Ifgl Refractories Ltd. · NSE:IFGLEXPOR
Ifgl Refractories — Q2 FY2026 Earnings Presentation
44 slides from Ifgl Refractories's earnings presentation, Nov 10, 2025
Slide 1: Regulation 30 disclosure cover letter
10th November, 2025 National Stock Exchange of India Ltd BSE Limited ‘Exchange Plaza’, C-1, Block – G Phiroze Jeejeebhoy Towers Bandra – Kurla Complex Dalal Street Bandra (E), Mumbai 400 051 Mumbai 400 001 Code: IFGLEXPOR Code: 540774 Dear Sir/Madam, Re: Disclosure under Regulation 30 of SEBI (Listi
Slide 2: IFGL Refractories Limited Investor Presentation Q2FY26
IFGL Refractories Limited Investor Presentation Q2FY26 - November 2025
Slide 3: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), prepared by IFGL Refractories Limited (the “Company”), are solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the
Slide 4: Agenda
Table of Contents 01 Q2 & H1FY26 Performance Highlights 02 IFGL Refractories at a Glance 03 Historical Performance Highlights Agenda 04 Annexure
Slide 5: Management Commentary
Management Commentary Commenting on the Q2 & H1FY26 performance of the company Mr. James McIntosh, Managing Director for IFGL Refractories Limited Said, “Our performance this quarter reflects steady growth and resilience. On a consolidated basis, revenue grew 18% year-on-year, supported by strong tr
Slide 6: Q2 & H1FY26 Standalone Performance Highlights
Q2 & H1FY26 Standalone Performance Highlights Total Revenue (Rs. Crs) EBITDA (Rs. Crs) PAT (Rs. Crs) Key Highlights +12% -3% -17% 567 78 36 ✓ In Q2FY26, our standalone revenue stood 75 506 at ₹288 crores, reflecting a strong 12% 30 +12% +12% year-on-year growth. For the first half of +9% 288 FY26, t
Slide 7: Q2 & H1FY26 Standalone Geography wise Performance
Q2 & H1FY26 Standalone Geography wise Performance Standalone Revenue from Key Highlights Domestic Revenue (Rs. Crs) Exports Revenue (Rs. Crs) Operations (Rs. Crs) ✓ Revenue for Q2FY26 stood at ₹287 +29% -21% +14% crores, reflecting a strong 13% year- 440 155 562 on -year growth. For H1FY26, 495 reve
Slide 8: Standalone Profit & Loss Statement
Standalone Profit & Loss Statement Profit & Loss [Rs. Crs.] Q2FY26 Q2FY25 Y-o-Y% H1FY26 H1FY25 Y-o-Y% Total Income 288.4 257.4 12% 566.6 505.7 12% Raw Material 158.0 134.1 306.4 253.4 Gross Profit 130.3 123.2 6% 260.2 252.3 3% Gross Profit % 45.2% 47.9% 45.9% 49.9% Employee Expenses 28.2 23.7 56.3 4
Slide 9: Standalone Balance Sheet Statement
Standalone Balance Sheet Statement Assets (in Rs. Crs.) Sep-25 Mar-25 Equity & Liabilities (in Rs. Crs.) Sep-25 Mar-25 Non-Current Assets 401.2 423.2 Equity 698.1 693.9 Fixed Assets Share Capital 72.1 36.0 Property Plant & Equipment 264.0 266.7 Other Equity 626.0 657.9 Capital WIP 11.4 7.4 Goodwill
Slide 10: Q2 & H1FY26 Consolidated Performance Highlights
Q2 & H1FY26 Consolidated Performance Highlights Total Revenue (Rs. Crs) EBITDA (Rs. Crs) PAT (Rs. Crs) Key Highlights +13% ✓ In Q2FY26, our consolidated revenue -12% -36% 948 90 37 stood at ₹491 crores, reflecting a 837 79 strong 18% year-on-year growth. For +18% +10% 24 the first half of FY26, tota
Slide 11: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Profit & Loss [Rs. Crs.] Q2FY26 Q2FY25 Y-o-Y% H1FY26 H1FY25 Y-o-Y% Total Income 490.6 415.0 18% 947.7 836.5 13% Raw Material 252.0 201.0 489.5 403.9 Gross Profit 238.6 214.0 11% 458.2 432.6 6% Gross Profit % 48.6% 51.6% 48.4% 51.7% Employee Expenses 83.3 68.2 159
Slide 12: Consolidated Balance Sheet Statement
Consolidated Balance Sheet Statement Assets (in Rs. Crs.) Sep-25 Mar-25 Equity & Liabilities (in Rs. Crs.) Sep-25 Mar-25 Non-Current Assets 674.8 667.4 Equity 1,137.8 1,107.0 Fixed Assets Share Capital 72.1 36.0 Property Plant & Equipment 415.6 404.0 Other Equity 1,065.7 1,071.0 Capital WIP 32.9 27.
