IFGL Refractories LimitedCapital Goods & EngineeringIFGLEXPOR
Q1 FY27 concall · earnings callIFGL Refractories Limited
IFGL delivered revenue growth led by overseas operations but faced margin pressure from higher raw material and fuel costs, which are being addressed through price increases.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Consolidated Total Income | ₹515 Cr | +13% YoY growth | |
| Consolidated EBITDA | ₹40 Cr | +2% YoY increase | |
| Consolidated PAT | ₹17 Cr | +58% YoY increase | |
| Consolidated PAT Margin | 3% | — | |
| Standalone Revenue | ₹297 Cr | +8% YoY growth | |
| Standalone EBITDA | ₹31 Cr | −17% YoY decline | |
| Standalone PAT | ₹16 Cr | +7% YoY growth | |
| Gross Margin (Consolidated) | 48% | stable YoY |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹378.84 Cr+3.5% YoY-7.9% QoQ | ₹-2.18 CrTurned loss-making YoYTurned loss-making QoQ | ₹-0.60Turned negative YoYTurned negative QoQ |
| Q2 FY25 | ₹411.12 Cr-9.7% YoY-0.8% QoQ | ₹12.08 Cr-68.2% YoY-51% QoQ | ₹3.35-68.2% YoY-51% QoQ |
| Q1 FY25 | ₹414.54 Cr-2.2% YoY+5.2% QoQ | ₹24.65 Cr-16.8% YoY+96.6% QoQ | ₹6.84-16.7% YoY+96.6% QoQ |
| Q4 FY24 | ₹393.94 Cr+7% YoY+7.6% QoQ | ₹12.54 Cr-57.4% YoY+725% QoQ | ₹3.48-57.4% YoY+728.6% QoQ |
| Q3 FY24 | ₹366.18 Cr+15.9% YoY-19.6% QoQ | ₹1.52 Cr-90.4% YoY-96% QoQ | ₹0.42-90.4% YoY-96% QoQ |
TL;DR
- Consolidated revenue grew 13% year-on-year to INR515 crores.
- Standalone EBITDA fell 17% due to higher raw material and LPG costs.
- Management implemented price increases to mitigate cost pressures, with benefits expected over coming quarters.
- Overseas subsidiaries, particularly in the Americas, showed strong double-digit revenue growth.
- Focus remains on turning around loss-making European operations and integrating new products.
Said on the call
“But what we see today, definitely, what you are summarizing sums up the position very aptly. We can see the up-shoots or the green shoots in the European steel industry... So definitely, the worst is behind us.”
From the Q&A
| Topic | What management said |
|---|---|
| Overseas Subsidiary Performance | Management highlighted strong growth in the Americas and stated that momentum is expected to be maintained; the objective is to turn loss-making operations around. |
| EBITDA Margin Decline | The dip in standalone EBITDA margin was attributed to increased raw material prices due to geopolitical conditions and a surge in fuel (LPG) costs; price increases from customers have not fully compensated. |
| Europe Business & Monocon | European segment losses increased partly due to lower offtake from Sheffield Refractories (impacted by British Steel's blast furnace issues); management expects a return to normal in Q2 and remains focused on bringing Monocon U.K. to breakeven. |
| Price Hikes | Price increases are being implemented across customers and products to offset higher input costs, but these are temporary and not expected to add additional margin. |
| New Products & Geographies | Monocon is expanding its product portfolio into foundry refractories and entering new geographies, including Australia and Saudi Arabia, with positive feedback from customers in Mexico and the U.S. |
| Capacity Addition | The addition of mag carbon brick and casting flux lines is expected to add INR150-200 crores in revenue at peak capacity. |
| Outlook | Management believes the worst is behind in terms of profitability, citing positive signs in the European steel industry, but notes the difficulty of predicting future changes. |
Guidance
- Expect benefits of pricing actions to mitigate cost pressures to flow through progressively over coming quarters.
- Target double-digit revenue growth for domestic business by year-end.
- Objective is to reduce losses and achieve breakeven for Hofmann Ceramic by the end of FY27.
- Aiming to bring Monocon U.K. back to profitability, which would improve consolidated EBITDA margins.
- See the Americas region continuing to be an important driver of international growth.
Source
Summary written from the transcript filed by IFGL Refractories Limited for the call held on 11 Aug 2026; published 18 Aug 2026, 20:15 IST.
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