IFGL Refractories Ltd. (IFGLEXPOR) AI Stock Analysis

• Market Cap: ₹13.15B
• Dividend Yield: 1.66%
• Average Volume (3M): 50.24K
• Price to Earnings (P/E): 47.7
• Beta (1Y): 1.68
• Revenue Growth: 11.62%
• EPS Growth: -72.86%
• Country: IN
• Employees: 984
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Construction Materials
• EPS (TTM): 1.76
• Shares Outstanding: 72,078,620
• 10 Day Avg. Volume: 58,075
• 30 Day Avg. Volume: 50,236
• PEG Ratio: -0.65
• Price to Book (P/B): 1.20
• Price to Sales (P/S): 0.79
• P/FCF Ratio: -29.70
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 56 Neutral
• Price Target: ₹188.00 ▼(-12.07% Downside)

The overall stock score of 56 reflects a combination of strong financial performance and operational efficiency, offset by technical indicators suggesting bearish momentum and a high valuation. The company's robust balance sheet provides a solid foundation, but challenges in cash flow and profitability need to be addressed. The lack of earnings call and corporate events data limits further insights.

Positive Factors

Strong balance sheet / low leverage

A high equity ratio and very low leverage provide durable financial flexibility: supports capex, export financing and cyclical downturns without heavy interest burdens. This structural strength reduces refinancing risk and preserves capacity for strategic investments over the next several quarters.

High gross and EBIT margins

Sustained gross and EBIT margins indicate structural manufacturing efficiency and pricing power in refractory products. High operating profitability cushions earnings through cyclical steel demand, enabling reinvestment in specialized product lines and maintaining competitive advantages over mid-term horizons.

Recurring consumable revenue and export diversification

A business model centered on consumable refractory replacements yields predictable, repeatable demand linked to steel/foundry production cycles. Combined with export markets, this creates diversified revenue streams and long-term customer relationships from product qualification processes, supporting steady topline durability.

Negative Factors

Negative free cash flow

A large negative FCF and weak conversion of reported income into cash point to structural cash-generation issues (working capital or capex intensity). Over several quarters this can constrain reinvestment, dividend capacity or require balance sheet funding despite strong equity buffers.

Declining net profit margin

A sharp drop in net margin signals rising costs, higher non-operating charges, or inefficiencies eroding bottom-line resilience. Persisting lower net returns reduce retained earnings growth and impair the company's ability to translate operational strength into sustainable shareholder returns over the medium term.

Lower return on equity

A material fall in ROE reflects deteriorating efficiency in converting equity into profits. If this trend persists, it undermines long-term capital allocation effectiveness, may pressure management to pursue higher-risk growth or restructuring, and weakens the attractiveness of reinvesting retained earnings.

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 generates revenue through the sale of its refractory products to a diverse range of industries, including steel, cement, and glass manufacturing. The company's revenue model is primarily based on direct sales, where it supplies customized refractory solutions tailored to the specific needs of its clients. Key revenue streams include bulk orders from large industrial clients, long-term supply contracts, and the provision of technical support and consulting services. Additionally, IFGL Refractories may engage in strategic partnerships with manufacturers and industry players to enhance market reach and product development, contributing to its earnings.

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 areas for improvement, particularly in cost control and cash management. The balance sheet is a strength, 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 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	16.96B	16.70B	16.31B	13.72B	12.39B	10.08B
Gross Profit	8.35B	8.43B	7.93B	2.73B	5.84B	5.34B
EBITDA	1.30B	1.46B	1.73B	1.66B	1.58B	1.76B
Net Income	291.40M	429.80M	816.74M	792.06M	774.81M	655.91M
Balance Sheet
Total Assets	0.00	16.18B	14.90B	14.26B	12.86B	11.84B
Cash, Cash Equivalents and Short-Term Investments	1.55B	1.58B	1.89B	1.72B	2.42B	3.12B
Total Debt	0.00	2.13B	1.74B	1.60B	990.52M	636.98M
Total Liabilities	-11.07B	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: Negative
• Last Price: 213.80
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• 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 Negative. The current price of 213.8 is above the 20-day moving average (MA) of 187.32, above the 50-day MA of 199.81, and below the 200-day MA of 233.93, indicating a bearish trend. The MACD of -8.40 indicates Negative momentum. The RSI at 37.99 is Neutral, neither overbought nor oversold. The STOCH value of 54.52 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
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
ORIENTCEM	60 Neutral	₹32.42B	9.99	―	0.29%	3.43%	100.99%
STARCEMENT	58 Neutral	₹88.78B	29.34	―	0.45%	18.13%	52.87%
PRSMJOHNSN	57 Neutral	₹63.75B	34.59	―	―	6.64%	―
IFGLEXPOR	56 Neutral	₹13.15B	47.69	―	1.66%	11.62%	-72.86%
KAKATCEM	53 Neutral	₹885.83M	-3.17	―	2.30%	-32.19%	-1097.08%
INDIACEM	48 Neutral	₹141.81B	-126.70	―	―	-4.25%	―