Slide 13: New Project Updates
New Project Updates Products Capex Estimated Expected to be Location Current Status Category (Rs in cr) Operational Khurdha (Greenfield) Dolomite Bricks Rs 300 - 350 crores End of FY28 Project Kicked off Gujarat (Bhachau – Green field Basic Bricks Rs. 300 crores FY29 Under regulatory approval proces
Slide 14: Agenda
Table of Content 01 Q2 & H1FY26 Performance Highlights 02 IFGL Refractories at a Glance 03 Historical Performance Highlights Agenda 04 Annexure
Slide 15: IFGL Refractories at a Glance (1/2)
IFGL Refractories at a Glance (1/2) ❖ IFGL is one of the fastest growing brands in the global refractory industry. We offer a wide range of specialised refractory products and operating systems for our products to our customers worldwide. About ❖ With 10 strategically located manufacturing units acr
Slide 16: IFGL Refractories at a Glance (2/2)
IFGL Refractories at a Glance (2/2) ❖ We have a diverse technical workforce, a large pool of trained engineers and application specialists who understand the importance of their roles in ensuring that About our company delivers success to customers through state-of-the-art technology. IFGL Refractor
Slide 17: Our Core Values
Our Core Values Integrity Agility & Customer Focus We will do the right thing even when no one is Our customers are the ultimate judge of our watching. We will be intellectually honest, performance and the quality of our products ethical and uphold the highest standards of and services. All our long
Slide 18: Our Ethos
Our Ethos By adhering to the core values of our company, we will be the supplier of choice for our customers. Corporate Image Respectability Sustainability Profitability Growth Agility and Sustainable Innovation Integrity People-First Customer Focus Growth 17
Slide 19: About Group Companies
About Group Companies Our group companies comprise IFGL Refractories and its subsidiaries, all operating in specialised refractories and operating-systems segment. With manufacturing capability across 10 locations across Asia, Europe and North America, we enjoy strategic supply edge to cater to cust
Slide 20: About Group Companies
About Group Companies hofmann CERAMiC GmbH was founded in 1937. For over 9 decades, the company has been laying down the benchmark in high-quality ceramic manufacturing. Skilled workforce, latest technologies, and quality adherence to design, manufacturing & installation of products, as per the exac
Slide 21: Global Presence
Global Presence From state-of-the-art Manufacturing Facilities at 10 global locations to Sales & Marketing network across 50+ countries, IFGL enjoys global recognition as a provider of quality refractory solutions to our customers. Our strategic presence across the world creates a valuable competiti
Slide 22: Board of Directors
Board of Directors Shishir Kumar Bajoria Chairman Shishir Kumar Bajoria, son of Late B P Bajoria, fondly known as SKB, is a well-known Indian industrialist. He is the Promoter of S K Bajoria Group and is engaged in diversified business activities like manufacturing of Specialised Refractories for th
Slide 23: Board of Directors
Board of Directors James McIntosh Arasu Shanmugam Managing Director Director & CEO India Arasu comes with 30+ years of experience in the refractories James McIntosh, holder of a Master’s Degree in Technological industry. A Post-Graduate (M.Tech.) in Ceramic Technology Marketing, has experience of mo
Slide 24: Board of Directors
Board of Directors Sudhamoy Khasnobis D G Rajan Board Member Board Member Sudhamoy Khasnobis, an Engineering Graduate, is a career D.G. Rajan is a Fellow of the Institute of Chartered banker with broad and diversified experience in development Accountants in England & Wales and of India. He was a ba
Slide 25: A Global Player in Refractories
A Global Player in Refractories..
