IFGL Refractories Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹1,179 Cr
- P/E
- 27.50
- ROE
- 3.22%
- PEG
- -1.19
- Price to sales
- 0.61
- Debt to equity
- 0.18
- 52W high / low
- ₹252 / ₹123
- Sales growth (5Y)
- 13.14%
- EBITDA margin
- 7.02%
- Net profit margin
- 1.94%
- Promoter holding
- 72.43%
- Sales (last year)
- ₹1,953 Cr
IFGL Refractories Ltd is a manufacturer of Specialized refractories and requisite operating systems for Iron and Steel Industry.[1]
Guidance scorecard · Q1 FY27 call
What IFGL Refractories Ltd's management guided
and where it ranks in Industrial Products
RevenueQ1 FY27 call
10–20%- IFGL expects strong growth driven by both domestic and overseas markets.
- Domestic steel demand in India is forecasted to grow by 7.4% in 2026 and 9.2% in 2027, supporting IFGL’s domestic business growth.
- Overseas subsidiaries, especially in the U.S. and Americas, have shown double-digit revenue growth and are expected to maintain momentum.
- Expansion in new products (mag carbon bricks, casting flux) can add INR 150-200 crores at peak capacity.
- Monocon operations are targeting business turnaround and growth by entering new geographies including UK, China, Australia, Saudi Arabia, Mexico, and the U.S.
- Planned production ramp-ups (e.g., Sheffield Refractories product integration) will add to future sales.
2 more points from IFGL Refractories Ltd's call on revenue
Create a free account to keep reading this call
MarginsQ1 FY27 call
FlatSee what IFGL Refractories Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- The company has invested around INR20 crores in R&D, not INR150 crores as sometimes misunderstood.
- The R&D facility is actively developing new materials, including advanced products for the U.S. market and recycling initiatives.
- Capex for FY27 is underway, focusing on expanding product lines like mag carbon brick and casting flux, expected to add INR150-200 crores revenue at peak capacity.
- Land acquisition has been done for the China JV, but the project is currently on hold pending government approvals.
2 more points from IFGL Refractories Ltd's call on capex
Create a free account to keep reading this call
FundraisingQ1 FY27 call
See what IFGL Refractories Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- Hofmann Ceramic's order book has been maintained at similar levels compared to corresponding periods, indicating stability in pending orders.
- Monocon and Sheffield Refractories have achieved double-digit year-on-year revenue growth despite headwinds, reflecting healthy order inflow.
- The company continues to see positive momentum in overseas subsidiaries with strong growth in Americas and expansion in product portfolios.
- There is an ongoing integration of Sheffield Refractories products into the domestic market, supported by marketing trials and customer interactions.
2 more points from IFGL Refractories Ltd's call on the order book
Create a free account to keep reading this call
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
Portfolio builder
Build your portfolio
from the top-ranked stocks
- 1. Pick 3–15 stocks
- 2. Choose large, mid or small cap and your sectors
- 3. Get a portfolio built from the rankings
Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹532 Cr | 21.2 | |
| 2 | 40%+ | Up 2%+ | ₹450 Cr | 13.2 | |
| 3 | 40%+ | Up 2%+ | ₹371 Cr | 26.1 | |
| 4 | 40%+ | Up 0–2% | ₹1,340 Cr | 32.9 | |
| 5 | 40%+ | Up 0–2% | ₹1,196 Cr | 14.1 | |
| 6 | 40%+ | Flat | ₹966 Cr | 25.0 |
Sign up free to see every company in the sector ranking and track IFGL Refractories Ltd.
Pro shows every company guiding 40%+ revenue growth →Full Industrial Products rankingFinancials of IFGL Refractories Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of IFGL Refractories Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 315.97 | 368.13 | 423.85 | 455.52 | 366.18 | 393.94 | 414.54 | 411.12 | 378.84 | 448.53 | 454.01 | 488.63 | 468.64 |
| Expenses + | 281.65 | 319.76 | 367.86 | 387.74 | 370.36 | 359.16 | 368.44 | 378.51 | 362.16 | 415.30 | 418.01 | 450.64 | 445.56 |
| Operating Profit | 34.32 | 48.37 | 55.99 | 67.78 | -4.18 | 34.78 | 46.10 | 32.61 | 16.68 | 33.23 | 36.00 | 37.99 | 23.08 |
| OPM % | 10.86% | 13.14% | 13.21% | 14.88% | -1.14% | 8.83% | 11.12% | 7.93% | 4.40% | 7.41% | 7.93% | 7.77% | 4.92% |
| Other Income + | 2.34 | 7.76 | 3.45 | 3.94 | 4.16 | 7.22 | 6.93 | 3.91 | 2.89 | 3.68 | 3.00 | 2.01 | -2.95 |
| Interest | 1.26 | 0.69 | 2.54 | 2.43 | 2.72 | 3.35 | 2.62 | 3.44 | 3.53 | 4.16 | 4.63 | 3.55 | 3.88 |
| Depreciation | 13.38 | 15.85 | 15.61 | 15.51 | 15.70 | 17.45 | 17.08 | 17.70 | 18.00 | 19.96 | 19.20 | 19.75 | 19.99 |
| Profit before tax | 22.02 | 39.59 | 41.29 | 53.78 | -18.44 | 21.20 | 33.33 | 15.38 | -1.96 | 12.79 | 15.17 | 16.70 | -3.74 |
| Tax % | 28.29% | 25.69% | 28.29% | 29.34% | -108.24% | 40.85% | 26.04% | 21.46% | 11.22% | 34.09% | 28.74% | 24.01% | -17.65% |
| Net Profit + | 15.79 | 29.42 | 29.61 | 38.00 | 1.52 | 12.54 | 24.65 | 12.08 | -2.18 | 8.43 | 10.81 | 12.69 | -3.08 |
| EPS in Rs | 2.19 | 4.08 | 4.11 | 5.27 | 0.21 | 1.74 | 3.42 | 1.68 | -0.30 | 1.17 | 1.50 | 1.76 | -0.43 |
Financials of IFGL Refractories Ltd
Profit & Loss
Annual income statement trend
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 766 | 835 | 950 | 917 | 1,022 | 1,260 | 1,386 | 1,639 | 1,653 | 1,860 |
| Expenses + | 667 | 729 | 841 | 825 | 865 | 1,117 | 1,233 | 1,485 | 1,524 | 1,730 |
| Operating Profit | 99 | 106 | 109 | 92 | 157 | 143 | 153 | 155 | 129 | 130 |
| OPM % | 13% | 13% | 12% | 10% | 15% | 11% | 11% | 9% | 8% | 7% |
| Other Income + | 4 | 4 | 4 | -10 | 19 | 16 | 13 | 18 | 17 | 6 |
| Interest | 5 | 4 | 4 | 4 | 3 | 3 | 5 | 11 | 14 | 16 |
| Depreciation | 44 | 44 | 46 | 48 | 49 | 51 | 56 | 64 | 73 | 79 |
| Profit before tax | 55 | 63 | 64 | 30 | 124 | 104 | 106 | 98 | 60 | 41 |
| Tax % | 8% | 25% | 21% | 35% | 47% | 25% | 25% | 17% | 28% | |
| Net Profit + | 50 | 47 | 50 | 19 | 66 | 77 | 79 | 82 | 43 | 29 |
| EPS in Rs | 86.16 | 6.54 | 7.00 | 2.70 | 9.10 | 10.75 | 10.99 | 11.33 | 5.96 | 4.00 |
| Dividend Payout % | 1% | 15% | 18% | 46% | 55% | 33% | 32% | 31% | 59% |
Financials of IFGL Refractories Ltd
Balance Sheet
Capital structure and asset base
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 3 | 36 | 36 | 36 | 36 | 36 | 36 | 36 | 36 | 72 |
| Reserves | 650 | 716 | 759 | 773 | 854 | 898 | 969 | 1,036 | 1,071 | 1,066 |
| Borrowings + | 84 | 112 | 89 | 65 | 64 | 99 | 160 | 174 | 213 | 217 |
| Other Liabilities + | 158 | 134 | 135 | 150 | 230 | 253 | 261 | 244 | 298 | 382 |
| Total Liabilities | 894 | 999 | 1,019 | 1,024 | 1,184 | 1,286 | 1,426 | 1,490 | 1,618 | 1,737 |
