Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹223, the stock trades at a trailing P/E ratio of 46x. Average trailing P/E is 31x in the Basic Materials industry in India. Total returns to shareholders of 33% over the past three years. New Risk • Jul 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 13% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.9% average weekly change). Announcement • Jun 01
IFGL Refractories Limited, Annual General Meeting, Aug 05, 2026 IFGL Refractories Limited, Annual General Meeting, Aug 05, 2026. Announcement • May 22
IFGL Refractories Limited to Report Q4, 2026 Results on May 30, 2026 IFGL Refractories Limited announced that they will report Q4, 2026 results at 12:08 PM, Indian Standard Time on May 30, 2026 New Risk • Mar 14
New major risk - Revenue and earnings growth Earnings have declined by 9.4% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 9.4% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.6% net profit margin). Buy Or Sell Opportunity • Mar 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 24% to ₹163. The fair value is estimated to be ₹207, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.2% over the last 3 years. Earnings per share has declined by 37%. Revenue is forecast to grow by 37% in 2 years. Earnings are forecast to grow by 404% in the next 2 years. Reported Earnings • Feb 16
Third quarter 2026 earnings released: ₹0.43 loss per share (vs ₹0.30 loss in 3Q 2025) Third quarter 2026 results: ₹0.43 loss per share (further deteriorated from ₹0.30 loss in 3Q 2025). Revenue: ₹4.71b (up 24% from 3Q 2025). Net loss: ₹30.8m (loss widened 41% from 3Q 2025). Revenue is forecast to grow 17% p.a. on average during the next 3 years, while revenues in the Basic Materials industry in India are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Announcement • Feb 03
IFGL Refractories Limited to Report Q3, 2026 Results on Feb 14, 2026 IFGL Refractories Limited announced that they will report Q3, 2026 results at 12:08 PM, Indian Standard Time on Feb 14, 2026 Buy Or Sell Opportunity • Jan 28
Now 21% overvalued Over the last 90 days, the stock has fallen 31% to ₹173. The fair value is estimated to be ₹143, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has declined by 29%. Revenue is forecast to grow by 38% in 2 years. Earnings are forecast to grow by 358% in the next 2 years. Reported Earnings • Nov 09
Second quarter 2026 earnings released: EPS: ₹1.76 (vs ₹1.68 in 2Q 2025) Second quarter 2026 results: EPS: ₹1.76 (up from ₹1.68 in 2Q 2025). Revenue: ₹4.91b (up 19% from 2Q 2025). Net income: ₹126.9m (up 5.0% from 2Q 2025). Profit margin: 2.6% (down from 2.9% in 2Q 2025). Revenue is forecast to grow 17% p.a. on average during the next 3 years, while revenues in the Basic Materials industry in India are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Announcement • Nov 02
IFGL Refractories Limited to Report Q2, 2026 Results on Nov 08, 2025 IFGL Refractories Limited announced that they will report Q2, 2026 results at 12:08 PM, Indian Standard Time on Nov 08, 2025 New Risk • Sep 30
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 8.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.0% average weekly change). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.7% net profit margin). Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹295, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 31x in the Basic Materials industry in India. Total returns to shareholders of 143% over the past three years. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₹276, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 32x in the Basic Materials industry in India. Total returns to shareholders of 122% over the past three years. Reported Earnings • Aug 11
First quarter 2026 earnings released: EPS: ₹1.50 (vs ₹3.42 in 1Q 2025) First quarter 2026 results: EPS: ₹1.50 (down from ₹3.42 in 1Q 2025). Revenue: ₹4.57b (up 10% from 1Q 2025). Net income: ₹108.1m (down 56% from 1Q 2025). Profit margin: 2.4% (down from 5.9% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 2 years, while revenues in the Basic Materials industry in India are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Announcement • Jul 29
IFGL Refractories Limited to Report Q1, 2026 Results on Aug 09, 2025 IFGL Refractories Limited announced that they will report Q1, 2026 results at 12:08 PM, Indian Standard Time on Aug 09, 2025 New Risk • Jul 28
