India's Richest People 2026 edition · 2 directors · Source: Hurun India
- #224 Gaurav Swarup ₹16,600 Cr
- #1,482 Shishir Kumar Bajoria & family ₹1,400 Cr
Market Cap
₹1,214 Cr
IFGLEXPOR · NSE
Share Price
₹163.00
-3.24% today
Revenue
₹1,894 Cr
FY 2025-26 · +14.6% YoY
EBITDA
₹132 Cr
Margin 7.0%
Net Profit
₹36.69 Cr
FY 2025-26 · -14.5% YoY
P/E (TTM)
29.8x
P/B 1.1x
ROE
3.2%
ROCE 4.9%
Debt / Equity
0.18
Interest cover 32.1x
About Ifgl Refractories Limited
Data last updated:
Ifgl Refractories Limited is a public limited company based in Rourkela, Odisha, India, a subsidiary of Bajoria Financial Services Private Limited. It operates in the construction materials segment of the manufacturing sector. It was incorporated on 07 September 2007 and has been in existence for over 19 years.
Its director Gaurav Swarup is #224 among India's richest people (2026). Its director Shishir Kumar Bajoria and family are #1,482 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Cuttack, under CIN L51909OR2007PLC027954. Its GSTIN is 21AABCI7391C1ZX (Odisha). The company holds 14 GST registrations, of which 12 are active. It is a listed company as per MCA records. Its shares are listed on BSE: 540774 and NSE: IFGLEXPOR.
The company has an authorised share capital of ₹100 Cr and a paid-up capital of ₹72.08 Cr. It was formerly known as Ifgl Exports Limited. It is led by directors including Shishir Kumar Bajoria (Whole-Time Director) and Rajesh Agarwal (Whole-Time Director).
Its last annual general meeting (AGM) was held on 27 August 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Sector B Kalunga Industrial Estate P.O. Kalunga, Rourkela, Odisha, India – 770031.
As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹1,894.25 Cr, a growth of 14.6% compared to the previous year. For the same year it recorded a net profit of ₹36.69 Cr (net margin 1.9%) and EBITDA of ₹131.64 Cr (EBITDA margin 6.9%). The net worth stands at ₹1,174.91 Cr (up 6.1% YoY). Total assets are valued at ₹1,383.62 Cr (up 4.8% YoY).
The company has about 693 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: IFGL Refractories. As per MCA filings, the company has open charges of ₹310 Cr and satisfied charges of ₹136.78 Cr on record. Court records list 8 cases involving the company, including 1 filed by the company and 7 filed against it; 1 case is pending.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website ifglref.biz.
Company details
CIN L51909OR2007PLC027954
Registration Number 027954
Incorporation Date 07 September 2007
ROC Cuttack
Listing Status Listed - Listed on NSE (IFGLEXPOR); Listed on BSE (540774)
Company Status Active
Date of Last AGM 27 August 2025
Date of Balance Sheet 31 March 2026
Parent Company Bajoria Financial Services Private Limited
Compliance Status Active Compliant
CIN history
Ifgl Refractories has 2 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is L51909OR2007PLC027954, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L51909OR2007PLC027954 | Current |
| U51909OR2007PLC027954 | Previous |
| U51909WB2007PLC118407 | Previous |
Key People
Shishir Kumar Bajoria Whole-Time Director Rajesh Agarwal Whole-Time Director Debal Kumar Banerji Director Recognitions & Rankings of Ifgl Refractories
Contact details
Ifgl Refractories Limited's registered office is in Rourkela, Odisha. Its website is ifglref.biz. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Registered AddressSector B Kalunga Industrial Estate P.O. Kalunga, Rourkela, Odisha, India – 770031
- IndustryManufacturing, Construction Materials
To see the full contact details of Ifgl Refractories Limited, buy the company report.
