IFGL Refractories Ltd.
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ABOUT
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company has consistently been profitable over the last 5 years
- Latest quarter profit grew 57.8% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.53x)
- Company has been maintaining a healthy dividend payout of 44.7%
- Company has a consistent dividend-paying track record
- Company generates healthy free cash flow
CONS
- Company has a low return on capital employed of 6.5%
- Company has a low return on equity of 4.9% over last 3 years
- Company has delivered a poor profit growth of -12.0% over past five years
- Valuation is stretched - P/E of 36.2 is well above its own 5-year median (14.7)
- Operating margins have contracted to 7.2% from 12.0%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| RPEL | 1844.25 | 135.08 | 8469.16 | 0.05 | 19.57 | 67.60 | 86.91 | 48.72 | 31.26 | 29.62 |
| VESUVIUS | 413.95 | 32.80 | 8401.56 | 0.36 | 58.51 | -7.13 | 536.17 | 2.41 | 23.15 | 16.16 |
| RHIM | 376.20 | 0.00 | 7768.58 | 0.66 | 64.61 | 83.19 | 1013.97 | 5.59 | -6.95 | 13.58 |
| IFGLEXPOR | 205.60 | 36.19 | 1481.94 | 1.05 | 170.60 | 1478.17 | 5123.70 | 1028.54 | 4.62 | 7.22 |
| ORIENTCER | 45.54 | 20.86 | 544.84 | 0.77 | 8.57 | 99.19 | 100.65 | 2.23 | 6.18 | 16.11 |
| DALMIAREF | 112.50 | 5.17 | 35.46 | 0.89 | — | — | — | — | 5.89 | — |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 424 | 456 | 366 | 394 | 415 | 411 | 379 | 449 | 454 | 489 | 469 | 483 | 5,124 | |
| 368 | 388 | 370 | 359 | 368 | 379 | 362 | 415 | 418 | 451 | 446 | 444 | 4,919 | |
| Operating Profit | 56 | 68 | -4 | 35 | 46 | 33 | 17 | 33 | 36 | 38 | 23 | 39 | 204 |
| OPM % | 13.21% | 14.88% | -1.14% | 8.83% | 11.12% | 7.93% | 4.40% | 7.41% | 7.93% | 7.77% | 4.92% | 8.06% | 3.99% |
| 3 | 4 | 4 | 7 | 7 | 4 | 3 | 4 | 3 | 2 | -3 | 2 | 27 | |
| Interest | 3 | 2 | 3 | 3 | 3 | 3 | 4 | 4 | 5 | 4 | 4 | 4 | 29 |
| Depreciation | 16 | 16 | 16 | 17 | 17 | 18 | 18 | 20 | 19 | 20 | 20 | 21 | 136 |
| Profit before Tax | 41 | 54 | -18 | 21 | 33 | 15 | -2 | 13 | 15 | 17 | -4 | 17 | 231 |
| Tax % | 28.29% | 29.34% | 108.24% | 40.85% | 26.04% | 21.46% | -11.22% | 34.09% | 28.74% | 24.01% | 17.65% | 16.05% | 26.27% |
| Net Profit | 0 | 0 | 0 | 0 | 25 | 12 | -2 | 8 | 11 | 13 | -3 | 14 | 171 |
| 8.21 | 10.55 | 0.42 | 3.48 | 3.42 | 1.68 | -0.30 | 1.17 | 1.50 | 1.76 | -0.43 | 1.98 | 2.37 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 766 | 835 | 950 | 917 | 1,022 | 1,260 | 1,387 | 1,639 | 1,653 | 1,894 | 1,953 | |
| 667 | 739 | 843 | 826 | 867 | 1,126 | 1,234 | 1,485 | 1,523 | 1,757 | 1,832 | |
| Operating Profit | 99 | 96 | 108 | 92 | 155 | 133 | 153 | 154 | 130 | 137 | 120 |
| OPM % | 12.91% | 11.49% | 11.35% | 9.98% | 15.20% | 10.57% | 11.00% | 9.42% | 7.84% | 7.23% | 6.17% |
| 4 | 14 | 6 | -10 | 21 | 25 | 14 | 19 | 17 | 5 | 4 | |
| Interest | 5 | 4 | 4 | 4 | 3 | 3 | 5 | 11 | 15 | 17 | 14 |
| Depreciation | 44 | 44 | 46 | 48 | 49 | 51 | 56 | 64 | 73 | 80 | 74 |
| Profit before Tax | 55 | 63 | 64 | 30 | 124 | 104 | 106 | 98 | 60 | 45 | 53 |
