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IFGL Refractori.

Q2 FY26Industrial Products

IFGL Refractori. Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹212
Market cap₹1.6K Cr
P/E37.9
Updated23 Aug 2026
Read5 min read

The short version

Domestic steel demand in India is expected to grow around 9% annually over 2025-2026, driven by infrastructure spending and industrial growth, supporting strong refractory demand (Page 4). IFGL Refractories expects steady growth in the coming quarters with a continued focus on operational excellence and stable margins (Page 6). - Domestic business is a key driver, growing robustly at 27%-29% YoY, supported by strong Indian steel demand (~9% growth) and new product penetration (Page 6). - International subsidiaries are recovering, notably U.S.

From IFGL Refractori.'s Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

  • Domestic steel demand in India is expected to grow around 9% annually over 2025-2026, driven by infrastructure spending and industrial growth, supporting strong refractory demand (Page 4).
  • IFGL’s domestic business showed robust revenue growth of 27% in Q2 and 29% in H1 FY '26, now contributing 78% of standalone revenue (Page 7).
  • Expansion into new products such as ladle refractories with magnesia carbon has helped increase volumes, reaching 500-600 tons per month recently (Page 12).
  • New greenfield projects in Odisha and Gujarat, with combined capex of ~INR 600-700 crores, target completion by FY 2028-29, poised to boost capacity (Page 6).

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Profitability & Margins

See what IFGL Refractori. said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

- IFGL Refractories has initiated a greenfield project at Khordha, Odisha, with an estimated investment of INR 300 to 350 crores, expected to be completed by the end of FY 2028. - A second greenfield project in Gujarat is being developed through a joint venture and is currently under regulatory approval, targeted for completion by the beginning of FY 2029, with an estimated outlay of around INR 300 crores. - Monocon International Refractories Ltd has incorporated a wholly-owned subsidiary in Australia, expanding the company's footprint into new geographies for future growth. - The Sheffield technology transfer is progressing, expected to complete by December 2025, after which the product will be tested in India for new applications. These investments align with IFGL's focus on innovation, specialization, and increased presence in both domestic and international markets.

Top-ranked in Industrial Products

Ranked on what management guided this quarter

Guidance-ranked
1Susan Electrical
Rev 1Mar 1
2Shera Energy
Rev 1Mar 1
3
Rev 1Mar 1
4
Rev 1Mar 2
5
Rev 1Mar 2
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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

See what IFGL Refractori. said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The transcript pages provided do not contain explicit information regarding the current or expected order book or pending orders for IFGL Refractories Limited as of Q2 FY26. There is discussion on: - Improved performance and increasing revenue in various geographies (India, USA, Europe). - Growth in domestic market focus and strategic shifts.

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IFGL Refractori. — Quarterly revenue & net profit

Revenue Net profit Net loss
Sep 2024Q2 FY25
Dec 2024Q3 FY25
Mar 2025Q4 FY25
Jun 2025Q1 FY26
Sep 2025Q2 FY26
Dec 2025Q3 FY26

Reported quarterly figures (₹ Cr). Latest (Q3 FY26): revenue ₹469 Cr, net loss ₹3 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What IFGL Refractories Ltd's management said in earlier quarters

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Frequently Asked Questions

What were IFGL Refractori. Q2 FY26 results?

Domestic steel demand in India is expected to grow around 9% annually over 2025-2026, driven by infrastructure spending and industrial growth, supporting strong refractory demand (Page 4). IFGL Refractories expects steady growth in the coming quarters with a continued focus on operational excellence and stable margins (Page 6). - Domestic business is a key driver, growing robustly at 27%-29% YoY, supported by strong Indian steel demand (~9% growth) and new product penetration (Page 6). - International subsidiaries are recovering, notably U.S.

What is IFGL Refractori. share price analysis?

IFGL Refractori. currently shows a neutral. The stock trades at a P/E of 37.9 with a market cap of ₹1,624 Cr. Investors should review the full earnings analysis for detailed insights.

Is IFGL Refractori. planning capital expenditure?

IFGL Refractories has initiated a greenfield project at Khordha, Odisha, with an estimated investment of INR 300 to 350 crores, expected to be completed by the end of FY 2028.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.