Comprehensive company report
Ifgl Refractories Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included
Brands
Ifgl Refractories operates one associated brand: IFGL Refractories. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Specialized refractory products are manufactured for ferrous and non-ferrous industries. | ifglgroup.com |
Financials of Ifgl Refractories Limited
FY 2025-26 filings availableIfgl Refractories Limited reported revenue of ₹1,894.25 Cr (up 14.6% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · ConsolidatedRevenue
₹1,894 Cr
+14.6% YoY
EBITDA
₹132 Cr
+1.6% YoY
Profit After Tax
₹36.69 Cr
-14.5% YoY
Net Worth
₹1,175 Cr
+6.1% YoY
Total Assets
₹1,384 Cr
+4.8% YoY
Total Debt
₹209 Cr
-2.1% YoY
Revenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 1,894 | 1,653 | 1,639 | 1,386 | 1,260 | 1,022 | 917 |
| Revenue growth | +14.6% | +0.8% | +18.3% | +10.1% | +23.2% | +11.4% | - |
| EBITDA | 132 | 130 | 154 | 153 | 143 | 155 | 70.96 |
| EBITDA margin | +7.0% | +7.8% | +9.4% | +11.0% | +11.3% | +15.2% | +7.7% |
| Profit before tax | 45.12 | 59.54 | 97.82 | 106 | 104 | 124 | 29.97 |
| Net profit | 36.69 | 42.93 | 81.17 | 79.66 | 77.12 | 65.76 | 30.51 |
| Net profit margin | +1.9% | +2.6% | +5.0% | +5.8% | +6.1% | +6.4% | +3.3% |
| EPS (₹) | 4.81 | 11.93 | 22.66 | 21.98 | 21.50 | 18.20 | 5.40 |
| Balance sheet | |||||||
| Total assets | 1,384 | 1,320 | 1,246 | 1,165 | 1,033 | 954 | 874 |
| Net worth | 1,175 | 1,107 | 1,072 | 1,005 | 934 | 890 | 809 |
| Total debt | 209 | 213 | 174 | 160 | 99.05 | 63.70 | 64.66 |
| Cash & bank | 54.27 | 64.07 | 71.62 | 58.00 | 128 | 191 | 111 |
| Net working capital | 664 | 597 | 516 | 514 | 485 | 422 | 332 |
| Cash flow | |||||||
| Cash from operations | 63.38 | 28.28 | 152 | 6.30 | 4.37 | 139 | 150 |
| Cash from investing | (13.38) | (33.57) | (115) | (118) | (25.95) | (96.91) | (50.40) |
| Cash from financing | (57.77) | (3.84) | (24.28) | 49.80 | (6.96) | (4.55) | (66.16) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 512 | 483 | 469 | 489 | 454 | 449 | 379 | 411 |
| Revenue growth (YoY) | +12.9% | +7.7% | +23.7% | +18.9% | +9.5% | - | - | - |
| Other income | 2.71 | 2.91 | 1.87 | 2.01 | 3.00 | 3.68 | 2.89 | 3.91 |
| EBITDA | 37.00 | 38.52 | 18.26 | 37.99 | 36.00 | 33.23 | 16.68 | 32.61 |
| EBITDA margin | +7.2% | +8.0% | +3.9% | +7.8% | +7.9% | +7.4% | +4.4% | +7.9% |
| Depreciation | 13.64 | 20.65 | 19.99 | 19.75 | 19.20 | 19.96 | 18.00 | 17.70 |
| Interest | 2.93 | 3.77 | 3.88 | 3.55 | 4.63 | 4.16 | 3.53 | 3.44 |
| Profit before tax | 23.14 | 17.01 | (3.74) | 16.70 | 15.17 | 12.79 | (1.96) | 15.38 |
| Tax | 6.08 | 2.73 | (0.66) | 4.01 | 4.36 | 4.36 | 0.22 | 3.30 |
| Net profit | 17.06 | 14.28 | (3.08) | 12.69 | 10.81 | 8.43 | (2.18) | 12.08 |
| EPS (₹) | 2.37 | 1.98 | (0.43) | 1.76 | 1.50 | 2.34 | (0.60) | 3.35 |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 1,109 | 998 | 893 | 833 | 787 | 649 | 499 |
| Revenue growth | +11.2% | +11.7% | +7.2% | +5.9% | +21.3% | +30.2% | - |
| EBITDA | 114 | 125 | 116 | 123 | 119 | 138 | 71.21 |
