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IFGL Refractories Ltd

IFGLEXPOR

NSE

₹177.30-3.09%19 Oct 2026

Reports

Refractories

IFGL Refractories Ltd

IFGLEXPOR

NSE

₹177.30

-3.09%

19 Oct 2026

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Refractories

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Every steel furnace is lined with materials that can survive temperatures that would melt the vessel itself - and IFGL Refractories makes those materials. Founded in the early 1980s as Indo Flogates Limited, the company has spent over four decades evolving from a niche product supplier into what it now calls a “total refractory management” provider, designing, manufacturing and installing the heat-resistant ceramics and flow-control systems that steelmakers depend on. A deliberate pivot toward the Indian market in 2021 reshaped the entire business - the domestic share of standalone revenue has since climbed from 41% to 72% - and a parallel push to build in-house research capability addressed what management described as “a major anchor to our growth”: the absence of technical intellectual property.

Business segments

A single engine serving one core industry - steel - through a portfolio of consumable refractory products and integrated site-management contracts, manufactured across ten plants on three continents and sold into more than 50 countries.

1. Refractory products and total refractory management: the consumable lining that keeps steel mills running

IFGL sells the ceramic consumables that steelmakers replace every time a furnace or ladle wears out, and increasingly it manages the entire refractory operation on the customer’s site rather than just shipping products.

Consumables tied to steel output - refractories are inorganic, non-metallic materials that line furnaces, ladles and tundishes, protecting equipment from molten metal and slag; because they wear down with every heat, demand is directly linked to steel production volumes rather than discretionary capital spending.
A basket, not a single product - steel customers require a total solution and will not buy high-value items separately from low-value ones, so IFGL’s portfolio spans slide gate systems, purging refractories, ladle linings, tundish furniture, magnesia carbon bricks, continuous casting flux, isostatic refractories and tube changer systems, all sold together.
Total Refractory Management locks in relationships - under the TRM model, IFGL provides end-to-end refractory solutions, including application support and performance optimization, which strengthens long-term ties and makes it harder for smaller, single-product competitors to displace the company.
Performance that wins repeat business - the company’s products have achieved one of the highest porous plug lives in a 300-ton ladle at Tata Steel’s Kalinganagar facility, delivered snorkels achieving 85 to 119 heats versus an industry benchmark of 65 to 80 heats, and helped SAIL Bhilai Steel Plant achieve its highest-ever tundish sequence.
Expanding beyond steel - while the iron and steel industry accounts for roughly 70% of refractories consumption, IFGL has entered the foundry segment, commenced supply of high-alumina bricks into the cement industry, and is targeting glass, coke, gasification and non-ferrous sectors to diversify the customer base.

2. Manufacturing operations: ten plants, one research backbone

IFGL runs ten factories across India, Europe and North America, with a recently built research centre now giving it the ability to develop its own raw-material substitutes instead of relying entirely on imports.

Four Indian plants, one greenfield under construction - manufacturing facilities at Kalunga (Odisha), Kandla (Gujarat), Rourkela (Odisha) and Visakhapatnam (Andhra Pradesh) are complemented by a new plant being built at Khordha, Odisha, which will produce Dolo Burnt Magnesia (DBM) Fired Bricks, DBM Ramming Mass and DBM Fetting Mass with a target completion of FY27-28.
Visakhapatnam is the integrated flagship - the Vizag site now houses a continuous casting flux plant (18,000 tonnes per annum capacity), a magnesia carbon brick plant (initial 9,000 tonnes, expandable to 24,000), a large precast shapes plant including RH degasser snorkels, and a monolithics plant, all built out in phases to serve both Indian steelmakers and export markets.
The Research Centre closes a strategic gap - inaugurated in November 2023 at Kalunga, the centre is equipped with scanning electron microscopes, hot-stage microscopes and metal melting furnaces to verify material and slag interface reactions; its core mission is developing indigenous raw materials to reduce dependence on imported components.
Recycling is built into production - used refractories returned from steel mills are sorted, graded and reintegrated into manufacturing processes, while in-process rejects are crushed and ground for reuse, and a kiln removes volatiles including carbon from waste materials.
Digital and quality infrastructure - the company went live with SAP S4 HANA in February 2025, and its Indian plants hold ISO 9001, ISO 14001 and ISO 45001 certifications covering quality, environmental and occupational health standards.

