47.9%	49.3%	50%	47.8%
EBITDA margin %	11.6%	10%	15.2%	11.3%	11%	9.4%	7.8%	7.2%
EBIT margin %	6.7%	4.7%	10.4%	7.3%	7%	5.5%	3.4%	3%
PAT margin %	5.4%	2.1%	6.4%	6.2%	5.7%	5%	2.6%	1.8%
Working capital
Receivable days	89	—	82	79	92	72	79	82
Inventory days	121	—	129	154	153	132	179	152
Payable days	96	—	119	111	94	79	104	86
NWC days	114	—	91	122	151	126	154	148
Leverage
Current ratio	2.61	—	3.22	2.82	2.71	2.68	2.28	2.34
Debt to EBITDA	0.78	—	0.31	0.59	1.05	1.06	1.57	1.44
Debt to equity	0.11	—	0.05	0.09	0.16	0.15	0.18	0.17
Interest coverage	15.4	15	41.6	31.5	22.8	9.9	5.3	4.2
Asset turnover	0.92	—	0.86	0.98	0.97	1.1	1.02	1.13
Return ratios
Return on assets %	5%	—	5.5%	6%	5.6%	5.5%	2.7%	2.1%
Return on capital employed %	8.6%	—	13.3%	11%	10.4%	9.5%	6.2%	5.4%
Return on equity %	6.4%	—	7.4%	8.3%	7.9%	7.6%	3.9%	3%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%
	0.03%	0.37%	0.28%	0.18%	0.18%	0.14%	0.12%	0.04%	0.03%	0.04%	0.03%	0.03%
	11.83%	11.7%	13.53%	13.77%	14%	13.72%	13.63%	13.55%	13.52%	13.51%	13.27%	13.01%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	15.71%	15.5%	13.76%	13.62%	13.39%	13.71%	13.82%	13.98%	14.02%	14.02%	14.27%	14.53%
No. of shareholders	—	—	—	—	—	—	—	—	21,605	21,346	21,298	21,525

Promoter holding up 0 percentage points since Sep 2023.

5 deals · 19 May 2023 – 6 Oct 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
6 Oct 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	4,71,483	₹321.06	₹15.14 Cr
6 Oct 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	4,71,483	₹320.76	₹15.12 Cr
30 Sept 2025	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	3,71,664	₹289.67	₹10.77 Cr
30 Sept 2025	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	3,71,664	₹289.41	₹10.76 Cr
19 May 2023	MNCL CAPITAL COMPOUNDER FUND - I	Bulk	BSE	Buy	1,87,500	₹268.00	₹5.03 Cr

1–5 of 5

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. SHISHIR KUMAR BAJORIAExecutive Director-Chairperson related to Promoter
Mr. MIHIR PRAKASH BAJORIAExecutive Director-MD
Mr. RAJESH AGARWALExecutive Director
Mr. DURAISWAMY GUNASEELA RAJANNon-Executive - Independent Director
Mr. DEBAL KUMAR BANERJINon-Executive - Independent Director
Mr. SUDHAMOY KHASNOBISNon-Executive - Independent Director
Mr. GAURAV SWARUPNon-Executive - Independent Director
Mr. MUKESH RAWALNon-Executive - Non Independent Director
Ms. ANITA GUPTANon-Executive - Independent Director
Mr. Hirdesh SehgalChief Operating Officer
Mr. Amit AgarwalChief Financial Officer

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F&O

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 1 fund houses

Held by these funds

3.05%

of the company's equity

All mutual funds

12.92%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

2 schemes

		Shares
India T.I.G.E.R. Fund (The Infrastructure Growth and Economic Reforms Fund)	DSP Mutual Fund	12.05 L	25.34	0.39%	1.671%	-0
Multi Cap Fund (Ex DSP Multi Cap Fund)NEW	DSP Mutual Fund	9.94 L	20.91	0.69%	1.379%	—

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

27 announcementsExport CSV

28 Sept 2026, 5:34 pmCompany Update

Announcement Under Regulation 30 - Update (Transfer Of Equity Shares Of The Company To Demat Account Of IEPF Authority Following Provisions Of Section 124(6) Of The Companies Act, 2013 Read With Rule 6 Of The Investor Education And Protection Fund Authority (Accounting, Audit, Transfer And Refund) Rules, 2016)