IFGL Refractories Ltd. Corporate Events

IFGL’s UK Subsidiary Appoints Hebblethwaites as Statutory Auditor

IFGL Refractories Ltd. announced that its material UK subsidiary, Sheffield Refractories Ltd., has appointed Hebblethwaites, a Sheffield-based firm of chartered accountants and registered auditors, as its statutory auditors in line with applicable UK laws and regulations. The move formalizes the subsidiary’s auditing arrangements with an established professional services firm providing audit, accounting, tax and business advisory services, underscoring the group’s focus on regulatory compliance and governance standards in its overseas operations.

IFGL Refractories Closes Trading Window Ahead of December Quarter Results

IFGL Refractories Ltd. has announced that its trading window will be closed for all designated persons and their immediate relatives from 1 January 2026 until 48 hours after the company’s unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025 are approved by the board and released to the public. The move, taken in line with SEBI’s Prohibition of Insider Trading Regulations, restricts directors, key employees and connected persons from dealing in the company’s equity shares during this period, underscoring the company’s compliance posture and aiming to safeguard against potential misuse of unpublished price-sensitive information ahead of its forthcoming financial disclosure, with the exact board meeting date to be announced later.

IFGL Refractories Announces Promoter Share Sale

IFGL Refractories Ltd. announced a significant transaction involving the sale of 437,490 equity shares by Mr. Mihir Prakash Bajoria, a member of the Indian Promoter Group. This disclosure, made under SEBI regulations, highlights a change in the shareholding structure, potentially impacting the company’s market perception and stakeholder interests.

IFGL Refractories Announces Major Share Sale by Promoter

IFGL Refractories Ltd. announced a significant transaction involving the sale of 437,490 equity shares by Mr. Mihir Prakash Bajoria, a member of the Indian Promoter Group. This transaction could impact the company’s shareholding structure and may have implications for its market positioning and stakeholder interests.

IFGL Refractories Announces Promoter Group Share Acquisition

IFGL Refractories Ltd. announced a significant acquisition of 437,490 equity shares by Bajoria Financial Services Pvt Ltd, a member of its Indian Promoter Group, from Mr. Mihir Prakash Bajoria. This transaction reflects internal restructuring within the promoter group and could impact the company’s stock market positioning and stakeholder interests.

Bajoria Financial Services Acquires Stake in IFGL Refractories

Bajoria Financial Services Private Limited has reported the acquisition of 4,37,490 equity shares of IFGL Refractories Ltd, representing 0.61% of its equity share capital, from Mr. Mihir Prakash Bajoria. This transaction was executed under the exemption provided by Regulation 10 of SEBI’s Substantial Acquisition of Shares and Takeovers Regulations, 2011, allowing the acquirer to bypass an open offer. The acquisition was disclosed to the National Stock Exchange of India Limited and BSE Limited as required, ensuring compliance with regulatory timelines.

Bajoria Financial Services to Acquire Stake in IFGL Refractories

Bajoria Financial Services Pvt Ltd, part of the promoter group of IFGL Refractories Ltd, has announced its intention to acquire 4,37,490 equity shares, representing 0.61% of the company’s share capital, from Mr. Mihir Prakash Bajoria. This acquisition is part of an inter-se transfer among promoters, aligning with regulatory requirements and potentially strengthening the promoter group’s control over the company.

IFGL Refractories Announces Promoter Group Share Acquisition

IFGL Refractories Ltd. announced a proposed acquisition of 437,490 equity shares by Bajoria Financial Services Pvt Ltd, part of its Indian Promoter Group, from another promoter, Mr. Mihir Prakash Bajoria. This internal transfer will not alter the overall shareholding of the Promoter and Promoter Group, indicating a strategic move to consolidate holdings without impacting the company’s market position or stakeholder interests.