| EBITDA margin | +10.3% | +12.5% | +13.0% | +14.8% | +15.1% | +21.2% | +14.3% |
| Profit before tax | 49.16 | 74.54 | 74.22 | 85.28 | 87.21 | 101 | 35.76 |
| Net profit | 41.66 | 57.54 | 64.31 | 61.60 | 62.91 | 44.86 | 26.69 |
| Net profit margin | +3.8% | +5.8% | +7.2% | +7.4% | +8.0% | +6.9% | +5.4% |
| EPS (₹) | 5.39 | 15.98 | 18.07 | 16.97 | 17.54 | 12.44 | 8.25 |
| Balance sheet | |||||||
| Total assets | 848 | 847 | 781 | 737 | 672 | 605 | 555 |
| Net worth | 708 | 694 | 662 | 622 | 586 | 559 | 514 |
| Total debt | 140 | 153 | 119 | 115 | 86.15 | 45.65 | 41.23 |
| Cash & bank | 2.07 | 3.68 | 2.06 | 1.27 | 8.91 | 43.43 | 8.86 |
| Net working capital | 397 | 348 | 262 | 282 | 254 | 198 | 134 |
| Cash flow | |||||||
| Cash from operations | 51.27 | 24.39 | 116 | 63.40 | 9.83 | 90.91 | 119 |
| Cash from investing | 3.43 | (20.29) | (85.18) | (59.09) | (8.38) | (101) | (49.94) |
| Cash from financing | (54.28) | (4.07) | (31.30) | (4.31) | (1.54) | 2.68 | (61.55) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 297 | 276 | 271 | 287 | 275 | 270 | 233 | 254 |
| Revenue growth (YoY) | +7.7% | +2.5% | +16.4% | +13.1% | +14.0% | - | - | - |
| Other income | 2.14 | 1.14 | 1.63 | 1.58 | 2.77 | 3.26 | 2.46 | 3.74 |
| Total expenses | 267 | 245 | 259 | 251 | 241 | 233 | 213 | 224 |
| EBITDA | 29.21 | 31.26 | 11.38 | 35.80 | 34.90 | 37.21 | 19.75 | 29.55 |
| EBITDA margin | +9.8% | +11.3% | +4.2% | +12.5% | +12.7% | +13.8% | +8.5% | +11.7% |
| Depreciation | 8.10 | 15.16 | 14.67 | 14.55 | 14.24 | 15.00 | 13.40 | 13.07 |
| Interest | 2.23 | 2.82 | 3.09 | 2.86 | 3.90 | 3.44 | 2.90 | 3.03 |
| Profit before tax | 21.02 | 14.42 | (4.75) | 19.97 | 19.53 | 22.03 | 5.91 | 17.19 |
| Tax | 5.24 | 1.62 | (1.19) | 5.11 | 4.79 | 5.12 | 0.89 | 3.53 |
Financial Statements
Figures in ₹ Cr; negatives in brackets. Updated 23 Oct 2026
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 512 | 483 | 469 | 489 | 454 | 449 | 379 | 411 |
| Revenue growth (YoY) | +12.9% | +7.7% | +23.7% | +18.9% | +9.5% | - | - | - |
| Other income | 2.71 | 2.91 | 1.87 | 2.01 | 3.00 | 3.68 | 2.89 | 3.91 |
| EBITDA | 37.00 | 38.52 | 18.26 | 37.99 | 36.00 | 33.23 | 16.68 | 32.61 |
| EBITDA margin | +7.2% | +8.0% | +3.9% | +7.8% | +7.9% | +7.4% | +4.4% | +7.9% |
| Depreciation | 13.64 | 20.65 | 19.99 | 19.75 | 19.20 | 19.96 | 18.00 | 17.70 |
| Interest | 2.93 | 3.77 | 3.88 | 3.55 | 4.63 | 4.16 | 3.53 | 3.44 |
| Profit before tax | 23.14 | 17.01 | (3.74) | 16.70 | 15.17 | 12.79 | (1.96) | 15.38 |
| Tax | 6.08 | 2.73 | (0.66) | 4.01 | 4.36 | 4.36 | 0.22 | 3.30 |
| Net profit | 17.06 | 14.28 | (3.08) | 12.69 | 10.81 | 8.43 | (2.18) | 12.08 |
| EPS (₹) | 2.37 | 1.98 | (0.43) | 1.76 | 1.50 | 2.34 | (0.60) | 3.35 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 1,894 | 1,653 | 1,639 | 1,386 | 1,260 | 1,022 | 917 |
| Revenue growth | +14.6% | +0.8% | +18.3% | +10.1% | +23.2% | +11.4% | - |
| Other income | 9.79 | 17.41 | 18.77 | 13.15 | 15.89 | 20.50 | 10.96 |
| Total expenses | 1,763 | 1,523 | 1,485 | 1,234 | 1,117 | 867 | 846 |
| Employee cost | 325 | 281 | 250 | 195 | 174 | 152 | 150 |
| EBITDA | 132 | 130 | 154 | 153 | 143 | 155 | 70.96 |