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	49.7%	50%	53.6%	51.2%	47.9%	49.3%	50%	47.8%
EBITDA margin %	11.6%	10%	15.2%	11.3%	11%	9.4%	7.8%	7.2%
EBIT margin %	6.7%	4.7%	10.4%	7.3%	7%	5.5%	3.4%	3%
PAT margin %	5.4%	2.1%	6.4%	6.2%	5.7%	5%	2.6%	1.8%
Working capital
Receivable days	89	—	82	79	92	72	79	82
Inventory days	121	—	129	154	153	132	179	152
Payable days	96	—	119	111	94	79	104	86
NWC days	114	—	91	122	151	126	154	148
Leverage
Current ratio	2.61	—	3.22	2.82	2.71	2.68	2.28	2.34
Debt to EBITDA	0.78	—	0.31	0.59	1.05	1.06	1.57	1.44
Debt to equity	0.11	—	0.05	0.09	0.16	0.15	0.18	0.17
Interest coverage	15.4	15	41.6	31.5	22.8	9.9	5.3	4.2
Asset turnover	0.92	—	0.86	0.98	0.97	1.1	1.02	1.13
Return ratios
Return on assets %	5%	—	5.5%	6%	5.6%	5.5%	2.7%	2.1%
Return on capital employed %	8.6%	—	13.3%	11%	10.4%	9.5%	6.2%	5.4%
Return on equity %	6.4%	—	7.4%	8.3%	7.9%	7.6%	3.9%	3%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Graphite India LimitedGRAPHITEGRAPHITE	₹15,361 Cr	₹15,728 Cr	₹3,029 Cr	₹90 Cr	7.1%	₹213 Cr	6%	4.6%	3%	326
Raghav Productivity Enhancers LimitedRPELRPEL	₹8,349 Cr	₹8,354 Cr	₹286 Cr	₹85 Cr	29.3%	₹63 Cr	21.3%	30.7%	25%	255
Vesuvius India LimitedVESUVIUSVESUVIUS	₹8,203 Cr	₹8,203 Cr	₹2,107 Cr	₹354 Cr	17.1%	₹239 Cr	12.6%	22.5%	17.1%	46
Rhi Magnesita India LimitedRHIMRHIM	₹7,947 Cr	₹8,269 Cr	₹4,074 Cr	₹477 Cr	11%	₹-354 Cr	-9.5%	6.6%	-10.1%	126
Heg LimitedHEGAMHEGAM	₹4,618 Cr	₹5,411 Cr	₹2,640 Cr	₹263 Cr	15.5%	₹359 Cr	13.3%	6.9%	7.4%	323
Ifgl Refractories LimitedIFGLEXPORIFGLEXPOR	₹1,367 Cr	₹1,562 Cr	₹1,953 Cr	₹137 Cr	7.2%	₹41 Cr	1.8%	5.4%	3%	148
Foseco Crucible (India) LtdFOSECOCFOSECOC	₹1,095 Cr	₹1,095 Cr	₹174 Cr	₹41 Cr	26.7%	₹28 Cr	10.9%	33.1%	13.8%	90
Orient Ceratech LimitedORIENTCERORIENTCER	₹528 Cr	₹567 Cr	₹406 Cr	₹50 Cr	10.6%	₹26 Cr	5.4%	10.6%	7.5%	226
De Nora India LimitedDENORADENORA	₹384 Cr	₹384 Cr	₹115 Cr	₹10 Cr	5.5%	₹12 Cr	7.5%	9.6%	7.3%	144
Panasonic Carbon India Company LtdPANCARBONPANCARBON	₹189 Cr	—	₹54 Cr	₹17 Cr	33.1%	₹21 Cr	38.8%	16.7%	11.8%	127
Nilachal Refractories LtdNILACHALNILACHAL	₹77 Cr	₹123 Cr	₹1 Cr	₹-21 Cr	-304.4%	₹-22 Cr	-307%	—	—	1,057

Date	Category	Subject	Filing
28 Sept 2026, 5:34 pm	Company Update General	Announcement Under Regulation 30 - Update (Transfer Of Equity Shares Of The Company To Demat Account Of IEPF Authority Following Provisions Of Section 124(6) Of The Companies Act, 2013 Read With Rule 6 Of The Investor Education And Protection Fund Authority (Accounting, Audit, Transfer And Refund) Rules, 2016)	PDF
22 Sept 2026, 5:42 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
14 Sept 2026, 1:54 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
11 Sept 2026, 11:58 am	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
9 Sept 2026, 12:44 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
8 Sept 2026, 6:37 pm	AGM/EGM Postal Ballot	Shareholder Meeting / Postal Ballot-Notice of Postal Ballot	PDF
29 Aug 2026, 5:23 pm	Company Update General	Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF
27 Aug 2026, 2:57 pm	Company Update General	Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 (SEBI LODR, 2015) Read With SEBI Circular Bearing No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 Last Updated On 30Th January, 2026	PDF

₹ Cr	Mar 2018	Mar 2019	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	41	109	139	4	6	152	28	63
	-48	-71	-106	-24	-123	-117	-37	-21
	18	-37	-5	-7	50	-24	-4	-58
Net cash flow	11	2	28	-27	-67	11	-13	-15
Free cash flow	-4	70	108	-62	-130	17	-45	-0
CFO / Operating profit %	38.8%	100.6%	89.7%	3.1%	4.1%	98.6%	22%	46.6%

Ifgl Refractories Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

12

1

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

America · revenue

Ifgl Refractories Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends12

Board meetings1

Bonus issues1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

America · revenue

12

1

1