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 8.1% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.1% average weekly change). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.6% net profit margin). Board Change • Jul 22
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Mihir Bajoria was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • May 28
Price target increased by 39% to ₹585 Up from ₹421, the current price target is provided by 1 analyst. New target price is 8.5% above last closing price of ₹539. Stock is down 13% over the past year. The company is forecast to post earnings per share of ₹31.20 for next year compared to ₹11.93 last year. Reported Earnings • May 28
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ₹11.93 (down from ₹22.66 in FY 2024). Revenue: ₹16.7b (up 1.9% from FY 2024). Net income: ₹429.8m (down 47% from FY 2024). Profit margin: 2.6% (down from 5.0% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 1.4% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Announcement • May 26
IFGL Refractories Limited, Annual General Meeting, Aug 27, 2025 IFGL Refractories Limited, Annual General Meeting, Aug 27, 2025. Announcement • May 16
IFGL Refractories Limited to Report Fiscal Year 2025 Results on May 24, 2025 IFGL Refractories Limited announced that they will report fiscal year 2025 results on May 24, 2025 Buy Or Sell Opportunity • May 13
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 25% to ₹459. The fair value is estimated to be ₹380, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 28% in 2 years. Earnings are forecast to grow by 158% in the next 2 years. New Risk • May 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 9.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (140% cash payout ratio). Share price has been volatile over the past 3 months (9.7% average weekly change). Profit margins are more than 30% lower than last year (2.9% net profit margin). Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹441, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 32x in the Basic Materials industry in India. Total returns to shareholders of 79% over the past three years. Announcement • May 08
IFGL Refractories Limited announces Annual dividend, payable on June 06, 2025 IFGL Refractories Limited announced Annual dividend of INR 6.0000 per share payable on June 06, 2025, ex-date on May 13, 2025 and record date on May 13, 2025. Announcement • Feb 27
IFGL Refractories Limited Announces Resignation of James Leacock Mcintosh as Managing Director, Effective End August, 2025 IFGL Refractories Limited informed that the Board of Directors of the Company at its meeting convened and held, at a short notice, 27th February, 2025, following recommendation of Nomination and Remuneration Committee, has
a) accepted resignation of Managing Director of the Company, Mr. James Leacock McIntosh effective end August, 2025, in terms of Clause 10(e) of Agreement entered by the Company with him. Enclosed is the Disclosure as per Regulation 30 of SEBI LODR, in accordance with SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated 11th November, 2024. Reason: Resignation due to personal reason. Reported Earnings • Feb 09
Third quarter 2025 earnings released: ₹0.60 loss per share (vs ₹0.42 profit in 3Q 2024) Third quarter 2025 results: ₹0.60 loss per share (down from ₹0.42 profit in 3Q 2024). Revenue: ₹3.79b (up 3.5% from 3Q 2024). Net loss: ₹21.8m (down 243% from profit in 3Q 2024). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Jan 20
IFGL Refractories Limited to Report Q3, 2025 Results on Feb 08, 2025 IFGL Refractories Limited announced that they will report Q3, 2025 results at 12:08 PM, Indian Standard Time on Feb 08, 2025 Valuation Update With 7 Day Price Move • Nov 16
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₹494, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 31x in the Basic Materials industry in India. Total returns to shareholders of 88% over the past three years. New Risk • Nov 10
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.2% Last year net profit margin: 7.2% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (140% cash payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.2% net profit margin). Announcement • Nov 10
