Ifgl Refractories Limited
NSE: IFGLEXPOR · Electrodes & Refractories · sector
₹160.78NSE close 2026-10-26
Key numbers
Market cap₹1,159 cr
Price₹160.78
52w high / low₹268 / ₹120
P/E28.3xSector median 30.2x
P/B1.0xSector median 2.2x
Book value₹163.0
Dividend yield2.18%Sector median 1.00%
ROE3.6%Sector median 9.4%
ROCE4.9%Sector median 12.3%
OPM6.8%Sector median 10.8%
Debt / equity0.17xSector median 0.04x
EV/EBITDA9.4xSector median 20.3x
Interest cover4.8x
Current ratio2.34x
Sales growth 3y+11.0%Sector median +6.9%
Profit growth 3y-24.1%Sector median -4.2%
PEG–
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 10 companies in Electrodes & Refractories (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹121 cr vs borrowings ₹196 cr (FY26): borrowings are higher by ₹75 cr.
- Operating profit covered interest 4.8x in the last 12 months.
- Operating cash flow was below net profit in 3 of the last 5 years (FY25, FY23, FY22).
- Net loss in 2 of the last 8 quarters.
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 23% of net profit in the last 12 months.
- Debtor days went from 72 (FY24) to 82 (FY26).
- Dividend paid in 5 of the last 5 financial years.
- Price ₹160.78 on 2026-10-26: -40.0% from the 52-week high, +34.3% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹608.60 · low ₹131.56
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 411 | 379 | 449 | 454 | 489 | 469 | 483 | 512 |
| EBITDA | 33 | 17 | 33 | 36 | 38 | 18 | 39 | 37 |
| OPM % | 7.9% | 4.4% | 7.4% | 7.9% | 7.8% | 3.9% | 8.0% | 7.2% |
| Other income | 4 | 3 | 4 | 3 | 2 | 2 | 3 | 3 |
| Net profit | 12 | -2 | 8 | 11 | 13 | -3 | 14 | 17 |
| EPS (₹) | 1.68 | -0.30 | 1.17 | 0.75 | 1.76 | -0.43 | 1.98 | 2.37 |
| Revenue YoY | +18.9% | +23.7% | +7.7% | +12.9% | ||||
| Profit YoY | +5.0% | – | +69.4% | +57.8% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 1,260 | 1,386 | 1,639 | 1,653 | 1,894 | 1,953 |
| EBITDA | 143 | 153 | 154 | 129 | 131 | 132 |
| Net profit | 77 | 79 | 82 | 43 | 35 | 41 |
| EPS (₹) | 10.75 | 10.99 | 11.33 | 5.96 | 4.81 | 5.68 |
| Revenue growth | +10.1% | +18.2% | +0.8% | +14.6% | +15.4% | |
| Profit growth | +2.2% | +3.1% | -47.4% | -19.3% | +40.5% | |
| Dividend / share (₹) | 4.00 | 7.00 | 7.00 | 7.00 | 7.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +11.0% | +13.1% | +15.4% |
| Net profit | -24.1% | -12.0% | +40.5% |
| EPS | -24.1% | -12.0% | – |
| Share price | – | -21.6% (2y) | -35.9% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 1,005 | 1,072 | 1,107 | 1,175 |
| Borrowings | – | 160 | 163 | 202 | 196 |
| Cash & equivalents | – | 171 | 187 | 158 | 121 |
| Total assets | – | 1,426 | 1,490 | 1,618 | 1,673 |
| Fixed assets | – | 282 | 326 | 404 | 418 |
| Capital work in progress | – | 46 | 104 | 27 | 41 |
| Investments | – | 19 | 11 | 11 | 1 |
| Receivables | – | 350 | 325 | 359 | 425 |
| Inventory | – | 302 | 301 | 405 | 411 |
| Payables | – | 186 | 179 | 236 | 232 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 4 | 6 | 152 | 28 | 63 |
| Cash from investing | -24 | -123 | -117 | -37 | -21 |
| Cash from financing | -7 | 50 | -24 | -4 | -58 |
| Capex | 66 | 137 | 135 | 73 | 64 |
| Free cash flow | -62 | -130 | 17 | -45 | -0 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 7.9% | 7.6% | 3.9% | 3.0% |
| ROCE % | – | 9.5% | 8.8% | 5.6% | 4.4% |
| Debtor days | – | 92 | 72 | 79 | 82 |
| Inventory days | – | 153 | 132 | 179 | 152 |
| Payable days | – | 94 | 79 | 104 | 86 |
| Cash conversion cycle (days) | – | 151 | 125 | 154 | 148 |
| Working capital days | – | 139 | 117 | 118 | 109 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 72.43% |
| FIIs | 0.02% |
| DIIs | 12.87% |
| of which Mutual funds | 12.87% |
| Public (non-institutions) | 14.67% |
| Quarter | Mar 2025 | Jun 2025 | Jul 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 72.43% | 72.43% | 72.43% | 72.43% | 72.43% | 72.43% | 72.43% | 72.43% |
| Promoter group | % |
|---|---|
| Bajoria Financial Services Private Limited | 67.32% |
| Shishir Kumar Bajoria | 4.11% |
| S K Bajoria HUF (Shishir Kumar Bajoria) | 0.87% |
| Smita Bajoria | 0.12% |
| Mihir Prakash Bajoria | 0.00% |
| Vidushi Jain | 0.00% |
| Bajoria Enterprises Limited | 0.00% |
| Mudita Lifespaces Design LLP | 0.00% |
| River Front Realty Private Limited | 0.00% |
| Heritage IT Solutions Private Limited | 0.00% |
| Heritage Insurance Brokers PVT Ltd | 0.00% |
| Excellent IT Services Private Limited | 0.00% |
| Bajoria Knowledge PVT Ltd | 0.00% |
| Ganges River View Properties Private Limited | 0.00% |
| Cherie Sports Private Limited | 0.00% |
| Public holders above 1% | % |
|---|---|
| HDFC Small CAP Fund | 9.07% |
| DSP India T.i.g.e.r. Fund | 3.05% |
| Investor Education and Protection Fund Authority Ministry of Corporate Affairs | 1.78% |
| Vijaya S | 1.78% |
21,586 shareholders. Pledged: – of promoter shares.
