IFGL Refractories hits record revenues despite margin pressure

IFGL Refractories reported record quarterly revenues of INR 278 crores standalone (up 14% year-on-year) and INR 457 crores consolidated (up 10%) for 1Q FY26. Domestic business surged 32% to INR 213 crores, contributing 77% of standalone revenue.

However, profitability declined with standalone EBITDA falling 15% to INR 37.7 crores (13.5% margin) due to elevated raw material costs including alumina and higher employee expenses. Consolidated EBITDA dropped 26% to INR 39 crores (8.5% margin).

The company is investing INR 300-350 crores in a Greenfield project in Khurda by FY28 and INR 300 crores in a Gujarat joint venture by FY29.