3. International subsidiaries: local manufacturing for local steel markets

IFGL’s overseas subsidiaries - in the UK, Germany, the US and China - give it manufacturing presence inside the tariff walls and customer relationships of each major steel-producing region.

Monocon (UK) owns the lance niche - Monocon International Refractories, founded in 1973, is a leading manufacturer of monolithic metallurgical lances used for desulfurization and argon stirring in steel ladles, and it recently incorporated an Australian subsidiary to expand geographically.
Sheffield Refractories (UK) feeds technology back to India - acquired in February 2023 for GBP 5 million, Sheffield specialises in blast furnace casthouse products and shotcreting materials; Phase 1 of a technology transfer to Indian operations is complete, with shotcrete technology documents received and lab trials underway.
Hofmann Ceramic (Germany) serves foundries - founded in 1937 and acquired by IFGL in 2008, Hofmann makes technical ceramics for mold filling and solidification in the foundry industry; its Czech Republic operations were planned to be closed and consolidated into the German plant, which completed an expansion in December 2023.
EI Ceramics (USA) leads the Americas - based in Ohio and acquired in 2010, EI Ceramics designs and supplies continuous casting products including tundish nozzles, ladle shrouds and stopper rods; it is consolidating two existing plants into a new state-of-the-art isostatic products facility in Middletown, Ohio, acquired in October 2024.

Group structure and partners

IFGL is a promoter-controlled Indian multinational with a recently formed joint venture that will add basic fired bricks to its portfolio - though the plant’s location is under review.

Promoter group holds nearly three-quarters - Bajoria Financial Services Private Limited, owned entirely by Mr S.K. Bajoria and his family, holds 66.72% of IFGL, and total promoter group holding stands at 72.43% after former Japanese co-promoter Krosaki Harima Corporation sold its entire 15.51% stake to the promoter group in August 2023.
A holding company in the Isle of Man - IFGL Worldwide Holdings Limited, a 100% subsidiary, sits between the listed Indian parent and the operating subsidiaries in the US, UK, Germany, China and Brazil.
The Marvels joint venture adds basic bricks - incorporated in December 2024 as a 51% IFGL subsidiary, IFGL-Marvels Refractories Limited is setting up a greenfield plant in Gujarat for magnesite spinel, magnesite and magnesia chrome bricks at a capital outlay of about Rs 300 crores; in June 2026 the government authority closed the application for the Bhachau site and asked for an alternative location.

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Balance Sheet

Cash Flow

Ratios

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Mkt Cap

Market Capitalization

₹1,290Cr

Close Price

₹179.00

Industry

Refractories

Price To Earnings

31.51

Price To Sales

0.66

Revenue

₹1,953Cr

Rev Gr TTM

Revenue Growth TTM

15.37%

PAT Gr TTM

PAT Growth TTM

40.53%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	456	366	394	415	411	379	449	454	489	469	483	512
Growth YoY Revenue Growth YoY%	32.8	15.9	7.0	-2.2	-9.8	3.5	13.9	9.5	18.9	23.7	7.7	12.8
Expenses ExpensesCr	388	370	359	368	379	362	415	418	451	446	444	475
Operating Profit Operating ProfitCr	68	-4	35	46	33	17	33	36	38	23	39	37
OPM OPM%	14.9	-1.1	8.8	11.1	7.9	4.4	7.4	7.9	7.8	4.9	8.1	7.2
Other Income Other IncomeCr	4	4	7	7	4	3	4	3	2	-3	3	3
Interest Expense Interest ExpenseCr	2	3	3	3	3	4	4	5	4	4	4	3
Depreciation DepreciationCr	16	16	17	17	18	18	20	19	20	20	21	14
PBT PBTCr	54	-18	21	33	15	-2	13	15	17	-4	17	23
Tax TaxCr	16	-20	9	9	3	0	4	4	4	-1	3	6
PAT PATCr	38	2	13	25	12	-2	8	11	13	-3	14	17
Growth YoY PAT Growth YoY%	95.4	-90.4	-57.4	-16.8	-68.2	-243.4	-32.8	-56.1	5.0	-41.3	69.4	57.8
NPM NPM%	8.3	0.4	3.2	6.0	2.9	-0.6	1.9	2.4	2.6	-0.7	3.0	3.3
EPS EPS₹	5.3	0.2	1.7	3.4	1.7	-0.3	1.2	0.8	1.8	-0.4	2.0	2.4