IFGL Refractories Limited Approves Appointment of Amit Agarwal as Chief Financial Officer IFGL Refractories Limited at its board meeting held on 9 November 2024, appointed Mr. Amit Agarwal, hitherto designated as Vice President Finance and Accounts as `Chief Financial Officer' and hence, that will be his designation henceforth. Date of appointment: 9 November 2024. Mr. Amit Agarwal is a Member of the Institute of Chartered Accountants of India since 1st April, 2010. He joined the Company on 24th January, 2012 as Senior Manager (Finance & Accounts). He has good experience and proficiency of budgeting & forecasting, financial planning, accounting, costing, sales analysis, receivables management, taxation, export/import and SAP R/3 and has working knowledge of Hyperion (Oracle) Financial Reporting Software. He has experience of handling accounts and finance related matters for more than a decade in Manufacturing Industry. Announcement • Nov 01
IFGL Refractories Limited to Report First Half, 2025 Results on Nov 09, 2024 IFGL Refractories Limited announced that they will report first half, 2025 results on Nov 09, 2024 Announcement • Sep 12
IFGL Refractories Limited Announces Resignation of Sikander Yadav as Chief Financial Officer IFGL Refractories Limited informed that Chief Financial Officer (CFO), Mr. Sikander Yadav vide his letter dated 12th September, 2024 has tendered resignation from the position of CFO due to personal reasons. His resignation will be effective from close of working hours of 12th September, 2024. Reported Earnings • Aug 11
First quarter 2025 earnings released: EPS: ₹6.84 (vs ₹8.21 in 1Q 2024) First quarter 2025 results: EPS: ₹6.84 (down from ₹8.21 in 1Q 2024). Revenue: ₹4.21b (flat on 1Q 2024). Net income: ₹246.5m (down 17% from 1Q 2024). Profit margin: 5.8% (down from 7.0% in 1Q 2024). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 6.7% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 13% per year. Announcement • Jul 26
IFGL Refractories Limited to Report Q1, 2025 Results on Aug 10, 2024 IFGL Refractories Limited announced that they will report Q1, 2025 results at 4:00 PM, Indian Standard Time on Aug 10, 2024 Upcoming Dividend • Jul 17
Upcoming dividend of ₹7.00 per share Eligible shareholders must have bought the stock before 24 July 2024. Payment date: 30 August 2024. Payout ratio is a comfortable 31% but the company is paying out more than the cash it is generating. Trailing yield: 1.1%. Within top quartile of Indian dividend payers (1.1%). Higher than average of industry peers (0.5%). Reported Earnings • Jul 09
Full year 2024 earnings released: EPS: ₹22.66 (vs ₹21.98 in FY 2023) Full year 2024 results: EPS: ₹22.66 (up from ₹21.98 in FY 2023). Revenue: ₹16.4b (up 18% from FY 2023). Net income: ₹816.7m (up 3.1% from FY 2023). Profit margin: 5.0% (down from 5.7% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 6.3% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 18% per year. Announcement • May 23
IFGL Refractories Limited, Annual General Meeting, Jul 31, 2024 IFGL Refractories Limited, Annual General Meeting, Jul 31, 2024. Board Change • May 21
High number of new directors There are 5 new directors who have joined the board in the last 3 years. CEO & Whole-Time Director Arasu Shanmugam was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 19
Full year 2024 earnings released: EPS: ₹22.66 (vs ₹21.98 in FY 2023) Full year 2024 results: EPS: ₹22.66 (up from ₹21.98 in FY 2023). Revenue: ₹16.6b (up 20% from FY 2023). Net income: ₹816.7m (up 3.1% from FY 2023). Profit margin: 4.9% (down from 5.7% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 5.1% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 16
IFGL Refractories Limited Appoints Arasu Shanmugam as Whole-Time Director IFGL Refractories Limited approved the appointment of Mr. Arasu Shanmugam as Whole-time Director of the Company, liable to retire by rotation, for a period of 3 (three) years i.e. from 13th March, 2024 to 12th March, 2027, both days inclusive and payment of remuneration for said period. Announcement • Apr 28
IFGL Refractories Limited to Report Fiscal Year 2024 Results on May 18, 2024 IFGL Refractories Limited announced that they will report fiscal year 2024 results at 4:00 PM, Indian Standard Time on May 18, 2024 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹688, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 31x in the Basic Materials industry in India. Total returns to shareholders of 119% over the past three years. New Risk • Apr 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.6% average weekly change). Buy Or Sell Opportunity • Apr 01
