$IFGL Refractories logo$

IFGL Refractories shareholders and shareholding pattern

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

Who owns IFGL Refractories, filing by filing

Per cent of the company's shares. Every filing on record, from Dec 2017; the latest is the filing for Sep 2026.

Sep 2026 filing

Promoters72.43%
Foreign institutions0.02%
Indian institutions12.87%
Individuals and others14.67%

Shareholding pattern, per cent, from Sep 2022

Promoters
Foreign institutions
Indian institutions
Individuals and others

Per cent	Dec 2017Filed 11 Jan	Mar 2018Filed 5 Apr	Jun 2018Filed 5 Jul	Sep 2018Filed 9 Oct	Dec 2018Filed 8 Jan	Mar 2019Filed 4 Apr	Jun 2019Filed 16 Jul	Sep 2019Filed 11 Oct	Dec 2019Filed 13 Jan	Mar 2020Filed 13 May	Jun 2020Filed 6 Jul	Sep 2020Filed 8 Oct	Dec 2020Filed 11 Jan	Mar 2021Filed 5 Apr	Jun 2021Filed 15 Jul	Sep 2021Filed 8 Oct	Dec 2021Filed 6 Jan	Mar 2022Filed 7 Apr	Jun 2022Filed 13 Jul	Sep 2022Filed 21 Oct	Dec 2022Filed 13 Jan	Mar 2023Filed 6 Apr	Jun 2023Filed 17 Jul	Sep 2023Filed 12 Oct	Dec 2023Filed 9 Jan	Mar 2024Filed 16 Apr	Jun 2024Filed 15 Jul	Sep 2024Filed 7 Oct	Dec 2024Filed 21 Jan	Mar 2025Filed 21 Apr	Jun 2025Filed 19 Jul	Sep 2025Filed 18 Oct	Dec 2025Filed 21 Jan	Mar 2026Filed 20 Apr	Jun 2026Filed 21 Jul	Sep 2026Filed 16 Oct
	72.43%	72.43%	72.43%	72.43%	72.44%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%
Indian promoters	56.92%	56.92%	56.92%	56.92%	56.93%	56.92%	56.92%	56.92%	56.92%	56.92%	56.92%	56.92%	56.92%	56.92%	56.92%	56.92%	56.92%	56.92%	56.92%	56.92%	56.92%	56.92%	56.92%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%	72.43%
Foreign promoters	15.51%	15.51%	15.51%	15.51%	15.51%	15.51%	15.51%	15.51%	15.51%	15.51%	15.51%	15.51%	15.51%	15.51%	15.51%	15.51%	15.51%	15.51%	15.51%	15.51%	15.51%	15.51%	15.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	–	–	–	–	–	–
	27.57%	27.57%	27.57%	27.57%	27.56%	27.57%	27.57%	27.57%	27.57%	27.57%	27.57%	27.57%	27.57%	27.57%	27.57%	27.57%	27.57%	27.57%	27.57%	27.57%	27.57%	27.57%	27.57%	27.57%	27.57%	27.57%	27.57%	27.57%	27.57%	27.57%	27.57%	27.57%	27.57%	27.57%	27.57%	27.57%
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.04%	0.02%	0.00%	0.04%	0.03%	0.37%	0.28%	0.18%	0.18%	0.14%	0.12%	0.04%	0.03%	0.04%	0.03%	0.03%	0.02%
Foreign portfolio investors, category I	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.04%	0.02%	0.00%	0.04%	0.03%	0.34%	0.24%	0.15%	0.16%	0.12%	0.11%	0.02%	0.02%	0.03%	0.02%	0.02%	0.01%
Foreign portfolio investors, category II	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.00%	0.00%	0.00%	–	0.00%	0.03%	0.03%	0.03%	0.02%	0.01%	0.01%	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	10.46%	10.45%	10.45%	10.46%	11.83%	11.70%	13.53%	13.77%	14.00%	13.72%	13.63%	13.55%	13.52%	13.51%	13.27%	13.01%	12.87%
Mutual funds	5.11%	5.97%	7.20%	10.12%	14.92%	16.21%	16.51%	16.59%	16.66%	16.66%	16.66%	16.68%	16.68%	12.73%	11.77%	10.61%	10.61%	9.92%	9.91%	9.91%	9.91%	9.91%	9.91%	11.24%	11.11%	13.03%	13.48%	13.60%	13.51%	13.46%	13.43%	13.40%	13.40%	13.16%	12.92%	12.87%
Banks	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%
Alternative investment funds	–	–	–	–	–	–	–	–	–	–	–	–	–	0.43%	0.35%	0.39%	0.44%	0.68%	0.69%	0.55%	0.54%	0.54%	0.55%	0.58%	0.59%	0.49%	0.29%	0.40%	0.21%	0.16%	0.11%	0.11%	0.11%	0.11%	0.09%	–
