IFGL Refractories Ltd: Intrinsic Value & Share Price Analysis

Q: What is the current share price and 52-week range of IFGL Refractories Ltd?

IFGL Refractories Ltd is trading at 132.00 as of 21 April 2026, with a FY2026-2027 high of 340 and low of 120. The stock is currently near its 52-week low. Market cap stands at 948 Cr..

Q: Is IFGL Refractories Ltd financially healthy?

Key indicators: ROCE of 5.71 % is on the lower side. Dividend yield is 2.66 %.

Q: Is IFGL Refractories Ltd profitable and how is the profit trend?

IFGL Refractories Ltd reported a net profit of 43 Cr in Mar 2025 on revenue of 1,653 Cr. Compared to 77 Cr in Mar 2022, the net profit shows a declining trend.

Fair Value

₹159.00Undervalued by 20.45%vs CMP ₹132.00

P/E (31.1) × ROE (3.9%) × BV (₹158.00) × DY (2.66%)

₹114.74Overvalued by 13.08%vs CMP ₹132.00

MoS: -15% (Negative)Confidence: 43/100 (Low)Models: 4 Under, 2 Fair, 3 Over

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹130.48	22%	Fair (-1.2%)
Graham Number	Earnings	₹119.25	16%	Fair (-9.7%)
Earnings Power	Earnings	₹55.07	13%	Over (-58.3%)
DCF	Cash Flow	₹9.61	13%	Over (-92.7%)
Net Asset Value	Assets	₹158.46	7%	Under (+20%)
EV/EBITDA	Enterprise	₹194.80	9%	Under (+47.6%)
Earnings Yield	Earnings	₹40.00	7%	Over (-69.7%)
ROCE Capital	Returns	₹208.80	7%	Under (+58.2%)
Revenue Multiple	Revenue	₹230.16	5%	Under (+74.4%)
Consensus (9 models)		₹114.74	100%	Overvalued

Key Drivers: EPS CAGR -17.9% drags value — could be higher if earnings stabilize. | ROE 3.9% is below cost of equity.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -17.9%

*Investments are subject to market risks

Analyst Summary

IFGL Refractories Ltd operates in the Refractories segment, NSE: IFGLEXPOR | BSE: 540774, current market price is ₹132.00, market cap is 948 Cr.. At a glance, stock P/E is 31.1, ROE is 3.94 %, ROCE is 5.71 %, book value is 158, dividend yield is 2.66 %. The latest intrinsic value estimate is ₹114.74, around 13.1% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹1,653 Cr versus the prior period change of 0.9%, while latest net profit is about ₹43 Cr with a prior-period change of -47.6%. This analysis page also carries profit and loss, shareholding pattern, ratio panels, mutual fund holdings data, which improves the depth of the template beyond a thin price-only snapshot. The 52-week range shown on this page is 340/120, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisIFGL Refractories Ltd. is a Public Limited Listed company incorporated on 07/09/2007 and has its registered office in the State of Orissa, India. Company's Corporate Identification Number(CIN) is L51909OR2007PLC027954 and registration number is 118407. Currently Company is involv…

This summary is generated from the stock page data available for IFGL Refractories Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

IFGL Refractories Ltd scores 49/100 (Average)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health58/100 · Moderate

ROCE 5.7% WeakROE 3.9% WeakD/E 0.05 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent

Smart Money50/100 · Moderate

FII holding stable No changePromoter holding at 72.4% Stable

Earnings Quality50/100 · Moderate

OPM stable around 9% Steady

Quarterly Momentum50/100 · Moderate

Revenue (4Q): +16% YoY GrowingProfit (4Q): -39% YoY Declining

Industry Rank30/100 · Weak

P/E 31.1 vs industry 27.1 In-lineROCE 5.7% vs industry 17.5% Below peersROE 3.9% vs industry 13.0% Below peers3Y sales CAGR: 9% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:04 am

Market Cap	948 Cr.
Current Price	132
Intrinsic Value	₹114.74
High / Low	340/120
Stock P/E	31.1
Book Value	158
Dividend Yield	2.66 %
ROCE	5.71 %
ROE	3.94 %
Face Value	10.0
PEG Ratio	-1.73

