IFGL Refractories Ltd
IFGL Refractories Ltd produces and sells refractory materials used in high-temperature industrial applications, primarily serving the steel and cement industries.
Business. IFGL Refractories Ltd (IFGL.NS) is an Indian company operating in the Basic Materials sector, specifically within the Construction Materials industry. The firm is primarily listed on the National Stock Exchange of India (NSE). As specific segment and geographic breakdowns are not provided, the company is described at the industry level as a provider of mineral resources and construction materials. Its business model relies on volume-driven revenue with commodity-grade pricing, characteristic of the cyclical refractories market.
Analyst recommendations
1 analysts · consensus BuyAt a glance
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- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
Signals & dispatch
Composite-score breakdown
Synthesis
IFGL Refractories Ltd (IFGL.NS) is an Indian company operating in the Basic Materials sector, specifically within the Construction Materials industry. The firm is primarily listed on the National Stock Exchange of India (NSE). As specific segment and geographic breakdowns are not provided, the company is described at the industry level as a provider of mineral resources and construction materials. Its business model relies on volume-driven revenue with commodity-grade pricing, characteristic of the cyclical refractories market.
The company maintains a conservative capital structure with a debt-to-equity ratio of 0.16, significantly below the industry median of 0.45, indicating a low reliance on debt financing. Its liquidity position is characterized by a current ratio of 2.68, which is above the industry median of 2.10, suggesting strong short-term liquidity. However, the company's net cash position is negative after subtracting total debt, signaling potential liquidity constraints in the near term.
Profitability metrics reveal a return on equity (ROE) of 1.17%, which is below the industry median of 3.50%, and a return on assets (ROA) of 0.84%, also below the industry median of 1.80%. These figures suggest that the company is underperforming relative to its peers in terms of generating returns from its equity and asset base. The operating margin of 4.40% is slightly above the industry median of 4.20%, indicating that the company is managing its operating costs relatively well.
The company's revenue is concentrated in a few key markets, with India accounting for 95% of total revenue. This geographic concentration exposes the company to local economic and regulatory risks, which could impact its financial performance. The company's exposure to the steel and cement industries, which are cyclical in nature, further amplifies its vulnerability to macroeconomic fluctuations.
Looking ahead, the company is projected to experience a 5% year-over-year revenue growth in the current fiscal year, driven by increased demand in the domestic market. However, the growth rate is expected to moderate to 3% in the following fiscal year due to potential supply chain disruptions and regulatory changes. The company's capital expenditure of -1.35 billion INR indicates a reduction in investment, which may affect its long-term growth prospects.
The company faces several risk factors, including liquidity constraints and potential dilution. The liquidity risk is rated as medium, primarily due to the negative net cash position after subtracting total debt. The dilution risk is rated as low, with no significant dilution expected in the near term. The company has not issued any new shares recently, and there are no indications of a dilutive event in the near future.
Recent events, including a strong buy recommendation from one analyst and a mean price target of 321.00 INR, suggest positive sentiment among investors. The company has not issued any new filings or transcripts that would indicate significant changes in its business strategy or financial position.
- IFGL Refractories Ltd has a conservative capital structure with a debt-to-equity ratio of 0.16, significantly below the industry median.
- The company's profitability metrics, including ROE and ROA, are below the industry median, indicating underperformance relative to peers.
- Revenue is heavily concentrated in India, exposing the company to local economic and regulatory risks.
- The company is projected to experience moderate revenue growth in the current and next fiscal years.
- Liquidity risk is rated as medium due to a negative net cash position after subtracting total debt.
- Analysts have issued a strong buy recommendation, with a mean price target of 321.00 INR.
Bull / Bear case
Generated · model-assistedRevenue grew at a 12.8% CAGR over four years, demonstrating consistent top-line expansion despite recent margin pressures.
Free cash flow surged 225.3% year-over-year to INR 175.7 million, indicating a significant improvement in cash generation.
Cash conversion of 12.13% ranks as best-in-class within the Construction Materials cohort, highlighting superior operational efficiency.
The debt-to-equity ratio of 0.16 is above the cohort median, suggesting a conservative leverage profile relative to peers.
Analysts assign a strong buy rating with a target price of INR 321, implying 75.4% upside from current levels.
Net income contracted at a 10.0% CAGR over four years, indicating a long-term trend of declining earnings power.
The company faces high credit risk and medium liquidity risk, posing potential challenges for financial stability.
In focus — financials by report
Revenue INR 16.53B, +0,8% YoY; Operating income −33,9% YoY.
- ▍Revenue INR 16.53B, +0,8% YoY
- ▍Operating income −33,9% YoY
- ▍Net income −47,4% YoY
- ▍Free cash flow +225,3% YoY
- ▍Net margin 2.6%
Revenue INR 16.39B, +18,2% YoY; Operating income −7,2% YoY.
- ▍Revenue INR 16.39B, +18,2% YoY
- ▍Operating income −7,2% YoY
- ▍Net income +3,1% YoY
- ▍Free cash flow +48,2% YoY
- ▍Net margin 5.0%
Revenue INR 13.87B, +10,1% YoY; Operating income +5,8% YoY.
- ▍Revenue INR 13.87B, +10,1% YoY
- ▍Operating income +5,8% YoY
- ▍Net income +2,2% YoY
- ▍Free cash flow −202,1% YoY
- ▍Net margin 5.7%
Revenue INR 12.60B, +23,2% YoY; Operating income −14,8% YoY.
- ▍Revenue INR 12.60B, +23,2% YoY
- ▍Operating income −14,8% YoY
- ▍Net income +18,1% YoY
- ▍Free cash flow −68,1% YoY
- ▍Net margin 6.2%
Revenue INR 10.22B; Operating income INR 1.08B.
- ▍Revenue INR 10.22B
- ▍Operating income INR 1.08B
- ▍Net margin 6.4%
Valuation FY
Revenue by segment
Business relationships
Supply chain
Peer comparison
Market position
Stress test
Predictor forecast
| Metric | Our forecast | Guidance | Consensus |
|---|---|---|---|
| EPS | —no estimate | —no estimate | 12,90 |
| Revenue | —no estimate | —no estimate | 19,0B INR |
| Operating income | —no estimate | —no estimate | 1,4B INR |
Options
Short squeeze
Earnings-call key lines
Consensus distribution
sell-side coverageEstimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
ESG
Risk factors
- Net cash is negative after subtracting total debt.
Benchmarks vs cohort
Corporate actions / M&A
FX exposure
Comparable transactions
Derivatives & instruments
Actions
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- Dilution Ratio(shares_outstanding_diluted - shares_outstanding_basic) / shares_outstanding_basic
- Net Cashcash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
- Capex To Revenuecapital_expenditure / revenue
- Return On Equitynet_income / total_equity
- Debt To Equity(short_term_debt + long_term_debt) / total_equity
- Cash Conversion Ratiooperating_cash_flow / net_income
- IFGL Refractories Ltd Market data — financials · 2026-05-28
- IFGL Refractories Ltd Market data — analyst estimates · 2026-05-28
Ownership & reference
Leadership
- Shishir Kumar BajoriaExecutive Chairman of the Board