Peers in Electrodes & Refractories
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| GRAPHITE | ₹14,353 cr | 67.4x | 2.5x | 3.6% | 5.1% | 2.6% | -3.6% | 1.50% |
| VESUVIUS | ₹7,824 cr | 30.6x | 4.5x | 15.7% | 19.9% | 16.7% | – | – |
| RPEL | ₹7,784 cr | 110.4x | 27.6x | 28.4% | 31.4% | 29.9% | – | 0.06% |
| RHIM | ₹7,213 cr | – | 2.0x | -9.4% | -6.2% | -1.9% | +13.8% | 0.72% |
| HEGAM | ₹3,956 cr | 11.0x | 0.8x | 7.8% | 6.3% | 10.0% | +1.4% | 0.92% |
| IFGLEXPOR | ₹1,159 cr | 28.3x | 1.0x | 3.6% | 4.9% | 6.8% | +11.0% | 2.18% |
| FOSECOC | ₹990 cr | 38.0x | 7.1x | 17.1% | 23.6% | 19.7% | +3.6% | 1.07% |
| ORIENTCER | ₹454 cr | 17.4x | 1.5x | 8.9% | 12.1% | 11.7% | +10.1% | 0.68% |
| DENORA | ₹368 cr | 30.2x | 2.8x | 9.8% | 12.6% | 8.6% | +18.2% | – |
| PANCARBON | ₹180 cr | 9.4x | 1.0x | 10.7% | 14.6% | 30.5% | +3.0% | 3.19% |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| India | ₹1,102 cr | 58.2% | ₹67 cr | 6.1% |
| Europe | ₹429 cr | 22.6% | ₹-26 cr | -6.0% |
| America | ₹338 cr | 17.8% | ₹29 cr | 8.6% |
| Asia (excluding India) | ₹25 cr | 1.3% | ₹0 cr | 1.0% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-07-29 | Dividend | Dividend - Rs 2.15 Per Share |
| 2025-07-18 | Bonus | Bonus 1:1 |
| 2025-06-06 | Dividend | Dividend - Re 1 Per Sh |
| 2025-05-13 | Dividend | Interim Dividend - Rs 6 Per Share |
| 2024-07-24 | Dividend | Annual General Meeting/Dividend - Rs 7 Per Share |
| 2023-08-18 | Dividend | Annual General Meeting/Dividend - Rs 7 Per Share |
| 2022-09-20 | Dividend | Annual General Meeting/Dividend - Rs 7 Per Share |
| 2021-07-29 | Dividend | Annual General Meeting/Dividend - Rs 4 Per Share/ Special Dividend - Rs 6 Per Share |
| 2020-09-17 | Other | Annual General Meeting |
| 2020-02-17 | Dividend | Interim Dividend - Rs 2.50 Per Share |
| 2019-07-18 | Dividend | Annual General Meeting/ Dividend - Rs 2.50 Per Share |
| 2018-08-14 | Dividend | Annual General Meeting / Dividend- Rs 2 Per Share |
| 2017-12-14 | Dividend | Annual General Meeting/ Dividend - Rs 2/- Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing, Trading, Sale of Refractories and Provider of Services relating thereto: The Company is a prominent producer and supplier of specialized refractory products, offering end-to-end refractory solutions.
| Sector | Industrials |
| Industry | Electrodes & Refractories |
| Sub-industry | Electrodes & Refractories |
| Symbol | IFGLEXPOR |
| BSE code | 540774 |
| ISIN | INE133Y01011 |
| Face value | ₹10.0 |
| Incorporated | 2007-09-07 |
| Website | www.ifglgroup.com |
| Plants (India / abroad) | 3 / 7 |
From the company's filings (BRSR FY26).
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.