$IFGL Refractories logo$

IFGL Refractories financials and balance sheet

NSE: IFGLEXPORBSE: 540774Industrial ProductsSmall Cap

₹158.26₹10.19 (6.05%)BSE ₹158.75

Share price at the NSE close on 23 Oct 2026. Previous close ₹168.45.

52-week range of traded prices to 23 Oct 2026

₹119.68Low, 30 Mar 2026₹268.00High, 23 Oct 2025

Market cap: ₹1,141 Cr1,365th largest listed
P/E: 27.9
P/E without one-offs: 24.7
P/B: 1.0
Dividend yield: 1.36%
ROE: 3.6%
ROE without one-offs: 4.0%
ROCE: 4.6%
Debt to equity: 0.17
Volume, NSE: 35,01457.2% delivered

9 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.IFGL Refractories annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹1,894 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.3% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue1,894
Materials and goods−989
Employee costs−325
Other expenses−445
Operating profit136
Depreciation−80
Other income+9.8
One-off items−5.2
Finance costs−16
Profit before tax45
Tax−10
Net profit35

What the company owns

Plant, investments and other assets₹716 Cr
Receivables₹425 Cr
Inventory₹411 Cr
Current investments₹67 Cr
Cash and bank₹54 Cr

What pays for it: net worth and liabilities

Net worth₹1,175 Cr
Owed to suppliers₹232 Cr
Borrowings₹196 Cr
Other liabilities₹70 Cr

IFGL Refractories business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.IFGL Refractories segment results by quarter

Revenue by segment

₹1,894 CrTotal

India₹1,102 Cr58.2% of total
Europe₹429 Cr22.6% of total
America₹338 Cr17.8% of total
Asia (excluding India)₹25 Cr1.3% of total

Profit by segment

India₹67.0 Cr69.6% of total
America₹29.1 Cr30.2% of total
Asia (excluding India)₹0.3 Cr0.3% of total

Segment results by year

Consolidated, ₹ crore, years to March.

India
Revenue, ₹ crore
467
489
639
777
823
887
989
1,102
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
37
39
104
90
90
84
86
67
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Europe
Revenue, ₹ crore
264
210
196
255
267
440
373
429
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
7
−25
6
9
6
3
−21
−26
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
America
Revenue, ₹ crore
194
203
173
210
279
288
271
338
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
17
17
15
4
11
20
12
29
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Asia (excluding India)
Revenue, ₹ crore
16
16
14
18
18
25
20
25
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
8
4
2
3
4
5
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	940	917	1,022	1,260	1,387	1,639	1,653	1,894
Company revenue, as in its results	940	917	1,022	1,260	1,387	1,639	1,653	1,894
Revenue	467	489	639	777	823	887	989	1,102
Revenue growth	–	4.7%	30.7%	21.5%	5.9%	7.8%	11.5%	11.5%
Profit	37	39	104	90	90	84	86	67
Profit growth	–	5.7%	167.2%	−12.7%	−0.4%	−6.5%	2.6%	−22.4%
Margin	7.9%	7.9%	16.2%	11.6%	10.9%	9.5%	8.7%	6.1%
Return on capital	7.2%	8.4%	20.6%	17.1%	16.0%	13.9%	13.7%	10.3%
Assets	584	585	695	773	812	859	968	953
Liabilities	74	122	193	244	251	254	337	304
Capital employed	510	463	503	529	562	604	631	650
Revenue	264	210	196	255	267	440	373	429
Revenue growth	–	−20.6%	−6.5%	30.0%	4.8%	64.7%	−15.1%	14.9%
Profit	7	−25	6	9	6	3	−21	−26
Profit growth	–	–	–	45.7%	−34.7%	−52.9%	–	–
Margin	2.6%	−12.1%	3.2%	3.6%	2.2%	0.6%	−5.6%	−6.0%
Return on capital	4.8%	−20.9%	4.6%	6.4%	4.0%	1.8%	−13.2%	−15.9%
Assets	190	179	197	204	274	276	282	300
Liabilities	49	57	61	61	124	119	124	137
Capital employed	141	122	137	143	149	157	157	163
Revenue	194	203	173	210	279	288	271	338
Revenue growth	–	5.0%	−14.9%	21.5%	32.9%	3.2%	−6.0%	24.8%
Profit	17	17	15	4	11	20	12	29
Profit growth	–	−2.4%	−6.5%	−71.4%	157.9%	78.4%	−40.8%	141.2%
Margin	8.8%	8.1%	9.0%	2.1%	4.1%	7.1%	4.4%	8.6%
Return on capital	17.5%	15.7%	12.8%	3.3%	8.2%	13.3%	7.6%	14.9%
Assets	119	133	154	169	178	193	205	246
Liabilities	22	27	33	35	39	39	46	51
Capital employed	97	106	121	134	139	153	160	195
Revenue	16	16	14	18	18	25	20	25
Revenue growth	–	−2.4%	−10.7%	29.0%	−2.4%	41.0%	−18.5%	24.8%
Profit	8	4	2	3	4	5	0	0
Profit growth	–	−54.4%	−44.8%	72.8%	1.4%	53.4%	–	–
Margin	49.8%	23.2%	14.3%	19.2%	20.0%	21.7%	−1.6%	1.0%
Return on capital	40.0%	24.1%	11.1%	19.4%	18.6%	24.2%	−1.5%	1.5%
Assets	26	29	26	30	26	28	26	23
Liabilities	6	14	8	12	7	5	5	6
Capital employed	20	15	18	18	19	22	21	17

