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IFGL Refractori.

Q4 FY25Industrial Products

IFGL Refractori. Q4 FY25 earnings call: Revenue & Margins

Q4 FY25 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

Stand-alone operations are expected to grow 20% year-on-year even without the two new projects (Page 15). Stand-alone business expects strong growth, with 20% year-on-year possible excluding two new projects (Page 15).

From IFGL Refractori.'s Q4 FY25 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

  • Stand-alone operations are expected to grow 20% year-on-year even without the two new projects (Page 15).
  • Domestic business shows strong growth: 27% YoY in Q4 and 20% for the full year, now constituting over 70% of stand-alone revenue (Page 5, 6).
  • Entry into non-ferrous refractory segment with revenue around INR 8-10 crores in FY '25, indicating seeds of future growth (Page 7).
  • New JV with Marvel Group targeting high-potential sectors (cement, glass, non-ferrous metals) with a project cost of INR 300 crores; expected rapid scale-up (Page 5, 11).
  • Non-ferrous sector ramp-up potential: revenues up to INR 200 crores in time (Page 11).
  • The dead burnt bricks market is growing, with plant capacity planned to serve double the current market size by commissioning time (Page 10).

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Profitability & Margins

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

Capital Expenditure Plans

  • Planned capex for FY '26 and '27 is roughly INR 100-150 crores per year.
  • Khurdha greenfield project in Odisha: Around INR 40-50 crores expected in FY '26, with peak spending in FY '27 exceeding INR 50 crores.
  • Regular capex includes quality and productivity enhancements at existing plants.
  • Additional funds allocated to newly started joint venture (JV) focusing on cement, glass, non-ferrous metal, and coal gasification sectors.
  • JV project cost estimated at INR 300 crores; land acquired in Bhachau, Kutch District, Gujarat; development underway.
  • Ongoing technology transfer from Sheffield to Indian operations to enhance product capabilities and cost efficiency.

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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 does not provide explicit details on the current or expected order book or pending orders for IFGL Refractories Limited. However, some relevant information related to demand and capacity includes: - The company expects strong growth in various product segments, including commodity products like monolithic refractory and high-margin "sweetener" products. - Ramp-up of capacity utilization is ongoing, with some product lines like slide gate and purging plug already at 90%+ utilization. - New capacities being commissioned at Khurdha are expected to contribute significantly to revenues and margin improvements. - The JV with Marvel Group is positioned to capture growing cement market demand, with the cement industry expected to reach 900 million tonnes by 2029-30. - Management is optimistic about capturing opportunities in both domestic and international markets amidst overcapacity concerns.

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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. Q4 FY25 results?

Stand-alone operations are expected to grow 20% year-on-year even without the two new projects (Page 15). Stand-alone business expects strong growth, with 20% year-on-year possible excluding two new projects (Page 15).

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?

Planned capex for FY '26 and '27 is roughly INR 100-150 crores per year.

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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.