| Tax % | 8.35% | 24.66% | 21.22% | 35.08% | 47.20% | 25.45% | 25.06% | 16.51% | 27.82% | 23.14% | 22.90% |
| Net Profit | 50 | 47 | 50 | 19 | 66 | 77 | 79 | 82 | 43 | 35 | 41 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 23.80 | 21.50 | 21.98 | 22.66 | 11.93 | 4.81 | — |
| Dividend Payout % | 1.17% | 15.30% | 17.86% | 46.31% | 54.95% | 32.56% | 31.85% | 30.89% | 58.70% | 44.67% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 13%
- 3 Years:
- 11%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- -12%
- 3 Years:
- -24%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 4%
- 3 Years:
- -6%
- 1 Year:
- -15%
RETURN ON EQUITY
- 10 Years:
- 6%
- 5 Years:
- 6%
- 3 Years:
- 5%
- Last Year:
- 3%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 3 | 36 | 36 | 36 | 36 | 36 | 36 | 36 | 36 | 72 |
| 650 | 716 | 759 | 773 | 854 | 898 | 969 | 1,036 | 1,071 | 1,103 | |
| 76 | 106 | 85 | 59 | 58 | 97 | 159 | 148 | 196 | 191 | |
| Trade Payables | 117 | 125 | 124 | 124 | 155 | 187 | 186 | 179 | 236 | 232 |
| 108 | 58 | 16 | 31 | 80 | 68 | 189 | 214 | 224 | 228 | |
| Total Liabilities | 953 | 1,042 | 1,019 | 1,024 | 1,184 | 1,286 | 1,539 | 1,614 | 1,763 | 1,825 |
| 471 | 461 | 454 | 440 | 416 | 422 | 500 | 517 | 593 | 610 | |
| Capital Work in Progress | 2 | 8 | 6 | 7 | 22 | 25 | 46 | 104 | 27 | 41 |
| 12 | 13 | 46 | 94 | 128 | 135 | 132 | 126 | 105 | 68 | |
| 94 | 108 | 157 | 142 | 168 | 259 | 302 | 301 | 405 | 411 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 325 | 359 | 425 | |
| Cash & Bank | 56 | 81 | 88 | 111 | 191 | 128 | 58 | 72 | 64 | 54 |
| 318 | 369 | 268 | 230 | 260 | 317 | 501 | 169 | 209 | 216 | |
| Total Assets | 953 | 1,042 | 1,019 | 1,024 | 1,184 | 1,286 | 1,539 | 1,614 | 1,763 | 1,825 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 48 | 57 | 125 | 150 | 159 | 30 | 35 | 152 | 28 | 63 | |
| Cash from Investing | -0 | -48 | -71 | -54 | -106 | -24 | -123 | -117 | -37 | -21 |
| Cash from Financing | -4 | 18 | -37 | -66 | -5 | -7 | 50 | -24 | -4 | -58 |
| 23 | 11 | 2 | 30 | 28 | -27 | -67 | 11 | -13 | -15 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - IFGL Refractories Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-09 - IFGL Refractories Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-08 - IFGL Refractories Limited has informed the Exchange regarding Notice of Postal Ballot
2026-08-29 - IFGL Refractories Limited has informed the Exchange about General Updates
2026-08-27 - IFGL Refractories Limited has informed the Exchange about General Updates
2026-08-19 - IFGL Refractories Limited has informed the Exchange about Credit Rating
2026-08-17 - IFGL Refractories Limited has informed the Exchange about Transcript
2026-08-16 - IFGL Refractories Limited has informed the Exchange about change in Management
2026-08-11 - IFGL Refractories Limited has informed the Exchange about Link of Recording
News
Recent coverage and analyst commentary for IFGLEXPOR
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IFGL Refractories Ltd.
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