IFGL Refractories held its 18th Annual General Meeting (AGM) on August 27, 2025, where shareholders approved key decisions including dividend distribution and a new director appointment.

Dividend Approval

The company's shareholders approved a final dividend of 10% (Rs 1.00 per equity share) for the financial year 2024-25. This comes in addition to the interim dividend of 60% (Rs 6.00 per equity share) that has already been paid out. The total dividend for the year stands at 70% (Rs 7.00 per equity share).

Key details of the dividend payout are as follows:

Shareholders whose names appear on the company's register of members as of the record date will be eligible for the final dividend.

New Director Appointment

In a significant board change, the AGM saw the appointment of Mr. Mihir Prakash Bajoria as a Non-Executive Non-Independent Director of the company. Mr. Bajoria's appointment is effective from August 27, 2025, and he will be liable to retire by rotation.

Key points about Mr. Mihir Prakash Bajoria:

• Age: Approximately 40 years old
• Education: Holds a diploma in Politics and International Relations from Oxford Brookes University
• Experience: Over a decade in the refractory industry
• Current roles:
  • Executive Chairman of IFGL's UK subsidiary, Monocon International Refractories Limited
  • Non-executive Director of several step-down subsidiaries
• Family connection: Son of Mr. Shishir Kumar Bajoria, the Executive Chairman of IFGL Refractories

The company confirmed that Mr. Bajoria is not debarred from holding the office of Director by any order of the Securities Exchange Board of India or any other statutory authority.

Other AGM Proceedings

The AGM, conducted through video conferencing, also addressed the following matters:

1. Adoption of standalone and consolidated audited financial statements for the year ended March 31, 2025
2. Re-appointment of Mr. Shishir Kumar Bajoria as a Director
3. Appointment of Secretarial Auditors for a term of five years
4. Ratification of remuneration for Cost Auditors for FY 2025-26

The meeting concluded with an overview of the company's performance for FY 2024-25, presented by Mr. Arasu Shanmugam, Director and Chief Executive Officer India of IFGL Refractories.

IFGL Refractories, with its registered office in Odisha and corporate office in Kolkata, continues to strengthen its position in the refractory industry with these strategic decisions and governance updates.

IFGL Refractories , a leading player in the refractory industry, has reported a mixed set of financial results for the first quarter, showcasing revenue growth but a significant decline in profitability.

Revenue Growth

The company's consolidated revenue saw an uptick, reaching ₹4,540.00 million in Q1, marking an increase from ₹4,100.00 million reported in the same period last year. This 10.73% year-over-year growth in revenue indicates a robust demand for the company's refractory products.

Profit Decline

Despite the revenue growth, IFGL Refractories experienced a substantial decline in its bottom line. The consolidated net profit for Q1 stood at ₹108.00 million, a sharp decrease from ₹247.00 million recorded in the corresponding quarter of the previous year. This represents a significant 56.28% drop in net profit.

EBITDA Performance

The company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) also faced pressure, declining to ₹360.00 million from ₹461.00 million year-over-year. This resulted in a compression of the EBITDA margin, which fell to 7.93% from 11.24% in the previous year.

Financial Overview

To better illustrate the company's Q1 performance, here's a summary of the key financial metrics:

The financial results suggest that while IFGL Refractories has managed to grow its top line, the company faced challenges in maintaining profitability. The significant decline in net profit and EBITDA, coupled with margin compression, indicates increased costs or competitive pressures in the refractory market.

As the company navigates through these financial headwinds, stakeholders will be keen to see how IFGL Refractories addresses the profitability challenges while maintaining its revenue growth trajectory in the coming quarters.