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	456	366	394	415	411	379	449	454	489	469	483	512
Growth YoY Revenue Growth YoY%	32.8	15.9	7.0	-2.2	-9.8	3.5	13.9	9.5	18.9	23.7	7.7	12.8
Expenses ExpensesCr	388	370	359	368	379	362	415	418	451	446	444	475
Operating Profit Operating ProfitCr	68	-4	35	46	33	17	33	36	38	23	39	37
OPM OPM%	14.9	-1.1	8.8	11.1	7.9	4.4	7.4	7.9	7.8	4.9	8.1	7.2
Other Income Other IncomeCr	4	4	7	7	4	3	4	3	2	-3	3	3
Interest Expense Interest ExpenseCr	2	3	3	3	3	4	4	5	4	4	4	3
Depreciation DepreciationCr	16	16	17	17	18	18	20	19	20	20	21	14
PBT PBTCr	54	-18	21	33	15	-2	13	15	17	-4	17	23
Tax TaxCr	16	-20	9	9	3	0	4	4	4	-1	3	6
PAT PATCr	38	2	13	25	12	-2	8	11	13	-3	14	17
Growth YoY PAT Growth YoY%	95.4	-90.4	-57.4	-16.8	-68.2	-243.4	-32.8	-56.1	5.0	-41.3	69.4	57.8
NPM NPM%	8.3	0.4	3.2	6.0	2.9	-0.6	1.9	2.4	2.6	-0.7	3.0	3.3
EPS EPS₹	5.3	0.2	1.7	3.4	1.7	-0.3	1.2	0.8	1.8	-0.4	2.0	2.4

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	766	835	950	917	1,022	1,260	1,387	1,639	1,653	1,894	1,953
Growth Revenue Growth%		9.1	13.8	-3.5	11.4	23.3	10.1	18.3	0.8	14.6	15.4
Expenses ExpensesCr	666	729	842	826	867	1,117	1,234	1,485	1,524	1,758	1,816
Operating Profit Operating ProfitCr	99	106	109	92	155	143	153	154	129	136	137
OPM OPM%	13.0	12.7	11.4	10.0	15.2	11.3	11.0	9.4	7.8	7.2	7.0
Other Income Other IncomeCr	4	4	5	-10	21	16	13	19	17	5	4
Interest Expense Interest ExpenseCr	5	4	4	4	3	3	5	11	14	16	14
Depreciation DepreciationCr	44	44	46	48	49	51	56	64	73	80	74
PBT PBTCr	55	63	64	30	124	104	106	98	60	45	53
Tax TaxCr	5	15	14	11	59	26	26	16	17	10	12
PAT PATCr	50	47	50	19	66	77	79	82	43	35	41
Growth PAT Growth%		-5.7	7.1	-61.4	237.1	18.1	2.2	3.1	-47.4	-19.3	40.5
NPM NPM%	6.5	5.6	5.3	2.1	6.4	6.2	5.7	5.0	2.6	1.8	2.1
EPS EPS₹	13.9	6.5	7.0	2.7	9.1	10.8	11.0	11.3	3.0	4.8	5.7