Slide 26: Key Product Portfolio
Key Product Portfolio Tap Hole Sleeve & Block Tap Hole Mass Hot Patching Mass Pre Tap Plugs Precast Roof Slag Dart Machines EBT Tap Hole Sleeve & Block Slag Dart Refractories Tap hole ramming mass Delta Castable & Dart Machine Accessories Tundish Lining Tundish Tundish Flow Modifiers Slide Gate Refr
Slide 27: Key Product Portfolio
Key Product Portfolio Coil Coating Mass Neutral Ramming Mass Purging Refractories Sub Entry Nozzle / Shroud Tundish Covering Compound Burner Blocks Casting Flux Precast Hearth and Skid Blocks Tundish Metering Nozzle Ladle Well Filler EBT Filling Mass Precast Skid Pipe Cladding 26
Slide 28: Solutions Offerings - Foundry
Solutions Offerings - Foundry Foundry With more than seventy years of experience our group company Hofmann Ceramic GmbH provides innovative solutions and technical ceramics products related to the foundry industry, and is the specialist in the field of mold filling and solidification. We support cus
Slide 29: A Responsible Corporate
A Responsible Corporate..
Slide 30: Sustainability
Sustainability Sustainability at IFGL At IFGL, sustainability is not a passing trend — it’s ingrained in our purpose and everyday operations. As a responsible multinational with over four decades of leadership in flow-control refractories, we align industrial progress with environmental consciousnes
Slide 31: Sustainability
Sustainability Smart Energy for a Low-Carbon Future We actively reduce our carbon footprint through intelligent energy use — deploying Variable Frequency Drives (VFDs), LED lighting with astronomical timers, transparent roofing for natural illumination, and solar power generation across our plants i
Slide 32: Social Responsibility
Social Responsibility Driving Positive Change Beyond Business At IFGL, sustainability extends beyond our operations — it’s about creating meaningful impact in the lives of people and the environment around us. Our CSR activities are rooted in compassion, inclusion, and shared growth. Community Well-
Slide 33: Agenda
Table of Content 01 Q2 & H1FY26 Performance Highlights 02 IFGL Refractories at a Glance 03 Historical Performance Highlights Agenda 04 Annexure
Slide 34: Consolidated Historical Financial Highlights
Consolidated Historical Financial Highlights Total Income (Rs. Crs) EBITDA (Rs. Crs) Profit After Tax (Rs. Crs) 1,658.3 1,670.4 212.8 81.7 77.5 79.2 1,399.7 175.9 166.1 65.6 1,275.4 158.5 146.0 1,042.5 43.0 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24# FY25 FY21 FY22 FY23 FY24 FY25 #Before One-off p
Slide 35: Consolidated Historical Profit & Loss Statement
Consolidated Historical Profit & Loss Statement Particulars [Rs. Crs.] FY25 FY24 FY23 FY22 FY21 Total Income 1670.4 1,658.3 1,399.7 1,275.4 1,042.5 Materials consumed 827.1 831.5 722.8 614.6 474.0 Employee Expenses 281.2 250.3 194.8 173.9 151.8 Other Expenses 416.2 363.7 316.0 328.4 240.8 EBITDA bef
Slide 36: Consolidated Historical Balance Sheet Statement
Consolidated Historical Balance Sheet Statement Assets (in Rs. Crs.) Mar-25 Mar-24 Mar-23 Mar-22 Mar-21 Equity & Liabilities (in Rs. Crs.) Mar-25 Mar-24 Mar-23 Mar-22 Mar-21 Non-Current Assets 667.4 652.2 589.8 480.9 456.4 Equity 1,107.0 1,072.1 1005.0 934.0 890.5 Fixed Assets Share Capital 36.0 36.
