IFGL Refractories Ltd.

•

ifglgroup.comBSE: 540774NSE: IFGLEXPOR

Market Cap₹ 1,533 Cr.

Current Price

High / Low₹ 338 / 120

Stock P/E38.5

Book Value₹ 100

Price to Book1.26

Dividend Yield1.01 %

ROCE7.5 %

ROE5.5 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

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.

Confidence

72%

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PROS

Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.19x)
Company has been maintaining a healthy dividend payout of 39.9%
Company generates healthy free cash flow
Company has a consistent dividend-paying track record
Company maintains a comfortable, low leverage position

CONS

Recent results are weak - TTM profit is down 27.3% versus prior year
Company has a low return on capital employed of 9.9%
Company has a low return on equity of 8.1% over last 3 years
Valuation is stretched - P/E of 38.5 is well above its own 5-year median (15.0)
Company has delivered a poor profit growth of -2.8% over past five years
Operating margins have contracted to 10.8% from 16.2%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsRefractories

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	VESUVIUS	416.70	33.02	8457.38	0.36	58.51	-7.13	536.17	2.41	23.15	16.16
2.	RPEL	1743.30	127.68	8005.57	0.06	19.57	67.60	86.91	48.72	31.26	29.62
3.	RHIM	379.25	0.00	7831.57	0.66	64.61	83.19	1013.97	5.59	-6.95	13.58
4.	IFGLEXPOR	212.75	37.45	1533.47	1.01	170.60	1478.17	5123.70	1028.54	4.62	7.22
5.	ORIENTCER	46.74	21.40	559.19	0.75	8.57	99.19	100.65	2.23	6.18	16.11
6.	DALMIAREF	112.50	5.17	35.46	0.89	—	—	—	—	5.89	—

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	227	260	197	209	242	254	233	270	275	287	271	276	2,966
	184	206	210	178	204	224	213	233	241	251	255	245	2,777
Operating Profit	43	54	-13	31	38	30	20	37	35	36	16	32	189
OPM %	19.04%	20.60%	-6.72%	14.95%	15.59%	11.65%	8.49%	13.80%	12.67%	12.48%	5.98%	11.46%	6.37%
	3	4	3	6	7	4	2	3	3	2	-3	1	21
Interest	2	2	3	3	2	3	3	3	4	3	3	3	22
Depreciation	12	11	11	13	13	13	13	15	14	15	15	15	81
Profit before Tax	33	44	-24	22	29	17	6	22	20	20	-5	14	210
Tax %	31.14%	31.14%	87.26%	29.21%	25.19%	20.54%	15.06%	23.24%	24.53%	25.59%	25.05%	11.23%	24.93%
Net Profit	23	30	-3	16	22	14	5	17	15	15	-4	13	158
	6.24	8.36	-0.85	4.32	3.06	1.90	1.39	2.35	2.05	2.06	-0.50	1.78	2.19

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	372	443	489	499	649	787	833	893	998	1,109	1,131
	321	380	417	427	511	669	711	777	873	990	1,028
Operating Profit	51	63	72	71	138	119	122	116	125	119	103
OPM %	13.71%	14.30%	14.72%	14.28%	21.21%	15.06%	14.69%	12.97%	12.53%	10.75%	9.07%
	3	13	4	8	7	14	13	17	16	2	1
Interest	4	5	5	4	4	4	6	11	13	13	11
Depreciation	37	38	39	39	39	41	44	47	54	59	52
Profit before Tax	13	34	33	36	101	87	85	74	75	49	51
Tax %	-44.56%	33.46%	20.24%	16.87%	55.74%	27.50%	28.27%	12.28%	22.74%	21.00%	21.28%
Net Profit	18	23	26	30	45	63	61	65	58	39	40
EPS	0.00	0.00	0.00	0.00	18.04	17.54	16.97	18.07	15.98	5.39	—
Dividend Payout %	3.21%	31.92%	34.70%	30.30%	80.39%	39.90%	41.24%	38.74%	43.80%	39.90%	—

COMPOUNDED SALES GROWTH

10 Years:: 37%
5 Years:: 11%
3 Years:: 10%

COMPOUNDED PROFIT GROWTH

10 Years:: 19%
5 Years:: -3%
3 Years:: -14%

STOCK PRICE CAGR

10 Years:: —
5 Years:: 4%
3 Years:: -6%
1 Year:: -15%

RETURN ON EQUITY

10 Years:: 8%
5 Years:: 9%
3 Years:: 8%
Last Year:: 6%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	439	453	470	478	523	550	586	626	658	636
	66	87	65	40	45	85	114	97	139	126
Trade Payables	58	69	61	62	85	109	79	95	144	130
	88	41	3	15	63	53	171	187	199	206
Total Liabilities	654	686	636	631	752	833	987	1,041	1,176	1,170
	304	277	261	257	227	234	249	256	313	300
Capital Work in Progress	1	3	6	4	18	15	30	77	7	12
	69	69	102	150	184	191	189	183	164	126
	44	50	87	74	101	170	172	172	267	259
	0	0	0	0	0	0	0	190	224	267
Cash & Bank	3	7	9	9	43	9	1	2	4	2
	233	280	171	138	179	215	345	161	197	205
Total Assets	654	686	636	631	752	833	987	1,041	1,176	1,170

