IFGLEXPOR

IFGL Refractories share price & financials

Price
₹192.68
Market cap
₹1.6k Cr
Sector
Capital Goods
Calls analysed
7
Latest concall · Q1 FY27 · call held 11 Aug 2026

IFGL Refractories Limited Q1 FY27

Standalone Revenue ₹297 cr +8%Standalone EBITDA ₹31 cr −17%Standalone PAT ₹16 cr +7%Consolidated PAT Margin 3%

What went well

  • Consolidated total income for Q1 FY27 stood at INR515 crores, registering a 13% year-on-year growth.
  • Consolidated Profit After Tax (PAT) for Q1 FY27 was INR17 crores, an increase of 58% year-on-year.
  • The U.S. business delivered a revenue growth of double-digit year-on-year with a positive trajectory in margins.

What to watch

  • Standalone EBITDA for Q1 FY27 stood at INR31 crores, a decline of 17% year-on-year.
  • Standalone gross margin was 43% in Q1 FY27 compared to 47% in Q1 FY26, impacted by higher raw material and elevated LPG costs.
Read the full call →

What IFGL Refractories Limited does

IFGL Refractories manufactures specialised refractory products and flow-control operating systems — including slide gate systems, purging systems, ladle refractories and tundish refractories — used by steel makers in iron-making, steelmaking and continuous casting. Through group company Hofmann Ceramic it also serves the foundry industry with mould-filling and casting-system solutions, and through Monocon it supplies monolithic metallurgical lances and clay-graphite stoppers/nozzles. The group runs 10 manufacturing units across Asia, Europe and North America and sells to steel producers in 50+ countries, earning by supplying consumable and capital refractory products that line furnaces, ladles, tundishes and casting lines. It has recently entered a non-ferrous refractory segment aimed at cement, glass, coke and gasification industries.

Segments

  • Flow Control Refractories & Operating Systems
  • Foundry Solutions
  • Non-ferrous Refractories
Manufacturing facilities
10 (across Asia, Europe & North America)
Countries served
50+
Group operating companies
8
Customers worldwide
300+
Total workforce (group-wide)
3,000+
Industry expertise
40+ years
Headquarters Kolkata, India (Head & Corporate Office); Registered Office at Kalunga, Sundergarh, Odisha Company website

Guidance record · Q1 FY27

what the last two calls moved 9 tracked 1 delivered 4 missed 4 open
  • Sheffield Technology Transfer Completion delivered said Q1 FY26 Promised: Q3 FY26 Q1 FY27: Integration is proceeding well, with production of Sheffield's plastic ramming mass commenced at the Vizag facility.
  • Khurdha Plant Commissioning Timeline went quiet said Q4 FY25 Promised: Q4 FY28 Q1 FY27: No mention of the Khurda greenfield project in the Q1 FY27 earnings call or presentation.
  • Marvel JV Commissioning Timeline delayed said Q3 FY25 Promised: Revenue contribution from H2 FY27 Q1 FY27: The proposed Chinese JV requires a change of location and re-application for government approval. Progress is stalled pending regulatory clearance.

All 9 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 12.8%, net profit up 54.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue411 379 449 454 489 +19%469 +24%483 +8%512 +13%
EBITDA33 17 33 36 38 +15%23 +35%39 +18%37 +3%
Net profit12 -2 8 11 13 +8%-3 −50%14 +75%17 +55%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −16.7% 1Y

₹150₹200₹250₹300Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 11 Nov 2025Q3 FY26 — 23 Feb 2026Q4 FY26 — 2 Jun 2026Q1 FY27 — 11 Aug 2026

1Y: ₹247.38 on 10 Sept 2025 → ₹206.08. High ₹303 (6 Oct 2025), low ₹123 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−3.1%
11 Aug
Q4 FY26
+10.2%
2 Jun
Q3 FY26
−2.5%
22 Feb
Q2 FY26
−0.8%
11 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 11.0% a year over 3 years, FY23 to FY26. Operating margin narrowed to 7.2%.