Slide 37: Creating sustainable value for Shareholders
Creating sustainable value for Shareholders Total Debt (Rs. Crs) Cash & Equivalents (Rs. Crs) Net Debt (Rs. Crs) FY22 FY23 FY24 FY25 H1FY26 202.4 205.5 262.7 81.4 163.0 194.3 202.1 148.5 33.0 169.4 87.1 124.1 -45.9 -39.1 FY22 FY23 FY24 FY25 H1FY26 FY22 FY23 FY24 FY25 H1FY26 -175.6 Net Debt : Equity
Slide 38: Key Consolidated Historical Ratios
Key Consolidated Historical Ratios Working Capital (Rs. Crs) Inventories (Rs. Crs) Receivables (Rs. Crs) 581.4 489.7 408.5 528.3 349.8 359.4 465.7 404.7 325.0 446.5 272.0 344.2 302.0 300.7 259.4 FY22 FY23 FY24 FY25 H1FY26 FY22 FY23 FY24 FY25 H1FY26 FY22 FY23 FY24 FY25 H1FY26 Return on Equity (%) Ret
Slide 39: Consistent Dividend Payout
Consistent Dividend Payout 100.0% 70.0% 70.0% 70.0% 70.0% 25.0% 25.0% FY19 FY20 FY21 FY22 FY23 FY24 FY25 Particulars (Rs.) FY19 FY20 FY21 # FY22 FY23 FY24 FY25 Consolidated Book Value Per Share 220.5 224.5 247.1 259.2 278.9 297.5 307.2 Consolidated Earning Per Share 14.0 11.1* 23.8* 21.5 21.9 22.66
Slide 40: Agenda
Table of Content 01 Q2 & H1FY26 Performance Highlights 02 IFGL Refractories at a Glance 03 Historical Performance Highlights Agenda 04 Annexure
Slide 41: Growth drivers of Indian Steel industry
Growth drivers of Indian Steel industry Infrastructure development and demand from the various sectors Huge export opportunity for India due to its low cost advantage & Centre aims at covering refractories in PLI 2.0 to support steel industry Growth Drivers will boost usage of In Union Budget it is
Slide 42: Global Steel Demand Outlook
Global Steel Demand Outlook In MT Emerging Markets & Developing World India World (Ex China) economies (Ex- China & India) +0.7% +9.0% +2.7% +2.2% 1,749 1,749 1,773 161 176 893 910 941 396 401 413 148 2024 2025F 2026F 2024 2025F 2026F 2024 2025F 2026F 2024 2025F 2026F ➢ Global outlook: ▪ As per WSA,
Slide 43: Top Steel Consuming Countries
Top 5 Steel Consuming Countries In MT 2024 2025F 2026F -1.5% 856.6 839.5 831.1 +9.0% 175.7 161.1 147.9 +1.8% 89.1 90.7 92.3 -2.0% -2.9% 49.7 48.1 47.7 47.8 44.8 45.1 China India United States Japan South Korea India is expected to maintain its strong momentum, with robust growth in steel demand from
Slide 44: Thank You
Thank You Company: Investor Relations Advisor: IFGL Refractories Ltd. Strategic Growth Advisors Pvt. Ltd. CIN - L51909OR2007PLC027954 CIN - U74140MH2010PTC204285 Mrs. Mansi Damani Mr. Sagar Shroff / Mr. Vatsal Shah mansi.damani@ifgl.in sagar.shroff@sgapl.net / vatsal.shah@sgapl.net +91 98205 19303 /