IFGL Refractories Ltd. (IFGLEXPOR) AI Stock Analysis

• Market Cap: ₹18.33B
• Dividend Yield: 2.55%
• Average Volume (3M): 16.93K
• Price to Earnings (P/E): 47.0
• Beta (1Y): 1.62
• Revenue Growth: 3.82%
• EPS Growth: -74.55%
• Country: IN
• Employees: 984
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Construction Materials
• EPS (TTM): 1.50
• Shares Outstanding: 72,078,620
• 10 Day Avg. Volume: 9,824
• 30 Day Avg. Volume: 16,934
• 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: ₹264.00
• Price Target Upside: 3.79% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 64 Neutral
• Price Target: ₹264.00 ▲(3.79% Upside)

The overall stock score of 64 reflects strong financial performance, particularly in revenue growth and operational efficiency, but is tempered by challenges in cash flow management. Technical analysis indicates mixed signals, with short-term bullish momentum but potential bearish trends. The high P/E ratio suggests overvaluation, though the dividend yield offers some compensation. The absence of earnings call and corporate events data limits further insights.

IFGL Refractories Ltd. Business Overview & Revenue Model

Company Description

IFGL Refractories Limited engages in the manufacture, trade, and sale of refractory items and related equipment and accessories used in steel plants in India and internationally. The company offers isostatic and slide gate refractories, tube changer systems and refractories, and purging systems and refractories; cast products and monolithics, zircon and zircona nozzles, spray machines, robotic gunning, and slag control darts and machines; and foundry ceramics, wire guides, and heating ovens. The company was formerly known as IFGL Exports Limited has changed its name to IFGL Refractories Limited in October 2017. IFGL Refractories Limited was incorporated in 2007 and is headquartered in Kolkata, India. IFGL Refractories Limited is a subsidiary of Bajoria Financial Services Private Limited.

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. shows strong revenue growth and operational efficiency with robust gross and EBIT margins. However, declining net profit margins and negative free cash flow indicate challenges in cost control and cash management. The balance sheet is a strength with high equity ratios and manageable debt levels.

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 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	16.57B	16.70B	16.31B	13.87B	12.39B	10.08B
Gross Profit	8.30B	8.43B	7.93B	6.64B	5.84B	5.06B
EBITDA	1.37B	1.46B	1.73B	1.66B	1.58B	1.76B
Net Income	429.80M	429.80M	816.74M	792.06M	774.81M	655.91M
Balance Sheet
Total Assets	16.18B	16.18B	14.90B	14.26B	12.86B	11.84B
Cash, Cash Equivalents and Short-Term Investments	1.58B	1.58B	1.89B	1.72B	2.42B	3.12B
Total Debt	2.13B	2.13B	1.74B	1.60B	990.52M	636.98M
Total Liabilities	5.12B	5.12B	4.18B	4.21B	3.52B	2.93B
Stockholders Equity	11.07B	11.07B	10.72B	10.05B	9.34B	8.90B
Cash Flow
Free Cash Flow	0.00	-446.60M	174.50M	-1.30B	-617.27M	1.08B
Operating Cash Flow	0.00	282.60M	1.52B	63.00M	43.72M	1.39B
Investing Cash Flow	0.00	-371.60M	-1.17B	-1.23B	-240.35M	-1.06B
Financing Cash Flow	0.00	-38.40M	-242.79M	498.00M	-69.60M	-45.52M

IFGL Refractories Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 254.35
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• 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 Positive. The current price of 254.35 is above the 20-day moving average (MA) of 246.99, above the 50-day MA of 247.75, and above the 200-day MA of 222.25, indicating a bullish trend. The MACD of 2.53 indicates Negative momentum. The RSI at 53.35 is Neutral, neither overbought nor oversold. The STOCH value of 57.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:IFGLEXPOR.

IFGL Refractories Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IFGLEXPOR	64 Neutral	₹18.33B	46.96	―	2.55%	3.82%	-74.55%
PRSMJOHNSN	62 Neutral	₹82.45B	91.44	5.41%	―	2.15%	-42.02%
STARCEMENT	62 Neutral	₹102.34B	43.29	5.87%	0.39%	14.59%	1.52%
INDIACEM	54 Neutral	₹119.62B	-35.70	-1.41%	―	-10.80%	-311.20%
KAKATCEM	54 Neutral	₹1.16B	-7.75	-6.37%	2.01%	-41.81%	-1195.95%
ORIENTCEM	54 Neutral	₹46.25B	17.78	5.05%	0.22%	-5.80%	48.60%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%

IFGL Refractories Ltd. Corporate Events

IFGL Refractories Ltd. Announces Key Management Restructuring

IFGL Refractories Ltd. has announced a significant change in its management structure, with Mr. Somnath Chatterjee appointed as the head of the Internal Audit Department, effective September 3, 2025. This strategic move, approved by the Board of Directors, aims to enhance the company’s internal audit capabilities, leveraging Mr. Chatterjee’s extensive experience in risk assessment and corporate governance, while Mr. Rajesh Agarwal continues his role as Whole-time Director and Director-General Counsel.

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.