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.IFGL Refractories quarterly results

₹ crore	Mar 2018	Mar 2019Filed 13 May	Mar 2020Filed 18 Jul	Mar 2021Filed 7 Jun	Mar 2022Filed 9 Jun	Mar 2023Filed 27 May	Mar 2024Filed 4 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 30 May
Revenue from operations	839	940	917	1,022	1,260	1,387	1,639	1,653	1,894
	733	832	826	867	1,117	1,234	1,485	1,524	1,758
Materials and goods bought	421	473	459	474	615	723	831	827	989
Employee costs	–	146	150	152	174	195	250	281	325
Other expenses	–	212	216	241	328	316	403	416	445
Operating profit before depreciation	106	109	92	155	143	153	154	129	136
Operating margin	12.6%	11.6%	10.0%	15.2%	11.3%	11.0%	9.4%	7.8%	7.2%
Materials, % of revenue	–	50.3%	50.0%	46.4%	48.8%	52.1%	50.7%	50.0%	52.2%
Employee costs, % of revenue	–	15.5%	16.4%	14.9%	13.8%	14.1%	15.3%	17.0%	17.1%
Other expenses, % of revenue	–	22.6%	23.6%	23.6%	26.1%	22.8%	24.6%	25.2%	23.5%
Depreciation and amortisation	44	46	48	49	51	56	64	73	80
Operating profit after depreciation	62	63	43	107	91	97	90	56	56
Other income	4	6	11	21	16	13	19	17	10
Finance costs	4	4	4	3	3	5	11	14	16
Profit before one-off items and tax	63	64	51	124	104	106	98	60	50
One-off items	0	0	−21	0	0	0	0	0	−5
Profit before tax	63	64	30	124	104	106	98	60	45
	15	14	11	59	26	26	16	17	10
Current tax	–	15	10	34	35	24	35	15	25
Deferred tax	–	−1	1	25	−9	3	−19	1	−15
Net profit	47	50	19	66	77	79	82	43	35
Other comprehensive income	–	0	17	16	2	17	11	17	58
Total comprehensive income	–	50	36	82	80	96	92	60	93
Net margin	5.6%	5.4%	2.1%	6.4%	6.2%	5.7%	5.0%	2.6%	1.8%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 13 May	Mar 2020Filed 18 Jul	Mar 2021Filed 7 Jun	Mar 2022Filed 9 Jun	Mar 2023Filed 27 May	Mar 2024Filed 4 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 30 May
	795	809	890	934	1,005	1,072	1,107	1,175
Share capital	36	36	36	36	36	36	36	72
Reserves	759	773	854	898	969	1,036	1,071	1,103
	85	49	48	99	160	163	202	196
Repayable after a year	16	14	12	19	60	59	47	33
Repayable within a year	69	35	36	80	100	104	155	163
	204	184	226	285	309	313	416	423
Trade payables	124	124	155	187	186	179	236	232
Other financial liabilities	8	10	14	9	12	14	14	12
Other liabilities	2	14	20	9	9	4	8	10
Provisions	0	0	0	0	0	1	1	4
Tax owed	–	–	0	0	2	10	2	2
	20	37	68	67	112	105	95	75
Other financial liabilities	–	11	10	0	0	10	10	11
Other liabilities	–	0	0	0	0	0	–	–
Provisions	0	0	0	0	0	0	0	0
Deferred tax	5	12	46	48	52	37	39	31
Total assets	1,019	1,029	1,184	1,286	1,426	1,490	1,619	1,673
	486	461	456	481	590	652	667	684
Plant in use, after depreciation	144	174	168	202	282	326	404	418
Plant being built	6	7	22	25	46	104	27	41
Intangible assets	189	163	2	2	20	17	15	16
Goodwill	121	104	245	217	198	174	153	142
Property held to earn rent	0	–	–	0	0	0	21	34
Investments	1	1	6	19	19	11	11	1
Loans given	0	2	2	0	0	0	0	0
Other financial assets	2	–	3	2	6	3	4	4
Deferred tax	–	6	–	–	0	0	0	6
Other assets	23	5	7	12	18	17	32	23
	533	569	728	805	836	838	951	989
Inventories	157	142	168	259	302	301	405	411
Trade receivables	229	211	228	272	350	325	359	425
Cash and cash equivalents	76	110	148	119	57	70	61	53
Other bank balances	12	1	43	9	1	2	4	2
Current investments	46	93	122	115	113	115	94	67
Loans given	0	1	1	0	0	0	0	0
Other financial assets	1	2	3	9	1	6	2	3
Other assets	13	10	16	21	12	19	27	28
Net debt	−49	−155	−264	−144	−11	−24	44	75

