IFGL Refractories Reports 18% Revenue Growth in Q2, Announces Expansion Plans

IFGL Refractories Limited , a leading player in the refractory industry, has reported a robust performance for the second quarter, with significant growth in revenue and strategic expansion plans on the horizon.

Financial Highlights

For Q2, IFGL Refractories delivered the following key financial results:

Metric	Q2 (in Crores)	YoY Growth
Consolidated Total Income	490.00	18%
Standalone Total Income	288.00	12%
Consolidated EBITDA	40.00	10%
Standalone EBITDA	37.40	12%
Consolidated PAT	12.70	5%

The company's domestic business showed particularly strong growth, with a 27% year-on-year increase in Q2, contributing 78% of standalone revenue.

Strategic Developments

IFGL Refractories announced two significant greenfield projects:

A project in Khordha, Odisha, with an estimated investment of INR 300-350 crores, scheduled for completion by the end of FY 2028.
A joint venture project in Gujarat, with a similar investment, targeted for completion by early FY 2029, subject to regulatory approvals.

These expansions aim to strengthen the company's manufacturing capabilities and market position in India's growing refractory sector.

Operational Performance

The company reported mixed performance across its global operations:

Indian operations showed exceptional growth, with domestic revenue increasing by 27% year-on-year in Q2.
U.S. operations grew by 26% during the quarter, benefiting from recent tariff policy changes and improved demand.
European operations, particularly in Sheffield, maintained steady performance despite regional economic challenges.
Monocon (UK) is showing signs of improvement under new management, with a focus on core refractory products.

Market Outlook

IFGL Refractories remains optimistic about the future, citing several positive factors:

India's steel demand is expected to grow by around 9% annually in 2025 and 2026, driven by infrastructure spending and industrial growth.
The global steel industry is projected to see modest growth, with demand expected to reach 1,773 million tons by 2026.
Emerging markets, excluding China, are anticipated to deliver robust growth of 3% to 5% annually in steel demand.

Management Commentary

Arasu Shanmugam, Director and CEO, India, stated, "Our continued focus on both ferrous and non-ferrous refractories, supported by rigorous work on specialization, innovation, and high-technology products, positions us strongly for the future."

The company remains confident in its long-term growth strategy, emphasizing total solutions and maintaining high quality standards across its product range.

As IFGL Refractories navigates the evolving global market landscape, its strong domestic performance and strategic expansion plans appear to set a solid foundation for future growth. However, the company faces ongoing challenges in its international operations, particularly in Europe, which it aims to address through focused product development and operational improvements.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.14%	+0.61%	-8.80%	-6.17%	-3.90%	+169.67%

IFGL Refractories Limited, a leading player in the refractory industry, has announced its unaudited consolidated financial results for the second quarter and first half of the fiscal year 2025-26. The company has shown growth in both quarterly and half-yearly performance, with notable increases in total income and net profit.

Q2 FY26 Financial Highlights

Metric	Q2 FY26	Q1 FY26	Q2 FY25	% Change (QoQ)	% Change (YoY)
Total Income	₹49,064.00	₹45,701.00	₹41,503.00	7.36%	18.22%
Net Profit After Tax	₹1,269.00	₹1,081.00	-	17.39%	-
Earnings Per Share	₹1.76	-	-	-	-

H1 FY26 Performance

For the first half of FY26, IFGL Refractories reported:

Total Income: ₹94,765.00 lakhs
Net Profit After Tax: ₹2,350.00 lakhs

Key Developments

Bonus Share Issuance: In July 2025, the company issued bonus shares at a 1:1 ratio, effectively doubling the number of outstanding shares. The earnings per share figures have been adjusted accordingly for all periods presented.
Subsidiary Expansion: The company's UK-based subsidiary has incorporated a wholly-owned subsidiary in Australia named Monocon Australia Pty Limited in July 2025, marking an expansion into the Australian market.

Corporate Governance

The financial results were reviewed by the Audit Committee and subsequently approved by the Board of Directors on November 8, 2025, demonstrating the company's commitment to transparent financial reporting and corporate governance practices.

IFGL Refractories' performance in Q2 FY26 shows growth, with a significant year-on-year increase in total income. The company's strategic moves, including the bonus share issuance and international expansion, indicate a focus on shareholder value and market presence. These developments reflect the company's growth trajectory and efforts to strengthen its global footprint in the refractory industry.