Now 21% overvalued Over the last 90 days, the stock has fallen 27% to ₹581. The fair value is estimated to be ₹480, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 18%. Revenue is forecast to grow by 39% in 2 years. Earnings are forecast to grow by 55% in the next 2 years. Announcement • Mar 01
IFGL Refractories Limited Announces Cessation of Kamal Sarda to Be Member of Stakeholders Relationship Committee, Risk Management Committee, and Investment Committee IFGL Refractories Limited announced that the letter dated 24 February 2024 of Mr. Kamal Sarda who has ceased to hold office of Director and CEO India of the Company with effect 1 March 2024, due to resignation. Because of aforesaid, Mr. Sarda has also ceased, effective 1 March 2024, to be member of following Committees constituted by Board of the Company: Stakeholders Relationship Committee, Risk Management Committee, and Investment Committee. Reason for change: Resignation due to personal and health reasons. Buy Or Sell Opportunity • Feb 14
Now 20% overvalued Over the last 90 days, the stock has fallen 15% to ₹584. The fair value is estimated to be ₹487, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 18%. Revenue is forecast to grow by 39% in 2 years. Earnings are forecast to grow by 55% in the next 2 years. Announcement • Feb 14
IFGL Refractories Limited Appoints Narendra Kumar Mishra as Chief (R & D) IFGL Refractories Limited announced that Dr. Narendra Kumar Mishra has joined the Company on and from February 14, 2024, as Chief (R & D). He is PhD (Refractories) from DISIR, Sambalpur University, M. Sc. & B. Sc. (Chemistry) from Utkal University and MBA (Operations) from IGNOU, New Delhi. He started his career in 1986. He has experience of more than three decades in Refractory Industry. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment deteriorates as stock falls 27% After last week's 27% share price decline to ₹588, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 29x in the Basic Materials industry in India. Total returns to shareholders of 157% over the past three years. Reported Earnings • Feb 04
Third quarter 2024 earnings released: EPS: ₹0.42 (vs ₹4.38 in 3Q 2023) Third quarter 2024 results: EPS: ₹0.42 (down from ₹4.38 in 3Q 2023). Revenue: ₹3.70b (up 17% from 3Q 2023). Net income: ₹15.2m (down 90% from 3Q 2023). Profit margin: 0.4% (down from 5.0% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 2.5% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 16
IFGL Refractories Limited to Report Q3, 2024 Results on Feb 03, 2024 IFGL Refractories Limited announced that they will report Q3, 2024 results on Feb 03, 2024 Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹844, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 26x in the Basic Materials industry in India. Total returns to shareholders of 416% over the past three years. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ₹649, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 26x in the Basic Materials industry in India. Total returns to shareholders of 313% over the past three years. Reported Earnings • Nov 06
Second quarter 2024 earnings released: EPS: ₹10.55 (vs ₹5.39 in 2Q 2023) Second quarter 2024 results: EPS: ₹10.55 (up from ₹5.39 in 2Q 2023). Revenue: ₹4.56b (up 33% from 2Q 2023). Net income: ₹380.0m (up 95% from 2Q 2023). Profit margin: 8.3% (up from 5.7% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 5.8% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 26
IFGL Refractories Limited to Report Q2, 2024 Results on Nov 04, 2023 IFGL Refractories Limited announced that they will report Q2, 2024 results on Nov 04, 2023 Announcement • Aug 26
IFGL Refractories Limited Proposes Final Dividend for Financial Year 2022-23 IFGL Refractories Limited at its AGM held on August 25, 2023 to approve for payment of final dividend at 70% (Rs 7) per Equity Share recommended by the Board of Directors for Financial Year 2022-23. Upcoming Dividend • Aug 11
Upcoming dividend of ₹7.00 per share at 1.5% yield Eligible shareholders must have bought the stock before 18 August 2023. Payment date: 24 September 2023. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 1.5%. Within top quartile of Indian dividend payers (1.4%). Higher than average of industry peers (0.5%). Reported Earnings • Aug 03
Full year 2023 earnings released: EPS: ₹21.98 (vs ₹21.50 in FY 2022) Full year 2023 results: EPS: ₹21.98 (up from ₹21.50 in FY 2022). Revenue: ₹13.9b (up 10% from FY 2022). Net income: ₹792.1m (up 2.2% from FY 2022). Profit margin: 5.7% (down from 6.2% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 03