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for IFGL Refractories Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
IFGL Refractories Ltd	948 Cr.	132	340/120	31.1	158	2.66 %	5.71 %	3.94 %	10.0
Morganite Crucible (India) Ltd	688 Cr.	1,229	1,964/1,155	27.8	242	3.99 %	30.4 %	21.4 %	5.00
Vesuvius India Ltd	9,004 Cr.	444	647/397	34.1	82.0	0.34 %	22.9 %	17.1 %	1.00
Associated Ceramics Ltd	38.8 Cr.	190	264/140	15.4	127	0.00 %	10.8 %	9.55 %	10.0
Industry Average	3,546.67 Cr	498.75		27.10	152.25	1.75%	17.45%	13.00%	6.50

All Competitor Stocks of IFGL Refractories Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	315.97	368.13	423.85	455.52	366.18	393.94	414.54	411.12	378.84	448.53	454.01	488.63	468.64
Expenses	281.65	319.76	367.86	387.74	370.36	359.16	368.44	378.51	362.16	415.30	418.01	450.64	445.56
Operating Profit	34.32	48.37	55.99	67.78	-4.18	34.78	46.10	32.61	16.68	33.23	36.00	37.99	23.08
OPM %	10.86%	13.14%	13.21%	14.88%	-1.14%	8.83%	11.12%	7.93%	4.40%	7.41%	7.93%	7.77%	4.92%
Other Income	2.34	7.76	3.45	3.94	4.16	7.22	6.93	3.91	2.89	3.68	3.00	2.01	-2.95
Interest	1.26	0.69	2.54	2.43	2.72	3.35	2.62	3.44	3.53	4.16	4.63	3.55	3.88
Depreciation	13.38	15.85	15.61	15.51	15.70	17.45	17.08	17.70	18.00	19.96	19.20	19.75	19.99
Profit before tax	22.02	39.59	41.29	53.78	-18.44	21.20	33.33	15.38	-1.96	12.79	15.17	16.70	-3.74
Tax %	28.29%	25.69%	28.29%	29.34%	-108.24%	40.85%	26.04%	21.46%	11.22%	34.09%	28.74%	24.01%	-17.65%
Net Profit	15.79	29.42	29.61	38.00	1.52	12.54	24.65	12.08	-2.18	8.43	10.81	12.69	-3.08
EPS in Rs	2.19	4.08	4.11	5.27	0.21	1.74	3.42	1.68	-0.30	1.17	1.50	1.76	-0.43

Last Updated: March 4, 2026, 9:12 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 11:46 am

Metric	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	766	835	950	917	1,022	1,260	1,386	1,639	1,653	1,860
Expenses	667	729	841	825	865	1,117	1,233	1,485	1,524	1,730
Operating Profit	99	106	109	92	157	143	153	155	129	130
OPM %	13%	13%	12%	10%	15%	11%	11%	9%	8%	7%
Other Income	4	4	4	-10	19	16	13	18	17	6
Interest	5	4	4	4	3	3	5	11	14	16
Depreciation	44	44	46	48	49	51	56	64	73	79
Profit before tax	55	63	64	30	124	104	106	98	60	41
Tax %	8%	25%	21%	35%	47%	25%	25%	17%	28%
Net Profit	50	47	50	19	66	77	79	82	43	29
EPS in Rs	86.16	6.54	7.00	2.70	9.10	10.75	10.99	11.33	5.96	4.00
Dividend Payout %	1%	15%	18%	46%	55%	33%	32%	31%	59%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	-6.00%	6.38%	-62.00%	247.37%	16.67%	2.60%	3.80%	-47.56%
Change in YoY Net Profit Growth (%)	0.00%	12.38%	-68.38%	309.37%	-230.70%	-14.07%	1.20%	-51.36%

IFGL Refractories Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 8 years from 2017-2018 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	%
5 Years:	13%
3 Years:	9%
TTM:	4%

Compounded Profit Growth
10 Years:	%
5 Years:	7%
3 Years:	-18%
TTM:	-62%

Stock Price CAGR
10 Years:	%
5 Years:	24%
3 Years:	22%
1 Year:	-22%

Return on Equity
10 Years:	%
5 Years:	7%
3 Years:	7%
Last Year:	4%

Last Updated: September 5, 2025, 6:50 am

Balance Sheet

Last Updated: December 4, 2025, 1:24 am

Month	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	3	36	36	36	36	36	36	36	36	72
Reserves	650	716	759	773	854	898	969	1,036	1,071	1,066
Borrowings	84	112	89	65	64	99	160	174	213	217
Other Liabilities	158	134	135	150	230	253	261	244	298	382
Total Liabilities	894	999	1,019	1,024	1,184	1,286	1,426	1,490	1,618	1,737
Fixed Assets	471	461	454	440	416	422	500	517	593	600
CWIP	2	8	6	7	22	25	46	104	27	33
Investments	12	13	46	94	128	135	132	126	105	67
Other Assets	409	516	513	483	618	704	748	743	893	1,037
Total Assets	894	999	1,019	1,024	1,184	1,286	1,426	1,490	1,618	1,737

