IFGL Refractori.

IFGL Refractories announced key leadership changes to strengthen its structure for the next phase of growth. Mr. Mihir Bajoria assumed the role of Managing Director. Mr. Mukesh Rawal will transition to Director and CEO India Operations, bringing over four decades of experience. Mr. Manoj Rakhecha will take on the role of CEO International Operations, overseeing global businesses. These appointments aim to align responsibilities across India and international operations, ensuring continuity and leveraging deep industry expertise.

For FY26, consolidated total income reached INR 1,904 crores, a healthy 14% YoY growth. Q4 FY26 consolidated total income was INR 486 crores, up 7% YoY. Consolidated EBITDA for FY26 stood at INR 146 crores, with a margin of 7.7%. Q4 FY26 consolidated EBITDA was INR 42 crores, a 13% YoY increase, with a margin of 8.6%. Adjusted PAT for FY26 was INR 40 crores, excluding an exceptional item^📎 of INR 5.2 crores related to new labor laws.

The domestic business continued its strong momentum, delivering 20% YoY growth in FY26, with revenues reaching INR 864 crores. In Q4 FY26, domestic growth was 7% YoY. This outperformance is attributed to the strategic focus on market share gains, customer engagement, and product expansion. The company has evolved into a comprehensive refractory solution provider, enabling customers to source a wide range of products and services from a single trusted partner.

International operations showed mixed but improving trends. The US market was a strong performer, with revenue growth of 26% YoY in Q4 FY26 and 25% for FY26, achieving high-teen profitability margins. In Europe, Hofmann Ceramics reduced losses significantly in FY26 and is expected to move closer to breakeven in FY27. Monocon also reported revenue recovery and is targeting to be 'back to black' by Q4 FY27, driven by new geographical spaces and product offerings.

IFGL completed Phase 1 of its technical transfer initiative between Sheffield Refractories U.K. and Indian operations, including product recipe transfer and joint development. The company successfully completed its first energy optimizing furnace (EOF) campaign at its Vizag facility, achieving over 1,000 heats. It also introduced Sheffield Refractories plastic ramming mass production in India. These initiatives aim to enhance technological capabilities and support future growth.

The company maintains a disciplined approach to capital allocation. As of March 31, 2026, consolidated debt stood at INR 195.6 crores, with cash and cash equivalents at INR 122 crores, resulting in a net debt position of INR 73.6 crores. Investments have been made in the Vizag plant, Rourkela, and R&D. Work on the proposed greenfield project in Khurda, Odisha, has commenced, with the Board evaluating future investment pace. A dividend of Rs 2.15 per share was recommended for FY26.

Management believes the global steel industry is approaching a more constructive phase, with demand stabilizing and expected to return to positive growth. India continues to be a highly attractive steel market, driven by sustained investments in infrastructure and manufacturing. IFGL is uniquely positioned with its diversified global footprint, strong technical capability, and customer relationships to capitalize on emerging opportunities across domestic and international markets.