IFGL Refractories Q4 & FY26 Results: Revenue Up 10% YoY, Board Recommends ₹2.15 Dividend
IFGL Refractories reported FY26 consolidated revenue of ₹1,904 crore, up 14% YoY, driven by international growth. Standalone revenue grew 10% to ₹1,117 crore. The Board recommended a dividend of ₹2.15 per share. The company is investing ₹300-350 crore in a new Khurdha facility and ₹300 crore in a Gujarat facility.
The announcement includes full-year financial results, dividend declaration, and significant capital expenditure plans for new projects, all of which have a material impact on the company's future financial performance and investor perception.
The company reported revenue growth, highlighted positive international performance, and recommended a dividend, indicating a positive financial outlook. The full amortization of goodwill also presents a future earnings benefit.
IFGL Refractories Limited announced its audited financial results for the fourth quarter and full year ended March 31, 2026. The company reported a consolidated revenue growth of 7% year-on-year (YoY) in Q4 FY26, reaching ₹486 crore, and a significant 14% YoY increase for FY26, totaling ₹1,904 crore. This growth was driven by strong performance across international operations, with the US and Europe regions showing robust expansion. The domestic business also demonstrated strong momentum, with FY26 revenue growing by 11% YoY to ₹1,109 crore, largely due to improved volumes and market share gains.
On a standalone basis, Q4 FY26 revenue grew by 2% YoY to ₹276 crore, and FY26 revenue increased by 10% YoY to ₹1,117 crore. Profitability for both consolidated and standalone results was impacted by higher input costs, changes in product mix, and increased employee expenses. The company's EBITDA margins stood at 8.6% consolidated and 11.3% standalone for FY26.
Mr. Mihir Bajoria, Managing Director, highlighted the company's resilient execution and strategic progress despite a challenging global operating environment. He noted that while profitability was impacted by input costs and subdued export demand, operational efficiencies were a focus. The company also achieved milestones in technology transfer programs and expects improving business activity across Europe and sustained momentum in the Americas.
A significant accounting milestone was the full amortization of legacy goodwill from the 2017 amalgamation, which will positively impact reported earnings from FY27 onwards, removing an approximate ₹26.7 crore annual non-cash charge. Reflecting confidence in long-term prospects, the Board has recommended a dividend of ₹2.15 per equity share for FY26. The company is also undertaking significant new projects, including a greenfield facility in Khurdha with an estimated capex of ₹300-350 crore, expected to be operational by end of FY28, and another greenfield project in Gujarat with an estimated capex of ₹300 crore, expected by FY29.
The outlook for the refractory industry remains encouraging, with global steel demand expected to improve, supported by capacity additions and infrastructure investments. India is identified as a key driver of global steel demand growth.
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IFGL Refractories Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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