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	28	41	109	150	139	4	6	152	28
Cash from Investing Activity +	-9	-40	-70	-50	-97	-26	-118	-115	-34
Cash from Financing Activity +	-4	18	-37	-66	-5	-7	50	-24	-4
Net Cash Flow	14	19	3	33	38	-29	-62	13	-9
Free Cash Flow	15	-2	72	126	108	-61	-130	18	-44
CFO/OP	48%	53%	114%	163%	101%	21%	23%	113%	43%

Free Cash Flow

Month	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Free Cash Flow	15.00	-6.00	20.00	27.00	93.00	44.00	-7.00	-19.00	-84.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	109	124	88	84	82	79	92	72	79
Inventory Days	94	94	120	113	129	154	153	132	179
Days Payable	118	109	95	99	119	111	94	79	104
Cash Conversion Cycle	85	110	112	98	91	122	151	126	154
Working Capital Days	68	83	75	72	68	80	94	75	83
ROCE %		8%	8%	6%	14%	11%	10%	9%	6%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	72.44%	72.44%	72.44%	72.44%	72.44%	72.44%	72.44%	72.44%	72.44%	72.44%	72.44%	72.44%
FIIs	0.00%	0.04%	0.03%	0.37%	0.27%	0.18%	0.18%	0.13%	0.12%	0.04%	0.03%	0.04%
DIIs	10.45%	10.46%	11.82%	11.70%	13.52%	13.77%	14.00%	13.72%	13.62%	13.54%	13.51%	13.51%
Public	17.12%	17.07%	15.69%	15.49%	13.75%	13.61%	13.38%	13.71%	13.81%	13.97%	14.02%	14.01%
No. of Shareholders	18,936	18,427	20,078	21,430	18,901	18,466	18,255	19,168	18,613	19,714	21,605	21,346

Shareholding Pattern Chart

No. of Shareholders

IFGL Refractories Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
HDFC Small Cap Fund	6,549,367	0.33	120.45	N/A	N/A	N/A
DSP India T.I.G.E.R. Fund	1,211,974	0.43	22.29	N/A	N/A	N/A
DSP Multicap Fund	952,436	0.68	17.52	N/A	N/A	N/A
Aditya Birla Sun Life Small Cap Fund	919,166	0.35	16.9	945,375	2026-02-23 04:54:51	-2.77%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	11.93	22.66	21.98	21.50	18.20
Diluted EPS (Rs.)	11.93	22.66	21.98	21.50	18.20
Cash EPS (Rs.)	32.11	40.50	37.39	35.69	31.68
Book Value[Excl.RevalReserv]/Share (Rs.)	307.17	297.47	278.87	259.17	247.09
Book Value[Incl.RevalReserv]/Share (Rs.)	307.17	297.47	278.87	259.17	247.09
Revenue From Operations / Share (Rs.)	458.67	454.92	384.72	349.48	283.56
PBDIT / Share (Rs.)	40.52	48.04	46.09	43.98	48.80
PBIT / Share (Rs.)	20.34	30.21	30.67	29.79	35.32
PBT / Share (Rs.)	16.52	27.15	29.33	28.84	34.47
Net Profit / Share (Rs.)	11.93	22.66	21.98	21.50	18.20
NP After MI And SOA / Share (Rs.)	11.93	22.66	21.98	21.50	18.20
PBDIT Margin (%)	8.83	10.56	11.97	12.58	17.20
PBIT Margin (%)	4.43	6.64	7.97	8.52	12.45
PBT Margin (%)	3.60	5.96	7.62	8.25	12.15
Net Profit Margin (%)	2.59	4.98	5.71	6.15	6.41
NP After MI And SOA Margin (%)	2.59	4.98	5.71	6.15	6.41
Return on Networth / Equity (%)	3.88	7.61	7.88	8.29	7.36
Return on Capital Employeed (%)	6.09	9.24	9.89	10.72	13.28
Return On Assets (%)	2.65	5.48	5.55	6.02	5.54
Long Term Debt / Equity (X)	0.04	0.05	0.04	0.01	0.01
Total Debt / Equity (X)	0.18	0.15	0.14	0.09	0.05
Asset Turnover Ratio (%)	1.06	1.12	0.77	0.78	0.72
Current Ratio (X)	2.28	2.68	2.71	2.82	3.22
Quick Ratio (X)	1.31	1.72	1.73	1.91	2.48
Inventory Turnover Ratio (X)	4.69	2.46	1.73	2.16	2.09
Dividend Payout Ratio (NP) (%)	58.69	30.88	31.85	46.51	0.00
Dividend Payout Ratio (CP) (%)	21.80	17.28	18.72	28.01	0.00
Earning Retention Ratio (%)	41.31	69.12	68.15	53.49	0.00
Cash Earning Retention Ratio (%)	78.20	82.72	81.28	71.99	0.00
Interest Coverage Ratio (X)	10.62	15.69	34.31	46.51	57.50
Interest Coverage Ratio (Post Tax) (X)	4.13	8.40	17.36	23.74	22.44
Enterprise Value (Cr.)	1401.63	2039.82	846.60	886.69	997.58
EV / Net Operating Revenue (X)	0.84	1.24	0.61	0.70	0.97
EV / EBITDA (X)	9.60	11.78	5.10	5.59	5.67
MarketCap / Net Operating Revenue (X)	0.76	1.19	0.54	0.73	1.12
Retention Ratios (%)	41.30	69.11	68.14	53.48	0.00
Price / BV (X)	1.14	1.82	0.75	0.99	1.28
Price / Net Operating Revenue (X)	0.76	1.19	0.54	0.73	1.12
EarningsYield	0.03	0.04	0.10	0.08	0.05