IFGL Refractories Limited, Annual General Meeting, Aug 25, 2023 IFGL Refractories Limited, Annual General Meeting, Aug 25, 2023, at 11:00 Indian Standard Time. Agenda: To receive, consider and adopt both Standalone and Consolidated Audited Financial Statements of the Company for year ended on 31 March 2023, Reports of the Board of Directors and Auditors thereon; to approve payment of Final Dividend; to consider and if thought fit and desirable, to pass with or without modification, resolution under Section 152 and other applicable provision of the Companies Act, 2013 (Act) for re-appointment of Mr. Kamal Sarda, to the extent he is required to retire by rotation at upcoming Annual General Meeting and who being eligible, has offered himself for re-appointment for further period liable to retire by rotation and such re-appointment has been recommended by the Nomination and Remuneration Committee and Board of Directors of the Company; and to consider other matters. New Risk • Aug 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (24% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.0% average weekly change). Announcement • Jul 13
IFGL Refractories Limited to Report Q1, 2024 Results on Aug 05, 2023 IFGL Refractories Limited announced that they will report Q1, 2024 results on Aug 05, 2023 Announcement • Jul 08
Ifgl Refractories Limited Appoints Manoj Rakhecha as Deputy CEO India IFGL Refractories Limited informed, as part of IFGL's succession plan for appointment of Senior Management Personnel, Mr. Manoj Rakhecha hitherto designated as Vice President (Operations) Visakhapatnam, will be relocating to Kolkata on and from 1st August, 2023 and hold the office of Deputy CEO India. Mr. Rakhecha is 46 years old, by qualification a Chartered Accountant, commenced employment with the IFGL Group in 2006 joining Monocon China Operation as head of Finance and Procurement and quickly progressed to its head of operations. In 2016 he moved to Monocon International Refractories Ltd. in the United Kingdom as Commercial Director until 2019 when he returned to India to head up the Company's latest state-of-art greenfield facility situated at Visakhapatnam (Andhra Pradesh) manufacturing predominantly new product lines in monolithics, large pre-cast shapes, RH degasser snorkels, continuous casting fluxes and Mag Carbon Bricks. Reported Earnings • May 30
Full year 2023 earnings released: EPS: ₹21.98 (vs ₹21.50 in FY 2022) Full year 2023 results: EPS: ₹21.98 (up from ₹21.50 in FY 2022). Revenue: ₹14.0b (up 11% from FY 2022). Net income: ₹792.1m (up 2.2% from FY 2022). Profit margin: 5.7% (down from 6.2% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 28
IFGL Refractories Limited Recommends Final Dividend for the Fiscal Year 2022-23 IFGL Refractories Limited the board also resolved to recommend payment of a final dividend of 70% (INR 7 per Equity Share of INR 10 each face value) for the fiscal year 2022-23, subject to necessary approvals/permissions including shareholders of the Company at their upcoming Annual General Meeting. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹282, the stock trades at a trailing P/E ratio of 14.4x. Average trailing P/E is 26x in the Basic Materials industry in India. Total returns to shareholders of 216% over the past three years. Announcement • May 11
IFGL Refractories Limited to Report Fiscal Year 2023 Results on May 27, 2023 IFGL Refractories Limited announced that they will report fiscal year 2023 results on May 27, 2023 Reported Earnings • Feb 05
Third quarter 2023 earnings released: EPS: ₹4.38 (vs ₹5.24 in 3Q 2022) Third quarter 2023 results: EPS: ₹4.38 (down from ₹5.24 in 3Q 2022). Revenue: ₹3.18b (up 1.5% from 3Q 2022). Net income: ₹157.9m (down 17% from 3Q 2022). Profit margin: 5.0% (down from 6.0% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Jan 24
IFGL Refractories Limited to Report Q3, 2023 Results on Feb 04, 2023 IFGL Refractories Limited announced that they will report Q3, 2023 results on Feb 04, 2023 Board Change • Nov 16
High number of new directors General Counsel Director & Additional Director Rajesh Agarwal was the last director to join the board, commencing their role in 2022. Announcement • Nov 13