Year endingFY23FY24FY25FY26
Revenue₹1.4k Cr₹1.6k Cr₹1.7k Cr₹1.9k Cr
Operating profit₹152 Cr₹155 Cr₹129 Cr₹136 Cr
Operating margin11.0%9.5%7.8%7.2%
Interest₹5 Cr₹11 Cr₹14 Cr₹17 Cr
Depreciation₹55 Cr₹65 Cr₹73 Cr₹80 Cr
Net profit₹79 Cr₹83 Cr₹43 Cr₹35 Cr
Net margin5.7%5.1%2.6%1.8%
Cash from operations₹6 Cr₹152 Cr₹28 Cr₹63 Cr
Free cash flow₹-130 Cr₹18 Cr₹-44 Cr₹0 Cr
ROCE10.0%9.0%6.0%5.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹36 Cr₹36 Cr₹36 Cr₹36 Cr₹72 Cr₹72 Cr
Reserves₹854 Cr₹898 Cr₹969 Cr₹1.0k Cr₹1.1k Cr₹1.1k Cr
Borrowings₹64 Cr₹99 Cr₹160 Cr₹174 Cr₹217 Cr₹209 Cr
Other liabilities₹230 Cr₹253 Cr₹261 Cr₹244 Cr₹382 Cr₹284 Cr
Total liabilities₹1.2k Cr₹1.3k Cr₹1.4k Cr₹1.5k Cr₹1.7k Cr₹1.7k Cr
Fixed assets₹416 Cr₹422 Cr₹500 Cr₹517 Cr₹600 Cr₹610 Cr
Capital work in progress₹22 Cr₹25 Cr₹46 Cr₹104 Cr₹33 Cr₹41 Cr
Investments₹128 Cr₹135 Cr₹132 Cr₹126 Cr₹67 Cr₹68 Cr
Other assets₹618 Cr₹704 Cr₹748 Cr₹743 Cr₹1.0k Cr₹949 Cr
Total assets₹1.2k Cr₹1.3k Cr₹1.4k Cr₹1.5k Cr₹1.7k Cr₹1.7k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +0.55 pp while DIIs trimmed −0.53 pp. The shareholder count grew 9% to 21,525.

Promoters
72.4%
FIIs
0.0%
DIIs
13.0%
Public
14.5%

Since Jun 2025

  • Public +0.55 pp
  • DIIs −0.53 pp
  • FIIs −0.01 pp

How it drifted, 12 quarters

Over this window DIIs went from 11.8% to 13.0% — +1.2 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 72.4%, FIIs 0.0%, DIIs 11.8%, Public 15.7%.Dec '23: Promoters 72.4%, FIIs 0.4%, DIIs 11.7%, Public 15.5%.Mar '24: Promoters 72.4%, FIIs 0.3%, DIIs 13.5%, Public 13.8%.Jun '24: Promoters 72.4%, FIIs 0.2%, DIIs 13.8%, Public 13.6%.Sep '24: Promoters 72.4%, FIIs 0.2%, DIIs 14.0%, Public 13.4%.Dec '24: Promoters 72.4%, FIIs 0.1%, DIIs 13.7%, Public 13.7%.Mar '25: Promoters 72.4%, FIIs 0.1%, DIIs 13.6%, Public 13.8%.Jun '25: Promoters 72.4%, FIIs 0.0%, DIIs 13.5%, Public 14.0%.Sep '25: Promoters 72.4%, FIIs 0.0%, DIIs 13.5%, Public 14.0%.Dec '25: Promoters 72.4%, FIIs 0.0%, DIIs 13.5%, Public 14.0%.Mar '26: Promoters 72.4%, FIIs 0.0%, DIIs 13.3%, Public 14.3%.Jun '26: Promoters 72.4%, FIIs 0.0%, DIIs 13.0%, Public 14.5%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of IFGL Refractories Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Bajoria Financial Services Private Limited 67.32%unchanged
HDFC Small Cap Fund Mutual fund9.09%unchanged
Shishir Kumar Bajoria 4.11%unchanged
DSP India T.I.G.E.R. Fund Mutual fund3.00%unchanged
Vijaya S 1.78%unchanged
Investor Education And Protection Fund Authority Ministry Of Corporate Affairs 1.72%unchanged
S K Bajoria Huf (Shishir Kumar Bajoria) 0.87%unchanged
Smita Bajoria 0.12%unchanged
Ganges Art Gallery Pvt Ltd 0.00%unchanged
Bajoria Real Estate Private Limited 0.00%unchanged
Bajoria River Front Realty Private Limited 0.00%unchanged
Essentially Healthy Pvt Ltd 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in IFGLEXPOR

Filings to Jul 2026

0 new, 0 added, 1 trimmed, 0 sold out — net −0.12 L shares (−0.2%).

Held by funds
₹136 Cr
1 schemes
Biggest holder
HDFC Small Cap Fund
₹136 Cr · 0.3% of that fund
SchemeHoldingLast month
HDFC Small Cap Fund HDFC Mutual Fund₹136 Cr−0.12 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Jul 2026

0 added, 1 trimmed — net −11,932 shares (−0.2%)

Funds are sitting on
+13%
vs est. average cost
Held by funds
₹136 Cr
1 schemes · ≈ 7.8% of the company

Shares held by these funds +24%

Aug '23 65.37 L shares Jul '26

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse IFGL Refractories Limited

Guides on how to read this kind of business and the numbers that matter.