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	17.06%	17.09%	17.12%	17.06%	15.70%	15.49%	13.76%	13.61%	13.38%	13.71%	13.81%	13.98%	14.02%	14.01%	14.26%	14.52%	14.67%
Resident individuals, up to ₹2 lakh at face value	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	10.51%	10.41%	10.36%	10.07%	9.43%	9.40%	8.20%	8.02%	7.87%	8.20%	8.02%	8.26%	7.51%	7.49%	7.61%	7.85%	7.84%
Resident individuals, over ₹2 lakh at face value	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	3.58%	3.64%	3.67%	3.61%	3.05%	3.29%	3.08%	3.03%	3.01%	2.98%	2.99%	2.94%	3.24%	3.19%	3.36%	3.31%	3.41%
Companies	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.51%	0.48%	0.51%	0.63%	0.50%	0.41%	0.23%	0.25%	0.24%	0.23%	0.22%	0.23%	0.23%	0.26%	0.22%	0.21%	0.30%
Non-resident Indians	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.27%	0.31%	0.32%	0.30%	0.24%	0.28%	0.18%	0.20%	0.19%	0.22%	0.29%	0.31%	0.28%	0.28%	0.31%	0.32%	0.29%
Investor education fund	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.41%	1.49%	1.49%	1.59%	1.59%	1.58%	1.58%	1.58%	1.58%	1.58%	1.71%	1.71%	1.71%	1.77%	1.73%	1.72%	1.78%
Directors and their relatives	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.01%	0.02%	0.02%	0.02%	0.02%	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Key managers	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	0.00%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.77%	0.73%	0.75%	0.85%	0.86%	0.51%	0.47%	0.52%	0.48%	0.49%	0.57%	0.51%	1.04%	1.01%	1.02%	1.10%	1.02%
Clearing Members	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.05%	0.04%	0.05%	–	–	–	–	–	–	–	0.02%	0.02%	0.02%	0.01%	0.01%	0.01%	0.01%
Trusts	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	Under 0.01%	Under 0.01%	Under 0.01%	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Hindu undivided families	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.73%	0.69%	0.70%	–	–	–	–	–	–	–	0.54%	0.47%	0.48%	0.47%	0.50%	0.54%	0.54%
LLP	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.02%	0.02%	0.02%	0.03%	0.02%	0.06%	0.03%
Unclaimed or Suspense or Escrow Account	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.53%	0.50%	0.49%	0.48%	0.45%
Shares in issue	3,60,39,312	3,60,39,312	3,60,39,312	3,60,39,312	3,60,37,282	3,60,39,312	3,60,39,312	3,60,39,312	3,60,39,312	3,60,39,312	3,60,39,312	3,60,39,312	3,60,39,312	3,60,39,312	3,60,39,312	3,60,39,312	3,60,39,312	3,60,39,312	3,60,39,312	3,60,39,312	3,60,39,312	3,60,39,312	3,60,39,312	3,60,39,312	3,60,39,312	3,60,39,312	3,60,39,312	3,60,39,312	3,60,39,312	3,60,39,312	3,60,39,312	7,20,78,624	7,20,78,624	7,20,78,624	7,20,78,624	7,20,78,624
Shares locked in	72,07,862	72,07,862	72,07,862	72,07,862	72,07,862	72,07,862	72,07,862	72,07,862	72,07,862	72,07,862	72,07,862	72,07,862	–	–	–	0	0	0	0	0	0	0	–	0	0	0	0	0	0	0	–	–	–	–	–	–
Promoters' shares locked in	72,07,862	72,07,862	72,07,862	72,07,862	72,07,862	72,07,862	72,07,862	72,07,862	72,07,862	72,07,862	72,07,862	72,07,862	–	–	–	0	0	0	0	0	0	0	–	0	0	0	0	0	0	0	–	–	–	–	–	–

Filings before Sep 2022 are on an older form, which did not split institutions into foreign and Indian and grouped some holders differently, so those columns show only the lines both forms state alike. A dash is a line the filing did not state. “Under 0.01%” is a holding of shares too small to show at two decimals.