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

IFGL Refractories Ltd. is a Public Limited Listed company incorporated on 07/09/2007 and has its registered office in the State of Orissa, India. Company's Corporate Identification Number(CIN) is L51909OR2007PLC027954 and registration number is 118407. Currently Company is involved in the business activities of Manufacture of refractory mortars, concretes etc.. Company's Total Operating Revenue is Rs. 997.63 Cr. and Equity Capital is Rs. 36.04 Cr. for the Year ended 31/03/2025.

INDUSTRY	ADDRESS	CONTACT
Refractories	Sector 'B', Sundargarh Dist. Orissa 770031	Contact not found

Management
Name	Position Held
Mr. Shishir Kumar Bajoria	Chairman
Mr. James McIntosh	Managing Director
Mr. Arasu Shanmugam	Director & CEO
Mr. Rajesh Agarwal	Director
Mr. Mihir Prakash Bajoria	Non Exe.Non Ind.Director
Mr. D G Rajan	Independent Director
Mr. Debal Kumar Banerji	Independent Director
Mr. Sudhamoy Khasnobis	Independent Director
Mr. Gaurav Swarup	Independent Director
Ms. Anita Gupta	Independent Director

FAQ

What is the intrinsic value of IFGL Refractories Ltd and is it undervalued?

As of 21 April 2026, IFGL Refractories Ltd's intrinsic value is ₹114.74, which is 13.08% lower than the current market price of ₹132.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (3.94 %), book value (₹158), dividend yield (2.66 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of IFGL Refractories Ltd?

IFGL Refractories Ltd is trading at ₹132.00 as of 21 April 2026, with a FY2026-2027 high of ₹340 and low of ₹120. The stock is currently near its 52-week low. Market cap stands at ₹948 Cr..

How does IFGL Refractories Ltd's P/E ratio compare to its industry?

IFGL Refractories Ltd has a P/E ratio of 31.1, which is above the industry average of 27.10. The premium over industry average may reflect growth expectations or speculative interest.

Is IFGL Refractories Ltd financially healthy?

Key indicators for IFGL Refractories Ltd: ROCE of 5.71 % is on the lower side compared to the industry average of 17.45%; ROE of 3.94 % is below ideal levels (industry average: 13.00%). Dividend yield is 2.66 %.

Is IFGL Refractories Ltd profitable and how is the profit trend?

IFGL Refractories Ltd reported a net profit of ₹43 Cr in Mar 2025 on revenue of ₹1,653 Cr. Compared to ₹77 Cr in Mar 2022, the net profit shows a declining trend.

Does IFGL Refractories Ltd pay dividends?

IFGL Refractories Ltd has a dividend yield of 2.66 % at the current price of ₹132.00. This is a relatively attractive yield for income-seeking investors.