IFGL Refractories Limited Announces Management Changes The board of directors of IFGL Refractories Limited meeting held on November 12, 2022, appointed Mr. Rajesh Agarwal as an Additional Director of the Company effective, 12 November, 2022 and also appointed him effective that date to be "Director General Counsel" of the Company for a period of three years, liable to retire by rotation, subject to approval of shareholders, in accordance with applicable provisions of the Companies Act, 2013, SEBI LODR Regulations 2015 and Rules and Regulations framed thereunder. By virtue of aforesaid, Mr. Agarwal ceases to hold office of Company Secretary of the Company effective November 12, 2022. appointed Mrs. Mansi Damani (FCS 6769) as Company Secretary of the Company effective 12 November 2022. Mrs. Damani has hithe1to been holding the office of Deputy Company Secretary of the Company. Mrs. Mansi Damani has also been appointed as the 'Compliance Officer' of the Company as required under Regulation 6 of the SEBI LODR Regulations 2015. Rajesh Agarwal is Fellow Member of The Institute of Company Secretaries of India More than three decades of experience of handling Corporate Laws, Taxation and Legal matters. Joined erstwhile lndo Flogates Ltd. in October, 1988 as Company Secretary. Following amalgamation of lndo Flogates Ltd, appointed Company Secretary on and from August 14, 2000 of erstwhile IFGL Refractories Ltd. Appointed Company Secretary of the Company (known as IFGL Exports Ltd. upto October 25, 2017 on and from August 5, 2017 on amalgamation of erstwhile IFGL Refractories Ltd. Mrs. Mansi Damani is Fellow member of The Institute of Company Secretaries of India. Post Graduate Diploma in Business Administration (Finance) from Symbiosis Centre for Distance Learning, Pune. Joined SK Bajoria group of Companies in the year 2002 and has more than two decades of experience of handling Secretarial and Taxation matters. Announcement • Sep 29
IFGL Refractories Limited Declares Final Dividend for the Financial Year 2021-22 IFGL Refractories Limited at its Annual General Meeting held on September 28, 2022 announced approval for payment of Final Dividend @ 70% (INR 7) per Equity Share recommended by the Board of Directors for Financial Year 2021-22. Board Change • Sep 25
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Duraiswamy Rajan was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Sep 13
Upcoming dividend of ₹7.00 per share Eligible shareholders must have bought the stock before 20 September 2022. Payment date: 28 October 2022. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 2.5%. Within top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (0.8%). Announcement • Sep 07
IFGL Refractories Limited, Annual General Meeting, Sep 28, 2022 IFGL Refractories Limited, Annual General Meeting, Sep 28, 2022, at 16:30 Indian Standard Time. Location: Sector `B', Kalunga Industrial Estate, P.O. Kalunga 770031, Dist. Sundergarh Sundergarh Odisha India Agenda: To receive, consider and adopt both standalone and consolidated audited financial statements of the company for year ended on 31st march 2022, reports of the board of directors and auditors thereon; to approve payment of final dividend @ 70% i.e. INR 7 per equity share, recommended by the board of directors on 28th May 2022 for FY 2021-22. Announcement • Aug 28
IFGL Refractories Limited Announces Board Changes Following Representations as per provisions of Section 169(4) of the Companies Act, 2013, Mr. Tetsuo Tsuzuki (DIN: 08557222) and Mr. Yuji Yamaguchi (DIN: 09047766) have sent letter each dated 27th August, 2022 addressed to Board of Directors of the IFGL Refractories Limited and thereby tendered resignation from their office of Non Executive Non Independent Director of the Company. Reported Earnings • Aug 17
First quarter 2023 earnings released: EPS: ₹4.04 (vs ₹4.96 in 1Q 2022) First quarter 2023 results: EPS: ₹4.04 (down from ₹4.96 in 1Q 2022). Revenue: ₹3.60b (up 31% from 1Q 2022). Net income: ₹145.5m (down 19% from 1Q 2022). Profit margin: 4.0% (down from 6.5% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • May 31
IFGL Refractories Limited Announces Resignation of Mr. K S B Sanyal from the Office of Independent Director of the Company with Effect May 28, 2022 IFGL Refractories Limited announced resignation of Mr. K S B Sanyal from the office of Independent Director of the Company with effect May 28, 2022 due to age and health issues. Reported Earnings • May 30