| EBITDA margin | +7.0% | +7.8% | +9.4% | +11.0% | +11.3% | +15.2% | +7.7% |
| Depreciation | 79.59 | 72.74 | 64.27 | 55.55 | 51.14 | 48.58 | 48.34 |
| Interest | 16.72 | 14.71 | 11.04 | 4.84 | 3.41 | 3.06 | 3.61 |
| Profit before tax | 45.12 | 59.54 | 97.82 | 106 | 104 | 124 | 29.97 |
| Tax | 10.44 | 16.56 | 16.16 | 26.49 | 26.45 | 58.63 | 10.52 |
| Net profit | 36.69 | 42.93 | 81.17 | 79.66 | 77.12 | 65.76 | 30.51 |
| Net profit margin | +1.9% | +2.6% | +5.0% | +5.8% | +6.1% | +6.4% | +3.3% |
| EPS (₹) | 4.81 | 11.93 | 22.66 | 21.98 | 21.50 | 18.20 | 5.40 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 72.08 | 36.04 | 36.04 | 36.04 | 36.04 | 36.04 | 36.04 |
| Reserves & surplus | 1,103 | 1,071 | 1,036 | 969 | 898 | 854 | 773 |
| Shareholders' funds (net worth) | 1,175 | 1,107 | 1,072 | 1,005 | 934 | 890 | 809 |
| Minority interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Secured loans | 196 | 202 | 163 | 148 | 87.09 | 51.57 | 48.58 |
| Unsecured loans | 13.10 | 10.92 | 11.12 | 11.65 | 11.96 | 12.13 | 16.08 |
| Total debt | 209 | 213 | 174 | 160 | 99.05 | 63.70 | 64.66 |
| Total liabilities | 1,384 | 1,320 | 1,246 | 1,165 | 1,033 | 954 | 874 |
| Assets | |||||||
| Gross block | 1,050 | 959 | 1,040 | 969 | 834 | 782 | 761 |
| Net block | 610 | 593 | 517 | 500 | 422 | 416 | 440 |
| Capital work in progress | 40.81 | 27.33 | 104 | 45.62 | 25.04 | 22.07 | 6.91 |
| Investments | 67.65 | 105 | 126 | 132 | 135 | 128 | 93.73 |
| Inventories | 411 | 405 | 301 | 302 | 259 | 168 | 142 |
| Sundry debtors | 425 | 359 | 325 | 350 | 272 | 228 | 211 |
| Cash & bank balances | 54.27 | 64.07 | 71.62 | 58.00 | 128 | 191 | 111 |
| Loans & advances | 31.23 | 28.95 | 25.71 | 13.29 | 30.41 | 18.98 | 12.40 |
| Total current assets | 922 | 857 | 723 | 723 | 690 | 606 | 475 |
| Total current liabilities | 258 | 260 | 207 | 209 | 205 | 184 | 144 |
| Net working capital | 664 | 597 | 516 | 514 | 485 | 422 | 332 |
| Total assets | 1,384 | 1,320 | 1,246 | 1,165 | 1,033 | 954 | 874 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 60.52 | 69.65 | 56.80 | 119 | 148 | 110 | 76.34 |
| Net cash from operating activities | 63.38 | 28.28 | 152 | 6.30 | 4.37 | 139 | 150 |
| Net cash from investing activities | (13.38) | (33.57) | (115) | (118) | (25.95) | (96.91) | (50.40) |
| Net cash from financing activities | (57.77) | (3.84) | (24.28) | 49.80 | (6.96) | (4.55) | (66.16) |
| Net change in cash | (7.77) | (9.13) | 12.85 | (62.24) | (28.54) | 37.93 | 33.31 |
| Closing cash | 54.27 | 64.07 | 71.62 | 58.00 | 128 | 191 | 111 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +14.6% | +0.8% | +18.3% | +10.1% | +23.2% | +11.4% | - |
| EBITDA growth | +1.6% | -16.1% | +0.9% | +7.3% | -8.2% | +118.9% | - |
| PBT growth | -24.2% | -39.1% | -7.5% | +1.7% | -16.3% | +314.5% | -53.2% |
| Net income growth | -14.5% | -47.1% | +1.9% | +3.3% | +17.3% | +115.5% | - |
| Revenue CAGR (3Y) | +11.0% | +9.5% | +17.1% | +14.8% | +9.8% | +7.0% | +6.2% |
| EBITDA CAGR (3Y) | -4.9% | -3.1% | -0.2% | +29.2% | +9.5% | +13.6% | -10.6% |
| Profitability & leverage | |||||||
