IFGL Refractories Limited is a leading refractory company in India, providing comprehensive refractory solutions with over 45 years of experience. Established in 1979 and headquartered in Kolkata, India, the company primarily serves the iron & steel and foundry industries with a global presence across more than 50 countries.
IFGL is recognized as a global leader in the refractories industry, offering end-to-end refractory solutions in both ferrous and non-ferrous sectors. The company operates through a robust global network, including subsidiaries in the USA, UK, Germany, and China. With over 10 manufacturing units strategically located across Asia, Europe, and North America, IFGL serves more than 300 leading steel plants worldwide. The company was formerly known as IFGL Exports Limited and changed its name to IFGL Refractories Limited in October 2017.
IFGL Refractories Limited specializes in the manufacturing, trading, and selling of a wide range of refractory items, related equipment, and accessories primarily used in steel plants, both in India and internationally. The company provides specialized refractories and total refractory solutions, particularly for the iron and steel industry.
The comprehensive product portfolio includes:
- Iron & Steel Solutions: Raker plate, granshot tundish, desulphurisation lances, torpedo, basic oxygen furnace (BOF), electric arc furnace (EAF), electric steel making, ladle, tundish, and fluxes.
- Continuous Casting Refractories: Slide gate refractories, monolithics, precast shapes, zircon and zirconia nozzles, casting flux, and mechanism section.
- Ceramics Products: Round hole filters, hipercast, EXHOF feeder heads, and SiC-DC casting.
- Other Product Categories: Isostatic, slide gate, tube changer system, purging system, cast products and monolithics, zircon and zirconia nozzles, engineering division, foundry ceramics, wire guides, and heating ovens.
IFGL Group is one of the fastest-growing brands in the global refractories industry, known for its extensive range of specialized refractory products and solutions. The company's global footprint includes over 10 strategically located manufacturing units across Asia, Europe, and North America, enabling it to serve customers in more than 50 countries.
Its primary manufacturing facilities in India are located in:
- Kandla Special Economic Zone (SEZ), Gujarat
- Kalunga Industrial Estate near Rourkela, Odisha
- Industrial Park APIIC De-Notified Area, Atchutapuram, Visakhapatnam District, Andhra Pradesh
These facilities cater to both domestic and international markets. The company's geographical segments include India, the United Kingdom, other European countries, Asia (excluding India), the Americas, and other regions.
IFGL Refractories Ltd maintains a strong financial position within its sector. The company currently has a market capitalisation of ₹1,878 crore.
Key Financial Metrics:
- Revenue (FY2025): ₹1,653 Crore
- Profit (FY2025): ₹43.0 Crore
- Market Capitalization: ₹1,878 Crore
- Promoter Holding: 72.4%
Recent Quarterly Performance (Q4 FY2024-25 and Q2 FY2024-25):
- For the quarter ended 2025, IFGL Refractories Ltd reported a consolidated profit of ₹8.43 crore on a total income of ₹452.21 crore.
- In the quarter ended September 2024, the net profit of IFGL Refractories declined 68.21% to ₹12.08 crore, compared to ₹38.00 crore in the previous quarter ended September 2023. Sales also declined 9.75% to ₹411.12 crore in the quarter ended September 2024, as against ₹455.52 crore during the previous quarter.
- The company has a low return on equity of 6.58% over the last 3 years.
IFGL Refractories actively engages in corporate actions to enhance shareholder value and strategic growth:
- Interim Dividend: The Board of Directors, at its meeting held on May 7, 2025, recommended an interim dividend of ₹6 per equity Share (i.e., 60%).
- Bonus Shares and Capital Increase: Shareholders approved a 1:1 bonus share issue and an increase in authorized share capital via postal ballot on July 5, 2025.
The company's growth is underpinned by strong strategic partnerships and acquisitions:
- Promoters: IFGL Refractories is promoted by the S.K. Bajoria Group of India and Krosaki Harima Corporation of Japan, a global leader in the refractories business.
- Joint Venture: At its meeting on October 10, 2024, the Board of IFGL Refractories resolved to enter a Joint Venture Agreement with Marvels International Group Co of Seychelles and Marvel Refractories (Anshan) Company of P R China. This JV aims to set up a greenfield facility in India with a capital outlay of approximately ₹300 crore.
- Acquisition: The company's UK Step Down Subsidiary, Monocon International Refractories Limited, acquired 100% shareholding of Sheffield Refractories Ltd (SRL), making SRL a wholly-owned subsidiary effective February 24, 2023.
IFGL Refractories places a strong emphasis on its human capital and commitment to sustainability:
- Workforce: The company boasts a diverse team of over 3000+ employees across various cultures and borders, including trained engineers and application specialists. This workforce, supported by a state-of-the-art research center, plays a crucial role in understanding and meeting the growing demand for refractories in the Iron & Steel industry.
- Sustainability: Sustainability is integral to IFGL's operations, guided by the principle of 'Responsible Care.' The company adopts a holistic approach, integrating responsible actions at every stage of its processes.
IFGL Refractories continues to strengthen its position as a global leader in the refractories industry, driven by a focus on innovation, sustainability, and strategic expansion across key markets worldwide.