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	766	835	950	917	1,022	1,260	1,387	1,639	1,653	1,894	1,953
Growth Revenue Growth%		9.1	13.8	-3.5	11.4	23.3	10.1	18.3	0.8	14.6	15.4
Expenses ExpensesCr	666	729	842	826	867	1,117	1,234	1,485	1,524	1,758	1,816
Operating Profit Operating ProfitCr	99	106	109	92	155	143	153	154	129	136	137
OPM OPM%	13.0	12.7	11.4	10.0	15.2	11.3	11.0	9.4	7.8	7.2	7.0
Other Income Other IncomeCr	4	4	5	-10	21	16	13	19	17	5	4
Interest Expense Interest ExpenseCr	5	4	4	4	3	3	5	11	14	16	14
Depreciation DepreciationCr	44	44	46	48	49	51	56	64	73	80	74
PBT PBTCr	55	63	64	30	124	104	106	98	60	45	53
Tax TaxCr	5	15	14	11	59	26	26	16	17	10	12
PAT PATCr	50	47	50	19	66	77	79	82	43	35	41
Growth PAT Growth%		-5.7	7.1	-61.4	237.1	18.1	2.2	3.1	-47.4	-19.3	40.5
NPM NPM%	6.5	5.6	5.3	2.1	6.4	6.2	5.7	5.0	2.6	1.8	2.1
EPS EPS₹	13.9	6.5	7.0	2.7	9.1	10.8	11.0	11.3	3.0	4.8	5.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	36	36	36	36	36	36	36	36	36	72
Reserves ReservesCr	650	716	759	773	854	898	969	1,036	1,071	1,103
Current Liabilities Current LiabilitiesCr	192	223	204	184	226	285	309	313	416	423
Non Current Liabilities Non Current LiabilitiesCr	17	24	26	36	68	67	112	105	95	75
Total Liabilities Total LiabilitiesCr	894	999	1,024	1,029	1,184	1,286	1,426	1,490	1,619	1,673
Current Assets Current AssetsCr	403	506	533	568	727	805	836	838	951	989
Non Current Assets Non Current AssetsCr	492	493	491	462	456	481	590	652	667	684
Total Assets Total AssetsCr	894	999	1,024	1,029	1,184	1,286	1,426	1,490	1,619	1,673

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	36	36	36	36	36	36	36	36	36	72
Reserves ReservesCr	650	716	759	773	854	898	969	1,036	1,071	1,103
Current Liabilities Current LiabilitiesCr	192	223	204	184	226	285	309	313	416	423
Non Current Liabilities Non Current LiabilitiesCr	17	24	26	36	68	67	112	105	95	75
Total Liabilities Total LiabilitiesCr	894	999	1,024	1,029	1,184	1,286	1,426	1,490	1,619	1,673
Current Assets Current AssetsCr	403	506	533	568	727	805	836	838	951	989
Non Current Assets Non Current AssetsCr	492	493	491	462	456	481	590	652	667	684
Total Assets Total AssetsCr	894	999	1,024	1,029	1,184	1,286	1,426	1,490	1,619	1,673

Consolidated

Standalone

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	28	41	109	150	139	4	6	152	28	63
Investing Cash Flow Investing Cash FlowCr	0	-48	-71	-54	-106	-24	-123	-117	-37	-21
Financing Cash Flow Financing Cash FlowCr	-4	18	-37	-66	-5	-7	50	-24	-4	-58
Net Cash Flow Net Cash FlowCr	14	19	3	33	38	-29	-64	11	-13	-15
Free Cash Flow Free Cash FlowCr	15	-2	72	126	108	-61	-130	18	-44	0
CFO To PAT CFO To PAT%	55.7	87.2	216.8	770.3	212.5	5.6	8.0	186.3	65.8	182.7
CFO To EBITDA CFO To EBITDA%	28.1	38.8	100.6	163.7	89.7	3.1	4.1	98.6	22.0	46.6

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	28	41	109	150	139	4	6	152	28	63
Investing Cash Flow Investing Cash FlowCr	0	-48	-71	-54	-106	-24	-123	-117	-37	-21
Financing Cash Flow Financing Cash FlowCr	-4	18	-37	-66	-5	-7	50	-24	-4	-58
Net Cash Flow Net Cash FlowCr	14	19	3	33	38	-29	-64	11	-13	-15
Free Cash Flow Free Cash FlowCr	15	-2	72	126	108	-61	-130	18	-44	0
CFO To PAT CFO To PAT%	55.7	87.2	216.8	770.3	212.5	5.6	8.0	186.3	65.8	182.7
CFO To EBITDA CFO To EBITDA%	28.1	38.8	100.6	163.7	89.7	3.1	4.1	98.6	22.0	46.6

