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Swing Capital

IFGL Refractories Ltd

NSE: IFGLEXPOR BSE: 540774Metal

IFGL Refractories Ltd is a manufacturer of Specialized refractories and requisite operating systems for Iron and Steel Industry.[1]

₹159
52W: ₹120 — ₹340
PE 24.3 · Book ₹96.8 · +64% vs book
Market Cap₹1,144 Cr
Stock P/E24.3Price to Earnings
ROCE10.7%Return on Capital
ROE8.49%Return on Equity
Div. Yield2.18%Face Value ₹10

Strengths

  • +Company has been maintaining a healthy dividend payout of 41.3%

Weaknesses

  • −Company has a low return on equity of 9.54% over last 3 years.

Shareholding Pattern

Promoters72.44%
FIIs0.03%
DIIs13.27%
Public14.26%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters72.44%72.44%72.44%72.44%72.44%72.44%72.44%72.44%
FIIs0.18%0.18%0.13%▼0.00.12%▼0.00.04%▼0.10.03%▼0.00.04%▲0.00.03%▼0.0
DIIs13.77%14%▲0.213.72%▼0.313.62%▼0.113.54%▼0.113.51%▼0.013.51%13.27%▼0.2
Public13.61%13.38%▼0.213.71%▲0.313.81%▲0.113.97%▲0.214.02%▲0.014.01%▼0.014.26%▲0.3

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales259.7196.91209.42241.56253.62232.72269.73275.47286.79270.76
Expenses206.19210.14178.12203.91224.07212.97232.52240.57250.99254.56
Operating Profit53.51-13.2331.337.6529.5519.7537.2134.935.816.2
OPM %20.6%-6.72%14.95%15.59%11.65%8.49%13.8%12.67%12.48%5.98%
Net Profit30.12-3.0815.5622.0113.665.0216.9114.7414.86-3.56
EPS ₹4.18-0.432.163.051.890.72.352.042.06-0.49

AI Insights

Revenue Trend

TTM revenue at ₹1,103Cr, up 10.5% YoY. OPM at 11%.

Debt Position

Borrowings at ₹167Cr. Debt-to-equity ratio: 0.27x. Healthy balance sheet.

Capex Cycle

CWIP at ₹11Cr (4% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 13.27% (+2.81pp change). FIIs: 0.03% (-0.01pp change). Promoters hold 72.44%.

Margin & Efficiency

ROCE improving from 0% (Mar 2016) to 11% (Mar 2025). Working capital days: 85.

Valuation

PE 24.3x with 10.7% ROCE. Price is 64% above book value of ₹96.8. Dividend yield: 2.18%.

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