IFGL Refractories Reports Q2 FY26 Results: Total Income Rises to ₹49,064 Lakhs

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.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+2.45%	-3.13%	-9.95%	+7.17%	-6.35%	+180.12%

IFGL Refractories Limited , a leading manufacturer of specialized refractories, has reported its financial results for the second quarter along with significant board appointments and corporate actions.

Financial Results

IFGL Refractories reported a consolidated net profit of 126.90 million rupees for Q2, up from 120.80 million rupees in the same period last year. The company's revenue increased to 4.89 billion rupees from 4.11 billion rupees year-over-year. EBITDA rose to 380.00 million rupees compared to 326.00 million rupees previously. However, the EBITDA margin declined slightly to 7.77% from 7.93% in the prior year period.

The company's Board of Directors approved the unaudited financial results on both standalone and consolidated basis. These results were subject to a limited review by statutory auditors S.R. Batliboi Co. LLP and were also reviewed by the Audit Committee. The consolidated results include IFGL Refractories Limited and its seventeen subsidiaries, highlighting the company's expansive operational footprint.

Key Board Appointments

The Board has made two significant reappointments:

Shishir Kumar Bajoria has been re-appointed as Executive Chairman for a three-year term from April 1, 2026, to March 31, 2029.
Rajesh Agarwal has been re-appointed as Director-General Counsel for three years, starting from November 12, 2025, to November 11, 2028.

Corporate Actions and Financial Highlights

Bonus Share Issue

On July 21, 2025, IFGL Refractories issued bonus shares in a 1:1 ratio, doubling the number of outstanding shares. The company allotted 3,60,39,312 fully paid-up equity shares of ₹10.00 each to shareholders on record as of July 18, 2025.

Subsidiary Expansion

On July 4, 2025, the company's UK-based step-down subsidiary, Monocon International Refractories Limited, incorporated a wholly-owned subsidiary in Australia named Monocon Australia Pty Limited.

Ongoing Tax Matters

IFGL Refractories is currently involved in several tax-related legal proceedings:

A claim for deduction on goodwill depreciation for Assessment Year 2020-21, amounting to ₹2,816.00 lakhs (tax impact: ₹984.00 lakhs), which was disallowed and is under appeal.
Notices for reopening assessments for AY 2018-19 and 2019-20, involving claims of ₹5,006.00 lakhs and ₹3,755.00 lakhs respectively.
A writ petition challenging the Explanation to Section 10AA(1) of the Income Tax Act, 1961, with a tax amount of ₹832.00 lakhs involved.

The company, supported by legal opinions, believes its position is meritorious in these matters.

Business Operations

IFGL Refractories operates as a single segment business, focusing on the manufacture, trading, and sale of refractories, along with related accessories, machines, and services. The company uses geographical locations of its operations as its operating segments, in line with Ind AS 108.