| Net income margin | +1.8% | +2.6% | +5.0% | +5.7% | +6.2% | +6.4% | +2.1% |
| Return on capital employed | +4.9% | +5.8% | +9.0% | +10.1% | +10.8% | +13.9% | +5.8% |
| Return on net worth | +3.2% | +3.9% | +7.9% | +8.2% | +8.5% | +7.7% | +3.8% |
| Debt / equity | 0.18 | 0.18 | 0.16 | 0.13 | 0.09 | 0.08 | 0.10 |
| Long-term debt / equity | 0.04 | 0.06 | 0.06 | 0.04 | 0.02 | 0.03 | 0.02 |
| Interest cover | 32.12 | 25.88 | 12.25 | 4.97 | 3.73 | 2.87 | 15.96 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 1.89 | 1.65 | 1.63 | 1.54 | 1.56 | 1.33 | 1.23 |
| Inventory turnover | 4.64 | 4.69 | 5.44 | 4.94 | 5.90 | 6.60 | 6.15 |
| Debtors turnover | 4.83 | 4.83 | 4.86 | 4.46 | 5.04 | 4.66 | 4.18 |
| EPS (₹) | 4.81 | 11.93 | 22.66 | 21.98 | 21.50 | 18.20 | 5.40 |
| Dividend per share (₹) | 2.15 | 7.00 | 7.00 | 7.00 | 7.00 | 10.00 | 2.50 |
| Book value per share (₹) | 163.00 | 307.17 | 297.47 | 278.87 | 259.17 | 247.09 | 224.46 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 297 | 276 | 271 | 287 | 275 | 270 | 233 | 254 |
| Revenue growth (YoY) | +7.7% | +2.5% | +16.4% | +13.1% | +14.0% | - | - | - |
| Other income | 2.14 | 1.14 | 1.63 | 1.58 | 2.77 | 3.26 | 2.46 | 3.74 |
| Total expenses | 267 | 245 | 259 | 251 | 241 | 233 | 213 | 224 |
| EBITDA | 29.21 | 31.26 | 11.38 | 35.80 | 34.90 | 37.21 | 19.75 | 29.55 |
| EBITDA margin | +9.8% | +11.3% | +4.2% | +12.5% | +12.7% | +13.8% | +8.5% | +11.7% |
| Depreciation | 8.10 | 15.16 | 14.67 | 14.55 | 14.24 | 15.00 | 13.40 | 13.07 |
| Interest | 2.23 | 2.82 | 3.09 | 2.86 | 3.90 | 3.44 | 2.90 | 3.03 |
| Profit before tax | 21.02 | 14.42 | (4.75) | 19.97 | 19.53 | 22.03 | 5.91 | 17.19 |
| Tax | 5.24 | 1.62 | (1.19) | 5.11 | 4.79 | 5.12 | 0.89 | 3.53 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 1,109 | 998 | 893 | 833 | 787 | 649 | 499 |
| Revenue growth | +11.2% | +11.7% | +7.2% | +5.9% | +21.3% | +30.2% | - |
| Other income | 7.12 | 16.23 | 16.56 | 12.20 | 14.02 | 6.77 | 8.08 |
| Total expenses | 995 | 873 | 777 | 710 | 669 | 511 | 427 |
| Employee cost | 115 | 98.24 | 73.53 | 60.81 | 56.14 | 51.76 | 44.25 |
| EBITDA | 114 | 125 | 116 | 123 | 119 | 138 | 71.21 |
| EBITDA margin | +10.3% | +12.5% | +13.0% | +14.8% | +15.1% | +21.2% | +14.3% |
| Depreciation | 58.62 | 54.07 | 47.21 | 44.29 | 41.14 | 39.29 | 39.37 |
| Interest | 13.39 | 12.58 | 10.96 | 5.60 | 4.27 | 3.85 | 4.16 |
| Profit before tax | 49.16 | 74.54 | 74.22 | 85.28 | 87.21 | 101 | 35.76 |
| Tax | 10.32 | 16.95 | 9.12 | 24.12 | 23.97 | 56.47 | 6.04 |
| Net profit | 41.66 | 57.54 | 64.31 | 61.60 | 62.91 | 44.86 | 26.69 |
| Net profit margin | +3.8% | +5.8% | +7.2% | +7.4% | +8.0% | +6.9% | +5.4% |
| EPS (₹) | 5.39 | 15.98 | 18.07 | 16.97 | 17.54 | 12.44 | 8.25 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 72.08 | 36.04 | 36.04 | 36.04 | 36.04 | 36.04 | 36.04 |
| Reserves & surplus | 636 | 658 | 626 | 586 | 550 | 523 | 478 |
| Shareholders' funds (net worth) | 708 | 694 | 662 | 622 | 586 | 559 | 514 |
| Secured loans | 128 | 142 | 108 | 105 | 75.16 | 36.03 | 31.79 |
| Unsecured loans | 12.35 | 10.26 | 10.35 | 10.38 | 10.99 | 9.62 | 9.44 |
