IFGL refractories sees strong Q2 FY26 earnings driven by domestic growth

IFGL Refractories Limited reported a consolidated total income of INR 490 crores for Q2 FY26, an 18% year-on-year increase. For H1 FY26, total income reached INR 947 crores, up 13% year-on-year. Standalone total income for Q2 FY26 was INR 288 crores, reflecting a 12% year-on-year growth, with H1 FY26 standalone income at INR 567 crores, also up 12% year-on-year. EBITDA for the quarter stood at INR 37.4 crores, a 12% growth year-on-year, with EBITDA margins at 13%. Profit after tax for Q2 FY26 was INR 15 crores, marking a 9% year-on-year increase.

Domestic business showed exceptional growth, with a 27% year-on-year increase in Q2 FY26 and 29% for H1 FY26, reaching INR 440 crores. The domestic market now accounts for 78% of standalone revenue in H1 FY26, a significant rise from 69% in H1 FY25. Conversely, export business declined by 20% year-on-year in Q2 FY26 to INR 60 crores, contributing 21% of total standalone revenue, down from 29% in Q2 FY25.

The company's American operations also saw a revenue increase of 26% during the quarter. IFGL Refractories is progressing with two greenfield projects: one in Khordha, Odisha, with an estimated investment of INR 300-350 crores, expected by FY28, and another in Gujarat, a joint venture with an estimated outlay of INR 300 crores, targeted for completion by FY29, subject to regulatory approval.