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: ₹21.50 (up from ₹18.20 in FY 2021). Revenue: ₹12.8b (up 25% from FY 2021). Net income: ₹774.9m (up 18% from FY 2021). Profit margin: 6.1% (down from 6.4% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.9%. Earnings per share (EPS) also missed analyst estimates by 45%. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Buying Opportunity • May 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be ₹322, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.5% over the last 3 years. Earnings per share has grown by 12%. Announcement • May 10
IFGL Refractories Limited to Report Q4, 2022 Results on May 28, 2022 IFGL Refractories Limited announced that they will report Q4, 2022 results on May 28, 2022 Buying Opportunity • Feb 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be ₹314, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.5% per annum over the last 3 years. Earnings per share has grown by 12% per annum over the last 3 years. Reported Earnings • Feb 15
Third quarter 2022 earnings: Revenues miss analyst expectations Third quarter 2022 results: Revenue: ₹3.17b (up 9.8% from 3Q 2021). Net income: ₹189.0m (down 49% from 3Q 2021). Profit margin: 6.0% (down from 13% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.9%. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 12% per year. Announcement • Feb 03
IFGL Refractories Limited to Report Q3, 2022 Results on Feb 12, 2022 IFGL Refractories Limited announced that they will report Q3, 2022 results on Feb 12, 2022 Reported Earnings • Nov 17
Second quarter 2022 earnings released: EPS ₹5.55 (vs ₹5.73 in 2Q 2021) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2022 results: Revenue: ₹3.10b (up 26% from 2Q 2021). Net income: ₹200.1m (down 3.1% from 2Q 2021). Profit margin: 6.5% (down from 8.4% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 3% per year. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment deteriorated over the past week After last week's 20% share price decline to ₹331, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 18x in the Basic Materials industry in India. Total returns to shareholders of 50% over the past three years. Reported Earnings • Aug 18
First quarter 2022 earnings released: EPS ₹4.96 (vs ₹2.83 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹2.75b (up 35% from 1Q 2021). Net income: ₹178.7m (up 75% from 1Q 2021). Profit margin: 6.5% (up from 5.0% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Announcement • Aug 08
IFGL Refractories Limited Approves Special Dividend for the Financial Year 2020-2021 IFGL Refractories Limited announced at the AGM held on August 07, 2021, the shareholders approved one time Special Dividend @ 60% (INR 6) per Equity Share recommended by the Board of Directors for Financial Year 2020-21. Upcoming Dividend • Jul 22
Upcoming dividend of ₹10.00 per share Eligible shareholders must have bought the stock before 29 July 2021. Payment date: 06 September 2021. Trailing yield: 1.0%. Lower than top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (0.9%). Executive Departure • Jul 20
MD & Director Pradeep Bajoria has left the company On the 18th of July, Pradeep Bajoria's tenure as MD & Director ended after 13.9 years in the role. As of March 2021, Pradeep still personally held 144.16k shares (₹46m worth at the time). A total of 2 executives have left over the last 12 months. Announcement • Jul 14
IFGL Refractories Limited Proposes One Time Special Dividend for the Financial Year 2020-2021, Payable on August 12, 2021 IFGL Refractories Limited to approve payment of one time Special Dividend @ 60% (INR 6/-) per Equity Share recommended by the board of directors on June 5, 2021 for financial year 2020-2021 at its AGM to be held on August 7, 2021. Payment of said Dividends will be made on or after 12th August 2021. Reported Earnings • Jul 14
Full year 2021 earnings released: EPS ₹18.20 (vs ₹5.40 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹10.2b (up 11% from FY 2020). Net income: ₹655.9m (up 237% from FY 2020). Profit margin: 6.4% (up from 2.1% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Reported Earnings • Jun 06
Full year 2021 earnings released: EPS ₹18.20 (vs ₹5.40 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹10.4b (up 14% from FY 2020). Net income: ₹655.9m (up 237% from FY 2020). Profit margin: 6.3% (up from 2.1% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improved over the past week After last week's 15% share price gain to ₹365, the stock trades at a trailing P/E ratio of 24.6x. Average trailing P/E is 17x in the Basic Materials industry in India. Total returns to shareholders of 45% over the past three years. 