| Total debt | 140 | 153 | 119 | 115 | 86.15 | 45.65 | 41.23 |
| Total liabilities | 848 | 847 | 781 | 737 | 672 | 605 | 555 |
| Assets | |||||||
| Gross block | 512 | 496 | 622 | 573 | 520 | 477 | 472 |
| Net block | 300 | 313 | 256 | 249 | 234 | 227 | 257 |
| Capital work in progress | 11.95 | 7.37 | 77.19 | 29.83 | 14.63 | 18.08 | 3.89 |
| Investments | 126 | 164 | 183 | 189 | 191 | 184 | 150 |
| Inventories | 259 | 267 | 172 | 172 | 170 | 101 | 73.75 |
| Sundry debtors | 267 | 224 | 190 | 200 | 180 | 157 | 125 |
| Cash & bank balances | 2.07 | 3.68 | 2.06 | 1.27 | 8.91 | 43.43 | 8.86 |
| Loans & advances | 23.67 | 20.39 | 19.72 | 9.94 | 21.30 | 10.71 | 8.03 |
| Total current assets | 551 | 515 | 384 | 383 | 380 | 311 | 216 |
| Total current liabilities | 154 | 167 | 122 | 102 | 126 | 113 | 81.54 |
| Net working capital | 397 | 348 | 262 | 282 | 254 | 198 | 134 |
| Total assets | 848 | 847 | 781 | 737 | 672 | 605 | 555 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 0.13 | 0.10 | 0.08 | 0.08 | 0.18 | 7.77 | 0.30 |
| Net cash from operating activities | 51.27 | 24.39 | 116 | 63.40 | 9.83 | 90.91 | 119 |
| Net cash from investing activities | 3.43 | (20.29) | (85.18) | (59.09) | (8.38) | (101) | (49.94) |
| Net cash from financing activities | (54.28) | (4.07) | (31.30) | (4.31) | (1.54) | 2.68 | (61.55) |
| Net change in cash | 0.42 | 0.03 | 0.02 | (0.01) | (0.10) | (7.59) | 7.47 |
| Closing cash | 2.07 | 3.68 | 2.06 | 1.27 | 8.91 | 43.43 | 8.86 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +11.2% | +11.7% | +7.2% | +5.9% | +21.3% | +30.2% | - |
| EBITDA growth | -8.7% | +7.9% | -5.8% | +3.7% | -13.9% | +93.3% | - |
| PBT growth | -34.1% | +0.4% | -13.0% | -2.2% | -13.9% | +183.3% | +9.8% |
| Net income growth | -27.6% | -10.5% | +4.4% | -2.1% | +40.2% | +68.1% | - |
| Revenue CAGR (3Y) | +10.0% | +8.2% | +11.2% | +18.7% | +17.2% | +13.6% | +10.3% |
| EBITDA CAGR (3Y) | -2.5% | +1.8% | -5.6% | +20.0% | +17.5% | +22.7% | +11.6% |
| Profitability & leverage | |||||||
| Net income margin | +3.5% | +5.8% | +7.3% | +7.3% | +8.0% | +6.9% | +6.0% |
| Return on capital employed | +7.4% | +10.7% | +11.2% | +12.9% | +14.3% | +18.1% | +6.4% |
| Return on net worth | +5.5% | +8.5% | +10.1% | +10.1% | +11.0% | +8.4% | +5.2% |
| Debt / equity | 0.21 | 0.20 | 0.18 | 0.17 | 0.12 | 0.08 | 0.11 |
| Long-term debt / equity | 0.05 | 0.07 | 0.08 | 0.05 | 0.02 | 0.02 | 0.01 |
| Interest cover | 24.16 | 17.75 | 15.97 | 7.12 | 5.51 | 3.91 | 13.07 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 2.20 | 1.78 | 1.49 | 1.52 | 1.58 | 1.37 | 1.09 |
| Inventory turnover | 4.22 | 4.55 | 5.19 | 4.87 | 5.83 | 7.45 | 6.21 |
| Debtors turnover | 4.52 | 4.82 | 4.58 | 4.38 | 4.67 | 4.61 | 3.75 |
| EPS (₹) | 5.39 | 15.98 | 18.07 | 16.97 | 17.54 | 12.44 | 8.25 |
| Dividend per share (₹) | 2.15 | 7.00 | 7.00 | 7.00 | 7.00 | 10.00 | 2.50 |
| Book value per share (₹) | 98.23 | 192.55 | 183.68 | 172.67 | 162.69 | 155.14 | 142.62 |
To see the full year-wise statements and ratios of Ifgl Refractories Limited, buy the company report.