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the year to Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 7 Jun	Mar 2022Filed 9 Jun	Mar 2023Filed 27 May	Mar 2024Filed 4 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 30 May
	139	4	6	152	28	63
	159	30	35	175	55	90
	−7	−125	−124	−26	−74	−46
Receivables	−20	−67	−86	−19	−29	−48
Inventories	−21	−93	−57	6	−97	10
Payables	35	29	26	−8	55	−8
Other working capital	−1	6	−6	−4	−3	0
Tax paid	−19	−25	−29	−23	−27	−27
Capital spending	31	66	137	135	73	64
Free cash flow	108	−62	−130	17	−45	0
	−106	−24	−123	−117	−37	−21
Plant and property sold	0	1	1	1	0	0
Interest received	1	4	3	3	3	2
	−5	−7	50	−24	−4	−58
Borrowings raised	0	39	84	13	56	0
Borrowings repaid	−1	−3	0	0	−21	−16
Interest paid	−2	−3	−5	−10	−13	−16
Lease payments	−2	−4	−4	−1	−1	−1
Dividends paid	0	36	25	25	25	25
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	28	−27	−67	11	−13	−15

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.IFGL Refractories dividend history

₹ per share	Mar 2018	Mar 2019Filed 13 May	Mar 2020Filed 18 Jul	Mar 2021Filed 7 Jun	Mar 2022Filed 9 Jun	Mar 2023Filed 27 May	Mar 2024Filed 4 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 30 May
	₹6.54	₹7.00	₹2.70	₹9.10	₹10.75	₹10.99	₹11.33	₹5.97	₹4.81
As stated that year	₹13.07	₹14.00	₹5.40	₹18.20	₹21.50	₹21.98	₹22.66	₹11.93	₹4.81
	₹6.54	₹7.00	₹2.70	₹9.10	₹10.75	₹10.99	₹11.33	₹5.97	₹4.81
As stated that year	₹13.07	₹14.00	₹5.40	₹18.20	₹21.50	₹21.98	₹22.66	₹11.93	₹4.81
	₹1.00	₹1.25	₹1.25	₹5.00	₹3.50	₹3.50	₹3.50	₹3.50	₹2.15
As declared that year	₹2.00	₹2.50	₹2.50	₹10.00	₹7.00	₹7.00	₹7.00	₹7.00	₹2.15
	–	₹110.24	₹112.23	₹123.54	₹129.58	₹139.43	₹148.73	₹153.58	₹163.00
On that year's share count	–	₹220.49	₹224.46	₹247.08	₹259.17	₹278.87	₹297.46	₹307.16	₹163.00
Dividend payout	15.3%	17.9%	46.3%	54.9%	32.6%	31.8%	30.9%	58.7%	44.7%
Shareholder yield	–	–	–	0.0%	3.9%	3.3%	1.3%	2.0%	2.8%
Market cap at the year end (₹ crore)	879	862	327	1,131	930	755	1,958	1,260	887

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.IFGL Refractories PE ratio and valuation