Consolidated

Standalone

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr		904	869	334	1,140	927	756	1,948	1,263	892	1,290
Price To Earnings Price To Earnings		19.2	17.2	17.2	17.4	12.0	9.6	23.9	29.4	25.7	31.5
Price To Sales Price To Sales		1.1	0.9	0.4	1.1	0.7	0.6	1.2	0.8	0.5	0.7
Price To Book Price To Book		1.2	1.1	0.4	1.3	1.0	0.8	1.8	1.1	0.8	1.1
EV To EBITDA EV To EBITDA		8.8	8.0	3.1	6.5	6.3	5.6	13.3	11.0	7.7	10.8
Profitability Ratios Profitability Ratios
GPM GPM%	46.0	42.9	42.9	43.1	46.8	42.1	38.3	40.1	39.3	37.6	37.6
OPM OPM%	13.0	12.7	11.4	10.0	15.2	11.3	11.0	9.4	7.8	7.2	7.0
NPM NPM%	6.5	5.6	5.3	2.1	6.4	6.2	5.7	5.0	2.6	1.8	2.1
ROCE ROCE%	7.8	7.8	7.7	3.9	13.3	10.4	9.5	8.7	5.5	4.4	4.4
ROE ROE%	7.3	6.3	6.3	2.4	7.4	8.3	7.9	7.6	3.9	3.0	3.0
ROA ROA%	5.6	4.7	4.9	1.9	5.5	6.0	5.5	5.5	2.7	2.1	2.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr		904	869	334	1,140	927	756	1,948	1,263	892	1,290
Price To Earnings Price To Earnings		19.2	17.2	17.2	17.4	12.0	9.6	23.9	29.4	25.7	31.5
Price To Sales Price To Sales		1.1	0.9	0.4	1.1	0.7	0.6	1.2	0.8	0.5	0.7
Price To Book Price To Book		1.2	1.1	0.4	1.3	1.0	0.8	1.8	1.1	0.8	1.1
EV To EBITDA EV To EBITDA		8.8	8.0	3.1	6.5	6.3	5.6	13.3	11.0	7.7	10.8
Profitability Ratios Profitability Ratios
GPM GPM%	46.0	42.9	42.9	43.1	46.8	42.1	38.3	40.1	39.3	37.6	37.6
OPM OPM%	13.0	12.7	11.4	10.0	15.2	11.3	11.0	9.4	7.8	7.2	7.0
NPM NPM%	6.5	5.6	5.3	2.1	6.4	6.2	5.7	5.0	2.6	1.8	2.1
ROCE ROCE%	7.8	7.8	7.7	3.9	13.3	10.4	9.5	8.7	5.5	4.4	4.4
ROE ROE%	7.3	6.3	6.3	2.4	7.4	8.3	7.9	7.6	3.9	3.0	3.0
ROA ROA%	5.6	4.7	4.9	1.9	5.5	6.0	5.5	5.5	2.7	2.1	2.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	RPEL	VESUVIUS	RHIM	MONOLITH	IFGLEXPOR	FOSECOC	ORIENTCER
Market CapitalizationMkt CapCr	8,220	8,176	7,482	2,750	1,290	1,063	506
Close PriceClose₹	1,790.00	402.85	362.30	1,265.05	179.00	1,898.70	42.32
IndustryIndustry	Refractories	Refractories	Refractories	Refractories	Refractories	Refractories	Refractories
Price To EarningsPE	116.61	31.95		91.80	31.51	45.75	19.41
Price To SalesPS	26.11	3.83	1.84	17.89	0.66	5.97	1.25
RevenueRevenueCr	315	2,134	4,074	154	1,953	178	405
Revenue Growth TTMRev Gr TTM%	38.3%	8.9%	8.4%		15.4%	2.4%	24.4%
PAT Growth TTMPAT Gr TTM%	55.0%	2.2%	-314.4%		40.5%	-8.6%	130.8%

	RPEL	VESUVIUS	RHIM	MONOLITH	IFGLEXPOR	FOSECOC	ORIENTCER
Market CapitalizationMkt CapCr	8,220	8,176	7,482	2,750	1,290	1,063	506
Close PriceClose₹	1,790.00	402.85	362.30	1,265.05	179.00	1,898.70	42.32
IndustryIndustry	Refractories	Refractories	Refractories	Refractories	Refractories	Refractories	Refractories
Price To EarningsPE	116.61	31.95		91.80	31.51	45.75	19.41
Price To SalesPS	26.11	3.83	1.84	17.89	0.66	5.97	1.25
RevenueRevenueCr	315	2,134	4,074	154	1,953	178	405
Revenue Growth TTMRev Gr TTM%	38.3%	8.9%	8.4%		15.4%	2.4%	24.4%
PAT Growth TTMPAT Gr TTM%	55.0%	2.2%	-314.4%		40.5%	-8.6%	130.8%

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Jun 26