Board of directors of Ifgl Refractories Limited
Ifgl Refractories has 9 current directors and 17 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Debal Kumar Banerji Also directs: Heritage Health Insurance Tpa Private Limited | Director | 05 Aug 2017 | 9 Years 2 Months | Current |
| Shishir Kumar Bajoria Also directs: Mudita Lifespaces Design LLP, Ganges Art Gallery Private Limited, Bajoria Enterprises Limited and 5 more | Whole-Time Director | 07 Sep 2007 | 19 Years 1 Months | Current |
| Duraiswamy Gunaseela Rajan | Director | 05 Aug 2017 | 9 Years 2 Months | Current |
| Sudhamoy Khasnobis Also directs: Agility Multitrade Private Limited, Lifeuno Ventures Private Limited, Life Uno Imf Private Limited and 2 more | Director | 05 Aug 2017 | 9 Years 2 Months | Current |
| Gaurav Swarup | Director | 12 Oct 2022 | 4 Years 0 Months | Current |
| Anita Gupta | Director | 12 Oct 2022 | 4 Years 0 Months | Current |
Showing 6 of 9 current directors. View all directors
Auditor
Ifgl Refractories Limited is audited by S. R. BATLIBOI & CO. LLP for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| S. R. BATLIBOI & CO. LLP | FY 2023 | 301003E/E300005 |
Shareholding
Shareholding for the quarter ended Sep 2026: promoters hold 72.40%, foreign institutional investors hold 0.00%, domestic institutional investors hold 13.00% and retail and other public shareholders hold 14.60%.
Sep 2026
QUARTER
72.40% Promoters
13.00% DII (Domestic Institutional)
14.60% Retail & Others
Promoter holding - history
Now 72.40% · Sep 2026High 72.40% · Dec 2025Low 72.40% · Dec 2025
Shareholding trend - last 6 quarters
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 72.40% | 72.40% | 72.40% | 72.40% |
| Public | 27.60% | 27.60% | 27.60% | 27.60% |
Charges & borrowings
Open charges
₹310 Cr
Satisfied charges
₹136.78 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 09 Dec 2022 | 100656603 | Others | ₹25 Cr | Open | |
| 27 Sep 2022 | 100617122 | Others | ₹80 Cr | Open | |
| 27 Sep 2022 | 100618291 | Others | ₹40 Cr | Open | |
| 24 Jul 2014 | 10513497 | Others | ₹38 Cr | Open | |
| 24 Oct 2012 | 10390321 | Others | ₹30 Cr | Open |
To see the full charge records of Ifgl Refractories Limited, buy the company report.
Total charge records: 14 View all charges
Legal cases
Ifgl Refractories Limited has 8 court cases on record: 1 filed by Ifgl Refractories, 7 filed against it. 1 case is pending and 7 are disposed.
Total cases
8
Filed by the company
1
Filed against the company
7
Pending
1
Disposed
7
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| Supreme Court | 4 | 4 | 0 |
| District courts | 2 | 2 | 1 |
| High courts | 2 | 1 | 0 |
Cases on record (5 of 8)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Supreme Court | Court case (1100-Arbitration Matters : SLPs challenging Arbitration Matters) | Filed against the company by Lindsay International Private Limited Through Its Director No. 13, Nellie Sengupta Sarani , 9Th Floor ,Kolkata , West Bengal and 2 others | Disposed |
| Supreme Court | Court case (1100-Arbitration Matters : SLPs challenging Arbitration Matters) | Filed against the company by Arcelormittal Design and Engineering Centre Private Limited Through Its Authorised Representative Registered Office at Victoria Park, Level &Ndash; 6, Block &Ndash; GN, Plot 37/2, Sector &Ndash; V, Salt Lake City ,Kolkata , West Bengal | Disposed |
| High Court | Appeal | Filed against the company by Re : Ifgl Refractories Limited | Disposed |
| District court, North West, Delhi | Court case (Succ. Court) | Filed against the company by an individual | Pending |
| District court, Rangareddy, Telangana | Court case (S.O.P) | Filed against the company by individuals | Disposed |
To see the full case history of Ifgl Refractories Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Credit ratings & regulatory alerts
Ifgl Refractories Limited was last rated by Icra on 27 Jan 2022.
| Rating agency | Rated on | Rating |
|---|---|---|
| Icra | 27 Jan 2022 |
To see the full credit ratings and regulatory alerts of Ifgl Refractories Limited, buy the company report.
MSME payment delays
Ifgl Refractories Limited has 8 MSME Form 1 returns on record between 2018 and 2023, listing 125 overdue payments to 11 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 11)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | |||
| an individual supplier | |||
| Meena Refractories | |||
| 4S Refractories Private Limited | |||
| an individual supplier |
To see the full MSME payment records of Ifgl Refractories Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Employees & EPFO
Ifgl Refractories Limited has a workforce of 693 employees on its EPFO records as of Apr 05, 2024, across 1 active EPFO establishment.
Employee count
693
Active EPFO establishments
1
Employee growth
5%
GST
Ifgl Refractories has 14 GST registrations: 12 active and 2 cancelled or inactive. The first 4 active GSTINs are listed below.
Total GSTINs
14
Active
12
Cancelled / inactive
2
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 21AABCI7391C1ZX | Odisha | Active | 22 Sep 2017 |
| 19AABCI7391C1ZI | West Bengal | Active | 01 Jul 2017 |
| 24AABCI7391C1ZR | Gujarat | Active | 01 Jul 2017 |
| 19AABCI7391C2ZH | West Bengal | Active | 17 Sep 2017 |
To see the full GST registrations and return filing status of Ifgl Refractories Limited, buy the company report.
Recent activity
Ifgl Refractories Limited has 37 board changes on record since 2007: 25 appointments and 12 cessations. The latest: Mukesh Harshadrai Rawal was appointed as Additional Director on 21 Apr 2026.
Appointed
Mukesh Harshadrai Rawal was appointed as Additional Director.
Filing
Ifgl Refractories Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Cuttack.
Charges
A charge with State Bank Of India of Rs. 97.00 Cr registered on 07 Nov 1992 with Charge ID 80018266 was modified on 02 Feb 2026.
AGM
Ifgl Refractories Limited last Annual general meeting of members was held on 27 Aug 2025 as per latest MCA records.
Appointed
Mihir Prakash Bajoria was appointed as Director.
Appointed
Amit Agarwal was appointed as CFO.
Ceased
Sikander Yadav ceased to be CFO.
Appointed
Arasu Shanmugam was appointed as Whole-Time Director.
Ceased
Kamal Sarda ceased to be Whole-Time Director.
Charges
A charge with Others of Rs. 30.00 Cr registered on 24 Oct 2012 with Charge ID 10390321 was modified on 17 Jan 2024.
Charges
A charge with Others of Rs. 80.00 Cr registered on 27 Sep 2022 with Charge ID 100617122 was modified on 26 Sep 2023.
Charges
A charge registered on 12 Feb 2018 via Charge ID 100159722 with Yes Bank Limited was fully satisfied on 18 Jul 2023.
57 earlier events are in the company report.
News
IFGL Refractories: Ends Joint Venture Agreement With Marvels International Group; No Change In JV Entity Ownership
Frequently asked questions
Ifgl Refractories is an active public limited company based in Rourkela, Odisha, India. The company works in construction materials, within the manufacturing industry. It was incorporated on 07 September 2007 (19+ years old) and is registered under CIN L51909OR2007PLC027954. Listed on BSE: 540774 and NSE: IFGLEXPOR.
Ifgl Refractories reported revenue of ₹1,894.25 Cr for FY 2025-26 (up 14.6% YoY) based on consolidated financials.
Ifgl Refractories has 9 current directors:
- Shishir Kumar Bajoria - Whole-Time Director
- Rajesh Agarwal - Whole-Time Director
- Debal Kumar Banerji - Director
- Duraiswamy Gunaseela Rajan - Director
- Sudhamoy Khasnobis - Director
- Gaurav Swarup - Director
- Anita Gupta - Director
- Mihir Prakash Bajoria - Director
- Mukesh Harshadrai Rawal - Additional Director
The latest financial statements of Ifgl Refractories on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 27 August 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Ifgl Refractories is 21AABCI7391C1ZX, registered in Odisha. The company has 14 GST registrations in all, of which 12 are active and 2 are cancelled or inactive. Other active GSTINs include 19AABCI7391C1ZI (West Bengal), 24AABCI7391C1ZR (Gujarat), 19AABCI7391C2ZH (West Bengal).
The CIN (Corporate Identification Number) of Ifgl Refractories is L51909OR2007PLC027954. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Ifgl Refractories is a listed company as per MCA records. Its shares are listed on both BSE (code: 540774) and NSE (symbol: IFGLEXPOR).
Ifgl Refractories has 8 court cases on record: 1 filed by the company and 7 filed against it. 1 is pending. Most are in the supreme court.
Ifgl Refractories was incorporated on 07 September 2007, making it 19+ years old. It is registered with the Registrar of Companies, Cuttack.
Mukesh Harshadrai Rawal was appointed as Additional Director on 21 Apr 2026. Mihir Prakash Bajoria was appointed as Director on 24 May 2025. Amit Agarwal was appointed as CFO on 05 Dec 2024. Ifgl Refractories has 37 board changes on record in total.
Ifgl Refractories has 8 MSME Form 1 returns on record between 2018 and 2023, listing 125 overdue payments to 11 micro and small suppliers. The latest return was filed on 29 Aug 2023.