Number of IFGL Refractories shareholders

Shareholders on the company's register in each filing.

Shareholders, filing by filing

Shareholders	Dec 2017Filed 11 Jan	Mar 2018Filed 5 Apr	Jun 2018Filed 5 Jul	Sep 2018Filed 9 Oct	Dec 2018Filed 8 Jan	Mar 2019Filed 4 Apr	Jun 2019Filed 16 Jul	Sep 2019Filed 11 Oct	Dec 2019Filed 13 Jan	Mar 2020Filed 13 May	Jun 2020Filed 6 Jul	Sep 2020Filed 8 Oct	Dec 2020Filed 11 Jan	Mar 2021Filed 5 Apr	Jun 2021Filed 15 Jul	Sep 2021Filed 8 Oct	Dec 2021Filed 6 Jan	Mar 2022Filed 7 Apr	Jun 2022Filed 13 Jul	Sep 2022Filed 21 Oct	Dec 2022Filed 13 Jan	Mar 2023Filed 6 Apr	Jun 2023Filed 17 Jul	Sep 2023Filed 12 Oct	Dec 2023Filed 9 Jan	Mar 2024Filed 16 Apr	Jun 2024Filed 15 Jul	Sep 2024Filed 7 Oct	Dec 2024Filed 21 Jan	Mar 2025Filed 21 Apr	Jun 2025Filed 19 Jul	Sep 2025Filed 18 Oct	Dec 2025Filed 21 Jan	Mar 2026Filed 20 Apr	Jun 2026Filed 21 Jul	Sep 2026Filed 16 Oct
All shareholders	14,466	14,240	14,045	13,606	13,013	12,768	12,581	12,518	12,170	12,144	12,247	12,448	11,696	14,077	19,168	18,146	18,187	19,789	19,511	19,626	19,188	18,936	18,427	20,078	21,430	18,901	18,466	18,255	19,168	18,613	19,714	21,605	21,346	21,298	21,525	21,586
	7	7	7	7	7	7	7	7	7	7	7	7	7	7	7	7	7	7	7	7	7	7	7	6	6	6	6	6	6	6	6	6	5	5	5	5
Indian promoters	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	5	5	5	5
Foreign promoters	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	0	0	0	0	0	0	0	–	–	–	–	–	–
	14,459	14,233	14,038	13,599	13,006	12,761	12,574	12,511	12,163	12,137	12,240	12,441	11,689	14,070	19,161	18,139	18,180	19,782	19,504	19,619	19,181	18,929	18,420	20,072	21,424	18,895	18,460	18,249	19,162	18,607	19,708	21,599	21,341	21,293	21,520	21,581
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2	2	0	2	4	20	19	16	12	15	12	10	7	9	9	8	7
Foreign portfolio investors, category I	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2	2	0	2	4	18	17	14	11	13	11	8	6	7	8	7	5
Foreign portfolio investors, category II	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0	0	0	–	0	2	2	2	1	2	1	2	1	2	1	1	2
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	7	7	7	7	10	10	9	9	10	9	8	9	9	8	8	7	6
Mutual funds	8	7	5	5	5	5	5	5	5	5	5	5	5	4	4	3	3	3	3	3	3	3	3	4	4	4	5	5	4	4	5	5	5	5	4	4
Banks	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	3	3	3	3	3	3	3	3	3	3	3	3	3	2	2	2	2
Alternative investment funds	–	–	–	–	–	–	–	–	–	–	–	–	–	1	1	1	1	2	2	1	1	1	1	3	3	2	1	2	2	1	1	1	1	1	1	–
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	19,610	19,172	18,922	18,411	20,058	21,394	18,867	18,435	18,227	19,138	18,587	19,689	21,583	21,324	21,276	21,505	21,568
Resident individuals, up to ₹2 lakh at face value	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	18,758	18,338	18,085	17,587	19,145	20,431	18,117	17,608	17,479	18,360	17,796	18,861	20,687	20,424	20,358	20,559	20,590
Resident individuals, over ₹2 lakh at face value	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	9	10	11	10	9	12	9	8	8	8	8	8	18	20	24	24	26
Companies	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	113	111	108	117	129	141	100	108	101	101	99	99	104	103	101	103	106
Non-resident Indians	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	254	249	249	256	332	376	247	303	244	254	262	299	319	320	329	329	341
Investor education fund	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Directors and their relatives	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1	5	5	5	5	5	5	5	5	5	8	8	7	7	7	7	8
Key managers	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1	1	1	1	1	1	1	1	0	1	1	1	1	1	1	1	1
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	473	457	462	434	436	427	387	401	389	408	412	412	446	448	455	481	495
Clearing Members	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	29	20	16	–	–	–	–	–	–	–	9	12	13	12	8	11	13
Trusts	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1	1	1	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Hindu undivided families	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	443	436	445	–	–	–	–	–	–	–	393	390	421	424	436	449	470
LLP	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	10	10	11	11	10	20	11
Unclaimed or Suspense or Escrow Account	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1	1	1	1	1

