IFGL Refractories
- Market cap
- ₹ 1,153 Cr.
- P/E
- 26.6x
- P/B
- 1.03x
- 52-week range
- 119.68 – 256.75
- ROE
- 3%
- ROCE
- 5%
- Dividend yield
- 1.3%
- Debt / equity
- 0.18
- Sector
- Industrial Products
- Industry
- Electrodes & Refractories
- Listed on
- NSE, BSE
About
IFGL Refractories Limited is an India-based company, which is engaged in the manufacturing, trading, and selling of refractory items and its related equipment and accessories used in steel plants. The Company also provides services in relation to refractory goods. The Company offers solutions, including Its manufacturing facilities are located in Kandla Special Economic Zone (SEZ), Gujarat, Kalunga Industrial Estate near Rourkela, Odisha, and Industrial Park APIIC De-Notified Area, Atchutapuram, Visakhapatnam District, Andhra Pradesh. The Company caters to both domestic and international markets. Its geographical segments include India, the United Kingdom, Europe other than the United Kingdom, Asia excluding India, the Americas, and others. The Company’s subsidiary includes IFGL Worldwide Holdings Limited, IFGL Monocon Holdings Limited, Monocon International Refractories Limited, Tianjin Monocon Refractories Company Limited, IFGL GmbH, and others.
Quick check
The five things to look at first. Open one for more.
Compared with its industry
Electrodes & Refractories: 16 companies →IFGL Refractories against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.
- Valuation (P/E)26.6 against a typical 28.7: cheaper than most peers (1st = cheapest).8th of 16
- Sales growth+12.8% against a typical +5.7% from a year earlier.5th of 14
- Profit growth+54.5% against a typical +55.8% from a year earlier.8th of 14
- Share price, 3 months−14.6% against a typical +3.4%.12th of 15
- Size₹ 1,152.5 Cr. market value against a typical ₹ 971.8 Cr. (1st = largest).7th of 15
Latest announcements
Exchange filings and their impact on the company.
- IFGL scrapped its unfunded Marvel JV plant and China representation deal with no capital loss and only a ~1% near-term sales drag.
IFGL Refractories terminated its October 2024 joint venture with Marvels International (Seychelles) and Marvel Refractories (Anshan, China) to make magnesite-based bricks in India through IFGL-Marvels Refractories. The partner never paid for its proposed 49% stake, so the JV company remains 100% owned by IFGL, and a separate representation agreement with the Chinese partner ends on 9 November 2026. The company says it expects no material financial or operational impact, with the main effect being loss of a future growth option and a small near-term sales drag.
Credit ratings
Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates
High safety
Rated AA- by ICRA- No warnings from the agency.
| Agency | Current rating | Outlook | As of |
|---|---|---|---|
| ICRA | [ICRA]AA- | Stable | 25 Aug 2026 |
| Rating | Details | |||||
|---|---|---|---|---|---|---|
| 25 Aug 2026 | Reaffirmed | [ICRA]AA- | — | ICRA | ₹ 334 Cr. |
Board meetings
Results dates and other board meetings. Full calendar
| Details | ||
|---|---|---|
| 8 Aug 2026 | Financial Results | To consider and approve the financial results for the period ended Jun 30, 2026 |
| 30 May 2026 | Financial Results/Dividend | To consider and approve the financial results for the period ended March 31, 2026 and dividend |
| 14 Feb 2026 | Financial Results | To consider and approve the financial results for the period ended December 31, 2025 |
| 8 Nov 2025 | Financial Results | To consider and approve the financial results for the period ended September 30, 2025 |
| 9 Aug 2025 | Financial Results | To consider and approve the financial results for the period ended Jun 30, 2025 |
| 24 May 2025 | Financial Results/Dividend/Bonus | To consider and approve the financial results for the period ended March 31, 2025, dividend and bonus |
Financials
Consolidated figures in ₹ crore.
| ₹ Cr. | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 456 | 366 | 394 | 415 | 411 | 379 | 449 | 454 | 489 | 469 | 483 | 512 |
| Expenses | 388 | 370 | 359 | 368 | 379 | 362 | 415 | 418 | 451 | 446 | 444 | 475 |
| Operating Profit | 68 | −4 | 35 | 46 | 33 | 17 | 33 | 36 | 38 | 23 | 39 | 37 |
| OPM % | 15% | −1.1% | 9% | 11% | 8% | 4.4% | 7% | 8% | 8% | 4.9% | 8% | 7% |
| Other Income | 4 | 4 | 7 | 7 | 4 | 3 | 4 | 3 | 2 | −3 | 2 | 3 |
| Interest | 2 | 3 | 3 | 3 | 3 | 4 | 4 | 5 | 4 | 4 | 4 | 3 |
| Depreciation | 16 | 16 | 17 | 17 | 18 | 18 | 20 | 19 | 20 | 20 | 21 | 14 |
| Profit before tax | 54 | −18 | 21 | 33 | 15 | −2 | 13 | 15 | 17 | −4 | 17 | 23 |
| Tax % | 29% | −108% | 41% | 26% | 21% | 11% | 34% | 29% | 24% | −18% | 16% | 26% |
| Net Profit | 38 | 2 | 13 | 25 | 12 | −2 | 8 | 11 | 13 | −3 | 14 | 17 |
| EPS in Rs | 5.27 | 0.21 | 1.74 | 3.42 | 1.68 | −0.3 | 1.17 | 1.5 | 1.76 | −0.43 | 1.98 | 2.37 |
Growth and returns
Compounded yearly rates over each period.
- 10 Years
- —
- 5 Years
- 13%
- 3 Years
- 11%
- TTM
- 15%
- 10 Years
- —
- 5 Years
- −11%
- 3 Years
- −23%
- TTM
- 47%
- 10 Years
- —
- 5 Years
- 5%
- 3 Years
- −3%
- TTM
- —
- 10 Years
- 6%
- 5 Years
- 6%
- 3 Years
- 5%
- TTM
- —
P/E and EPS over time
Daily P/E and trailing 12-month EPS. EPS updates with each result.
Peers
Listed companies in the same business.
| IFGL Refractories | ₹ 170.07 | ₹ 1,153 Cr. | 26.6x | 1x | 3% | — |
| Grindwell Norton | ₹ 1,858.00 | ₹ 20,572 Cr. | 55.4x | 9.1x | 17.4% | 13.6% |
| Carborundum Universal | ₹ 1,031.30 | ₹ 19,647 Cr. | 71.3x | 5.2x | 5.2% | 3.2% |
| Kajaria Ceramics | ₹ 1,137.65 | ₹ 17,896 Cr. | 38x | 6.4x | 16.8% | 10.2% |
| Century Plyboards (India) | ₹ 636.25 | ₹ 14,165 Cr. | 65.9x | 6.8x | 10.6% | 5% |
| Jindal SAW | ₹ 233.30 | ₹ 14,864 Cr. | 17.4x | 1.4x | — | 3.3% |
Management
- Shishir Kumar Bajoria
- Executive Chairman of the Board
- Amit Agarwal
- Chief Financial Officer
- Hirdesh Sehgal
- Chief Operating Officer
- Mansi Damani
- Compliance Officer, Company Secretary
- Rajesh Agarwal
- General Counsel, Additional Director
- Mihir Prakash Bajoria
- Managing Director
- Sarada Prasanna Das
- General Manager - Production & Technology
- Manoranjan Beura
- Chief Sales Officer
Prices are delayed and for information only. Nothing on this page is investment advice.