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	5	17	99	114	108	34	92	117	24	51
Cash from Investing	-12	-19	-56	-50	-101	-8	-59	-85	-20	3
Cash from Financing	3	9	-35	-62	3	-2	-4	-31	-4	-54
	-16	0	-1	7	-8	-0	-0	0	0	0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	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
	0.18	0.18	0.13	0.12	0.04	0.03	0.04	0.03	0.03
	13.77	14.00	13.72	13.62	13.54	13.51	13.51	13.27	13.01
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	13.61	13.38	13.71	13.81	13.98	14.02	14.01	14.26	14.52

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11

Copy of Newspaper Publication

2026-09-11 - IFGL Refractories Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-09

Copy of Newspaper Publication

2026-09-09 - IFGL Refractories Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-08

Shareholders meeting

2026-09-08 - IFGL Refractories Limited has informed the Exchange regarding Notice of Postal Ballot

2026-08-29

General Updates

2026-08-29 - IFGL Refractories Limited has informed the Exchange about General Updates

2026-08-27

General Updates

2026-08-27 - IFGL Refractories Limited has informed the Exchange about General Updates

2026-08-19

Credit Rating

2026-08-19 - IFGL Refractories Limited has informed the Exchange about Credit Rating

2026-08-17

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-17 - IFGL Refractories Limited has informed the Exchange about Transcript

2026-08-16

Change in Management

2026-08-16 - IFGL Refractories Limited has informed the Exchange about change in Management

2026-08-11

Analysts/Institutional Investor Meet/Con. Call Updates

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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Name

VESUVIUS

416.70

33.02

8457.38

0.36

58.51

-7.13

536.17

2.41

23.15

16.16

RPEL

1743.30

127.68

8005.57

0.06

19.57

67.60

86.91

48.72

31.26

29.62

RHIM

379.25

0.00

7831.57

0.66

64.61

83.19

1013.97

5.59

-6.95

13.58

IFGLEXPOR

212.75

37.45

1533.47

1.01

170.60

1478.17

5123.70

1028.54

4.62

7.22

ORIENTCER

46.74

21.40

559.19

0.75

8.57

99.19

100.65

2.23

6.18

16.11

DALMIAREF

112.50

5.17

35.46

0.89

—

5.89

—

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

227

260

197

209

242

254

233

270

275

287

271

276

2,966

184

206

210

178

204

224

213

233

241

251

255

245

2,777

Operating Profit

-13

189

OPM %

19.04%

20.60%

-6.72%

14.95%

15.59%

11.65%

8.49%

13.80%

12.67%

12.48%

5.98%

11.46%

6.37%

-3

Interest

Depreciation

Profit before Tax

-24

-5

210

Tax %

31.14%

87.26%

29.21%

25.19%

20.54%

15.06%

23.24%

24.53%

25.59%

25.05%

11.23%

24.93%

Net Profit

-3

-4

158

6.24

8.36

-0.85

4.32

3.06

1.90

1.39

2.35

2.05

2.06

-0.50

1.78

2.19

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

372

443

489

499

649

787

833

893

998

1,109

1,131

321

380

417

427

511

669

711

777

873

990

1,028

Operating Profit

138

119

122

116

125

119

103

OPM %

13.71%

14.30%

14.72%

14.28%

21.21%

15.06%

14.69%

12.97%

12.53%

10.75%

9.07%

Interest

Depreciation

Profit before Tax

101

Tax %

-44.56%

33.46%

20.24%

16.87%

55.74%

27.50%

28.27%

12.28%

22.74%

21.00%

21.28%

Net Profit

EPS

0.00

18.04

17.54

16.97

18.07

15.98

5.39

—

Dividend Payout %

3.21%

31.92%

34.70%

30.30%

80.39%

39.90%

41.24%

38.74%

43.80%

39.90%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

439

453

470

478

523

550

586

626

658

636

114

139

126

Trade Payables

109

144

130

171

187

199

206

Total Liabilities

654

686

636

631

752

833

987

1,041

1,176

1,170

304

277

261

257

227

234

249

256

313

300

Capital Work in Progress

102

150

184

191

189

183

164

126

101

170

172

267

259

190

224

267

Cash & Bank

233

280

171

138

179

215

345

161

197

205

Total Assets

654

686

636

631

752

833

987

1,041

1,176

1,170

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

114

108

117

Cash from Investing

-12

-19

-56

-50

-101

-8

-59

-85

-20

Cash from Financing

-35

-62

-2

-4

-31

-4

-54

-16

-1

-8

-0

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

72.43

0.18

0.13

0.12

0.04

0.03

0.04

0.03

13.77

14.00

13.72

13.62

13.54

13.51

13.27

13.01

Government

0.00

13.61

13.38

13.71

13.81

13.98

14.02

14.01

14.26

14.52

IFGL Refractories Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

IFGL Refractories Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI