IFGL Refractories Ltd. (IFGLEXPOR) AI Stock Analysis

• Market Cap: ₹15.93B
• Dividend Yield: 2.93%
• Average Volume (3M): 7.28K
• Price to Earnings (P/E): 40.8
• Beta (1Y): 1.60
• Revenue Growth: 3.82%
• EPS Growth: -74.55%
• Country: IN
• Employees: 984
• Sector: Basic Materials
• Sector Strength: 60
• Industry: Construction Materials
• EPS (TTM): 1.50
• Shares Outstanding: 72,078,620
• 10 Day Avg. Volume: 1,820
• 30 Day Avg. Volume: 7,283
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹263.00
• Price Target Upside: 19.00% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 64 Neutral
• Price Target: ₹263.00 ▲(19.00% Upside)

The overall stock score is primarily influenced by the company's strong financial foundation, despite challenges in profitability and cash flow. The bearish technical indicators suggest caution, while the valuation metrics highlight a fairly valued stock with a decent dividend yield. The absence of recent earnings call insights or significant corporate events means the assessment focuses on the available financial and market data.

IFGL Refractories Ltd. Business Overview & Revenue Model

Company Description

IFGL Refractories Ltd. (IFGLEXPOR) is a prominent manufacturer and supplier of specialized refractories and related products, primarily catering to the iron and steel industry. The company operates in the refractory sector, offering a wide range of refractory products, including monolithics, slide gate systems, continuous casting refractories, and other high-performance materials designed to withstand extreme temperatures and conditions. IFGL Refractories serves both domestic and international markets, providing tailored solutions to enhance the efficiency and safety of metallurgical processes.

How the Company Makes Money

IFGL Refractories Ltd. generates revenue through the manufacturing and sale of refractory products which are essential in the production processes of industries like iron and steel. The company’s key revenue streams include direct sales of its refractory products to steel manufacturers, custom solutions for specific client needs, and long-term contracts with major industrial players. Additionally, IFGL Refractories benefits from strategic partnerships and collaborations with global companies in the refractories sector, enhancing its market reach and technological capabilities. The company's earnings are significantly influenced by the demand in the steel industry, as well as its ability to innovate and offer high-quality, durable refractory solutions.

IFGL Refractories Ltd. Financial Statement Overview

Summary

IFGL Refractories Ltd. exhibits strong revenue growth and operational efficiency, with robust gross and EBIT margins. However, declining net profit margins and negative free cash flow indicate areas for improvement in cost control and cash management. The balance sheet is a strong point, with high equity ratios and manageable debt levels, providing a solid foundation for future growth.

Income Statement

The company has demonstrated a steady increase in revenue over the years, with a revenue growth rate of 2.42% from 2024 to 2025. The gross profit margin stands strong at approximately 50.49% in 2025, indicating efficient cost management. However, the net profit margin has decreased to 2.57% in 2025 from 5.01% in 2024, reflecting challenges in maintaining profitability. The EBIT margin is impressive at 33.66%, highlighting strong operational performance, while the EBITDA margin is lower at 8.74%, suggesting significant depreciation or amortization expenses impacting earnings.

Balance Sheet

The balance sheet reveals a solid equity base with an equity ratio of 68.38% in 2025, indicating financial stability and lower reliance on debt. The debt-to-equity ratio is manageable at 0.19, suggesting prudent leverage use. Return on equity has decreased to 3.88% in 2025 from 7.62% in 2024, hinting at declining efficiency in generating returns from equity. Overall, the company maintains a strong financial position with substantial equity backing.

Cash Flow

The cash flow statement reflects a challenging period with a negative free cash flow of -446.6 million in 2025, compared to a positive free cash flow in the previous year. This indicates potential issues in cash generation and investment activities. The operating cash flow to net income ratio is low at 0.66, pointing to difficulties in converting income into cash. Despite these challenges, the company's previous years showed positive cash flow trends, suggesting potential for recovery.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2022	Dec 2022	Dec 2021
Income Statement
Total Revenue	16.57B	16.70B	16.31B	12.39B	13.87B	10.08B
Gross Profit	8.30B	8.43B	7.93B	5.84B	6.64B	5.06B
EBITDA	1.37B	1.46B	1.73B	1.58B	1.66B	1.76B
Net Income	429.80M	429.80M	816.74M	774.81M	792.06M	655.91M
Balance Sheet
Total Assets	16.18B	16.18B	14.90B	12.86B	14.26B	11.84B
Cash, Cash Equivalents and Short-Term Investments	1.58B	1.58B	1.89B	2.42B	1.72B	3.12B
Total Debt	2.13B	2.13B	1.74B	990.52M	1.60B	636.98M
Total Liabilities	5.12B	5.12B	4.18B	3.52B	4.21B	2.93B
Stockholders Equity	11.07B	11.07B	10.72B	9.34B	10.05B	8.90B
Cash Flow
Free Cash Flow	0.00	-446.60M	174.50M	-617.27M	-1.30B	1.08B
Operating Cash Flow	0.00	282.60M	1.52B	43.72M	63.00M	1.39B
Investing Cash Flow	0.00	-371.60M	-1.17B	-240.35M	-1.23B	-1.06B
Financing Cash Flow	0.00	-38.40M	-242.79M	-69.60M	498.00M	-45.52M

IFGL Refractories Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 221.00
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:IFGLEXPOR, the sentiment is Negative. The current price of 221 is below the 20-day moving average (MA) of 245.25, below the 50-day MA of 256.45, and below the 200-day MA of 223.39, indicating a neutral trend. The MACD of -9.29 indicates Positive momentum. The RSI at 39.04 is Neutral, neither overbought nor oversold. The STOCH value of 28.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:IFGLEXPOR.

IFGL Refractories Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
STARCEMENT	69 Neutral	₹117.43B	49.65		―	14.59%	1.56%
IFGLEXPOR	64 Neutral	₹15.93B	40.80		2.93%	3.82%	-74.55%
PRSMJOHNSN	57 Neutral	₹70.95B	78.68		―	2.15%	-42.02%
KAKATCEM	55 Neutral	₹1.19B	―		1.97%	-41.81%	-1195.95%
INDIACEM	54 Neutral	₹114.15B	―		―	-10.80%	-311.20%
ORIENTCEM	54 Neutral	₹48.90B	18.80		0.21%	-5.80%	48.60%
Sector *	44 Neutral	C$923.76M	-8.68	-0.23%	2.69%	24.53%	-41.45%

IFGL Refractories Ltd. Corporate Events

IFGL Refractories Announces Management Change

IFGL Refractories Ltd. announced a change in its management structure, with Mr. Mihir Prakash Bajoria stepping down from his anticipated role as Managing Director due to personal reasons. Consequently, Mr. James Leacock McIntosh will continue as Managing Director for an additional six months, ensuring stability in leadership. This decision was made following discussions by the company’s Nomination and Remuneration Committee and the Board, highlighting the company’s commitment to maintaining continuity and experienced leadership during this transition period.