Ratio	Mar 2018	Mar 2019Filed 13 May	Mar 2020Filed 18 Jul	Mar 2021Filed 7 Jun	Mar 2022Filed 9 Jun	Mar 2023Filed 27 May	Mar 2024Filed 4 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 30 May
Revenue growth	–	12.0%	−2.4%	11.4%	23.2%	10.1%	18.2%	0.8%	14.6%
Operating profit growth	–	2.6%	−15.8%	69.7%	−8.2%	7.3%	0.9%	−16.7%	5.7%
Net profit growth	–	7.1%	−61.5%	237.2%	18.1%	2.2%	3.1%	−47.4%	−19.3%
Earnings per share growth	–	7.1%	−61.4%	237.0%	18.1%	2.2%	3.1%	−47.4%	−19.4%
	–	6.4%	2.4%	7.7%	8.5%	8.2%	7.9%	3.9%	3.0%
	–	–	−3.9 pts	5.3 pts	0.8 pts	−0.3 pts	−0.3 pts	−3.9 pts	−0.9 pts
From the net margin	–	–	−3.8 pts	4.9 pts	−0.3 pts	−0.6 pts	−1.0 pts	−3.8 pts	−1.2 pts
From asset turnover	–	–	−0.1 pts	0.2 pts	0.8 pts	0.0 pts	0.7 pts	−0.2 pts	0.2 pts
From borrowing	–	–	0.0 pts	0.1 pts	0.3 pts	0.3 pts	0.0 pts	0.1 pts	0.0 pts
Return on capital employed	–	7.1%	5.0%	11.4%	8.9%	8.4%	7.3%	4.3%	4.1%
Cash conversion	–	–	–	212.5%	5.7%	8.0%	186.3%	65.8%	182.7%
Interest cover	15.7	14.1	12.0	34.9	26.8	20.1	8.2	4.1	3.6
Debt to equity	–	0.11	0.06	0.05	0.11	0.16	0.15	0.18	0.17
Receivable days	–	89	84	82	79	92	72	79	82
Inventory days	–	121	113	129	154	153	132	179	152
Payable days	–	96	99	119	111	94	79	104	86
Cash conversion cycle, days	–	114	98	91	122	151	126	154	148
Working capital days	–	103	86	81	103	120	99	117	117
Asset turnover	–	0.92	0.90	0.92	1.02	1.02	1.12	1.06	1.15
Assets per rupee of net worth	–	1.28	1.28	1.30	1.35	1.40	1.40	1.43	1.44
Sales per rupee of plant	–	6.54	5.26	6.09	6.23	4.92	5.03	4.09	4.53
Capital spending to depreciation	–	–	–	0.64	1.29	2.46	2.10	1.00	0.80
Plant being built, % of plant in use	–	4.4%	4.0%	13.1%	12.4%	16.2%	32.0%	6.8%	9.8%

No balance sheet is on record for the year to Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 2.1%
Cash from operations against operating profit: 46.6%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	13.1%	11.0%
Profit growth, yearly rate	–	−12.0%	−24.1%
Return on equity, average	–	6.3%	5.0%
Return on capital employed, average	–	6.6%	5.2%
Operating margin, average	10.7%	9.3%	8.1%
Net margin, average	4.5%	4.3%	3.1%
Asset turnover, average	–	1.08	1.11
Cash conversion cycle, days, average	–	140	143
Interest cover, average	15.5	12.5	5.3
Debt to equity, average	–	0.15	0.17

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	255	244	63
Cash from investing	−322	−175	−21
Cash from financing	−43	−86	−58
Capital spending	474	271	64
Dividends paid	137	76	25
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	191	69	0
Borrowings repaid	40	37	16

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	9	5	4	7	5	6
Altman Z-scorePublished threshold 1.81	–	4.88	3.39	5.05	4.30	3.70	5.55	3.97	3.65
Beneish M-scorePublished threshold −1.78	–	–	–	−2.79	−2.16	−1.95	−2.74	−2.52	−2.36
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	2.94	7.87	14.43	3.20	3.34	−0.49
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	0.68	0.68	0.92	1.53
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	−5.48	−3.00	−4.05	18.52	−25.35	9.75	3.69
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	−6.48	15.14	24.92	−1.16	−15.48	35.11	−17.95
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	−0.26	0.64	0.96	−1.24	0.75	0.20	0.10
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	0.09	0.52	0.29	0.34	0.96	0.18	0.44
Effective tax ratePublished threshold 17.16 per cent	24.67	21.22	35.10	47.20	25.45	25.06	16.52	27.81	23.13
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	1.04	−2.24	−7.03	−16.98	−36.35

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
25 Aug 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]AA-Review, Re-affirm	Stable	163.05
25 Aug 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]AA-Review, Re-affirm	Stable	84.95
25 Aug 2026	ICRA Limited (opens in a new tab)	Interchangeable limits-Others	[ICRA]A1+Review, Re-affirm		61
25 Aug 2026	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]A1+Review, Re-affirm		25

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.