| Fixed Assets + | 471 | 461 | 454 | 440 | 416 | 422 | 500 | 517 | 593 | 600 |
| CWIP | 2 | 8 | 6 | 7 | 22 | 25 | 46 | 104 | 27 | 33 |
| Investments | 12 | 13 | 46 | 94 | 128 | 135 | 132 | 126 | 105 | 67 |
| Other Assets + | 409 | 516 | 513 | 483 | 618 | 704 | 748 | 743 | 893 | 1,037 |
| Total Assets | 894 | 999 | 1,019 | 1,024 | 1,184 | 1,286 | 1,426 | 1,490 | 1,618 | 1,737 |
Financials of IFGL Refractories Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 28 | 41 | 109 | 150 | 139 | 4 | 6 | 152 | 28 |
| Cash from Investing Activity + | -9 | -40 | -70 | -50 | -97 | -26 | -118 | -115 | -34 |
| Cash from Financing Activity + | -4 | 18 | -37 | -66 | -5 | -7 | 50 | -24 | -4 |
| Net Cash Flow | 14 | 19 | 3 | 33 | 38 | -29 | -62 | 13 | -9 |
| Free Cash Flow | 15 | -2 | 72 | 126 | 108 | -61 | -130 | 18 | -44 |
| CFO/OP | 48% | 53% | 114% | 163% | 101% | 21% | 23% | 113% | 43% |
Financials of IFGL Refractories Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 109 | 124 | 88 | 84 | 82 | 79 | 92 | 72 | 79 |
| Inventory Days | 94 | 94 | 120 | 113 | 129 | 154 | 153 | 132 | 179 |
| Days Payable | 118 | 109 | 95 | 99 | 119 | 111 | 94 | 79 | 104 |
| Cash Conversion Cycle | 85 | 110 | 112 | 98 | 91 | 122 | 151 | 126 | 154 |
| Working Capital Days | 68 | 83 | 75 | 72 | 68 | 80 | 94 | 75 | 83 |
| ROCE % | 8% | 8% | 6% | 14% | 11% | 10% | 9% | 6% |
Guidance history
How IFGL Refractories Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | — | — |
| Q4 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q2 FY26 call → | 10–20% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
12 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −35.2% | 18% |
| Last 6 months | −14.1% | 32% |
| Last 3 months | −21.8% | 17% |
The price is 63.4% below its all-time high of ₹445.5 (8 Dec 2023). Stocks more than 20% below their peak have their score halved, so 23 became 12.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For IFGL Refractories Ltd: 0.4 × 18 + 0.4 × 32 + 0.2 × 17 = 23, halved to 12 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What IFGL Refractories Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q1 FY26 earnings call analysis →
- Q4 FY25 earnings call analysis →
- Q3 FY26 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
Others in Industrial Products this season
- Captain Polyplast Ltd (Q2 FY27)
32.9% increase . Key results statement takeaways from Captain Polyplast Ltd's Q2 FY27 results statement — and how it ranks against sector peers.
- Shyam Metalics & Energy Ltd (Q2 FY27)
Q2 FY27 Revenue:** ₹5,960.2 crore, up 33.4% YoY (Page 38) . Key investor presentation takeaways from Shyam Metalics & Energy Ltd's Q2 FY27 investor presentation
- Ratnaveer Precision Engineering Ltd (Q2 FY27)
Q2 FY27 Revenue: ₹3,872.37 million . Key investor presentation takeaways from Ratnaveer Precision Engineering Ltd's Q2 FY27 investor presentation — and how it r
- HEG Advanced Materials Ltd (Q2 FY27)
For the quarter ended September 30, 2026, HEG Limited reported total revenue from operations of ₹1,520.64 crores. Key results statement takeaways from HEG Advan