IFGL Refractories promoters

Promoters are the founders, families and companies that control the company, as its filings name them. Every member of the promoter group holding shares in the filing for Sep 2026; the largest is BAJORIA FINANCIAL SERVICES PRIVATE LIMITED, 67.32%. The filing names 16 more members with no shares.Promoter buying and selling

Holder
BAJORIA FINANCIAL SERVICES PRIVATE LIMITEDIndian companies, trusts and others	67.32%	4,85,26,508
SHISHIR KUMAR BAJORIAIndividuals and Hindu undivided families	4.11%	29,63,284
S K BAJORIA HUF (SHISHIR KUMAR BAJORIA)Individuals and Hindu undivided families	0.87%	6,29,990
SMITA BAJORIAIndividuals and Hindu undivided families	0.12%	89,226
BAJORIA ENTERPRISES LIMITEDIndian companies, trusts and others	0.00%	540

No promoter shares are reported as pledged.

Largest public holders of IFGL Refractories, filing by filing

Per cent, on the same shares as the split above.

Holder	Dec 2017Filed 11 Jan	Mar 2018Filed 5 Apr	Jun 2018Filed 5 Jul	Sep 2018Filed 9 Oct	Dec 2018Filed 8 Jan	Mar 2019Filed 4 Apr	Jun 2019Filed 16 Jul	Sep 2019Filed 11 Oct	Dec 2019Filed 13 Jan	Mar 2020Filed 13 May	Jun 2020Filed 6 Jul	Sep 2020Filed 8 Oct	Dec 2020Filed 11 Jan	Mar 2021Filed 5 Apr	Jun 2021Filed 15 Jul	Sep 2021Filed 8 Oct	Dec 2021Filed 6 Jan	Mar 2022Filed 7 Apr	Jun 2022Filed 13 Jul	Sep 2022Filed 21 Oct	Dec 2022Filed 13 Jan	Mar 2023Filed 6 Apr	Jun 2023Filed 17 Jul	Sep 2023Filed 12 Oct	Dec 2023Filed 9 Jan	Mar 2024Filed 16 Apr	Jun 2024Filed 15 Jul	Sep 2024Filed 7 Oct	Dec 2024Filed 21 Jan	Mar 2025Filed 21 Apr	Jun 2025Filed 19 Jul	Sep 2025Filed 18 Oct	Dec 2025Filed 21 Jan	Mar 2026Filed 20 Apr	Jun 2026Filed 21 Jul	Sep 2026Filed 16 Oct
INVESTOR EDUCATION AND PROTECTION FUND AUTHORITY MINISTRY OF CORPORATE AFFAIRSInvestor education fund	–	–	–	–	–	1.11%	1.11%	1.11%	1.21%	1.21%	1.21%	1.21%	1.32%	1.31%	1.31%	1.31%	1.42%	1.42%	1.41%	–	–	–	–	–	1.58%	1.58%	1.58%	1.58%	1.58%	1.71%	1.71%	1.71%	1.77%	1.73%	1.72%	1.78%
VIJAYA SResident individuals, over ₹2 lakh at face value	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.11%	2.01%	2.14%	2.14%	2.14%	–	2.08%	2.08%	2.08%	2.08%	2.08%	2.08%	2.08%	2.08%	2.03%	1.94%	1.78%	1.78%	1.78%	1.78%
INVESTOR EDUCATION AND PROTECTION FUND AUTHORITYInvestor education fund	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.41%	1.49%	1.49%	1.59%	1.59%	–	–	–	–	–	–	–	–	–	–	–	–
DHANLAKSHMI VYAPAAR PVT LTDOther non-institutions	2.64%	2.64%	2.64%	2.64%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
SANTOSH TOUR & TRAVELS PVT LTDOther non-institutions	1.95%	1.95%	1.95%	1.89%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–

A filing names every holder above one per cent, in the company's own words: an insurer's holding can carry one of its funds' names. A dash is a filing that did not name the holder, which includes holding under one per cent.